TriSalus Life Sciences Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
TriSalus Life Sciences Inc. has an operating margin of -122.9%, meaning the company retains $-123 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -294.3% the prior year.
TriSalus Life Sciences Inc.'s revenue surged 59.0% year-over-year to $29.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
TriSalus Life Sciences Inc.'s current ratio of 2.02 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.
While TriSalus Life Sciences Inc. generated -$40.8M in operating cash flow, capex of $345K consumed most of it, leaving -$41.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
TriSalus Life Sciences Inc. passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, TriSalus Life Sciences Inc. generates $1.36 in operating cash flow (-$40.8M OCF vs -$30.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
TriSalus Life Sciences Inc. earns $-11.7 in operating income for every $1 of interest expense (-$36.2M vs $3.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows TriSalus Life Sciences Inc. (TLSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
TriSalus Life Sciences Inc. generated $29.4M in revenue in fiscal year 2024. This represents an increase of 59.0% from the prior year.
TriSalus Life Sciences Inc.'s EBITDA was -$35.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.2% from the prior year.
TriSalus Life Sciences Inc. generated -$41.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 19.5% from the prior year.
TriSalus Life Sciences Inc. reported -$30.0M in net income in fiscal year 2024. This represents an increase of 49.4% from the prior year.
TriSalus Life Sciences Inc. earned $-1.31 per diluted share (EPS) in fiscal year 2024. This represents an increase of 80.6% from the prior year.
TriSalus Life Sciences Inc. held $8.5M in cash against $22.1M in long-term debt as of fiscal year 2024.
TriSalus Life Sciences Inc. had 31M shares outstanding in fiscal year 2024. This represents an increase of 18.4% from the prior year.
TriSalus Life Sciences Inc.'s gross margin was 86.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
TriSalus Life Sciences Inc.'s operating margin was -122.9% in fiscal year 2024, reflecting core business profitability. This is up 171.4 percentage points from the prior year.
TriSalus Life Sciences Inc.'s net profit margin was -102.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 218.6 percentage points from the prior year.
TriSalus Life Sciences Inc. invested $17.7M in research and development in fiscal year 2024. This represents a decrease of 40.7% from the prior year.
TriSalus Life Sciences Inc. invested $345K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 41.3% from the prior year.
TLSI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.6M+3.1% | $11.2M+22.3% | $9.2M+11.0% | $8.3M+12.2% | $7.4M+14.0% | $6.5M+12.8% | $5.7M+10.2% | $5.2M |
| Cost of Revenue | $1.9M+5.8% | $1.8M+20.5% | $1.5M+22.9% | $1.2M+33.3% | $912K-6.1% | $971K+66.8% | $582K-1.2% | $589K |
| Gross Profit | $9.7M+2.6% | $9.4M+22.7% | $7.7M+8.9% | $7.0M+9.2% | $6.5M+17.6% | $5.5M+6.7% | $5.1M+11.6% | $4.6M |
| R&D Expenses | $5.2M+31.9% | $3.9M+19.0% | $3.3M+11.4% | $3.0M-36.6% | $4.7M-20.2% | $5.8M-25.1% | $7.8M-17.9% | $9.5M |
| SG&A Expenses | $6.7M+17.7% | $5.7M+13.8% | $5.0M+6.8% | $4.7M+17.7% | $4.0M-14.5% | $4.6M-23.4% | $6.0M-33.1% | $9.0M |
| Operating Income | -$9.0M-22.9% | -$7.3M0.0% | -$7.3M+3.3% | -$7.6M+7.3% | -$8.2M+30.0% | -$11.7M+18.4% | -$14.3M+23.2% | -$18.6M |
| Interest Expense | $1.5M+2.6% | $1.4M+17.7% | $1.2M+13.2% | $1.1M+21.8% | $877K+29133.3% | $3K0.0% | $3K-25.0% | $4K |
