Expanding Indications and Diversified Revenue Base Support Buy Rating on TriSalus Life Sciences

JonesTrading analyst Justin Walsh has reiterated their bullish stance on TLSI stock, giving a Buy rating on December 22.

Justin Walsh has given his Buy rating due to a combination of factors tied to TriSalus Life Sciences’ core TriNav platform and its long-term market potential. He views liver embolization as a solid foundation for continued revenue growth, while recognizing that TriNav’s technology could serve a much broader group of patients across several interventional procedures. His updated model reflects management’s increased focus on indications such as multinodular goiter treatment, uterine fibroid embolization, and genicular artery embolization, which together meaningfully expand the device’s addressable market beyond the current liver-focused use. In his view, this expanded opportunity underpins a favorable risk‑reward profile at current valuation levels.

Walsh also incorporates a gradual adoption curve for these new indications, expecting that physician experience, case studies, and center-level familiarity will drive a steady ramp in utilization starting later in the decade. His long-term sales forecasts show liver embolization remaining the primary revenue contributor, but with a growing proportion of sales coming from these additional use cases, leading to a more diversified and durable revenue base by the terminal year of his model. Furthermore, he now treats potential value from nelitolimod as incremental upside rather than a core driver, which makes his base case more conservative while preserving optionality if strategic opportunities materialize. Taken together, these dynamics support his reiterated Buy rating and $11 price target on the stock.

According to TipRanks, Walsh is a 5-star analyst with an average return of 18.5% and a 36.91% success rate. Walsh covers the Healthcare sector, focusing on stocks such as Praxis Precision Medicines, Alto Neuroscience, Inc., and Achieve Life Sciences.

In another report released on December 22, Lake Street also reiterated a Buy rating on the stock with a $10.00 price target.