TriSalus Life Sciences Inc. Financials
TriSalus Life Sciences Inc. (TLSI) reported $45.1M in revenue over the twelve months to Jun 30, 2026, up 25.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
High-margin revenue growth is shrinking cash burn, but financing costs and external capital are now diluting operating progress.
Between FY2024 and FY2025, revenue scaled from$29.4M to$45.2M and operating cash burn fell from-$40.8M to-$18.0M , yet net loss widened to-$39.2M because interest expense climbed to$5.5M as debt rose to$33.0M . The non-obvious message is that the underlying commercial engine improved faster than the bottom line suggests, while the balance sheet became a bigger claimant on that improvement.
The business now looks more like a commercializing platform than a pure development story: gross margin stayed near
Liquidity improved even as leverage increased. Cash rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of TriSalus Life Sciences Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
TriSalus Life Sciences Inc. scores -11.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($297.4M) relative to total liabilities ($69.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
TriSalus Life Sciences Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
TriSalus Life Sciences Inc. reported a net loss of $39.2M while operations used $18.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
TriSalus Life Sciences Inc. reported an operating loss of $26.9M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
TriSalus Life Sciences Inc. generated $45.2M in revenue in fiscal year 2025. This represents an increase of 53.4% from the prior year.
TriSalus Life Sciences Inc.'s EBITDA was -$26.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.7% from the prior year.
TriSalus Life Sciences Inc. reported -$39.2M in net income in fiscal year 2025. This represents a decrease of 30.6% from the prior year.
TriSalus Life Sciences Inc. earned -$1.84 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
TriSalus Life Sciences Inc. recorded an outflow of $18.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 54.0% from the prior year.
TriSalus Life Sciences Inc. held $20.4M in cash against $33.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
TriSalus Life Sciences Inc.'s gross margin was 84.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
TriSalus Life Sciences Inc.'s operating margin was -59.7% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
TriSalus Life Sciences Inc.'s net profit margin was -86.9% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
TriSalus Life Sciences Inc. invested $15.0M in research and development in fiscal year 2025. This represents a decrease of 15.4% from the prior year.
