William Plovanic, an analyst from Canaccord Genuity, maintained the Buy rating on TriSalus Life Sciences. The associated price target remains the same with $11.00.
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William Plovanic has given his Buy rating due to a combination of factors, including TriSalus Life Sciences’ promising growth prospects and strategic product developments. Despite a slight miss in Q3 revenue expectations, the company demonstrated strong performance in the latter part of the quarter, setting a record in September and maintaining its guidance for 50% year-over-year growth. This optimistic outlook is further supported by the company’s focus on achieving operating leverage and targeting adjusted EBITDA breakeven.
Additionally, TriSalus is expanding its product portfolio with the introduction of TriNav XP, which is designed for specific medical procedures and does not cannibalize existing business. The enhancements in TriNav XP, such as increased flexibility and a larger inner diameter, are expected to meet diverse needs in interventional radiology, potentially increasing market penetration. The company’s strategic moves in product iteration and market evaluation suggest a robust plan for future growth, reinforcing Plovanic’s positive outlook on the stock.
In another report released on November 17, Maxim Group also maintained a Buy rating on the stock with a $16.00 price target.