| Income Tax | $5K+266.7% | -$3K-160.0% | $5K+600.0% | -$1K-114.3% | $7K+133.3% | $3K+200.0% | $1K | $0 |
| Net Income | -$10.8M-30.4% | -$8.3M+20.1% | -$10.4M-2.6% | -$10.1M-133.3% | -$4.3M+67.2% | -$13.2M+62.9% | -$35.6M-2401.1% | -$1.4M |
| EPS (Diluted) | $-0.96-255.6% | $-0.27+30.8% | $-0.39-2.6% | $-0.38-81.0% | $-0.21+65.0% | $-0.60-102.0% | $29.78+21371.4% | $-0.14 |
TLSI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $36.5M-11.7% | $41.3M+44.3% | $28.6M+19.4% | $24.0M-26.1% | $32.4M+81.3% | $17.9M-27.3% | $24.6M-26.7% | $33.6M |
| Current Assets | $33.3M-12.5% | $38.1M+51.8% | $25.1M+21.4% | $20.7M-26.0% | $27.9M+111.8% | $13.2M-36.8% | $20.9M-28.2% | $29.0M |
| Cash & Equivalents | $22.7M-14.4% | $26.5M+103.8% | $13.0M+52.5% | $8.5M-48.3% | $16.5M+315.1% | $4.0M-66.3% | $11.8M-44.9% | $21.4M |
| Inventory | $3.3M-13.9% | $3.8M-8.5% | $4.2M+2.8% | $4.0M+17.6% | $3.4M+18.2% | $2.9M+14.5% | $2.5M+56.2% | $1.6M |
| Accounts Receivable | $5.0M-10.2% | $5.6M+2.2% | $5.5M+7.2% | $5.1M+8.1% | $4.7M+10.0% | $4.3M+20.3% | $3.6M+16.4% | $3.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $63.2M+4.0% | $60.7M-3.6% | $63.0M+26.3% | $49.9M-11.9% | $56.6M+7.1% | $52.8M+2.2% | $51.7M+106.1% | $25.1M |
| Current Liabilities | $10.9M+17.0% | $9.3M-20.7% | $11.8M+14.9% | $10.2M-14.7% | $12.0M-16.7% | $14.4M-2.0% | $14.7M+57.8% | $9.3M |
| Long-Term Debt | $32.8M+1.5% | $32.3M+1.8% | $31.7M+43.5% | $22.1M+3.7% | $21.3M | N/A | $0 | N/A |
| Total Equity | -$26.7M-37.6% | -$19.4M+43.5% | -$34.4M-32.7% | -$25.9M-2.5% | -$25.3M+29.9% | -$36.0M-33.1% | -$27.1M-426.4% | $8.3M |
| Retained Earnings | -$321.0M-7.6% | -$298.2M-2.9% | -$289.9M-3.7% | -$279.5M-5.1% | -$265.9M-1.7% | -$261.6M-4.8% | -$249.5M-17.2% | -$212.9M |
TLSI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.7M+49.3% | -$7.3M-62.7% | -$4.5M+21.2% | -$5.7M+57.5% | -$13.4M-23.5% | -$10.9M-18.4% | -$9.2M+57.6% | -$21.7M |
| Capital Expenditures | $216K+332.3% | -$93K-112.3% | $754K+1408.0% | $50K-16.7% | $60K-9.1% | $66K-82.3% | $372K+109.0% | $178K |
| Free Cash Flow | -$3.9M+47.1% | -$7.4M-41.1% | -$5.3M+8.8% | -$5.8M+57.3% | -$13.5M-23.3% | -$10.9M-14.5% | -$9.5M+56.3% | -$21.8M |
| Investing Cash Flow | -$176K-289.2% | $93K+113.0% | -$714K-1328.0% | -$50K+16.7% | -$60K+9.1% | -$66K+82.3% | -$372K+66.5% | -$1.1M |
| Financing Cash Flow | $82K-99.6% | $20.7M+113.8% | $9.7M+223.6% | $3.0M-88.5% | $26.0M+731.5% | $3.1M+7169.8% | $43K-99.9% | $40.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TLSI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.5%-0.4pp | 83.9%+0.2pp | 83.7%-1.6pp | 85.3%-2.3pp | 87.6%+2.7pp | 85.0%-4.9pp | 89.8%+1.2pp | 88.7% |
| Operating Margin | -77.9%-12.5pp | -65.4%+14.6pp | -80.0%+11.8pp | -91.8%+19.2pp | -111.0%+69.8pp | -180.8%+69.2pp | -250.0%+108.5pp | -358.5% |
| Net Margin | -93.5%-19.6pp | -73.9%+39.3pp | -113.2%+9.2pp | -122.4%-63.5pp | -58.8%+145.7pp | -204.5%+418.3pp | -622.9%-595.4pp | -27.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -29.6%-9.6pp | -20.1%+16.2pp | -36.2%+5.9pp | -42.2%-28.8pp | -13.4%+60.5pp | -73.8%+71.1pp | -144.9%-140.6pp | -4.3% |
| Current Ratio | 3.05-1.0 | 4.08+1.9 | 2.14+0.1 | 2.02-0.3 | 2.33+1.4 | 0.92-0.5 | 1.42-1.7 | 3.12 |
| Debt-to-Equity | -1.23+0.4 | -1.66-0.7 | -0.92-0.1 | -0.85-0.0 | -0.84+0.6 | -1.47-1.5 | 0.00-3.0 | 3.02 |
| FCF Margin | -33.9%+32.2pp | -66.1%-8.8pp | -57.3%+12.4pp | -69.7%+113.4pp | -183.1%-13.8pp | -169.3%-2.4pp | -166.9%+253.7pp | -420.6% |
Note: Shareholder equity is negative (-$25.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is TriSalus Life Sciences Inc.'s annual revenue?
