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
▼(-5.66% Downside)
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
Accelerating revenue & high gross margins
Sustained double-digit growth and very high gross margins indicate durable commercial traction and attractive unit economics. Over 2-6 months this supports operating leverage as revenue scales, helping narrow losses and enabling reinvestment into sales, product launches, and clinical programs.
Negative Factors
Negative equity & rising leverage
Accumulated losses and a sharp increase in debt materially weaken financial flexibility. Over the medium term this raises refinancing, covenant and dilution risk, constraining strategic optionality and increasing interest and principal obligations against still-limited asset backing.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue & high gross margins
Sustained double-digit growth and very high gross margins indicate durable commercial traction and attractive unit economics. Over 2-6 months this supports operating leverage as revenue scales, helping narrow losses and enabling reinvestment into sales, product launches, and clinical programs.
Read all positive factors
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$259.94M
Dividend YieldN/A
Average Volume (3M)227.57K
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. Volume200,051
30 Day Avg. Volume227,568
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 Cap0.67
Enterprise Value/Revenue3.87
Enterprise Value/Gross Profit4.58
Enterprise Value/Ebitda-6.24
Forecast
1Y Price Target
$9.20Price Target Upside116.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.36
Revenue Forecast (FY)$59.96M
TriSalus Life Sciences Business Overview & Revenue Model
Company Description
TriSalus 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; ...
How the Company Makes Money
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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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
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
Neutral
4.24
Price Trends
4.62
Negative
5.37
Negative
5.06
Negative
Market Momentum
-0.20
Negative
49.10
Neutral
85.05
Negative
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 4.24 is above the 20-day moving average (MA) of 4.06, below the 50-day MA of 4.62, and below the 200-day MA of 5.06, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 49.10 is Neutral, neither overbought nor oversold. The STOCH value of 85.05 is Negative, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $371.74M | 19.35 | 10.87% | ― | 18.90% | 29.22% | |
53 Neutral | $169.11M | -8.03 | -11.56% | ― | 4.68% | 55.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $73.35M | -0.69 | -54.99% | ― | 4.65% | 68.71% | |
50 Neutral | $237.07M | -3.47 | -99.33% | ― | 18.44% | 25.42% | |
48 Neutral | $259.94M | -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 underwrit...
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 Pressu...
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.