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TriSalus Life Sciences (TLSI)
NASDAQ:TLSI
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TriSalus Life Sciences
(NASDAQ:TLSI)
46Neutral
Positive Factors
Market Performance
Sales of TriNav increased by 44%, indicating strong market performance.
Revenue Growth
Management reiterated its expectation that FY25 revenue will grow by over 50% year-over-year, signaling strong growth potential.
Negative Factors
Financial Reporting Issues
The company plans to delay filing its 10-K for 2024 due to errors in determining stock-based compensation and R&D expense timing.
Stock Dilution
The upcoming reset for the company’s Convertible Preferred Stock could potentially double the shares, which might dilute current stock value.
TriSalus Life Sciences (TLSI) vs. S&P 500 (SPY)
Market Cap
$163.28M
Dividend YieldN/A
Average Volume (3M)61.59K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth417.83%
EPS Growth-609.71%
CountryUS
Employees116
SectorHealthcare
Sector Strength78
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.33
Shares Outstanding31,279,264
10 Day Avg. Volume61,501
30 Day Avg. Volume61,588
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)6.40
Price to Cash Flow (P/CF)-4.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$11.50Price Target Upside120.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
TriSalus Life Sciences Business Overview & Revenue Model
Company DescriptionTriSalus Life Sciences (TLSI) is a healthcare company focused on developing innovative therapies and technologies to enhance the delivery and effectiveness of treatments for patients with solid tumors. The company operates primarily within the biopharmaceutical and medical device sectors. TriSalus integrates its proprietary Pressure-Enabled Drug Delivery (PEDD) technology with immunotherapeutic agents to overcome the challenges of treating solid tumors, aiming to improve patient outcomes.
How the Company Makes MoneyTriSalus Life Sciences makes money through the development and commercialization of its proprietary medical technologies and therapeutic solutions. The company generates revenue from the sale and licensing of its PEDD technology and associated treatment protocols to healthcare providers and medical institutions. Additionally, TriSalus may engage in partnerships and collaborations with other biopharmaceutical companies to co-develop and co-market specific treatments, which can provide additional revenue streams. These partnerships could also include milestone payments and royalties based on the success and sales of the treatments developed through such collaborations. Regulatory approvals and successful clinical trials are significant factors that can enhance the company's revenue potential by increasing the adoption of its technologies in the market.
TriSalus Life Sciences Financial Statement Overview
Summary
TriSalus Life Sciences is experiencing revenue growth but struggles with profitability and cash flow. The company faces significant financial risks, including high leverage and negative equity, suggesting a need for strategic improvements.Income Statement
TriSalus Life Sciences has demonstrated revenue growth from previous years, with a TTM total revenue increase of 45.22% compared to the previous annual period. However, the company remains unprofitable with negative net profit and EBIT margins, indicating ongoing operational challenges and high expenses relative to revenue.40
Negative
Balance Sheet
The balance sheet shows significant financial risk, with negative stockholders' equity and a high debt-to-equity ratio due to negative equity, indicating insolvency risk. The company’s liabilities exceed its assets, highlighting potential financial instability.20
Very Negative
Cash Flow
Cash flow analysis reveals negative operating and free cash flow, indicating that the company is not generating sufficient cash to cover its operational needs. Despite positive financing cash flow, which suggests reliance on external funding, the free cash flow trend is concerning.35
Negative
| Breakdown | ||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 26.89M | 18.51M | 12.40M | 8.40M | 5.43M | Gross Profit |
| 23.42M | 15.91M | 10.14M | 7.21M | 3.24M | EBIT |
| -42.72M | -54.15M | -36.44M | -24.03M | -25.65M | EBITDA |
| -52.52M | -58.30M | -46.76M | -23.57M | -25.32M | Net Income Common Stockholders |
| -55.46M | -59.04M | -47.19M | -28.84M | -31.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 251.34M | 11.78M | 9.41M | 30.30M | 1.33M | Total Assets |
| 250.00M | 25.73M | 22.00M | 37.84M | 252.01M | Total Debt |
| 0.00 | 1.59M | 1.96M | 544.00K | 42.18M | Net Debt |
| -1.33M | -10.18M | -7.45M | -29.76M | 40.85M | Total Liabilities |
| 8.85M | 51.66M | 198.32M | 167.44M | 23.50M | Stockholders Equity |
| 5.00M | -25.94M | -176.33M | -129.60M | 228.52M |
| Cash Flow | Free Cash Flow | |||
| -44.98M | -51.17M | -33.10M | -23.95M | -1.22M | Operating Cash Flow |
| -43.98M | -50.05M | -32.31M | -22.70M | -677.60K | Investing Cash Flow |
| -995.00K | -2.12M | -1.79M | -2.26M | -250.00M | Financing Cash Flow |
| 34.98M | 54.63M | 13.46M | 50.77M | 252.01M |
TriSalus Life Sciences Technical Analysis
Positive
5.22
Price Trends
5.43
Positive
4.91
Positive
4.98
Positive
Market Momentum
0.05
Negative
51.83
Neutral
76.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLSI, the sentiment is Positive. The current price of 5.22 is below the 20-day moving average (MA) of 5.39, below the 50-day MA of 5.43, and above the 200-day MA of 4.98, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 51.83 is Neutral, neither overbought nor oversold. The STOCH value of 76.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TLSI.
