TriSalus Life Sciences (TLSI) AI Stock Analysis

• Market Cap: $210.38M
• Dividend Yield: N/A
• Average Volume (3M): 34.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: 85.03%
• EPS Growth: 53.73%
• Country: US
• Employees: 110
• Sector: Healthcare
• Sector Strength: 42
• Industry: Medical - Devices
• EPS (TTM): -0.39
• Shares Outstanding: 37,838,963
• 10 Day Avg. Volume: 35,568
• 30 Day Avg. Volume: 34,692
• PEG Ratio: -0.10
• Price to Book (P/B): -5.14
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.97
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 1.72
• Enterprise Value/Gross Profit: 7.01
• Enterprise Value/Ebitda: -0.93
• 1Y Price Target: $11.50
• Price Target Upside: 114.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 51 Neutral
• Price Target: $5.50 ▲( 2.80% Upside)

TriSalus Life Sciences is characterized by strong revenue growth and strategic advancements, reflected in the earnings call and corporate events. However, significant financial challenges, including unprofitability and negative equity, weigh heavily on the stock's overall score.

Positive Factors

New Product Launch

The company is expecting to launch TriNav Flex (TriNav2.0) soon.

Revenue Growth

Revenue growth has continued with a 42% increase year-over-year in 1Q25.

Strategic Focus Shift

TriSalus announced it is winding down development of TLR9 agonist nelitolimod with completion of the P1 studies and final reports expected in 2H25, which is viewed as a strategic move to focus on the commercial business for TriNav.

Negative Factors

Cash Flow Expectations

Investments in TriNav commercial efforts have led the company to no longer expect cash flow positivity in FY25, now expected in the first half of 2026.

Financial Reporting

The company plans to delay filing its 10-K for 2024 due to errors in determining stock-based compensation and R&D expense timing.

Gross Margin

Gross margin came in lower than expected at 84% vs. prior quarters in the upper 80s, stemming from reduced manufacturing related to clean-room expansion.

TriSalus Life Sciences Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

TriSalus Life Sciences makes money primarily through the development and commercialization of its proprietary drug delivery systems and therapeutic agents. Revenue is generated through the sale of these systems to healthcare providers and institutions. Additionally, the company may engage in partnerships or licensing agreements with pharmaceutical companies, which can provide significant income streams through upfront payments, milestone payments, and royalties based on product sales.

TriSalus Life Sciences Financial Statement Overview

Summary

TriSalus Life Sciences is experiencing robust revenue growth but faces significant challenges in profitability and financial stability. The high debt levels and negative equity raise concerns about leverage and long-term viability. Persistent negative cash flows highlight the need for operational improvement and cost management. Overall, while growth prospects are promising, the company's financial health remains a concern.

Income Statement

TriSalus Life Sciences has shown significant revenue growth over the years, with a 59% increase from 2023 to 2024. However, the company is struggling with profitability as evidenced by negative EBIT and net income margins. The gross profit margin is relatively strong, but the persistent net losses indicate underlying challenges in managing operational costs.

Balance Sheet

The balance sheet reveals high leverage with a negative stockholders' equity, resulting in a concerning debt-to-equity ratio. The equity ratio is negative, indicating that liabilities exceed total assets. This financial structure poses a risk to financial stability, limiting the company's ability to finance growth through equity.

Cash Flow

The cash flow statement shows a consistent pattern of negative free cash flow, which has slightly improved from 2023 to 2024. The company is highly reliant on financing activities to support operations, as evidenced by significant financing inflows. However, the negative operating cash flow to net income ratio underscores ongoing operational challenges.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
29.43M	18.51M	12.40M	8.40M	5.43M
	Gross Profit
25.33M	15.91M	10.14M	7.21M	3.24M
	EBIT
-36.16M	-54.15M	-36.44M	-24.03M	-25.65M
	EBITDA
-36.16M	-58.30M	-46.76M	-23.57M	-25.32M
	Net Income Common Stockholders
-33.23M	-59.04M	-47.19M	-28.84M	-31.83M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
8.53M	11.78M	9.41M	30.30M	1.33M
	Total Assets
23.97M	25.73M	22.00M	37.84M	252.01M
	Total Debt
23.63M	1.59M	1.96M	544.00K	42.18M
	Net Debt
15.10M	-10.18M	-7.45M	-29.76M	40.85M
	Total Liabilities
49.87M	51.66M	198.32M	167.44M	23.50M
	Stockholders Equity
-25.89M	-25.94M	-176.33M	-129.60M	228.52M
Cash Flow		Free Cash Flow
-41.19M	-51.17M	-33.10M	-23.95M	-1.22M
	Operating Cash Flow
-40.84M	-50.05M	-32.31M	-22.70M	-677.60K
	Investing Cash Flow
-345.00K	-2.12M	-1.79M	-2.26M	-250.00M
	Financing Cash Flow
37.94M	54.63M	13.46M	50.77M	252.01M

TriSalus Life Sciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLSI, the sentiment is Positive. The current price of 5.35 is above the 20-day moving average (MA) of 5.23, below the 50-day MA of 5.39, and above the 200-day MA of 4.94, indicating a bullish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 59.15 is Neutral, neither overbought nor oversold. The STOCH value of 81.15 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TLSI.

TriSalus Life Sciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OM	57 Neutral	$317.74M	―	-86.53%	―	-7.84%	42.34%
MYO	53 Neutral	$111.89M	―	-35.68%	―	69.17%	39.01%
Sector *	53 Neutral	$5.14B	3.03	-43.89%	2.83%	16.75%	-0.06%
LNSR	52 Neutral	$166.43M	―	-304.05%	―	28.24%	-334.39%
CVRX	52 Neutral	$173.90M	―	-76.01%	―	25.62%	11.86%
TLSI	51 Neutral	$210.38M	―	271.41%	―	85.03%	53.73%
BDMD		$175.07M	―		―	―	―

TriSalus Life Sciences Corporate Events

TriSalus Life Sciences Announces $22M Private Placement

On April 30, 2025, TriSalus Life Sciences announced a securities purchase agreement to raise approximately $22 million through a private placement of common stock. This move is expected to fund the company to profitability and simplify its capital structure through an exchange offer for its Series A Convertible Preferred Stock. The company also reported preliminary Q1 2025 financial results, showing a 42% revenue growth compared to the previous year. The private placement, led by Nantahala Capital, involves healthcare-focused investors and aims to support the company’s strategic vision and operational growth.