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Trisalus Life Sciences, Inc. (TLSI)
:TLSI
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TriSalus Life Sciences
(NASDAQ:TLSI)
Rating:51Neutral
Price Target:
$5.50
▲( 1.10% Upside)
Positive Factors
New Product Launch
The company is expecting to launch TriNav Flex (TriNav2.0) soon.
Revenue Growth
Revenue growth has continued with a 42% increase year-over-year in 1Q25.
Strategic Focus Shift
TriSalus announced it is winding down development of TLR9 agonist nelitolimod with completion of the P1 studies and final reports expected in 2H25, which is viewed as a strategic move to focus on the commercial business for TriNav.
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.
Gross Margin
Gross margin came in lower than expected at 84% vs. prior quarters in the upper 80s, stemming from reduced manufacturing related to clean-room expansion.
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$203.20M
Dividend YieldN/A
Average Volume (3M)35.70K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth85.03%
EPS Growth53.73%
CountryUS
Employees110
SectorHealthcare
Sector Strength44
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.39
Shares Outstanding37,838,963
10 Day Avg. Volume38,650
30 Day Avg. Volume35,695
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)-5.14
Price to Sales (P/S)0.00
P/FCF Ratio-3.97
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue1.72
Enterprise Value/Gross Profit7.01
Enterprise Value/Ebitda-0.93
Forecast
1Y Price Target
$11.50Price Target Upside111.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
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 Financial Statement Overview
Summary
TriSalus Life Sciences is experiencing robust revenue growth but faces significant challenges in profitability and financial stability. The high debt levels and negative equity raise concerns about leverage and long-term viability. Persistent negative cash flows highlight the need for operational improvement and cost management. Overall, while growth prospects are promising, the company's financial health remains a concern.Income Statement
TriSalus Life Sciences has shown significant revenue growth over the years, with a 59% increase from 2023 to 2024. However, the company is struggling with profitability as evidenced by negative EBIT and net income margins. The gross profit margin is relatively strong, but the persistent net losses indicate underlying challenges in managing operational costs.35
Negative
Balance Sheet
The balance sheet reveals high leverage with a negative stockholders' equity, resulting in a concerning debt-to-equity ratio. The equity ratio is negative, indicating that liabilities exceed total assets. This financial structure poses a risk to financial stability, limiting the company's ability to finance growth through equity.25
Negative
Cash Flow
The cash flow statement shows a consistent pattern of negative free cash flow, which has slightly improved from 2023 to 2024. The company is highly reliant on financing activities to support operations, as evidenced by significant financing inflows. However, the negative operating cash flow to net income ratio underscores ongoing operational challenges.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 29.43M | 18.51M | 12.40M | 8.40M | 5.43M | Gross Profit |
| 25.33M | 15.91M | 10.14M | 7.21M | 3.24M | EBIT |
| -36.16M | -54.15M | -36.44M | -24.03M | -25.65M | EBITDA |
| -36.16M | -58.30M | -46.76M | -23.57M | -25.32M | Net Income Common Stockholders |
| -33.23M | -59.04M | -47.19M | -28.84M | -31.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 8.53M | 11.78M | 9.41M | 30.30M | 1.33M | Total Assets |
| 23.97M | 25.73M | 22.00M | 37.84M | 252.01M | Total Debt |
| 23.63M | 1.59M | 1.96M | 544.00K | 42.18M | Net Debt |
| 15.10M | -10.18M | -7.45M | -29.76M | 40.85M | Total Liabilities |
| 49.87M | 51.66M | 198.32M | 167.44M | 23.50M | Stockholders Equity |
| -25.89M | -25.94M | -176.33M | -129.60M | 228.52M |
| Cash Flow | Free Cash Flow | |||
| -41.19M | -51.17M | -33.10M | -23.95M | -1.22M | Operating Cash Flow |
| -40.84M | -50.05M | -32.31M | -22.70M | -677.60K | Investing Cash Flow |
| -345.00K | -2.12M | -1.79M | -2.26M | -250.00M | Financing Cash Flow |
| 37.94M | 54.63M | 13.46M | 50.77M | 252.01M |
TriSalus Life Sciences Technical Analysis
Positive
5.44
Price Trends
5.39
Negative
5.33
Positive
4.94
Positive
Market Momentum
-0.04
Negative
52.26
Neutral
77.15
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 5.44 is above the 20-day moving average (MA) of 5.24, above the 50-day MA of 5.39, and above the 200-day MA of 4.94, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 52.26 is Neutral, neither overbought nor oversold. The STOCH value of 77.15 is Neutral, 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 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 1 New Risks
1.
We may not be able to generate sufficient cash to service our indebtedness or borrow additional funds pursuant to our Loan Facility. * Q3, 2024
TriSalus Life Sciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (53)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $345.76M | ― | -86.53% | ― | -7.84% | 42.34% | |
53 Neutral | $120.89M | ― | -35.68% | ― | 69.17% | 39.01% | |
53 Neutral | $5.24B | 3.07 | -43.58% | 2.80% | 16.87% | -0.11% | |
52 Neutral | $166.43M | ― | -304.05% | ― | 28.24% | -334.39% | |
52 Neutral | $182.25M | ― | -76.01% | ― | 25.62% | 11.86% | |
51 Neutral | $203.20M | ― | 271.41% | ― | 85.03% | 53.73% | |
| $180.43M | ― | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
TLSI
TriSalus Life Sciences
5.35
-4.19
-43.92%
MYO
Myomo
3.21
-0.62
-16.19%
OM
Outset Medical
18.47
-41.38
-69.14%
LNSR
LENSAR
13.98
9.84
237.68%
CVRX
CVRx
6.65
-1.17
-14.96%
BDMD
Baird Medical Investment Holdings
4.98
-6.07
-54.93%
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: 11.02%|
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 Corporate Events
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
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.