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TriSalus Life Sciences
(NASDAQ:TLSI)
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Rating:46Neutral
Price Target:
$3.50
▼(-30.42% Downside)
Action:Reiterated
Date:09/25/26
The score is held down primarily by weak financial performance—ongoing large losses, significant cash burn, and high leverage—despite strong revenue growth and high gross margins. Technical indicators also lean bearish/soft, while a positive FDA clearance provides a modest offset as a potential adoption catalyst.
Positive Factors
Revenue Growth and Gross Margins
Strong revenue growth combined with consistently high gross margins indicates meaningful demand for TriSalus products and favorable product economics. If sustained, this combination can provide greater operating leverage and support investment in the company’s oncology platform as commercial activity expands.
Negative Factors
Deep Ongoing Losses
TriSalus remains substantially loss-making despite strong revenue growth and high gross margins, with no clear path to breakeven yet demonstrated. Persistent operating losses can limit internally funded investment and make future growth increasingly dependent on additional capital or improved execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Gross Margins
Strong revenue growth combined with consistently high gross margins indicates meaningful demand for TriSalus products and favorable product economics. If sustained, this combination can provide greater operating leverage and support investment in the company’s oncology platform as commercial activity expands.
Read all positive factors
TriSalus Life Sciences (TLSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$241.99M
Dividend YieldN/A
Average Volume (3M)378.16K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth25.25%
EPS Growth-9.85%
CountryUS
Employees102
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.30
Shares Outstanding61,574,600
10 Day Avg. Volume130,488
30 Day Avg. Volume378,158
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-7.81
Price to Sales (P/S)5.86
P/FCF Ratio-13.97
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue5.62
Enterprise Value/Gross Profit6.55
Enterprise Value/Ebitda-11.70
Forecast
1Y Price Target
$10.40Price Target Upside106.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.33
Revenue Forecast (FY)$53.12M
TriSalus Life Sciences Business Overview & Revenue Model
Company Description
TriSalus Life Sciences, Inc. is an immunotherapy firm dedicated to the research, development, and market introduction of treatments that leverage the body's immune system, primarily targeting liver and pancreatic cancers. The company's product por...
TriSalus Life Sciences Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call emphasized a major clinical and economic validation of PEDD (landmark real-world study, strong pipeline, meaningful early results in multiple new indications) and a deliberate commercial build intended to capture a large addressable market. Near-term financials were impacted by the deliberate salesforce expansion (temporary revenue disruption, higher operating losses) and a regulatory delay for TriNav Advance that defers some expected second-half revenue. Management positions the investments as strategic and funded by a solid cash balance, with expectations of sustained ramp and commercial momentum through the remainder of 2026 and beyond.Positive Updates
Landmark Real-World Evidence Publication Validating PEDD
Published largest real-world evidence study of PEDD (603 PEDD patients matched to >16,200 non-PEDD patients from a 300M-patient claims database covering 96% of US payers; cohort: 515 TACE, 88 TARE). Key outcomes: post-procedure fatigue 20.9% vs 26.4% (absolute -5.5pp), lymphopenia 0.6% vs 5.2% (absolute -4.6pp, ~88% relative reduction), TACE 30-day inpatient admissions 8% vs 20.5% (absolute -12.5pp, >50% reduction), PEDD delivered ~48% more doxorubicin per procedure. Per-patient downstream cost avoidance ≈ $7.7k (≈ $3.1k from fewer inpatient stays + $4.6k from fewer complications).
Negative Updates
Q1 Revenue Decline and Near-Term Disruption from Commercial Expansion
Q1 revenue $8.9M vs $9.2M prior year (down ≈3.3%), attributed to territory realignment, rep onboarding and time out of field. Company reports ~40% of territories experienced deliberate disruption; expected rep ramp 6–9 months.
Read all updates
Q1-2026 Updates
Positive
Negative
Landmark Real-World Evidence Publication Validating PEDD
Published largest real-world evidence study of PEDD (603 PEDD patients matched to >16,200 non-PEDD patients from a 300M-patient claims database covering 96% of US payers; cohort: 515 TACE, 88 TARE). Key outcomes: post-procedure fatigue 20.9% vs 26.4% (absolute -5.5pp), lymphopenia 0.6% vs 5.2% (absolute -4.6pp, ~88% relative reduction), TACE 30-day inpatient admissions 8% vs 20.5% (absolute -12.5pp, >50% reduction), PEDD delivered ~48% more doxorubicin per procedure. Per-patient downstream cost avoidance ≈ $7.7k (≈ $3.1k from fewer inpatient stays + $4.6k from fewer complications).