TriSalus Life Sciences Inc. invested $918K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 166.1% from the prior year.
Not reported for fiscal year 2025.
TLSI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4M+28.2% | $8.9M-32.6% | $13.2M+14.2% | $11.6M+3.1% | $11.2M+22.3% | $9.2M+11.0% | $8.3M+12.4% | $7.3M |
| Cost of Revenue | $1.5M+22.6% | $1.2M-30.2% | $1.8M-7.6% | $1.9M+5.8% | $1.8M+20.5% | $1.5M+22.9% | $1.2M+21.1% | $1.0M |
| Gross Profit | $9.9M+29.1% | $7.7M-33.0% | $11.4M+18.5% | $9.7M+2.6% | $9.4M+22.7% | $7.7M+8.9% | $7.0M+11.0% | $6.3M |
| R&D Expenses | $3.1M-2.5% | $3.2M+3.8% | $3.1M-40.1% | $5.2M+41.0% | $3.7M+21.5% | $3.0M+2.1% | $3.0M-29.9% | $4.2M |
| SG&A Expenses | $5.2M-5.4% | $5.5M+49.6% | $3.6M-45.3% | $6.7M+12.7% | $5.9M+12.7% | $5.2M+12.7% | $4.7M-1.5% | $4.7M |
| Operating Income | -$9.8M-16.7% | -$8.4M-157.1% | -$3.3M+63.7% | -$9.0M-22.9% | -$7.3M0.0% | -$7.3M+3.3% | -$7.6M+13.3% | -$8.7M |
| Interest Expense | $1.5M+3.8% | $1.4M-1.1% | $1.5M-0.5% | $1.5M+2.6% | $1.4M+17.7% | $1.2M+13.2% | $1.1M-6.5% | $1.1M |
| Income Tax | $4K0.0% | $4K | $0-100.0% | $5K+266.7% | -$3K-160.0% | $5K+600.0% | -$1K+66.7% | -$3K |
| Net Income | -$9.2M-696.9% | $1.5M+115.8% | -$9.8M+9.8% | -$10.8M-30.4% | -$8.3M+20.1% | -$10.4M-2.6% | -$10.1M-321.3% | -$2.4M |
| EPS (Diluted) | -$0.16-633.3% | $0.03 | -$0.12 | -$0.96 | -$0.27+30.8% | -$0.39+2.5% | -$0.40-233.3% | -$0.12 |
TLSI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $62.4M-12.0% | $71.0M+100.9% | $35.3M-3.1% | $36.5M-11.7% | $41.3M+44.3% | $28.6M+19.4% | $24.0M-12.8% | $27.5M |
| Current Assets | $59.7M-12.3% | $68.1M+111.3% | $32.2M-3.3% | $33.3M-12.5% | $38.1M+51.8% | $25.1M+21.4% | $20.7M-13.2% | $23.8M |
| Cash & Equivalents | $46.3M-18.2% | $56.6M+176.7% | $20.4M-9.9% | $22.7M-14.4% | $26.5M+103.8% | $13.0M+52.5% | $8.5M-24.5% | $11.3M |
| Inventory | $4.2M+11.3% | $3.8M+22.8% | $3.1M-6.1% | $3.3M-13.9% | $3.8M-8.5% | $4.2M+2.8% | $4.0M+1.2% | $4.0M |
| Accounts Receivable | $6.5M+23.9% | $5.2M-20.5% | $6.6M+31.2% | $5.0M-10.2% | $5.6M+2.2% | $5.5M+7.2% | $5.1M+3.6% | $4.9M |
| Total Liabilities | $55.9M-3.9% | $58.2M-15.9% | $69.2M+9.5% | $63.2M+4.0% | $60.7M-3.6% | $63.0M+26.3% | $49.9M+4.1% | $47.9M |
| Current Liabilities | $11.2M-5.2% | $11.8M+2.5% | $11.5M+5.4% | $10.9M+17.0% | $9.3M-20.7% | $11.8M+14.9% | $10.2M+3.1% | $9.9M |
| Long-Term Debt | $33.1M0.0% | $33.1M+0.1% | $33.0M+0.9% | $32.8M+1.5% | $32.3M+1.8% | $31.7M+43.5% | $22.1M+1.9% | $21.7M |
| Total Equity | $6.5M-48.9% | $12.8M+137.8% | -$33.9M-26.7% | -$26.7M-37.6% | -$19.4M+43.5% | -$34.4M-32.7% | -$25.9M-26.7% | -$20.4M |
| Retained Earnings | -$338.2M-2.8% | -$329.0M+0.5% | -$330.6M-3.0% | -$321.0M-7.6% | -$298.2M-2.9% | -$289.9M-3.7% | -$279.5M-3.8% | -$269.4M |
Not reported in any period shown, so not listed: Goodwill.