TriSalus Life Sciences Inc. (TLSI) reported $29.4M in total revenue for fiscal year 2024. This represents a 59.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TriSalus Life Sciences Inc.'s revenue growing?
TriSalus Life Sciences Inc. (TLSI) revenue grew by 59% year-over-year, from $18.5M to $29.4M in fiscal year 2024.
Is TriSalus Life Sciences Inc. profitable?
No, TriSalus Life Sciences Inc. (TLSI) reported a net income of -$30.0M in fiscal year 2024, with a net profit margin of -102.1%.
What is TriSalus Life Sciences Inc.'s earnings per share (EPS)?
TriSalus Life Sciences Inc. (TLSI) reported diluted earnings per share of $-1.31 for fiscal year 2024. This represents a 80.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is TriSalus Life Sciences Inc.'s EBITDA?
TriSalus Life Sciences Inc. (TLSI) had EBITDA of -$35.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TriSalus Life Sciences Inc. have?
As of fiscal year 2024, TriSalus Life Sciences Inc. (TLSI) had $8.5M in cash and equivalents against $22.1M in long-term debt.
What is TriSalus Life Sciences Inc.'s gross margin?
TriSalus Life Sciences Inc. (TLSI) had a gross margin of 86.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is TriSalus Life Sciences Inc.'s operating margin?
TriSalus Life Sciences Inc. (TLSI) had an operating margin of -122.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is TriSalus Life Sciences Inc.'s net profit margin?
TriSalus Life Sciences Inc. (TLSI) had a net profit margin of -102.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is TriSalus Life Sciences Inc.'s free cash flow?
TriSalus Life Sciences Inc. (TLSI) generated -$41.2M in free cash flow during fiscal year 2024. This represents a 19.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TriSalus Life Sciences Inc.'s operating cash flow?
TriSalus Life Sciences Inc. (TLSI) generated -$40.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are TriSalus Life Sciences Inc.'s total assets?
TriSalus Life Sciences Inc. (TLSI) had $24.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are TriSalus Life Sciences Inc.'s capital expenditures?
TriSalus Life Sciences Inc. (TLSI) invested $345K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does TriSalus Life Sciences Inc. spend on research and development?
TriSalus Life Sciences Inc. (TLSI) invested $17.7M in research and development during fiscal year 2024.
How many shares does TriSalus Life Sciences Inc. have outstanding?
TriSalus Life Sciences Inc. (TLSI) had 31M shares outstanding as of fiscal year 2024.
What is TriSalus Life Sciences Inc.'s current ratio?
TriSalus Life Sciences Inc. (TLSI) had a current ratio of 2.02 as of fiscal year 2024, which is generally considered healthy.
What is TriSalus Life Sciences Inc.'s debt-to-equity ratio?
TriSalus Life Sciences Inc. (TLSI) had a debt-to-equity ratio of -0.85 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TriSalus Life Sciences Inc.'s return on assets (ROA)?
TriSalus Life Sciences Inc. (TLSI) had a return on assets of -125.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is TriSalus Life Sciences Inc.'s cash runway?
Based on fiscal year 2024 data, TriSalus Life Sciences Inc. (TLSI) had $8.5M in cash against an annual operating cash burn of $40.8M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is TriSalus Life Sciences Inc.'s debt-to-equity ratio negative or unusual?
TriSalus Life Sciences Inc. (TLSI) has negative shareholder equity of -$25.9M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is TriSalus Life Sciences Inc.'s Piotroski F-Score?
TriSalus Life Sciences Inc. (TLSI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TriSalus Life Sciences Inc.'s earnings high quality?
TriSalus Life Sciences Inc. (TLSI) has an earnings quality ratio of 1.36x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TriSalus Life Sciences Inc. cover its interest payments?
TriSalus Life Sciences Inc. (TLSI) has an interest coverage ratio of -11.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TriSalus Life Sciences Inc.?
TriSalus Life Sciences Inc. (TLSI) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.