TriSalus Life Sciences, Inc.

First-quarter 2026 revenue was $8.9 million versus $9.2 million in the prior-year period. Gross margin was 86% compared with 84% a year ago. R&D expense was approximately $3.2 million versus $3 million; sales and marketing was approximately $7.4 million versus $6.7 million; and G&A was approximately $5.4 million versus $5.2 million. Net operating loss was $8.4 million versus $7.3 million, and adjusted EBITDA loss was approximately $5.8 million versus $5.5 million. Cash and cash equivalents were $56.6 million at March 31, 2026. Management lowered full-year 2026 revenue guidance to $54 million-$57 million, and said TriNav Advance is still expected to be cleared in the second half, but no longer contributes expected revenue in the second half because of the delay.

Mary Szela framed Q1 as a deliberate transition quarter driven by a significant commercial rebuild rather than weaker underlying demand. She said the company expanded its sales organization, leadership, and territory footprint to support a larger opportunity across liver embolization and new applications, and she expects the new structure to improve productivity throughout the year. Her tone was confident and strategic, emphasizing that the company is building a multi-year growth platform supported by evidence generation and a broader clinical and commercial reach.

David Patience emphasized that the quarter’s numbers still reflect strong fundamentals, including gross margin in the mid-80s and a cash balance of $56.6 million. He tied the revenue shortfall to the commercial expansion and noted higher sales and marketing spend from headcount, onboarding, training, and territory development, plus noncash stock compensation in R&D, S&M, and G&A. He said cash fully funds the strategic growth plan and highlighted that the Q1 investments in commercial infrastructure and PEDD evidence should compound over time.

Analysts pressed management on how much the 40% of disrupted territories affected the quarter and how quickly revenue can recover. Mary said the 60% of territories that were not disrupted performed as expected, while the 40% with changed rep/manager and rep/physician relationships caused the Q1 hit; she added that the team is largely in place now and that revenue should ramp month by month. On hiring, she said the company ended up slightly above its originally planned doubling of the sales organization because the talent pool was stronger than expected. David said Q2 should show only a marginal sequential gain, with more meaningful progress in Q3 and Q4. Another question focused on how the new PEDD study will influence adoption; management said the real-world data should resonate with physicians, institutions, and potentially oncology stakeholders because it combines clinical outcomes with health economic benefits.