TriSalus Life Sciences (TLSI) AI Stock Analysis

• Market Cap: $257.32M
• Dividend Yield: N/A
• Average Volume (3M): 97.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: 45.50%
• EPS Growth: 53.07%
• Country: US
• Employees: 110
• Sector: Healthcare
• Sector Strength: 49
• Industry: Medical - Devices
• EPS (TTM): -0.27
• Shares Outstanding: 49,867,280
• 10 Day Avg. Volume: 122,173
• 30 Day Avg. Volume: 97,619
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 5.80
• Enterprise Value/Gross Profit: 6.78
• Enterprise Value/Ebitda: -8.47
• 1Y Price Target: $10.29
• Price Target Upside: 99.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 47 Neutral
• Price Target: $5.00 ▼(-2.91% Downside)

The overall stock score is primarily influenced by financial performance challenges, including negative equity and cash flow issues. While there are positive aspects such as revenue growth and strategic corporate events, the financial instability and unattractive valuation weigh heavily on the score.

Positive Factors

Financial Guidance

The company reiterated guidance for revenue growth in 2025 of 50%+, which is expected to be driven by continued commercial efforts in liver-directed therapies.

Product Development

TriNav system adoption continues to expand as more real-world data and health economic research demonstrate improved clinical outcomes, particularly in complex disease/patient settings and has more favorable economics for providers.

Negative Factors

Cash Flow Expectations

Investments in TriNav commercial efforts have led the company to no longer expect cash flow positivity in FY25, now expected in the first half of 2026.

Financial Performance

Gross margin of 83.9% missed our 86% estimate, and adjusted EBITDA of ($5.3M) also missed our ($4.3M) estimate.

TriSalus Life Sciences Business Overview & Revenue Model

Company Description

TriSalus Life Sciences (TLSI) is a biotechnology company focused on developing innovative therapies and delivery systems for the treatment of solid tumors. Operating within the pharmaceutical and healthcare sectors, the company specializes in immuno-oncology and drug delivery technologies. Its core offerings include proprietary drug delivery platforms and therapeutic agents designed to enhance the effectiveness of cancer treatments.

How the Company Makes Money

TriSalus Life Sciences generates revenue through the development and commercialization of its proprietary drug delivery systems and therapeutic agents. The company earns income by licensing its technologies to pharmaceutical partners and through the sale of its products. Key revenue streams include licensing fees, royalties from partnered drugs, and direct sales of its therapies and delivery systems. Significant partnerships with leading pharmaceutical companies and healthcare providers contribute to its earnings by expanding the reach and application of its technologies.

TriSalus Life Sciences Financial Statement Overview

Summary

TriSalus Life Sciences exhibits strong revenue growth but faces significant financial challenges, including persistent losses, negative equity, and reliance on external financing. These factors indicate substantial risks related to profitability and cash flow sustainability.

Income Statement

TriSalus Life Sciences has shown significant revenue growth over the years, with a 73% increase from 2022 to 2023 and a 59% increase from 2023 to 2024. However, the company remains unprofitable, with consistent negative net income and negative EBIT and EBITDA margins, indicating ongoing operational and profitability challenges.

Balance Sheet

The balance sheet reveals a problematic financial structure with substantial negative stockholders' equity, indicating that liabilities exceed assets. High levels of debt relative to equity suggest potential solvency concerns, although the debt-to-equity calculation is not feasible due to negative equity. The equity ratio is negative, reinforcing the company's financial instability.

