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TriSalus Life Sciences (TLSI)
NASDAQ:TLSI
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TriSalus Life Sciences
(NASDAQ:TLSI)
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Rating:54Neutral
Price Target:
$6.50
▲(6.56% Upside)
TriSalus Life Sciences' overall stock score is driven by significant financial challenges, including persistent losses and a weak balance sheet, which weigh heavily on the score. However, strong technical indicators and positive earnings call sentiment, highlighting revenue growth and strategic expansion, provide some optimism. The negative P/E ratio and lack of dividend yield further constrain the valuation score.
Positive Factors
Revenue Growth
Strong revenue growth indicates successful market penetration and product adoption, positioning the company for continued expansion in the oncology sector.
Product Expansion
Expanding the product portfolio enhances market opportunities and strengthens the company's competitive position in delivering innovative cancer therapies.
Reimbursement Expansion
Increased reimbursement potential boosts revenue streams and supports broader adoption of the company's technology in the healthcare market.
Negative Factors
Financial Instability
A weak balance sheet with negative equity and high debt levels poses risks to financial stability and limits flexibility for future investments.
Cash Flow Challenges
Persistent cash flow issues can hinder operational capabilities and strategic initiatives, impacting long-term growth and sustainability.
Profitability Issues
Ongoing profitability challenges highlight the need for cost management and efficiency improvements to achieve sustainable financial performance.
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$304.78M
Dividend YieldN/A
Average Volume (3M)185.25K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth49.52%
EPS Growth19.34%
CountryUS
Employees110
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.96
Shares Outstanding49,964,310
10 Day Avg. Volume77,644
30 Day Avg. Volume185,248
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)-5.13
Price to Sales (P/S)4.51
P/FCF Ratio-3.22
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue5.26
Enterprise Value/Gross Profit6.26
Enterprise Value/Ebitda-6.28
Forecast
1Y Price Target
$11.92Price Target Upside95.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$65.34M
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 MoneyTriSalus Life Sciences generates revenue through various channels, including the commercialization of its drug delivery technologies and therapeutic products. The company primarily earns income from partnerships and collaborations with pharmaceutical companies, which may involve licensing agreements, research funding, and milestone payments tied to the development of new therapies. Additionally, TriSalus may generate revenue through clinical trial services and consulting, providing expertise in treatment protocols for solid tumors. The company's focus on innovative delivery mechanisms for existing and new cancer therapies positions it to capitalize on the growing oncology market, making strategic partnerships critical to its financial success.
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 06, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant revenue growth, expansion of the TriNav platform, and increased commercial investment, demonstrating strong market momentum. However, challenges such as declining gross margins, increased R&D expenses, and higher operating losses indicate areas of concern. Despite these challenges, the company's strategic investments and market opportunities position it for continued growth.Q3-2025 Updates
Positive Updates
Significant Revenue Growth
Revenues were $11.6 million, representing a 57% increase over the prior year quarter and a 3% sequential gain over the second quarter of 2025.
Expansion of TriNav Platform
Launched TriNav FLX infusion system and advanced new clinical applications, increasing market opportunities.
Increased Commercial Investment
Expanded commercial investment to maintain strong growth, extending timeline to reach EBITDA positive and cash flow breakeven.
Reimbursement Expansion
The introduction of HCPCS code C8004 by CMS doubled the reimbursable use of TriNav technology within the radioembolization market.
New Product Launches
Launched TriNav LV, TriGuide, and TriNav FLX, expanding the product portfolio and addressable market.
Strong Cash Management
Cash used in operations was $3.7 million, a substantial improvement from $11.2 million in the third quarter of 2024.
Negative Updates
Gross Margin Decline
Gross margin for the quarter was 84%, down from 86% in the prior year period, due to lower manufacturing efficiency associated with newly launched products.
Increased R&D Expenses
R&D expenses were $5.2 million, up from $4.2 million in the third quarter of 2024, due to a one-time charge related to the closure of clinical studies for nelitolimod.
Higher Operating Loss
Operating loss for the quarter was $9 million, compared to $8.7 million in the prior year, driven by the one-time charge related to nelitolimod and noncash stock-based compensation.