TriSalus Life Sciences Risk Analysis
TriSalus Life Sciences disclosed 88 risk factors in its most recent earnings report. TriSalus Life Sciences reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TriSalus Life Sciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $10.18B | 20.90 | 23.13% | ― | 18.49% | 176.71% | |
78 Outperform | $12.96B | 31.06 | 8.05% | ― | 17.35% | 151.40% | |
64 Neutral | $124.29B | ― | -3.15% | ― | 11.64% | -114.72% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
48 Neutral | $9.93B | ― | -28.77% | ― | -52.75% | 25.00% | |
46 Neutral | $163.28M | ― | 271.41% | ― | 417.83% | -609.71% | |
36 Underperform | $29.79M | ― | 41.08% | ― | -0.55% | 49.85% |
* Healthcare Sector Average
Performance Comparison
TLSI
TriSalus Life Sciences
5.22
-4.58
-46.73%
BMRN
BioMarin Pharmaceutical
67.48
-19.47
-22.39%
EXEL
Exelixis
36.68
13.54
58.51%
VRTX
Vertex Pharmaceuticals
484.01
77.34
19.02%
KPTI
Karyopharm Therapeutics
3.86
-16.54
-81.08%
MRNA
Moderna
25.73
-77.15
-74.99%
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date: Mar 27, 2025 | % Change Since: -6.45% | Next Earnings Date: May 14, 2025
Earnings Call Sentiment Neutral
TriSalus Life Sciences demonstrated strong revenue growth and expansion of its PEDD technology despite a challenging economic environment. The issuance of a new HCPCS code by CMS and strategic cost reductions were positive developments. However, the delay in filing the 10-K and ongoing operating losses highlight some operational challenges. The overall sentiment is cautiously optimistic with a focus on future growth.Highlights
Strong Revenue Growth
TriSalus reported $29.4 million in net sales for 2024, reflecting a 59.4% growth over 2023. The company also achieved a 44% revenue increase in Q4 2024 compared to Q4 2023.
Expansion of PEDD Technology
The company successfully expanded its pressure-enabled drug delivery (PEDD) technology into new clinical applications, achieving 43% growth in unique ordering accounts and a 10% increase in average units sold per account.
New HCPCS Reimbursement Code
CMS issued a new HCPCS code C8004 for simulation or mapping procedures using TriNav, effective April 1, 2025, ensuring financial support for clinicians using TriNav in Medicare treatment planning.
Gross Margin Stability
TriSalus maintained a robust gross margin profile of 85% in Q4 2024 and 86% for the full year, indicating efficient cost management.
Significant Reduction in R&D Expenses
R&D expenses decreased by 62% in Q4 2024 compared to Q4 2023 and by 41% for the full year, reflecting strategic cost management.
Lowlights
Delay in 10-K Filing
TriSalus filed a Form 12b-25 notification of late filing with the SEC for its annual report on Form 10-K for 2024 due to errors in stock-based compensation and R&D expenses.
Operating Losses
TriSalus reported operating losses of $7.6 million in Q4 2024, although this was an improvement from $14.2 million in Q4 2023. Year-to-date losses in 2024 amounted to $36.2 million.
Decreased General and Administrative Expenses
General and administrative expenses for the full year 2024 decreased by 24% compared to 2023, which may indicate strategic cost cutting but could also hint at potential resource constraints.
Company Guidance
During the TriSalus Life Sciences Fourth Quarter and Full Year 2024 Earnings Conference Call, the company provided guidance for 2025, projecting over 50% revenue growth, positive full-year EBITDA, and cash flow in the second half of the year. Key metrics from 2024 included $29.4 million in net sales, representing a 59.4% increase over 2023, and a 44% growth in the fourth quarter alone. The company expanded its market presence by opening 103 new accounts and increased the number of unique ordering accounts by 43%, with the average units sold per ordering account rising by 10%. TriSalus also reported robust gross margins of 85% in Q4 2024 and 86% for the full year. The company is advancing its pipeline, notably with the TriNav technology, and expects to continue its growth trajectory with strategic initiatives and expanded clinical applications.TriSalus Life Sciences Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
TriSalus Announces Leadership Changes and New Incentive Program
Positive
Jan 8, 2025
TriSalus Life Sciences announced key leadership changes effective January 6, 2025, with James Young appointed as Chief Financial Officer and Sean Murphy transitioning to Chief Manufacturing, Strategy and Business Development Officer while remaining on the Board. The appointments are part of the company’s strategic move to strengthen its leadership team and drive operational excellence, positioning TriSalus to achieve its ambitious goals. Additionally, a Salary Investment Program was approved, allowing executive officers to convert part of their salaries into restricted stock units, emphasizing the company’s commitment to aligning leadership incentives with long-term shareholder value.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.