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TriSalus Life Sciences (TLSI)
NASDAQ:TLSI
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TriSalus Life Sciences
(NASDAQ:TLSI)
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Rating:48Neutral
Price Target:
$4.00
▲(1.78% Upside)
Action:ReiteratedDate:03/06/26
The score is held down primarily by weak financial health (negative equity, rising debt, ongoing operating losses and cash burn). Technicals also point to a weak trend. Offsetting these, the latest earnings call was constructive with reaffirmed 2026 guidance, strong revenue momentum, improving quarterly loss metrics, and strengthened funding, but execution and timing risks remain.
Positive Factors
Revenue Growth & High Gross Margins
Sustained double-digit top-line growth with very strong gross margins (~85%–87%) indicates durable product-market fit and strong unit economics. High gross margins allow operating leverage as sales scale, supporting a pathway to improved profitability even while G&A and sales investment are elevated.
Strengthened Capital Base & Governance
A successful, oversubscribed equity raise materially improves near-term funding for commercial expansion and clinical programs, reducing immediate refinancing risk. Addition of an experienced healthcare investor to the board strengthens capital markets credibility and strategic oversight for long-term value creation.
Product Portfolio Expansion & Reimbursement Tailwinds
Broadening the product suite diversifies revenue streams and lowers single-product risk while regulatory filing progress (510(k)) and expanded reimbursement improve commercial economics. These structural moves increase addressable market capture potential and support a more sustainable revenue base over time.
Negative Factors
Weak Balance Sheet & Rising Leverage
Accumulated losses creating negative equity and a sharp increase in debt materially constrain financial flexibility. Elevated leverage raises refinancing and covenant risk and increases the likelihood of future equity raises that could dilute investors or constrain strategic options during execution of growth plans.
Persistent Cash Burn and Negative Free Cash Flow
Ongoing negative operating and free cash flows mean the business is not yet self funding and remains dependent on external capital. Even with improvement versus prior years, sustained cash burn lowers resilience to market shocks and heightens dilution risk if capital markets tighten before break-even is achieved.
Clinical Data Delays and Execution/Timing Risk
Delays consolidating clinical data and dependence on 510(k) timing and a large commercial ramp create structural execution risk. Shifts in regulatory or rollout timing can defer revenue, increase go-to-market costs, and prolong the period before the company achieves positive cash flow or validates long-term therapeutic claims.
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$240.93M
Dividend YieldN/A
Average Volume (3M)204.25K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth49.52%
EPS Growth19.34%
CountryUS
Employees110
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.21
Shares Outstanding61,306,440
10 Day Avg. Volume245,075
30 Day Avg. Volume204,252
Financial Highlights & Ratios
PEG Ratio-0.14
Price to Book (P/B)-7.81
Price to Sales (P/S)5.86
P/FCF Ratio-13.97
Enterprise Value/Market Cap0.68
Enterprise Value/Revenue3.61
Enterprise Value/Gross Profit4.27
Enterprise Value/Ebitda-5.82
Forecast
1Y Price Target
$10.10Price Target Upside157.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.32
Revenue Forecast (FY)$60.41M
TriSalus Life Sciences Business Overview & Revenue Model
Company DescriptionTriSalus Life Sciences, Inc., an immunotherapy company that develops and commercializes immunotherapies for the treatment of liver and pancreatic tumors. The company offers the TriNav Infusion System for hepatic arterial infusion of liver tumors; and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. It also develops SD-101, an investigational immunotherapeutic with pressure-enabled drug delivery technology for hepatocellular carcinoma, intrahepatic cholangiocarcinoma, uveal melanoma with liver metastases, pancreatic ductal adenocarcinoma with liver metastases, colorectal cancer with liver metastases, and primary pancreatic cancers. The company is based in Westminster, Colorado.
