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TriSalus Life Sciences, Inc.

TriSalus Life Sciences, Inc.

NASDAQ•TLSI
CEO: Ms. Mary T. Szela B.S.N., M.B.A.
Sector: Healthcare
Industry: Medical - Devices
Listing Date: 2021-02-08
TriSalus Life Sciences, Inc., a medical technology company, researches, develops, and sells drug delivery technologies and immune-oncology therapeutics for the treatment of liver and pancreatic cancer. The company offers Pressure Enabled Drug Delivery infusion systems, such as the TriNav infusion system, which is used in transarterial radioembolization and chemoembolization procedures for patients with liver cancer and metastases; and the Pancreatic Retrograde Venous Infusion device, which is in Phase 1 clinical trial, for locally advanced pancreatic cancer. It also develops nelitolimod, an investigational immunotherapeutic in Phase 1 clinical trial for the treatment of uveal melanoma with liver metastases, hepatocellular carcinoma, intrahepatic cholangiocarcinoma, and locally advanced pancreatic ductal adenocarcinoma. The company serves interventional radiologists, IR technicians, medical oncologists, nursing support, value analysis committee staff, and patients through its sales representatives and sales managers. TriSalus Life Sciences, Inc. was founded in 2009 and is headquartered in Westminster, Colorado.
Contact Information
6272 West 91st Avenue, Westminster, CO, 80031, United States
303-442-1222
trisaluslifesci.com
Market Cap
$179.73M
P/E (TTM)
-5.9
33.6
Dividend Yield
--
52W High
$7.95
52W Low
$3.42
52W Range
45%
Rank37Top 34.1%
4.4
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Average • 4.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2021-2025

Financial Dashboard

Q3 2025 Data

Revenue

$11.57M+57.38%
4-Quarter Trend

EPS

-$0.96+700.00%
4-Quarter Trend

FCF

-$3.93M-64.37%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Quarterly Revenue Soars Revenue reached $11.6M, increasing 57.4% for the three months ended September 30, 2025, driven by TriNav unit sales.
Gross Profit Up 52% Gross profit totaled $9.7M, increasing 52.2% for the quarter due to higher TriNav unit volume sold compared to prior year.
Cash Position Strengthened Cash, equivalents, and restricted cash ended at $23.0M as of September 30, 2025, reflecting a $11.4M increase year-to-date.
R&D Expenses Declining Nine-month R&D expenses decreased $2.3M, or 15.8%, primarily due to closing clinical trial expenses related to nelitolimod.

Risk Factors

Substantial Going Concern Doubt Substantial doubt exists regarding ability to continue as going concern for one year, requiring substantial additional capital raises.
Quarterly Net Loss Widened Net loss attributable to common stockholders was $(41.3M) for the quarter, heavily impacted by preferred stock conversion items.
Gross Margin Erosion Noted Quarterly gross margin fell to 83.5% from 86.3% due to lower manufacturing efficiency associated with newly launched products.
Internal Control Material Weaknesses Management identified material weaknesses in internal control over financial reporting, including insufficient trained resources for key accounting.

Outlook

LA-PDAC Data Expected Late PERIO-03 Phase I dose escalation for LA-PDAC completed enrollment; data expected available in late 2025 for partner discussions.
Future Financing Critical Future operations require substantial additional capital via collaborations, alliances, or equity/debt financings to execute long-term strategy.
Seeking Nelitolimod Partner Plan to pursue pharmaceutical partner for future development of nelitolimod after assembling final Phase I clinical trial data.
TriNav Reimbursement Reliance Continued TriNav sales growth depends on maintaining profitable payment rates from hospital budgets and government purchasers.

Peer Comparison

Revenue (TTM)

Owlet, Inc.OWLT
$99.66M
+26.8%
Sight Sciences, Inc.SGHT
$76.05M
-4.4%
AVITA Medical, Inc.RCEL
$72.40M
+20.6%

Gross Margin (Latest Quarter)

MaxCyte, Inc.MXCT
92.4%
+16.1pp
Sight Sciences, Inc.SGHT
86.4%
+2.5pp
TriSalus Life Sciences, Inc.TLSI
83.5%
-2.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FBRX$399.61M-11.0-75.6%0.0%
SGHT$318.29M-6.8-61.6%35.0%
PROF$240.41M-6.0-86.8%0.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
11.9%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 26, 2026
|
EPS:-$0.13
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 13, 2025|
    Revenue: $11.57M+57.4%
    |
    EPS: $-0.96+700.0%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 12, 2025|
    Revenue: $11.21M+52.3%
    |
    EPS: $-0.27+28.6%
    Miss

  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: May 30, 2025|
    Revenue: $29.43M+59.0%
    |
    EPS: $-1.25+43.9%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 15, 2025|
    Revenue: $9.17M+42.0%
    |
    EPS: $-0.39-35.0%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 15, 2025|Refer to amended data

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 14, 2024|
    Revenue: $7.35M+41.5%
    |
    EPS: $-0.12+140.0%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 14, 2024|
    Revenue: $7.36M+59.7%
    |
    EPS: $-0.21-60.4%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 15, 2024|
    Revenue: $6.46M+116.4%
    |
    EPS: $-0.60+93.5%
    Miss