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TriSalus Life Sciences
(NASDAQ:TLSI)
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Rating:49Neutral
Price Target:
$4.00
▼(-13.98% Downside)
Action:Reiterated
Date:06/27/26
TLSI scores below average primarily due to weak financial performance (sharp TTM revenue contraction, persistent losses, and ongoing cash burn with meaningful leverage). Technicals are a relative positive with price strength above key moving averages and positive MACD, but momentum appears somewhat stretched. The latest earnings call was mixed: strong clinical validation and a funded commercial build are positives, while guidance was reduced and regulatory timing risk (TriNav Advance delay) weighs on near-term expectations.
Positive Factors
Durable high gross margins
Consistent mid‑80s gross margins demonstrate durable unit economics and manufacturing efficiency for the TriNav system. High gross margins provide meaningful gross‑profit leverage as volume grows, enabling reinvestment in clinical programs and commercialization while insulating core economics from pricing pressure.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow means the business cannot self‑fund its clinical and commercial expansion. Continued burn raises the likelihood of external financing, which could dilute shareholders, increase cost of capital, and constrain discretionary investment in trials or commercialization timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable high gross margins
Consistent mid‑80s gross margins demonstrate durable unit economics and manufacturing efficiency for the TriNav system. High gross margins provide meaningful gross‑profit leverage as volume grows, enabling reinvestment in clinical programs and commercialization while insulating core economics from pricing pressure.
Read all positive factors
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$254.26M
Dividend YieldN/A
Average Volume (3M)432.30K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth39.64%
EPS Growth-25.99%
CountryUS
Employees110
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.41
Shares Outstanding61,416,534
10 Day Avg. Volume265,259
30 Day Avg. Volume432,297
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-10.14
Price to Sales (P/S)7.60
P/FCF Ratio-18.14
Enterprise Value/Market Cap0.49
Enterprise Value/Revenue2.79
Enterprise Value/Gross Profit3.28
Enterprise Value/Ebitda-5.99
Forecast
1Y Price Target
$9.00Price Target Upside93.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.32
Revenue Forecast (FY)$53.67M
TriSalus Life Sciences Business Overview & Revenue Model
Company Description
TriSalus Life Sciences, Inc. is an immunotherapy firm dedicated to the research, development, and market introduction of treatments that leverage the body's immune system, primarily targeting liver and pancreatic cancers. The company's product por...
How the Company Makes Money
TriSalus Life Sciences primarily makes money from (1) collaboration and licensing-related revenue (such as upfront payments, milestone payments, and potential future royalties) tied to partnerships where third parties use or evaluate TriSalus’ del...
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call emphasized a major clinical and economic validation of PEDD (landmark real-world study, strong pipeline, meaningful early results in multiple new indications) and a deliberate commercial build intended to capture a large addressable market. Near-term financials were impacted by the deliberate salesforce expansion (temporary revenue disruption, higher operating losses) and a regulatory delay for TriNav Advance that defers some expected second-half revenue. Management positions the investments as strategic and funded by a solid cash balance, with expectations of sustained ramp and commercial momentum through the remainder of 2026 and beyond.Positive Updates
Landmark Real-World Evidence Publication Validating PEDD
Published largest real-world evidence study of PEDD (603 PEDD patients matched to >16,200 non-PEDD patients from a 300M-patient claims database covering 96% of US payers; cohort: 515 TACE, 88 TARE). Key outcomes: post-procedure fatigue 20.9% vs 26.4% (absolute -5.5pp), lymphopenia 0.6% vs 5.2% (absolute -4.6pp, ~88% relative reduction), TACE 30-day inpatient admissions 8% vs 20.5% (absolute -12.5pp, >50% reduction), PEDD delivered ~48% more doxorubicin per procedure. Per-patient downstream cost avoidance ≈ $7.7k (≈ $3.1k from fewer inpatient stays + $4.6k from fewer complications).
Negative Updates
Q1 Revenue Decline and Near-Term Disruption from Commercial Expansion
Q1 revenue $8.9M vs $9.2M prior year (down ≈3.3%), attributed to territory realignment, rep onboarding and time out of field. Company reports ~40% of territories experienced deliberate disruption; expected rep ramp 6–9 months.
Read all updates
Q1-2026 Updates
Positive
Negative
Landmark Real-World Evidence Publication Validating PEDD
Published largest real-world evidence study of PEDD (603 PEDD patients matched to >16,200 non-PEDD patients from a 300M-patient claims database covering 96% of US payers; cohort: 515 TACE, 88 TARE). Key outcomes: post-procedure fatigue 20.9% vs 26.4% (absolute -5.5pp), lymphopenia 0.6% vs 5.2% (absolute -4.6pp, ~88% relative reduction), TACE 30-day inpatient admissions 8% vs 20.5% (absolute -12.5pp, >50% reduction), PEDD delivered ~48% more doxorubicin per procedure. Per-patient downstream cost avoidance ≈ $7.7k (≈ $3.1k from fewer inpatient stays + $4.6k from fewer complications).