How the Company Makes Moneynull
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial momentum and sizable top-line growth (Q4 revenue +60% YoY; FY revenue +53%), improved quarterly profitability metrics (higher gross margin and much smaller adjusted EBITDA loss), successful product launches and an oversubscribed $46M financing to fund an aggressive commercial and clinical expansion. Notable negatives include a delayed nelitolimod data release (rescheduled to H2 2026), earlier-year manufacturing inefficiencies that modestly pressured full-year gross margin, higher one-time G&A charges, a worse GAAP loss per share due to capital structure changes, and near-term execution/timing risk as the company ramps its enlarged sales organization. Overall, the positive commercial and financing developments and improving operating performance outweigh the timing and one-time challenges, supporting a favorable outlook while acknowledging execution risk tied to the expansion and product clearance timing.Q4-2025 Updates
Positive Updates
Strong Top-Line Growth
Q4 revenue of $13.2M, up 60% year-over-year (from $8.3M); Full year revenue of $45.2M, up 53% year-over-year. Company achieved its 2025 revenue growth guidance.
Improved Profitability Metrics in Q4
Q4 gross margin improved to 87% from 85% prior-year period; Q4 net operating loss narrowed to $3.3M from $7.6M; adjusted EBITDA loss improved to approximately $0.95M versus a $5.7M loss in prior-year quarter.
Year-over-Year Operating Leverage
Full-year operating loss decreased to $26.9M from $36.2M a year earlier, driven by higher revenue and margin contribution; gross profit increased by $12.9M year-over-year.
Capital Raise and Balance Sheet Strengthening
Completed an oversubscribed public offering in February raising $46M in gross proceeds (more than 2x oversubscribed) and added veteran healthcare investor Michael Stansky to the Board, improving financial flexibility to fund commercial expansion and clinical programs.
Commercial Portfolio Expansion and Product Launches
Expanded product portfolio from 2 core offerings at the start of 2025 to an expected 7 differentiated offerings in 2026; launched TriNav LV, TriGuide, TriNav FLX and TriNav XP (Q4). TriNav Advance is awaiting 510(k) clearance and anticipated initial launch in H1 2026 with broader rollout in H2 2026.
Market Opportunity and Reimbursement Wins
Reported addressable markets: liver embolization TAM ≈ $480M and broader embolization TAM ≈ $2.3B. CMS introduced HCPCS code C8004 expanding reimbursement for mapping/simulation procedures, effectively doubling reimbursable use in the radio embolization market.
Positive Clinical/Registry Early Data
PROTECT registry preliminary thyroid results: 100% technical and clinical success, no neurovascular complications, 73% reduction in thyroid size, normalization of thyroid function in 71% of participants, and transient mild discomfort in 81% (resolved within two weeks). Initiated pilot GAE registry and preparing GAE clinical trial registry.
Focused Cost and R&D Discipline
R&D spending decreased (Q4 R&D $2.6M vs ~$3.0M prior-year quarter; full-year R&D down ~$2.7M) as PERIO clinical studies were completed and internal nelitolimod development spending was substantially reduced to preserve capital.
Negative Updates
Nelitolimod Clinical Data Delay
Planned clinical data update for nelitolimod (PERIO program) missed the Q4 2025 timeline; management delayed disclosure to consolidate data across three PERIO Phase I studies and include external investigator-initiated data — now targeted for a consolidated update in H2 2026. Management stated delay was not due to safety/efficacy concerns.
Full-Year Gross Margin Pressure Earlier in 2025
Full-year gross margin declined slightly from 86% to 85% year-over-year, attributed to manufacturing inefficiencies tied to newly launched products in Q2–Q3 (improvements noted in Q4).
One-Time G&A Charges and Increased Annual G&A
Full-year general & administrative expenses increased by $3.5M year-over-year, driven in part by a $1.6M accelerated noncash stock-based compensation charge and a ~$700k reclassification of patent-related expenses from R&D to G&A.
Higher GAAP Loss Per Share
Basic and diluted loss per share worsened to $1.84 for the year versus $1.31 prior year, primarily due to conversion of preferred stock to common (share count/dilution impact).
Year-End Cash Position (Pre-Financing)
Cash and cash equivalents were $20.4M as of December 31, 2025 (management subsequently completed a $46M gross offering in February 2026). Year-end cash level indicated reliance on the subsequent financing to fund near-term expansion.
