TriSalus Life Sciences, Inc. (TLSI) AI Stock Analysis

TriSalus Life Sciences, Inc. operates as a medical technology company specializing in research, development, and commercialization of drug delivery systems and immune-oncology therapies. Focused primarily on liver and pancreatic cancers, the company offers Pressure Enabled Drug Delivery infusion technologies, including the TriNav infusion system for transarterial radioembolization and chemoembolization procedures. It is also advancing the Pancreatic Retrograde Venous Infusion device and nelitolimod, an investigational immunotherapeutic, both in Phase 1 clinical trials. Founded in 2009 and based in Westminster, Colorado, TriSalus serves interventional radiologists, medical oncologists, and nursing support teams through a dedicated sales representative network.

Revenue expanded from $8.4M in FY2021 to $45.2M in FY2025, reflecting a 4-year compound annual growth rate of 52.3%. Gross margins have stayed consistently high, recording 84.6% in FY2025 and 85.8% in FY2021. However, operating margins remained negative, improving from -286.1% in FY2021 to -59.7% in FY2025, alongside net income of -$39.2M in FY2025. For the trailing twelve months ended June 30, 2026, revenue stood at $45.1M with a net profit margin of -62.6% and diluted EPS of -$1.22. In the latest quarter ended June 30, 2026, year-over-year revenue growth moderated to 1.7%.

As of June 30, 2026, TriSalus held $46.3M in cash and short-term investments against total debt of $34.4M, resulting in net cash of $11.9M. The current ratio stood at 5.35, while shareholders' equity was $6.5M with a debt-to-equity ratio of 5.26. Cash generation remains negative, with operating cash flow of -$18.0M and free cash flow of -$18.9M in FY2025. Capital expenditures totaled $918,000 in FY2025, alongside share issuance of $404,000, while total share count rose 86.5% over 5 years.

TLSI closed at $3.63 on October 16, 2026, giving it a market capitalization of $223.5M and an enterprise value of $296.0M. The stock trades at a price-to-sales multiple of 5.0x, above the 4.1x median of its US-listed Healthcare peers. Its enterprise value-to-revenue multiple is 6.6x, and price-to-book stands at 47.0x. Over the past year, the stock fell 23.6%, underperforming the S&P 500 (SPY) return of 16.8%, and is down 48.0% year-to-date.

Wall Street coverage includes 4 Strong Buy and 1 Buy ratings, with zero Hold, Sell, or Strong Sell ratings. The mean price target is $10.40, representing an upside of 186.5% from the last close of $3.63. For the fiscal year ending December 31, 2026, analysts estimate revenue of $53.1M and EPS of -$0.33. For the following fiscal year, 5 analysts project revenue of $74.5M, representing 40.3% growth, with EPS of -$0.26. The company beat EPS estimates in 2 of the last 4 quarters, and the next earnings date is November 12, 2026.

This page is an AI-written research summary of TriSalus Life Sciences, Inc. (TLSI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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