TLSI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.1M-56.3% | -$6.5M-160.9% | -$2.5M+33.0% | -$3.7M+49.3% | -$7.3M-62.7% | -$4.5M+21.2% | -$5.7M+47.4% | -$10.8M |
| Capital Expenditures | $82K-41.8% | $141K+243.9% | $41K-81.0% | $216K+132.3% | -$93K-87.7% | $754K+1408.0% | $50K-70.4% | $169K |
| Free Cash Flow | -$10.2M-54.2% | -$6.6M-162.2% | -$2.5M+35.7% | -$3.9M+47.1% | -$7.4M-41.1% | -$5.3M+8.8% | -$5.8M+47.7% | -$11.0M |
| Investing Cash Flow | -$82K+41.8% | -$141K-243.9% | -$41K+76.7% | -$176K-289.2% | $93K+113.0% | -$714K-1328.0% | -$50K+70.4% | -$169K |
| Financing Cash Flow | -$54K-100.1% | $42.4M+15201.4% | $277K+237.8% | $82K-99.6% | $20.7M+113.8% | $9.7M+223.6% | $3.0M-48.6% | $5.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TLSI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8%+0.6pp | 86.2%-0.5pp | 86.7%+3.1pp | 83.5%-0.4pp | 83.9%+0.2pp | 83.7%-1.6pp | 85.3%-1.1pp | 86.3% |
| Operating Margin | -86.0%+8.5pp | -94.5%-69.8pp | -24.8%+53.2pp | -77.9%-12.5pp | -65.4%+14.6pp | -80.0%+11.8pp | -91.8% | -118.9% |
| Net Margin | -80.5%-97.8pp | 17.3%+91.1pp | -73.9%+19.6pp | -93.5%-19.6pp | -73.9% | -113.2% | -122.4% | -32.6% |
| Return on Equity | -140.3%-152.3pp | 12.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -14.7%-16.9pp | 2.2%+29.8pp | -27.6%+2.0pp | -29.6%-9.6pp | -20.1%+16.2pp | -36.2%+5.9pp | -42.2%-33.4pp | -8.7% |
| Current Ratio | 5.35-0.4x | 5.78+3.0x | 2.80-0.3x | 3.05-1.0x | 4.08+1.9x | 2.14+0.1x | 2.02-0.4x | 2.40 |
| Debt-to-Equity | 5.05+2.5x | 2.58 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -89.5%-15.1pp | -74.4%-55.3pp | -19.1%+14.8pp | -33.9%+32.2pp | -66.1%-8.8pp | -57.3%+12.4pp | -69.7% | -149.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$33.9M), 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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Where TriSalus Life Sciences Inc. Ranks
Frequently Asked Questions
What is TriSalus Life Sciences Inc.'s annual revenue?
TriSalus Life Sciences Inc. (TLSI) reported $45.2M in total revenue for fiscal year 2025. This represents a 53.4% 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 53.4% year-over-year, from $29.4M to $45.2M in fiscal year 2025.
Is TriSalus Life Sciences Inc. profitable?
No, TriSalus Life Sciences Inc. (TLSI) reported a net income of -$39.2M in fiscal year 2025, with a net profit margin of -86.9%.
What is TriSalus Life Sciences Inc.'s EBITDA?
TriSalus Life Sciences Inc. (TLSI) had EBITDA of -$26.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TriSalus Life Sciences Inc. have?
As of fiscal year 2025, TriSalus Life Sciences Inc. (TLSI) had $20.4M in cash and equivalents against $33.0M in long-term debt.
What is TriSalus Life Sciences Inc.'s gross margin?
TriSalus Life Sciences Inc. (TLSI) had a gross margin of 84.6% in fiscal year 2025, 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 -59.7% in fiscal year 2025, 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 -86.9% in fiscal year 2025, 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) recorded an outflow of $18.9M in free cash flow during fiscal year 2025. This represents a 54.0% 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) recorded an outflow of $18.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are TriSalus Life Sciences Inc.'s total assets?
TriSalus Life Sciences Inc. (TLSI) had $35.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TriSalus Life Sciences Inc.'s capital expenditures?
TriSalus Life Sciences Inc. (TLSI) invested $918K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does TriSalus Life Sciences Inc. spend on research and development?
TriSalus Life Sciences Inc. (TLSI) invested $15.0M in research and development during fiscal year 2025.
What is TriSalus Life Sciences Inc.'s current ratio?
TriSalus Life Sciences Inc. (TLSI) had a current ratio of 2.80 as of fiscal year 2025, which is generally considered healthy.
What is TriSalus Life Sciences Inc.'s return on assets (ROA)?
TriSalus Life Sciences Inc. (TLSI) had a return on assets of -111.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does TriSalus Life Sciences Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, TriSalus Life Sciences Inc. (TLSI) held $20.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.0M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is TriSalus Life Sciences Inc.'s debt-to-equity ratio negative or not reported?
TriSalus Life Sciences Inc. (TLSI) has negative shareholder equity of -$33.9M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
TriSalus Life Sciences Inc. (TLSI) has an Altman Z-Score of -11.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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) reported a net loss of $39.2M while operations used $18.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $26.9M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.