Read all positive updates
Company Guidance
TriSalus revised full‑year 2026 revenue guidance to $54–$57 million after reporting Q1 revenue of $8.9M (down from $9.2M a year ago) driven by a deliberate commercial expansion (60% of territories performed in line, 40% disrupted), and a delayed FDA review of TriNav Advance (now ~5 months past the 30‑day MDUFA target; clearance still expected in H2 but advanced H2 revenue has been removed from modeling). Key Q1 metrics: gross margin 86% (vs. 84% PY), R&D ~$3.2M (includes ~$0.5M stock‑based comp), sales & marketing ~$7.4M (includes ~$0.5M stock comp), G&A ~$5.4M (includes ~$1.3M stock comp), net operating loss $8.4M (vs. $7.3M), adjusted EBITDA loss ~$5.8M (vs. $5.5M), and cash of $56.6M as of 3/31/2026. Management expects modest sequential improvement in Q2 as reps ramp (typical 6–9 month productivity curve) with a more pronounced step‑up in H2, durable mid‑80s gross margins, and cites clinical/economic data (e.g., ~$7.7k per‑patient downstream cost avoidance) as catalysts for adoption.TriSalus Life Sciences Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.88M | 45.15M | 29.43M | 18.51M | 12.40M | 8.40M |
| Gross Profit | 38.18M | 38.19M | 25.33M | 15.91M | 10.14M | 7.21M |
| EBITDA | -20.95M | -33.05M | -32.38M | -58.65M | -46.76M | -26.62M |
| Net Income | -27.31M | -39.23M | -33.23M | -59.36M | -47.19M | -28.84M |
Balance Sheet | ||||||
| Total Assets | 70.98M | 35.33M | 23.97M | 24.60M | 22.00M | 37.84M |
| Cash, Cash Equivalents and Short-Term Investments | 56.55M | 20.44M | 8.53M | 11.78M | 9.41M | 30.30M |
| Total Debt | 34.49M | 34.44M | 23.63M | 1.59M | 1.96M | 0.00 |
| Total Liabilities | 58.17M | 69.19M | 49.87M | 51.66M | 34.32M | 6.93M |
| Stockholders Equity | 12.81M | -33.86M | -25.89M | -27.07M | -12.32M | 30.90M |
Cash Flow | ||||||
| Free Cash Flow | -20.30M | -18.93M | -41.19M | -51.17M | -33.10M | -23.95M |
| Operating Cash Flow | -19.99M | -18.01M | -40.84M | -50.58M | -32.31M | -22.70M |
| Investing Cash Flow | -265.00K | -838.00K | -345.00K | -1.59M | -1.79M | -2.26M |
| Financing Cash Flow | 63.46M | 30.76M | 37.94M | 54.63M | 13.46M | 50.77M |
TriSalus Life Sciences Technical Analysis
Positive
4.65
Price Trends
3.84
Positive
4.14
Positive
4.81
Negative
Market Momentum
0.09
Positive
51.63
Neutral
19.67
Positive
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 4.65 is above the 20-day moving average (MA) of 4.19, above the 50-day MA of 3.84, and below the 200-day MA of 4.81, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 51.63 is Neutral, neither overbought nor oversold. The STOCH value of 19.67 is Positive, 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 68 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $471.93M | 31.58 | 10.66% | ― | 23.10% | 22.75% | |
54 Neutral | $82.03M | -1.06 | -55.88% | ― | 2.01% | 85.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $254.26M | -2.91 | 162.57% | ― | 39.64% | -25.99% | |
49 Neutral | $177.07M | -7.18 | -12.90% | ― | 3.39% | 19.78% | |
47 Neutral | $144.09M | -2.65 | -120.77% | ― | 11.73% | 8.07% | |
46 Neutral | $73.08M | ― | -47.09% | ― | 25.74% | -26.25% |
* Healthcare Sector Average
TLSI
TriSalus Life Sciences
4.14
-0.84
-16.87%
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TriSalus Life Sciences Corporate Events
Executive/Board ChangesShareholder Meetings
TriSalus Stockholders Back Directors, Auditor and Pay Policies
Positive
May 14, 2026
On May 14, 2026, TriSalus Life Sciences, Inc. held its Annual Meeting of Stockholders, with 67.9% of outstanding common shares represented. Stockholders elected Mary Szela and Gary Gordon to three-year terms on the board ending in 2029 and ratifie...
Business Operations and StrategyExecutive/Board Changes
TriSalus Life Sciences Announces Planned Clinical Leadership Transition
Neutral
Apr 29, 2026
On April 24, 2026, TriSalus Life Sciences, Inc. announced that Chief of Clinical Operations Jodi Devlin has given notice of her intention to retire from her role, effective October 1, 2026. This planned leadership transition in clinical operations...
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.