TriSalus Life Sciences, Inc. TLSI R2K

Healthcare · Medical Devices · United States

TriSalus Life Sciences, Inc. engages in the research, development, and commercialization of drug delivery technology platform and immuno-oncology therapeutics to improve outcomes for patients with difficult-to-treat liver and pancreatic cancers in the United States. It offers Pressure-Enabled Drug Delivery (PEDD) 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 treating locally advanced pancreatic cancer. The company is also developing nelitolimod, an investigational immunotherapeutic in Phase 1 clinical trial for the treatment of uveal melanoma, intrahepatic cholangiocarcinoma, hepatocellular carcinoma, and pancreatic cancer. It serves interventional radiologists, IR technicians, medical oncologists, nursing support, and value analysis committee staff. The company was founded in 2009 and is headquartered in Westminster, Colorado.

Market & Price

Market Cap

$209.43M

Current Price

$3.41

High / Low (52W)

$7.50 / $2.52

Beta

0.56

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

PEG Ratio

Book Value

$-0.68

Price to Book

-5.04

P/S

4.67

EV/EBITDA

-6.83

Dividend Yield

Profitability & Returns

ROCE

-141.31%

ROE

ROA

-35.17%

Profit Margin

-60.85%

Op Margin

-94.52%

EPS (Latest Qtr)

$0.03

EPS (TTM)

$-1.42

Balance Sheet & Liquidity

Debt/Equity

2.69

Quick Ratio

5.24

Current Ratio

5.78

Debt

$34.49M

Total Assets

$35.33M

Current Assets

$32.24M

Working Capital

$20.75M

Ownership

Promoter Holding

33.91%

Chg in Prom Hold

FII / Inst Holding

34.44%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$187.36M

Total Revenue (TTM)

$44.88M

EBITDA

$-27.44M

Free Cash Flow

$-9.30M

Operating Cash Flow

$-19.99M

Shares Outstanding

61.42M

Gross Margin

85.07%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

53.85%

Profit 5Y

5.62%

Revenue (YoY)

-2.90%

Earnings (YoY)

PROS

Compounding revenue at 53.9% over 5 years.

CONS

Trading 54.5% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	TLSI TriSalus Life Sciences, Inc. R2K	3.41	-	$209.43M	-	-141.31%	-	53.85%	5.62%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	3.92M	2.98M	4.61M	5.19M	6.46M	7.36M	-	-	9.17M	11.21M	11.57M	13.21M	8.90M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	1.50M	1.80M	1.91M	1.76M	1.23M
Gross Profit	-	-	-	-	-	3.22M	2.32M	3.84M	4.60M	5.49M	6.45M	-	-	7.67M	9.41M	9.66M	11.44M	7.67M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	15.00M	16.74M	18.67M	14.71M	16.08M
Operating Income	-307.99K	-783.92K	-807.26K	-669.81K	-288.27K	-8.11M	-10.12M	-11.43M	-18.62M	-11.67M	-8.17M	-	-	-7.33M	-7.33M	-9.01M	-3.27M	-8.41M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-8.99M	-6.70M	-9.18M	-8.18M	3.11M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	1.21M	1.42M	1.46M	1.45M	1.44M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-10.37M	-8.29M	-10.81M	-9.75M	1.54M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	5.00K	-3.00K	5.00K	0	4.00K
Net Income	-372.03K	378.87K	1.86M	-7.87M	-8.68M	-8.09M	-8.31M	-13.98M	-1.43M	-13.21M	-4.33M	-	-	-10.38M	-8.29M	-10.81M	-9.75M	1.54M
Diluted EPS	-	-	-	-	-	-25.95	-0.57	-35.84	-0.14	-0.60	-0.21	-	-	-0.39	-0.27	-0.96	-0.21	0.03
R&D Expense	-	-	-	-	-	4.81M	5.64M	6.89M	9.51M	5.84M	4.67M	4.22M	-	3.02M	3.92M	5.18M	-	3.22M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	12.40M	18.51M	29.43M	45.15M
Cost of Revenue	-	2.26M	2.60M	4.10M	6.96M
Gross Profit	-	10.14M	15.91M	25.33M	38.19M
Operating Expenses	-	46.58M	70.38M	61.49M	65.13M
Operating Income	-	-36.44M	-54.48M	-36.16M	-26.95M
EBITDA	-	-46.78M	-58.65M	-26.20M	-33.05M
Interest Expense	-	1.00K	16.00K	3.09M	5.54M
Pretax Income	-	-47.18M	-59.35M	-30.04M	-39.22M
Tax Provision	-	9.00K	9.00K	6.00K	7.00K
Net Income	-	-47.19M	-59.36M	-30.05M	-39.23M
Diluted EPS	-93.17	-161.55	-6.73	-1.31	-
R&D Expense	-	21.36M	29.84M	17.69M	14.96M

