Loading…
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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $45M | $-33M | $-39M | $-19M | 115.8% | 53.4% | 30.6% |
| 2024 | $29M | $-26M | $-30M | $-41M | 116.0% | 59.0% | -49.4% |
| 2023 | $19M | $-59M | $-59M | $-51M | 219.3% | 49.3% | 25.8% |
| 2022 | $12M | $-47M | $-47M | $-33M | 26.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12.40 | 18.51 | 29.43 | 45.15 |
| Operating Revenue | - | 12.40 | 18.51 | 29.43 | 45.15 |
| Cost Of Revenue | - | 2.26 | 2.60 | 4.10 | 6.96 |
| Gross Profit | - | 10.14 | 15.91 | 25.33 | 38.19 |
| Operating Expense | - | 46.58 | 70.38 | 61.49 | 65.13 |
| Research And Development | - | 21.36 | 29.84 | 17.69 | 14.96 |
| Selling General And Administration | - | 25.22 | 40.55 | 43.80 | 50.17 |
| Total Expenses | - | 48.84 | 72.99 | 65.60 | 72.10 |
| Operating Income | - | -36.44 | -54.48 | -36.16 | -26.95 |
| Total Operating Income As Reported | - | -36.44 | -54.48 | -36.16 | -26.95 |
| EBITDA | - | -46.78 | -58.65 | -26.20 | -33.05 |
| Normalized EBITDA | - | -44.59 | -59.61 | -35.33 | -26.22 |
| EBIT | - | -47.18 | -59.34 | -26.95 | -33.68 |
| Interest Income | - | 0.18 | 0.43 | 0.40 | 0.56 |
| Interest Expense | - | 0 | 0.02 | 3.09 | 5.54 |
| Net Interest Income | - | 0.18 | 0.42 | -2.69 | -4.99 |
| Other Non Operating Income Expenses | - | -8.73 | -6.25 | -0.31 | -0.46 |
| Other Income Expense | - | -10.92 | -5.29 | 8.81 | -7.28 |
| Interest Income Non Operating | - | 0.18 | 0.43 | 0.40 | 0.56 |
| Interest Expense Non Operating | - | 0 | 0.02 | 3.09 | 5.54 |
| Net Non Operating Interest Income Expense | - | 0.18 | 0.42 | -2.69 | -4.99 |
| Pretax Income | - | -47.18 | -59.35 | -30.04 | -39.22 |
| Tax Provision | - | 0.01 | 0.01 | 0.01 | 0.01 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.46 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -47.19 | -59.36 | -30.04 | -39.23 |
| Net Income From Continuing And Discontinued Operation | - | -47.19 | -59.36 | -30.04 | -39.23 |
| Net Income From Continuing Operation Net Minority Interest | - | -47.19 | -59.36 | -30.04 | -39.23 |
| Net Income | - | -47.19 | -59.36 | -30.04 | -39.23 |
| Net Income Common Stockholders | - | -50.02 | -63.60 | -33.23 | -69.69 |
| Net Income Including Noncontrolling Interests | - | -47.19 | -59.36 | -30.04 | -39.23 |
| Normalized Income | - | -45.46 | -60.32 | -39.17 | -32.40 |
| Diluted NI Availto Com Stockholders | - | -50.02 | -63.60 | -33.23 | -69.69 |
| Basic Average Shares | 0.31 | 0.31 | 9.40 | 25.33 | - |
| Diluted Average Shares | 0.31 | 0.31 | 9.40 | 25.33 | - |
| Reconciled Depreciation | - | 0.40 | 0.68 | 0.74 | 0.63 |
| Reconciled Cost Of Revenue | - | 2.26 | 2.60 | 4.10 | 6.96 |
| Total Unusual Items | - | -2.19 | 0.96 | 9.12 | -6.83 |
| Total Unusual Items Excluding Goodwill | - | -2.19 | 0.96 | 9.12 | -6.83 |
| Preferred Stock Dividends | - | 2.83 | 1.26 | 3.19 | - |
| Special Income Charges | - | 0 | 11.81 | 11.23 | -2.74 |
| Other Special Charges | 3.42 | 8.31 | -1.52 | - | - |
| Restructuring And Mergern Acquisition | - | 0 | -10.29 | -11.23 | 2.74 |
| Gain On Sale Of Security | - | -2.19 | -10.86 | -2.11 | -4.09 |
| General And Administrative Expense | - | 12.48 | 23.51 | 17.97 | 21.46 |
| Other Gand A | - | 12.48 | 23.51 | 17.97 | 21.46 |
| Selling And Marketing Expense | - | 12.74 | 17.03 | 25.84 | 28.71 |
| Otherunder Preferred Stock Dividend | - | 2.83 | 2.98 | 0 | 30.46 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TriSalus Life Sciences, Inc.this co. | TLSI | $203M | -5.17 | -5.99 | 115.8% | -6.56 |
| Atrium Therapeutics, Inc. | RNA | $210M | -2.74 | 1.02 | -37.0% | 0.73 |
| Accendra Health, Inc. | ACH | $203M | -0.18 | -0.44 | 238.8% | 9.29 |
| Sanara MedTech Inc. | SMTI | $203M | -5.40 | 34.13 | -632.5% | 22.72 |
| Embecta Corp. | EMBC | $202M |
| - |
| - |
| - |
| - |
| - |
| - |
| 2.12 |
| -0.31 |
| -14.6% |
| 4.95 |
| Alector, Inc. | ALEC | $201M | - | 6.56 | -466.3% | - |
| Nkarta, Inc. | NKTX | $198M | - | 0.63 | -33.3% | - |
| Anika Therapeutics, Inc. | ANIK | $197M | -18.09 | 1.37 | -7.6% | -31.11 |
| Lucid Diagnostics Inc. | LUCD | $195M | - | 17.79 | -645.1% | - |
| Peer Median | - | -2.74 | 1.19 | -35.2% | 4.95 | |