Cash Flow

The cash flow statement highlights significant negative operating cash flows, which indicate challenges in generating cash from core operations. Despite a positive trend in financing cash flows, free cash flow remains negative, pointing to ongoing cash burn and reliance on external financing to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	32.14M	29.43M	18.51M	12.40M	8.40M	5.43M
Gross Profit	27.51M	25.33M	15.91M	10.14M	7.21M	3.24M
EBITDA	-22.02M	-36.16M	-58.30M	-46.76M	-23.57M	-25.32M
Net Income	-27.21M	-33.23M	-59.04M	-47.19M	-28.84M	-31.83M
Balance Sheet
Total Assets	28.63M	23.97M	25.73M	22.00M	37.84M	252.01M
Cash, Cash Equivalents and Short-Term Investments	13.00M	8.53M	11.78M	9.41M	30.30M	4.49M
Total Debt	33.12M	23.63M	1.59M	1.96M	544.00K	42.18M
Total Liabilities	62.99M	49.87M	51.66M	198.32M	167.44M	23.50M
Stockholders Equity	-34.37M	-25.89M	-25.94M	-176.33M	30.90M	228.52M
Cash Flow
Free Cash Flow	-35.51M	-41.19M	-51.17M	-33.10M	-23.95M	-1.22M
Operating Cash Flow	-34.48M	-40.84M	-50.58M	-32.31M	-22.70M	-677.60K
Investing Cash Flow	-993.00K	-345.00K	-2.12M	-1.79M	-2.26M	-250.00M
Financing Cash Flow	44.50M	37.94M	54.63M	13.46M	50.77M	252.01M

TriSalus Life Sciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 5.15 is above the 20-day moving average (MA) of 4.63, above the 50-day MA of 4.69, and above the 200-day MA of 5.00, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 58.83 is Neutral, neither overbought nor oversold. The STOCH value of 61.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TLSI.

TriSalus Life Sciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CVRX	52 Neutral	$202.15M	―	-92.33%	―	23.11%	18.06%
Sector *	51 Neutral	$7.91B	-0.36	-41.71%	2.23%	23.45%	-1.86%
OM	50 Neutral	$243.82M	―	-87.65%	―	2.47%	56.93%
TLSI	47 Neutral	$257.32M	―	271.41%	―	45.50%	53.07%
LNSR	47 Neutral	$145.25M	―	-350.22%	―	29.34%	-283.53%
MYO	44 Neutral	$38.18M	―	-68.32%	―	93.07%	13.25%
BDMD	―	$84.68M	―		―	―	―

TriSalus Life Sciences Corporate Events

TriSalus Life Sciences Grants CFO Stock Options

On August 25, 2025, TriSalus Life Sciences, Inc. approved an increase in the annual compensation of their Chief Financial Officer, Mr. David Patience, from $450,000 to $550,000. Additionally, on August 28, 2025, the company granted Mr. Patience stock options to purchase 249,899 shares of common stock, contingent upon the company achieving or exceeding $75 million in revenue over a twelve-month period before the end of 2027.

TriSalus Completes Exchange Offer for Preferred Stock

TriSalus Life Sciences announced the completion of its exchange offer and consent solicitation for its Series A Convertible Preferred Stock, which expired on July 23, 2025. The company received consent from 98.82% of preferred stockholders to exchange their shares for common stock, allowing the adoption of a Preferred Stock Amendment that facilitates conversion of remaining preferred shares into common stock, thereby impacting its capital structure and potentially enhancing shareholder value.

TriSalus Launches Exchange Offer for Preferred Stock

On June 23, 2025, TriSalus Life Sciences announced the commencement of an exchange offer and consent solicitation for its Series A Convertible Preferred Stock. This initiative aims to streamline the company’s capital structure by allowing preferred shareholders to exchange their shares for common stock, thereby reducing potential dilution and improving transparency in equity value. Approximately 55% of preferred shareholders have agreed to the exchange and proposed amendments, which, if approved, will enable automatic conversion of remaining preferred shares into common stock. The offer is set to expire on July 23, 2025, and is contingent on certain conditions being met.

TriSalus Life Sciences Holds Annual Shareholder Meeting

On June 12, 2025, TriSalus Life Sciences, Inc. held its Annual Meeting of Shareholders, where 73.2% of the total outstanding shares were represented. During the meeting, two directors were elected for three-year terms, and the appointment of Grant Thornton, LLP as the independent registered accounting firm for 2025 was ratified.