TriSalus Life Sciences, Inc. (TLSI) Market Cap
TriSalus Life Sciences, Inc. has a market capitalization of —.
No quote data available.
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: -|Sector: Healthcare
Company Profile
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 portfolio includes the TriNav Infusion System, designed for hepatic arterial infusion to treat liver tumors, and the Pancreatic Retrograde Venous Infusion System, which addresses pancreatic tumors. Additionally, TriSalus is advancing SD-101, an investigational immunotherapeutic that incorporates pressure-enabled drug delivery technology. This experimental therapy is currently being explored for its application in 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's operations are headquartered in Westminster, Colorado.
Analyst Sentiment
From 5 Active Polls
1Y Forecast: $8.00
▲ +0.0% Potential Upside
Consensus Target Metrics
Low Bound
$8
Median
$8
High Bound
$8
Average
$8
Price & Moving Averages
🎯 Wall Street Analyst Intelligence Report
1-Year structural target targets, chart projections, and sentiment maps.
Consensus Trend Projection
Trailing closures vs. 12-month metrics map.
Analyst Vote Distribution
Aggregate institutional coverage sentiment weights.
Sentiment volume allocation data unavailable.
Historical valuation matrix unavailable.
Related Companies in Healthcare
📊 AI Financial Analysis
Powered by StockMarketInfo"TLSI reported Q1’26 revenue of $8.90M and net income of $1.54M (EPS $0.03). Versus Q1’25, revenue declined 2.87% (from $9.17M) while net income improved sharply from a $10.38M loss to a $1.54M profit (+~114.8M swing). QoQ, revenue fell 32.60% from Q4’25 ($13.21M) and net income improved from a $9.75M loss to a profit. Profitability improved materially on the quarter: gross margin stayed very strong at ~86.2% (vs ~86.7% in Q4’25 and ~83.7–86.7% through the year). However, operating performance remained volatile with operating income still negative in Q1’26 (-$8.41M) even as “other income/expense” drove pretax income positive ($1.54M pre-tax, +17.3% margin) and net margin of +17.3%. Cash flow quality was mixed. Operating cash flow was -$6.48M and free cash flow was -$6.62M, despite the accounting profit, implying cash burn tied to working capital/non-cash items (including a large -$10.63M “other non-cash items”). Balance sheet resilience improved with cash rising to $56.6M (from $20.4M in Q4’25) and net cash (net debt -$22.1M) turning favorable. Shareholder returns appear modest: price is $4.65 and the stock is down 18.85% over 1Y, with no dividend. Total return is therefore primarily capital appreciation/depended on share price momentum (currently negative), partially offset by the equity strengthening in cash."
Revenue Growth
QoQ revenue declined 32.60% (Q4’25 $13.21M → Q1’26 $8.90M). YoY revenue fell 2.87% (Q1’25 $9.17M → Q1’26 $8.90M), indicating a slightly contracting top line.
Profitability
Gross margin remained high (~86% in Q1’26). Net income swung to profit (+$1.54M) from a YoY loss (-$10.38M), but operating income is still negative (-$8.41M), suggesting the net turnaround was driven by below-the-line items rather than core operations.
Cash Flow Quality
Operating cash flow was -$6.48M and free cash flow -$6.62M in Q1’26. This contrasts with positive net income, indicating cash generation remains weak and/or driven by non-cash/working-capital effects.
Leverage & Balance Sheet
Cash rose to $56.6M and net debt turned negative (-$22.1M). Liquidity improved (current ratio 5.78 vs 2.80 in Q4’25), supporting balance sheet resilience despite retained earnings remaining deeply negative.
Shareholder Returns
No dividends. 1Y price change is -18.85%, so total shareholder return is currently negative; any improvement would need to come from future operating/cash flow progress and/or re-rating.
Analyst Sentiment & Valuation
Consensus price target is ~$10.5 vs current price $4.65, implying upside in valuation expectations. However, the underlying cash flow remains pressured and earnings quality appears volatile.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Fundamentals Overview
TriSalus delivered mixed Q1 results: revenue dipped to $8.9M from $9.2M, largely tied to a deliberate commercial expansion and territory realignment (not softer demand). The company improved gross margin to 86% (from 84%) via lower TriNav unit cost and manufacturing improvements, but losses widened modestly with higher sales/marketing and stock-based comp. The key forward driver is PEDD’s new large-scale real-world evidence (603 PEDD vs 16,210 controls), reporting clinically meaningful improvements (e.g., fatigue 20.9% vs 26.4%; lymphopenia 0.6% vs 5.2%) and economic benefit (~$7,700 per patient). Offsetting this optimism, TriNav Advance faces FDA timing risk: review is ~5 months past the 30-day MDUFA goal, prompting removal of expected second-half revenue and a cautious stance on launch timing. Management guides FY2026 revenue to $54M–$57M and expects a structural step-up in the second half as reps ramp (typically 6–9 months).