Near-Term Execution and Timing Risks
Management expects meaningful investment in commercial expansion (commercial footprint ~doubling) that will skew 2026 revenue cadence ~40% H1 / ~60% H2; TriNav Advance clearance/timing, onboarding, territory realignment and training create execution/timing risk. Company declined to provide specific adjusted EBITDA or cash-flow breakeven guidance at this stage.
Company Guidance
TriSalus reaffirmed 2026 revenue guidance of $60–$62 million, with revenue cadence weighted roughly 40% to the first half and 60% to the second half as the company onboards a virtually doubled commercial salesforce and rolls out new products (portfolio expanding to 7 offerings from 2 at the start of 2025), including TriNav Advance (510(k) pending; market evaluation in H1 and fuller launch H2 2026); the company reported Q4 revenue of $13.2M (+60% YoY) and FY2025 revenue of $45.2M (+53% YoY), Q4 gross margin 87% (vs. 85% prior) and FY gross margin 85% (vs. 86% prior), Q4 R&D $2.6M (vs ~$3.0M), Q4 sales & marketing ~$8.0M (vs $7.0M), Q4 G&A $4.2M (vs $4.6M), Q4 net operating loss $3.3M (vs $7.6M), Q4 adjusted EBITDA loss ~$0.95M (vs $5.7M), FY operating loss $26.9M (vs $36.2M), basic/diluted loss per share $1.84 (vs $1.31), year-end cash $20.4M plus $46M gross proceeds raised in February (>2x oversubscribed), and the company cited TAMs of ~$480M for liver embolization and ~$2.3B for broader embolization while expecting HEOR and multi‑indication clinical data (liver, UAE, TAE, GAE) in 2026 and a consolidated nelitolimod update in H2 2026.TriSalus Life Sciences Financial Statement Overview
Summary
Despite accelerating revenue growth and very strong gross margins, the company still has large operating losses, sustained cash burn (negative operating and free cash flow), rising debt, and negative equity—collectively indicating elevated financing and balance-sheet risk.Income Statement
Revenue growth is a clear positive, accelerating to ~12.3% in 2025 (annual) from low-single-digit growth in 2023–2024, and gross margin remains very strong (~82%–86% over the period). That said, profitability is still the key issue: operating losses remain large (2025 EBIT and EBITDA both about -$26.9M) and net losses widened sharply in 2025 (net income about -$69.7M) despite higher revenue, keeping net margins deeply negative.34
Negative
Balance Sheet
The balance sheet is pressured by negative equity in recent years (2022–2025), which signals accumulated losses and reduces financial flexibility. Debt has also risen meaningfully (from about $1.6M in 2023 to about $34.4M in 2025), increasing leverage risk against an already thin capital base. While total assets increased in 2025, the combination of negative equity and higher debt is a material weakness.18
Very Negative
Cash Flow
Cash generation remains weak with operating cash flow negative each year, though 2025 shows improvement versus 2023–2024 (about -$18.0M in 2025 vs. roughly -$50.6M in 2023 and -$40.8M in 2024). Free cash flow is also consistently negative and declined further in 2025 (about -$18.9M, with negative growth), indicating ongoing cash burn. A positive offset is that cash outflow is not worsening at the same pace as accounting losses in some years, but the business is still not self-funding.22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 45.15M | 29.43M | 18.51M | 12.40M | 8.40M |
| Gross Profit | 38.19M | 25.33M | 15.91M | 10.14M | 7.21M |
| EBITDA | -26.95M | -36.16M | -58.65M | -46.76M | -23.57M |
| Net Income | -39.23M | -33.23M | -59.36M | -47.19M | -28.84M |
Balance Sheet | |||||
| Total Assets | 35.33M | 23.97M | 24.60M | 22.00M | 37.84M |
| Cash, Cash Equivalents and Short-Term Investments | 20.44M | 8.53M | 11.78M | 9.41M | 30.30M |
| Total Debt | 34.44M | 23.63M | 1.59M | 1.96M | 0.00 |
| Total Liabilities | 69.19M | 49.87M | 51.66M | 34.32M | 6.93M |
| Stockholders Equity | -33.86M | -25.89M | -27.07M | -12.32M | 30.90M |
Cash Flow | |||||
| Free Cash Flow | -18.93M | -41.19M | -51.17M | -33.10M | -23.95M |
| Operating Cash Flow | -18.01M | -40.84M | -50.58M | -32.31M | -22.70M |
| Investing Cash Flow | -838.00K | -345.00K | -1.59M | -1.79M | -2.26M |
| Financing Cash Flow | 30.76M | 37.94M | 54.63M | 13.46M | 50.77M |
