TriSalus Life Sciences, Inc. (TLSI) Market Cap
TriSalus Life Sciences, Inc. has a market capitalization of $176.3M.
Financials based on reported quarter end 2025-12-31
Price: $4.65
▲ 0.16 (3.56%)
Market Cap: 176.28M
NASDAQ · time unavailable
CEO: Mary T. Szela
Sector: Healthcare
Industry: Medical - Devices
IPO Date: 2021-02-08
Website: https://trisaluslifesci.com
TriSalus Life Sciences, Inc. (TLSI) - Company Information
Market Cap: 176.28M · Sector: Healthcare
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; 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.
Analyst Sentiment
Based on 5 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 1 sources)
Consensus Price Target
Low
$10
Median
$11
High
$11
Average
$11
Potential Upside: 125.8%
Price & Moving Averages
Related Companies in Healthcare
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"TLSI reported revenue of $13.2M for the year ending December 31, 2025. The net income stands at -$9.75M, reflecting ongoing losses. The company has total assets of $35.33M and total liabilities amounting to $69.19M, resulting in negative equity of -$33.86M. Operating cash flow is negative at -$2.48M, and free cash flow also shows a negative figure of -$2.53M, suggesting challenges in generating cash from core operations. Shareholder returns have been negative, with the company experiencing a 1-year price change of -31.39%. This indicates difficulties in maintaining investor confidence. The price as of the latest reporting stands at $3.89, significantly below the target consensus price of $10.5, suggesting potential undervaluation but also caution due to high debts and negative earnings. Overall, TLSI is in a difficult financial position with ongoing losses, a challenging cash flow situation, and significant liabilities undermining its equity position."
Revenue Growth
Moderate revenue generation of $13.2M, but growth sustainability is uncertain.
Profitability
Continues to report losses, with net income of -$9.75M.
Cash Flow Quality
Negative operating and free cash flows indicate poor cash management.
Leverage & Balance Sheet
Significant liabilities with negative equity raise concerns about financial stability.
Shareholder Returns
Substantial decline in stock price over the past year, highlighting investor dissatisfaction.
Analyst Sentiment & Valuation
Price below target consensus indicates potential value, but risks remain high.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
TriSalus delivered strong top-line growth in Q4 and improved losses, including Q4 adjusted EBITDA loss shrinking to ~$0.95M from $5.7M and gross margin rising to 87% (vs 85% prior year). Management reaffirmed 2026 revenue guidance of $60M–$62M but explicitly framed near-term revenue as phasing-driven: ~40% in 1H vs ~60% in 2H due to sales onboarding, training, and territory realignment. In the Q&A, analysts pressed for granular paths to cash-flow break-even and commercial structure; management declined EBITDA/cash breakeven timing guidance as “early stages,” indicating continued investment uncertainty. The most concrete candid operational hurdle was nelitolimod: an update originally expected in Q4 2025 was delayed to 2H 2026 because the team consolidated data across all PERIO Phase I studies and needed additional database lock/report preparation. Overall tone was confident on adoption and mapping growth (XP/Advance) but with limited near-term financial specificity and a real disclosure/timing slip in nelitolimod.
Growth Catalysts
- Expansion of TriNav product suite to 7 offerings across embolization spectrum (TriNav LV, TriGuide, TriNav FLX; launched TriNav XP infusion system during Q4 2025)
- Upcoming launch of TriNav Advance in 1H 2026 (pending 510(k) clearance) to facilitate selective therapy delivery to small distal vessels via standard microcatheter
- CMS HCPCS code C8004 enabling reimbursement for simulation/mapping procedures in radio embolization, effectively doubling reimbursable use
- Commercialization of liver-directed therapies remained primary growth driver; expected mapping growth aided by XP and Advance
Business Development
- Public offering completed in February 2026 raising $46 million gross proceeds (fundamental healthcare investors; >2x oversubscribed)
- Board appointment: Michael Stansky (Veteran Healthcare Investor) added to Board in February 2026
- KOL events and stakeholder education program (includes Dr. Juan Camacho of Florida State University for multinodular goiter thyroid disease)
- Partnership discussions underway tied to delayed nelitolimod consolidated clinical update (PERIO Phase I studies)
Financial Highlights
- Q4 2025 revenue: $13.2M vs $8.3M prior year (+60% YoY)
- Q4 2025 gross margin: 87% vs 85% prior year (+200 bps equivalent year-over-year)
- Q4 2025 R&D: $2.6M vs ~ $3.0M prior year (decrease tied to PERIO-nelitolimod study closeout)
- Q4 2025 sales & marketing: ~$8.0M vs ~$7.0M prior year (increase driven by higher performance-based compensation)
- Q4 2025 G&A: $4.2M vs $4.6M prior year (down due to operational efficiency and tighter corporate overhead)
- Q4 2025 net operating loss: $3.3M vs $7.6M prior year improvement
- Q4 2025 adjusted EBITDA loss: ~$0.95M vs $5.7M prior year improvement
- Full-year 2025 revenue: $45.2M vs prior year (reported as +53%); management states this achieved 2025 revenue guidance
- Full-year gross margin: decreased from 86% to 85% YoY (down ~100 bps), attributed to lower manufacturing efficiencies in 2H 2025; improved in Q4
- Full-year operating loss: $26.9M vs $36.2M prior year
- Full-year EPS (basic/diluted loss per share): $1.84 vs $1.31 prior year (increase attributed to preferred-to-common stock conversion)
- 2026 revenue guidance reaffirmed: $60M to $62M, with cadence weighted ~40% in 1H and ~60% in 2H (due to onboarding/training/territory realignment and expected timing of new product contribution)
Capital Funding
- February 2026 public offering: $46M gross proceeds (>2x oversubscribed)
- Cash and cash equivalents as of Dec 31, 2025: $20.4M
- No explicit buyback/debt figures provided in transcript
Strategy & Ops
- Commercial infrastructure build-out: meaningful doubling of commercial organization; added a management layer because rep-to-manager ratio became too high
- Operational focus: investing early in commercial and clinical foundational studies to support adoption curve (phasing impacts 1H revenue cadence)
- Sales operating model: rep + clinical specialist pairing for new accounts/case execution; clinical specialists can transition into rep roles
- Manufacturing efficiency improved in Q4 leading to gross margin improvement (Q4 gross margin up vs prior year)
Market Outlook
- 2026 revenue guidance reiterated: $60M-$62M
- TriNav Advance expected launch in 1H 2026 (after 510(k) clearance and rapid market evaluation; full launch planned in 2H if timing extends—management language indicates 'anticipate launching in the first half' while also 'plan to conduct a rapid market evaluation before fully launching in the second half of the year')
- Non-liver indication data timing: thyroid data releases beginning at SIR around uterine fibroid; additional application data later in 2026
- TriNav mapping/simulation adoption expected to be supported by XP and (pending) Advance; management expects increased mapping growth
Risks & Headwinds
- Nelitolimod program: PERIO-03 consolidated data release delayed; timeline slip to 2H 2026 due to database lock/report preparation taking beyond original expectations; explicitly stated not driven by safety/efficacy changes but impacts planned disclosure/potential partner timing
- Manufacturing efficiency headwind earlier in year: full-year gross margin down (86% to 85%), attributed to lower manufacturing efficiencies in 2Q/3Q; improved in Q4
- Near-term revenue phasing risk: 1H weighted cadence (~40% of annual revenue) influenced by onboarding/training/territory development and product contribution timing (i.e., investing ahead of steep adoption curve)
- No specific tariffs/macro mitigation steps discussed in the transcript
Sentiment: MIXED
Note: This summary was synthesized by AI from the TLSI Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.