Company Guidance
During the third quarter of 2025, TriSalus Life Sciences reported strong financial results with revenues reaching $11.6 million, marking a 57% increase from the previous year and a 3% sequential gain from the second quarter. The company reaffirmed its guidance for 50% revenue growth, driven by the expansion of its TriNav platform, including the launch of the TriNav FLX infusion system, and enhanced commercial momentum supported by the new CMS HCPCS code C8004. This code has effectively doubled the reimbursable use of TriNav technology within the radioembolization market. TriSalus continued to manage cash efficiently, with a cash burn of $3.8 million for the quarter and an end-of-quarter cash balance of $22.7 million. The gross margin was reported at 84%, slightly down from 86% the previous year, primarily due to lower manufacturing efficiency associated with new product launches. Operating loss for the quarter was $9 million, while adjusted EBITDA loss improved to $5.4 million. The company remains focused on expanding its product portfolio, advancing its Pressure-Enabled Drug Delivery (PEDD) technology, and exploring new clinical applications to drive future growth.TriSalus Life Sciences Financial Statement Overview
Summary
TriSalus Life Sciences faces significant financial challenges, with strong revenue growth overshadowed by persistent losses and a weak balance sheet. The company's high gross profit margin is a positive, but negative equity and cash flow issues pose substantial risks. Strategic improvements in profitability and financial stability are essential for future success.Income Statement
TriSalus Life Sciences shows a strong gross profit margin of 84.67% TTM, indicating efficient cost management. However, the company struggles with profitability, as evidenced by a negative net profit margin of -86.61% TTM and negative EBIT and EBITDA margins. Revenue growth is positive at 11.72% TTM, but the consistent losses highlight challenges in achieving profitability.Balance Sheet
The balance sheet reveals a concerning financial structure with negative stockholders' equity, leading to a high debt-to-equity ratio of -1.73 TTM. This indicates financial instability and potential risk. Return on equity is positive at 124.53% TTM, but this is due to negative equity, which distorts the metric. The equity ratio is also negative, reflecting a weak capital structure.Cash Flow
Cash flow analysis shows negative operating and free cash flows, with a decline in free cash flow growth by -24.24% TTM. The operating cash flow to net income ratio is -3.04 TTM, indicating cash flow challenges. However, the free cash flow to net income ratio is slightly positive at 1.03 TTM, suggesting some alignment between cash flow and reported earnings.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.21M | 29.43M | 18.51M | 12.40M | 8.40M | 0.00 |
| Gross Profit | 33.79M | 25.33M | 15.91M | 10.14M | 7.21M | 0.00 |
| EBITDA | -33.72M | -36.16M | -58.65M | -46.76M | -23.57M | -711.39K |
| Net Income | -39.58M | -33.23M | -59.36M | -47.19M | -28.84M | -31.83M |
Balance Sheet | ||||||
| Total Assets | 36.46M | 23.97M | 24.60M | 22.00M | 37.84M | 8.13M |
| Cash, Cash Equivalents and Short-Term Investments | 22.69M | 8.53M | 11.78M | 9.41M | 30.30M | 4.49M |
| Total Debt | 34.12M | 23.63M | 1.59M | 1.96M | 0.00 | 42.18M |
| Total Liabilities | 63.19M | 49.87M | 51.66M | 34.32M | 6.93M | 58.28M |
| Stockholders Equity | -26.73M | -25.89M | -27.07M | -12.32M | 30.90M | -50.16M |
Cash Flow | ||||||
| Free Cash Flow | -22.16M | -41.19M | -51.17M | -33.10M | -23.95M | -677.60K |
| Operating Cash Flow | -21.23M | -40.84M | -50.58M | -32.31M | -22.70M | -677.60K |
| Investing Cash Flow | -847.00K | -345.00K | -1.59M | -1.79M | -2.26M | -250.00M |
| Financing Cash Flow | 33.48M | 37.94M | 54.63M | 13.46M | 50.77M | 252.01M |
TriSalus Life Sciences Technical Analysis
Neutral
6.10
Price Trends
5.95
Positive
5.40
Positive
5.24
Positive
Market Momentum
-0.03
Positive
43.54
Neutral
26.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLSI, the sentiment is Neutral. The current price of 6.1 is below the 20-day moving average (MA) of 6.90, above the 50-day MA of 5.95, and above the 200-day MA of 5.24, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 43.54 is Neutral, neither overbought nor oversold. The STOCH value of 26.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $276.39M | 21.87 | 10.53% | ― | 18.90% | 29.22% | |
54 Neutral | $304.78M | -3.05 | ― | ― | 49.52% | 19.34% | |
54 Neutral | $193.20M | -3.41 | -34.75% | ― | 15.19% | -3.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $215.45M | -4.18 | -91.88% | ― | 18.44% | 25.42% | |
43 Neutral | $198.73M | -7.19 | -13.27% | ― | 4.68% | 55.37% | |
43 Neutral | $78.69M | -0.36 | -92.33% | ― | 4.65% | 68.71% |
* Healthcare Sector Average
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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.