TriSalus Life Sciences Technical Analysis
Negative
3.93
Price Trends
4.94
Negative
5.44
Negative
5.13
Negative
Market Momentum
-0.33
Positive
33.45
Neutral
12.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLSI, the sentiment is Negative. The current price of 3.93 is below the 20-day moving average (MA) of 4.57, below the 50-day MA of 4.94, and below the 200-day MA of 5.13, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 33.45 is Neutral, neither overbought nor oversold. The STOCH value of 12.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $336.23M | 19.35 | 10.87% | ― | 18.90% | 29.22% | |
53 Neutral | $166.12M | -8.03 | -11.56% | ― | 4.68% | 55.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $61.46M | -0.69 | -54.99% | ― | 4.65% | 68.71% | |
50 Neutral | $228.65M | -3.47 | -99.33% | ― | 18.44% | 25.42% | |
48 Neutral | $240.93M | -6.74 | 137.18% | ― | 49.52% | 19.34% | |
47 Neutral | $153.67M | -4.35 | -32.46% | ― | 15.19% | -3.32% |
* Healthcare Sector Average
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TriSalus Life Sciences Corporate Events
Business Operations and StrategyPrivate Placements and Financing
TriSalus Life Sciences Prices Underwritten Public Equity Offering
Positive
Feb 20, 2026
On February 19, 2026, TriSalus Life Sciences, Inc. entered into an underwriting agreement with Lake Street Capital Markets for a public offering of 9,756,100 shares of common stock at $4.10 per share, with an additional 30-day option for underwriters to buy up to 1,463,415 more shares to cover over-allotments. The deal includes a 6% underwriting discount, reimbursement of certain expenses, 90-day lock-ups for the company and key insiders, and is expected to close around February 23, 2026, subject to customary conditions.
TriSalus expects to raise approximately $37.0 million in net proceeds from the base offering, or about $42.64 million if the over-allotment option is fully exercised, and plans to use the funds for general corporate purposes, including capital expenditures, working capital, and administrative costs. The shares are being issued under an effective shelf registration, and the capital raise supports the company’s ongoing development and commercialization efforts in oncology-focused medical technologies and its investigational immunotherapy programs.
On February 19, 2026, the company announced its intention to conduct the underwritten public offering, followed by a February 20, 2026 press release disclosing the pricing of the transaction. Lake Street Capital Markets is acting as the sole book-runner, reinforcing TriSalus’s access to public equity markets as it advances its Pressure-Enabled Drug Delivery platform and related clinical programs aimed at improving treatment for solid tumor patients.
The most recent analyst rating on (TLSI) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on TriSalus Life Sciences stock, see the TLSI Stock Forecast page.
Business Operations and StrategyExecutive/Board Changes
TriSalus Life Sciences Announces New Board Appointment
Positive
Feb 9, 2026
On February 9, 2026, TriSalus Life Sciences announced changes to its Board of Directors, reflecting ongoing evolution in its governance as it advances its oncology-focused medical technology platform. The company, which develops proprietary Pressure-Enabled Drug Delivery (PEDD) devices and an investigational immunotherapy to improve treatment of solid tumors in the liver and pancreas, is aligning its leadership with its growth and clinical development objectives.
The company reported that Dr. Arjun “JJ” Desai, who had served on the Board since August 2023, resigned from the Board, with TriSalus publicly recognizing his contributions during a critical phase of its development. Effective February 4, 2026, veteran healthcare investor Michael P. Stansky was appointed to the Board, bringing four decades of investment management and healthcare experience, which TriSalus expects will strengthen its capital markets expertise, governance capabilities, and support for long-term value creation for shareholders.
The most recent analyst rating on (TLSI) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on TriSalus Life Sciences stock, see the TLSI Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.