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
Market Cap
$179.73M
P/E (TTM)
-5.9
33.6
Dividend Yield
--
52W High
$7.95
52W Low
$3.42
52W Range
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)
$99.66M
$76.05M
RCEL$72.40M
Gross Margin (Latest Quarter)
MXCT92.4%
86.4%
83.5%
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%MissForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Aug 12, 2025|Revenue: $11.21M+52.3%|EPS: $-0.27+28.6%MissForm 10-K/A - FY 2024
Period End: Dec 31, 2024|Filed: May 30, 2025|Revenue: $29.43M+59.0%|EPS: $-1.25+43.9%MissForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: May 15, 2025|Revenue: $9.17M+42.0%|EPS: $-0.39-35.0%MissForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Apr 15, 2025|Refer to amended dataForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 14, 2024|Revenue: $7.35M+41.5%|EPS: $-0.12+140.0%BeatForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 14, 2024|Revenue: $7.36M+59.7%|EPS: $-0.21-60.4%BeatForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 15, 2024|Revenue: $6.46M+116.4%|EPS: $-0.60+93.5%Miss