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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on TLSI

TriSalus Life Sciences' recent performance was negatively impacted by its Q2 earnings report, which showed a loss of $0.27 per share, exceeding the estimated loss of $0.22. This widening loss compared to the $0.21 per share loss in the same period last year likely concerned investors. Additionally, the company's decision to undertake an exchange offer and consent solicitation for its Series A Convertible Preferred Stock may have raised concerns about its capital structure. The company's focus on improving outcomes for patients with solid tumors through innovative drug delivery and immunotherapy may face challenges.

1.c. Company Highlights

2. TriSalus Life Sciences' Q3 2025 Earnings: Strong Revenue Growth and Expanding Market Opportunities

TriSalus Life Sciences reported revenues of $11.6 million for the third quarter of 2025, representing a 57% increase over the prior year quarter and a 3% sequential gain over the second quarter. The gross margin was 84%, compared to 86% in the prior year period. The company's EPS came out at -$0.96, significantly worse than estimates of -$0.17. The adjusted EBITDA loss was $5.4 million, an improvement from $7.1 million in the prior year.

Publication Date: Nov -20

📋 Highlights
  • Revenue Growth: Q3 revenue reached $11.6 million, a 57% YoY increase and 3% sequential growth.
  • TriNav Expansion: Launched TriNav FLX infusion system and advanced into new therapeutic areas like genicular artery embolization.
  • Capital Structure Simplification: Completed exchange offer and consent solicitation for preferred stock, improving operational efficiency.
  • Financial Progress: Operating loss narrowed to $9 million (vs. $8.7M prior year), while cash used in operations dropped to $3.7M (vs. $11.2M prior year).

Operational Highlights and Guidance

The company continued to manage cash efficiently, ensuring resources were allocated strategically to advance its key priorities. TriSalus reaffirmed its 50% revenue growth guidance, reflecting strong confidence in its growth momentum and market opportunities. The company is also investing in long-term growth via increasing commercial resources and funding of new applications, including its Pressure-Enabled Drug Delivery (PEDD) technology, which represents a transformative opportunity with substantial long-term value.

Product Suite Expansion and Market Opportunities

The expansion of TriSalus' product suite broadens its addressable market, strengthens physician adoption, and extends its reach beyond the liver into new therapeutic areas. The company has initiated a pilot registry in the emerging field of genicular artery embolization and is preparing to launch a clinical trial evaluating TriNav and GAE as a treatment option for knee osteoarthritis. According to Mary Szela, "We're energized by our long-term vision of bringing our PEDD technology platform to a broader range of patients, improving outcomes, and redefining standards of care."

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 46.0%. With a P/S Ratio of 3.76 and an EV/EBITDA of -4.85, the market is pricing in significant growth expectations. The company's ROE is 263.3%, indicating a high return on equity, while the ROIC is -121.69%, suggesting that the company's investments are not yet generating returns. As TriSalus continues to invest in its growth initiatives, the market will be watching closely to see if the company can deliver on its promises.

3. NewsRoom

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TriSalus Life Sciences Launches TriNav® XP Infusion System to Expand Options for Pressure-Enabled Drug Delivery™

Nov -18

Source: businesswire.com

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TriSalus Life Sciences, Inc. (TLSI) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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TriSalus Life Sciences, Inc. (TLSI) Reports Q3 Loss, Tops Revenue Estimates

Nov -13

Source: zacks.com

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TriSalus Life Sciences Reports Third Quarter 2025 Results and Reaffirms 2025 Revenue Guidance

Nov -13

Source: businesswire.com

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TriSalus Life Sciences, Inc. (TLSI) Discusses Pressure-Enabled Drug Delivery and Advances in Uterine Fibroid Embolization Transcript

Nov -12

Source: seekingalpha.com

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TriSalus Life Sciences (NASDAQ:TLSI) Shares Down 5.3% – Here’s Why

Nov -06

Source: defenseworld.net

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TriSalus Life Sciences to Host Third Quarter 2025 Financial Results Conference Call

Oct -30

Source: businesswire.com

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TriSalus Life Sciences, Inc. (TLSI) Q2 2025 Earnings Call Transcript

Aug -13

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.50%)

6. Segments

Innovative Drug Delivery Technology and Immune-oncology Therapeutics

Expected Growth: 11.5%

TriSalus Life Sciences' 11.5% growth is driven by its innovative drug delivery technology, enhancing targeted treatment of cancer cells, and its immune-oncology therapeutics, which stimulate the body's natural defense against cancer. This unique approach addresses unmet needs in cancer treatment, fueling demand and adoption, and positioning the company for continued growth.

7. Detailed Products

Perfusion Management System

A comprehensive system designed to optimize perfusion procedures, ensuring precise control and monitoring of perfusion parameters.

Pressure-Controlled Perfusion

A technology that enables precise control of perfusion pressure, ensuring optimal blood flow and minimizing the risk of complications.

SmartCannula

A novel cannula design that enables real-time monitoring of perfusion parameters, ensuring optimal blood flow and pressure.

Perfusion Data Analytics

A data analytics platform that provides real-time insights into perfusion data, enabling data-driven decision making.

8. TriSalus Life Sciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TriSalus Life Sciences, Inc. is moderate due to the presence of alternative treatments and therapies for cancer patients.

Bargaining Power Of Customers

The bargaining power of customers for TriSalus Life Sciences, Inc. is low due to the lack of negotiating power of individual patients and the high demand for cancer treatments.

Bargaining Power Of Suppliers

The bargaining power of suppliers for TriSalus Life Sciences, Inc. is moderate due to the presence of multiple suppliers for raw materials and equipment.

Threat Of New Entrants

The threat of new entrants for TriSalus Life Sciences, Inc. is high due to the growing demand for cancer treatments and the increasing investment in biotechnology research and development.

Intensity Of Rivalry

The intensity of rivalry for TriSalus Life Sciences, Inc. is high due to the presence of established competitors in the biotechnology industry and the high stakes of cancer treatment development.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -6.55%
Debt Cost 3.95%
Equity Weight 106.55%
Equity Cost 7.25%
WACC 7.47%
Leverage -6.15%

11. Quality Control: TriSalus Life Sciences, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
iCAD

A-Score: 4.7/10

Value: 7.0

Growth: 3.1

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
TriSalus Life Sciences

A-Score: 4.4/10

Value: 8.4

Growth: 4.2

Quality: 6.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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OrthoPediatrics

A-Score: 3.8/10

Value: 8.4

Growth: 4.0

Quality: 5.2

Yield: 0.0

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Varex Imaging

A-Score: 3.6/10

Value: 8.1

Growth: 1.3

Quality: 2.8

Yield: 0.0

Momentum: 6.5

Volatility: 3.0

1-Year Total Return ->

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Anika Therapeutics

A-Score: 2.8/10

Value: 8.8

Growth: 1.3

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Iridex

A-Score: 2.6/10

Value: 8.4

Growth: 1.8

Quality: 3.6

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.06$

Current Price

7.06$

Potential

-0.00%

Expected Cash-Flows