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TriSalus Life Sciences (TLSI)
NASDAQ:TLSI
US Market

TriSalus Life Sciences (TLSI) AI Stock Analysis

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TriSalus Life Sciences

(NASDAQ:TLSI)

Rating:50Neutral
Price Target:
$5.00
▲(2.04%Upside)
TriSalus Life Sciences demonstrates promising revenue growth and strategic advancements in its earnings call, but financial instability and unprofitability weigh heavily on its overall score. The technical analysis and valuation components add to the moderate outlook.
Positive Factors
Financial Performance
Revenue growth has continued with a 42% increase year-over-year in 1Q25.
Market Position
The recent addition of a HCPCS code for mapping procedures supports the company’s market position.
Product Expansion
The new larger size device, TriNav LV, addresses an additional ~25% of potential patients.
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 Reporting
The company plans to delay filing its 10-K for 2024 due to errors in determining stock-based compensation and R&D expense timing.

TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)

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 makes money primarily through the development and commercialization of its proprietary drug delivery systems and therapeutic agents. Revenue is generated through the sale of these systems to healthcare providers and institutions. Additionally, the company may engage in partnerships or licensing agreements with pharmaceutical companies, which can provide significant income streams through upfront payments, milestone payments, and royalties based on product sales.

TriSalus Life Sciences Earnings Call Summary

Earnings Call Date:May 15, 2025
(Q1-2025)
|
% Change Since: 0.00%|
Next Earnings Date:Aug 14, 2025
Earnings Call Sentiment Positive
The earnings call reflected strong revenue growth and strategic advancements, particularly in the commercialization of TriNav and preparation for nelitolimod partnerships. However, challenges such as a slight decrease in gross margins and a lack of anticipated positive EBITDA in 2025 were noted.
Q1-2025 Updates
Positive Updates
Significant Revenue Growth
TriSalus Life Sciences reported $9.2 million in net sales for Q1 2025, a 42% increase compared to Q1 2024, and an 11% sequential gain over Q4 2024.
Successful Completion of Phase 1 Trials for Nelitolimod
Phase 1 trials for nelitolimod were completed, shifting the focus to a partnership strategy, eliminating development expenses, and preserving long-term value.
Increase in Unique Ordering Accounts
In Q1 2025, the number of unique ordering accounts increased by 39% compared to Q1 2024, with 32 new accounts added.
New Reimbursement Code for TriNav
CMS issued a HCPCS code, C8004, which provides coverage for mapping procedures using TriNav, doubling the reimbursable use of the technology.
Strong Financial Position and Fundraising
TriSalus raised approximately $22 million in gross proceeds through a private placement, enhancing its balance sheet and funding further growth.
Improvement in Operating Losses
Operating losses for Q1 2025 totaled $7.3 million, a significant reduction from $11.7 million in Q1 2024, primarily due to increased sales and reduced R&D expenses.
Negative Updates
Decrease in Gross Margin
Gross margin for Q1 2025 was 84%, slightly unfavorable compared to 85% in Q1 2024, due to decreased factory volumes during a clean room expansion.
Not Anticipating Positive EBITDA or Cash Flow in 2025
While TriSalus is focused on strategic investments, it does not expect to be EBITDA positive or cash flow positive in 2025.
Company Guidance
During the first quarter of 2025, TriSalus Life Sciences made significant progress on its strategic priorities, achieving $9.2 million in net sales—a 42% increase over Q1 2024 and an 11% gain over Q4 2024. The company maintained strong market momentum, enhancing its presence in the liver embolization market and expanding its technology into new clinical settings. TriSalus achieved several milestones, including the completion of Phase 1 trials for nelitolimod and the launch of the TriNav Large and TriGuide, which support deeper penetration into liver markets. The company also reported an 84% gross margin and a 44% reduction in R&D expenses compared to Q1 2024. With the issuance of a new HCPCS code, TriSalus doubled the reimbursable use of its technology, leading to broader adoption. Looking ahead, the company anticipates at least 50% revenue growth for 2025 but does not foresee achieving EBITDA or cash flow positivity within the year, as it invests in strategic areas like expanding its commercial resources and developing new clinical applications.