Growth Catalysts
- Landmark PEDD real-world evidence: 603 PEDD patients matched vs 16,210 non-PEDD (claims database; Jan 2020–Mar 2024) showing fewer complications, fewer hospitalizations, and ~$7,700 per patient cost avoidance
- New clinical prospectives planned/active: PRESSURE (Stanford) randomized TriNav in TARE for liver metastases; PREDICTT (MD Anderson) evaluating PEDD in hypovascular tumors
- Ongoing clinical evidence pipeline: 10 active studies across 24 clinical sites generating data on 400+ TriNav-treated patients; publication targets for PETER (MGH) and TRIFY90 (MD Anderson) this quarter
- Commercial expansion ramp: incremental productivity expected to improve steadily through 2026 as territories rebuild and new reps reach output
Business Development
- Named leadership and intended partnering approach: Chris Staudt (Senior VP Sales and Commercial Operations) with track record of securing strategic partnerships with leading health systems (partnership strategy referenced, specific partners not named)
- Academic/research sites referenced for studies: Stanford (PRESSURE), MD Anderson (PREDICTT, TRIFY90), Massachusetts General Hospital (PETER), Rutgers Robert Wood Johnson Medical School (uterine artery embolization presentation at SIR 2026)
- PROTECT registry sites: 11 sites with >50% enrolled and actively recruiting (specific institutions not listed)
Financial Highlights
- Revenue: $8.9M in Q1 2026 vs $9.2M prior year (decline attributed to commercial expansion transition/realignment)
- Gross margin: 86% vs 84% prior year; improvement attributed to lower average unit cost on TriNav and continuous manufacturing improvement
- R&D: ~$3.2M vs ~$3.0M prior year; increase due to noncash stock-based comp (~$0.5M)
- Sales & marketing: ~$7.4M vs ~$6.7M prior year; increase from commercial build-out costs and onboarding/training; includes ~$0.5M noncash stock-based comp
- G&A: ~$5.4M vs ~$5.2M prior year; includes ~$1.3M noncash stock-based comp
- Net operating loss: $8.4M vs $7.3M prior year
- Adjusted EBITDA loss: ~$5.8M vs ~$5.5M prior year
- Updated 2026 revenue guidance: $54M–$57M (revised lower due to lower Q1 revenue from commercial expansion and delayed FDA clearance timing for TriNav Advance)
- TriNav Advance FDA timing: review running ~5 months past the 30-day MDUFA review goal; clearance still expected in 2H 2026 but launch timing remains forecasted cautiously
Capital Funding
- Cash and cash equivalents: $56.6M as of March 31, 2026 (management states cash fully funds the strategic growth plan)
- Raised capital in Q1 2026 to fund commercial infrastructure and broader growth plan (exact buyback/debt amounts not provided)
Strategy & Ops
- Commercial organization realignment: expanded field footprint more than double territories; modified two relationship layers simultaneously in ~40% of territories (rep-to-physician and rep-to-manager)
- Territory disruption explanation: ~60% of territories operated as a control group (performed as expected); remaining 40% experienced disruption plus time out of field for new rep onboarding and training
- Management cadence expectation: steady month-over-month continual growth expected through remainder of 2026 once reps ramp (reps typically 6–9 month ramp)
Market Outlook
- 2026 revenue guidance range reiterated as $54M–$57M
- Near-term milestones: generate differentiated clinical data across UAE/TAE/GAE; nelitolimod data update in 2H 2026; TriNav Advance launch in 2H 2026 subject to FDA clearance
Risks & Headwinds
- TriNav Advance FDA clearance timing uncertainty: FDA review ~5 months past the 30-day MDUFA goal; management removed Advance revenue expectations from the second half to reflect unpredictability and post-clearance market evaluation period
- Near-term revenue pressure from commercial build-out transition: Q1 reflected territory realignment costs, onboarding/training time, and rebuilding account relationships in ~40% of territories
- Operational ramp risk: productivity depends on rep ramp (management cites 6–9 month ramp), meaning execution delays could affect second-half step-up
Q&A: Analyst Interest
- Territory disruption quantification and confidence in recovery: Management explained ~60% of territories were not disrupted and performed as expected; the remaining ~40% had simultaneous changes to rep-to-physician and rep-to-manager relationships plus new-rep time out of field. They expect continuous ramp through the year with no fundamental demand change.
- Commercial hiring progress and expected revenue cadence: Management confirmed the organization is slightly above doubling after talent attraction exceeded expectations and more than double territory expansion was implemented. Reps are largely in place with a 6–9 month ramp; Q2 expected to be marginal sequential growth with meaningful progress in Q3–Q4.
- Where PEDD real-world evidence drives adoption (clinical vs economic): Management emphasized physicians/institutions valuing HEOR-style evidence and highlighted the oncology-relevant absence of lymphopenia effects. Dr. Marshall framed PEDD outcomes as real-world practice validation and noted economic-lighting relevance to interventional decision-making for value demonstration.
Sentiment: MIXED
Note: This summary was synthesized by AI from the TLSI Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.