Read all positive updates
Company Guidance
TriSalus revised full‑year 2026 revenue guidance to $54–$57 million after reporting Q1 revenue of $8.9M (down from $9.2M a year ago) driven by a deliberate commercial expansion (60% of territories performed in line, 40% disrupted), and a delayed FDA review of TriNav Advance (now ~5 months past the 30‑day MDUFA target; clearance still expected in H2 but advanced H2 revenue has been removed from modeling). Key Q1 metrics: gross margin 86% (vs. 84% PY), R&D ~$3.2M (includes ~$0.5M stock‑based comp), sales & marketing ~$7.4M (includes ~$0.5M stock comp), G&A ~$5.4M (includes ~$1.3M stock comp), net operating loss $8.4M (vs. $7.3M), adjusted EBITDA loss ~$5.8M (vs. $5.5M), and cash of $56.6M as of 3/31/2026. Management expects modest sequential improvement in Q2 as reps ramp (typical 6–9 month productivity curve) with a more pronounced step‑up in H2, durable mid‑80s gross margins, and cites clinical/economic data (e.g., ~$7.7k per‑patient downstream cost avoidance) as catalysts for adoption.TriSalus Life Sciences Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.08M | 45.15M | 29.43M | 18.51M | 12.40M | 8.40M |
| Gross Profit | 38.67M | 38.19M | 25.33M | 15.91M | 10.14M | 7.21M |
| EBITDA | -21.67M | -33.05M | -32.38M | -58.65M | -46.78M | -26.62M |
| Net Income | -28.21M | -39.23M | -33.23M | -59.36M | -47.19M | -28.84M |
Balance Sheet | ||||||
| Total Assets | 62.45M | 35.33M | 23.97M | 24.60M | 22.00M | 37.84M |
| Cash, Cash Equivalents and Short-Term Investments | 46.29M | 20.44M | 8.53M | 11.78M | 9.41M | 30.30M |
| Total Debt | 34.43M | 34.44M | 23.63M | 1.59M | 1.96M | 0.00 |
| Total Liabilities | 55.90M | 69.19M | 49.87M | 51.66M | 34.32M | 6.93M |
| Stockholders Equity | 6.55M | -33.86M | -25.89M | -27.07M | -12.32M | 30.90M |
Cash Flow | ||||||
| Free Cash Flow | -29.90M | -18.93M | -41.19M | -51.17M | -33.10M | -23.95M |
| Operating Cash Flow | -29.28M | -18.01M | -40.84M | -50.58M | -32.31M | -22.70M |
| Investing Cash Flow | -581.00K | -838.00K | -345.00K | -1.59M | -1.79M | -2.26M |
| Financing Cash Flow | 85.08M | 30.76M | 37.94M | 54.63M | 13.46M | 50.77M |
TriSalus Life Sciences Technical Analysis
Neutral
5.03
Price Trends
4.50
Negative
4.46
Negative
4.42
Negative
Market Momentum
-0.23
Negative
45.43
Neutral
58.39
Neutral
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 5.03 is above the 20-day moving average (MA) of 3.93, above the 50-day MA of 4.50, and above the 200-day MA of 4.42, indicating a neutral trend. The MACD of -0.23 indicates Negative momentum. The RSI at 45.43 is Neutral, neither overbought nor oversold. The STOCH value of 58.39 is Neutral, 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 68 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $380.50M | 26.48 | 10.30% | ― | 25.21% | 6.14% | |
55 Neutral | $81.49M | -1.06 | -62.25% | ― | -1.26% | 79.82% | |
53 Neutral | $192.40M | -8.06 | -13.17% | ― | 3.15% | 14.61% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $241.99M | -3.02 | 273.71% | ― | 25.25% | -9.85% | |
45 Neutral | $37.30M | -0.71 | -152.35% | ― | 11.96% | 6.12% | |
44 Neutral | $25.25M | -0.19 | -94.35% | ― | 31.52% | -89.07% |
* Healthcare Sector Average
TLSI
TriSalus Life Sciences
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-17.34%
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TriSalus Life Sciences Corporate Events
Business Operations and StrategyProduct-Related Announcements
TriSalus Gains FDA Clearance for TriNav Advance Device
Positive
Sep 22, 2026
On September 22, 2026, TriSalus Life Sciences announced it received U.S. FDA 510(k) clearance for TriNav Advance, a new device in its Pressure-Enabled Drug Delivery portfolio for embolization procedures. The device extends access to small, distal ...
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.