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 financial health concerns heavily impact the score.
Income Statement
45
Neutral
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
30
Negative
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
40
Negative
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue32.14M29.43M18.51M12.40M8.40M5.43M
Gross Profit27.51M25.33M15.91M10.14M7.21M3.24M
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 Assets28.63M23.97M25.73M22.00M37.84M252.01M
Cash, Cash Equivalents and Short-Term Investments13.00M8.53M11.78M9.41M30.30M1.33M
Total Debt33.12M23.63M1.59M1.96M544.00K42.18M
Total Liabilities62.99M49.87M51.66M198.32M167.44M23.50M
Stockholders Equity-34.37M-25.89M-25.94M-176.33M-129.60M228.52M
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 Flow44.50M37.94M54.63M13.46M50.77M252.01M

TriSalus Life Sciences Technical Analysis

Technical Analysis Sentiment
Negative
Last Price4.90
Price Trends
50DMA
5.32
Negative
100DMA
5.41
Negative
200DMA
4.93
Negative
Market Momentum
MACD
-0.05
Positive
RSI
41.80
Neutral
STOCH
34.34
Neutral
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 4.9 is below the 20-day moving average (MA) of 5.31, below the 50-day MA of 5.32, and below the 200-day MA of 4.93, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 41.80 is Neutral, neither overbought nor oversold. The STOCH value of 34.34 is Neutral, 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

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
60
Neutral
HK$15.27B5.80-7.43%4.22%11.60%-21.06%
OMOM
55
Neutral
$366.95M-86.53%-7.84%42.34%
MYMYO
53
Neutral
$77.71M-35.68%69.17%39.01%
53
Neutral
$168.43M-76.01%25.62%11.86%
50
Neutral
$195.58M271.41%85.03%53.73%
48
Neutral
$152.26M-304.05%28.24%-334.39%
$137.91M
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TLSI
TriSalus Life Sciences
4.90
-0.91
-15.66%
MYO
Myomo
2.08
-0.79
-27.53%
OM
Outset Medical
20.58
-36.87
-64.18%
LNSR
LENSAR
13.09
8.62
192.84%
CVRX
CVRx
6.46
-5.91
-47.78%
BDMD
Baird Medical Investment Holdings
3.93
-7.11
-64.40%

TriSalus Life Sciences Corporate Events

Private Placements and FinancingBusiness Operations and Strategy
TriSalus Launches Exchange Offer for Preferred Stock
Neutral
Jun 23, 2025

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.

The most recent analyst rating on (TLSI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on TriSalus Life Sciences stock, see the TLSI Stock Forecast page.

Executive/Board ChangesShareholder Meetings
TriSalus Life Sciences Holds Annual Shareholder Meeting
Neutral
Jun 16, 2025

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.

The most recent analyst rating on (TLSI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on TriSalus Life Sciences stock, see the TLSI Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
TriSalus Life Sciences Appoints New Chief Financial Officer
Positive
May 30, 2025

On May 30, 2025, TriSalus Life Sciences announced the appointment of David B. Patience as the new Chief Financial Officer, effective July 1, 2025, following the resignation of James E. Young for personal reasons. This leadership transition is expected to support the company’s growth phase, leveraging Patience’s extensive experience in financial leadership and market analysis, which could enhance TriSalus’s strategic positioning in the oncology sector.

The most recent analyst rating on (TLSI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on TriSalus Life Sciences stock, see the TLSI Stock Forecast page.

Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
TriSalus Life Sciences Announces $22M Private Placement
Positive
Apr 30, 2025

On April 30, 2025, TriSalus Life Sciences announced a securities purchase agreement to raise approximately $22 million through a private placement of common stock. This move is expected to fund the company to profitability and simplify its capital structure through an exchange offer for its Series A Convertible Preferred Stock. The company also reported preliminary Q1 2025 financial results, showing a 42% revenue growth compared to the previous year. The private placement, led by Nantahala Capital, involves healthcare-focused investors and aims to support the company’s strategic vision and operational growth.

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.Date of analysis: Jul 02, 2025