Compounded Sales Growth

5 Years:	53.85%
1 Year:	-2.90%

Compounded Profit Growth

5 Years:	5.62%
1 Year:	-

Stock Price Performance

1 Year:	-31.80%
6 Months:	-45.79%
3 Months:	-32.61%
1 Month:	-19.95%

Balance Sheet (Annual)

Figures in USD.

Metric	Sep 2020	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	252.01M	-	22.00M	24.60M	23.97M	35.33M
Current Assets	-	-	-	17.21M	20.86M	20.67M	32.24M
Cash & Equivalents	-	1.33M	-	9.41M	11.78M	8.53M	20.44M
Inventory	-	-	-	1.47M	2.54M	4.05M	3.08M
Receivables	-	-	-	1.56M	3.55M	5.09M	6.56M
Total Liabilities	-	23.50M	-	198.32M	51.66M	49.87M	69.19M
Current Liabilities	-	-	-	32.36M	14.69M	10.23M	11.50M
Long Term Debt	-	-	-	-	-	22.08M	33.05M
Total Debt	-	-	-	1.96M	1.59M	23.63M	34.44M
Total Equity	0	-21.48M	-	-176.33M	-27.07M	-25.89M	-33.86M
Shares Outstanding	-	-	-	26.32M	26.41M	31.28M	50.00M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-32.31M	-50.58M	-40.84M	-18.01M
Investing Cash Flow	-	-1.79M	-1.59M	-345.00K	-838.00K
Financing Cash Flow	-	13.46M	54.63M	37.94M	30.76M
Capital Expenditure	-	-786.00K	-588.00K	-345.00K	-918.00K
Free Cash Flow	-	-33.10M	-51.17M	-41.19M	-18.93M
Net Change in Cash	-	-20.64M	2.46M	-3.25M	11.91M
Share Buybacks	-	232.37M	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	81.8%	85.9%	86.1%	84.6%
Operating Margin %	-	-293.9%	-294.3%	-122.9%	-59.7%
Net Margin %	-	-380.6%	-320.7%	-102.1%	-86.9%
ROE %	-	26.8%	219.3%	116.0%	115.8%
ROCE %	-	351.7%	-549.6%	-263.2%	-113.1%

Shareholding Pattern

Insiders

33.91%

Institutions

34.44%

Public Float

52.11%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	First Light Asset Management, LLC	8.25%	5.07M	$17.28M
2	AWM Investment Company, Inc.	3.39%	2.08M	$7.09M
3	Nantahala Capital Management, LLC	3.37%	2.07M	$7.06M
4	Blackrock Inc.	2.44%	1.50M	$5.11M
5	Wasatch Advisors LP	2.34%	1.44M	$4.90M
6	Vanguard Capital Management LLC	2.19%	1.35M	$4.59M
7	Gilder Gagnon Howe & Co LLC	1.45%	888.51K	$3.03M
8	Cerity Partners LLC	1.28%	787.27K	$2.68M
9	Geode Capital Management, LLC	1.27%	777.09K	$2.65M
10	Thompson, Siegel & Walmsley LLC	0.95%	583.57K	$1.99M

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TLSI · Healthcare