What is TriSalus Life Sciences Inc.'s earnings per share (EPS)?

TriSalus Life Sciences Inc. (TLSIW) reported diluted earnings per share of $-1.84 for fiscal year 2025. This represents a -40.5% 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.

TriSalus Life Sciences Inc. Financials

TLSIW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows TriSalus Life Sciences Inc. (TLSIW) financial statements, including the 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).

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

TriSalus Life Sciences Inc. has an operating margin of -59.7%, meaning the company retains $-60 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 -122.9% the prior year.

Growth

100

TriSalus Life Sciences Inc.'s revenue surged 53.4% year-over-year to $45.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Liquidity

TriSalus Life Sciences Inc.'s current ratio of 2.80 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While TriSalus Life Sciences Inc. generated -$18.0M in operating cash flow, capex of $918K consumed most of it, leaving -$18.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

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.

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, TriSalus Life Sciences Inc. generates $0.46 in operating cash flow (-$18.0M OCF vs -$39.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.9x

TriSalus Life Sciences Inc. earns $-4.9 in operating income for every $1 of interest expense (-$26.9M vs $5.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$45.2M

YoY+53.4%

TriSalus Life Sciences Inc. generated $45.2M in revenue in fiscal year 2025. This represents an increase of 53.4% from the prior year.

EBITDA

-$26.3M

YoY+25.7%

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.

Net Income

-$39.2M

YoY-30.6%

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.

EPS (Diluted)

$-1.84

YoY-40.5%

TriSalus Life Sciences Inc. earned $-1.84 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.9M

YoY+54.0%

TriSalus Life Sciences Inc. generated -$18.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 54.0% from the prior year.

Cash & Debt

$20.4M

YoY+139.8%

TriSalus Life Sciences Inc. held $20.4M in cash against $33.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

50M

YoY+59.8%

TriSalus Life Sciences Inc. had 50M shares outstanding in fiscal year 2025. This represents an increase of 59.8% from the prior year.

Margins & Returns

Gross Margin

84.6%

YoY-1.5pp

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.

Operating Margin

-59.7%

YoY+63.2pp

TriSalus Life Sciences Inc.'s operating margin was -59.7% in fiscal year 2025, reflecting core business profitability. This is up 63.2 percentage points from the prior year.

Net Margin

-86.9%

YoY+15.2pp

TriSalus Life Sciences Inc.'s net profit margin was -86.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$15.0M

YoY-15.4%

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.

Share Buybacks

N/A

Capital Expenditures

$918K

YoY+166.1%

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.

TLSIW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$45.2M+53.4%	$29.4M+59.0%	$18.5M+49.3%	$12.4M	N/A
Cost of Revenue	$7.0M+69.8%	$4.1M+57.5%	$2.6M+15.4%	$2.3M	N/A
Gross Profit	$38.2M+50.8%	$25.3M+59.2%	$15.9M+56.9%	$10.1M	N/A
R&D Expenses	$15.0M-15.4%	$17.7M-40.7%	$29.8M+39.7%	$21.4M	N/A
SG&A Expenses	$21.5M+19.4%	$18.0M-23.6%	$23.5M+88.4%	$12.5M+310.5%	$3.0M
Operating Income	-$26.9M+25.5%	-$36.2M+33.6%	-$54.5M-49.5%	-$36.4M-1098.4%	-$3.0M
Interest Expense	$5.5M+79.4%	$3.1M+19212.5%	$16K+1500.0%	$1K	N/A
Income Tax	$7K+16.7%	$6K-33.3%	$9K0.0%	$9K	$0
Net Income	-$39.2M-30.6%	-$30.0M+49.4%	-$59.4M-25.8%	-$47.2M-1089.8%	$4.8M
EPS (Diluted)	$-1.84-40.5%	$-1.31+80.6%	$-6.77	$-161.55	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$13.2M+14.2%	$11.6M+3.1%	$11.2M+22.3%	$9.2M+11.0%	$8.3M+12.4%	$7.3M-0.2%	$7.4M+14.0%	$6.5M
Cost of Revenue	$1.8M-7.6%	$1.9M+5.8%	$1.8M+20.5%	$1.5M+22.9%	$1.2M+21.1%	$1.0M+10.1%	$912K-6.1%	$971K
Gross Profit	$11.4M+18.5%	$9.7M+2.6%	$9.4M+22.7%	$7.7M+8.9%	$7.0M+11.0%	$6.3M-1.7%	$6.5M+17.6%	$5.5M
R&D Expenses	$2.6M-50.3%	$5.2M+31.9%	$3.9M+19.0%	$3.3M+11.4%	$3.0M-29.9%	$4.2M-9.6%	$4.7M-20.2%	$5.8M
SG&A Expenses	$4.2M-37.4%	$6.7M+17.7%	$5.7M+13.8%	$5.0M+6.8%	$4.7M-1.5%	$4.7M+19.5%	$4.0M-14.5%	$4.6M
Operating Income	-$3.3M+63.7%	-$9.0M-22.9%	-$7.3M0.0%	-$7.3M+3.3%	-$7.6M+13.3%	-$8.7M-6.9%	-$8.2M+30.0%	-$11.7M
Interest Expense	$1.5M-0.5%	$1.5M+2.6%	$1.4M+17.7%	$1.2M+13.2%	$1.1M-6.5%	$1.1M+30.2%	$877K+29133.3%	$3K
Income Tax	$0-100.0%	$5K+266.7%	-$3K-160.0%	$5K+600.0%	-$1K+66.7%	-$3K-142.9%	$7K+133.3%	$3K
Net Income	-$9.8M+9.8%	-$10.8M-30.4%	-$8.3M+20.1%	-$10.4M-2.6%	-$10.1M-321.3%	-$2.4M+44.6%	-$4.3M+67.2%	-$13.2M
EPS (Diluted)	N/A	$-0.96-255.6%	$-0.27+30.8%	$-0.39	N/A	$-0.12+42.9%	$-0.21+65.0%	$-0.60

TLSIW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$35.3M+47.4%	$24.0M-2.5%	$24.6M+11.8%	$22.0M-91.2%	$250.5M
Current Assets	$32.2M+56.0%	$20.7M-0.9%	$20.9M+21.2%	$17.2M+3173.3%	$526K
Cash & Equivalents	$20.4M+139.8%	$8.5M-27.6%	$11.8M+25.1%	$9.4M+4586.3%	$201K
Inventory	$3.1M-24.0%	$4.0M+59.1%	$2.5M+73.0%	$1.5M	N/A
Accounts Receivable	$6.6M+28.9%	$5.1M+43.1%	$3.6M+128.3%	$1.6M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$69.2M+38.8%	$49.9M-3.5%	$51.7M-74.1%	$199.1M-47.6%	$380.1M
Current Liabilities	$11.5M+12.4%	$10.2M-30.4%	$14.7M-54.6%	$32.4M+1920.3%	$1.6M
Long-Term Debt	$33.0M+49.6%	$22.1M	$0	N/A	N/A
Total Equity	-$33.9M-30.8%	-$25.9M+4.3%	-$27.1M+84.7%	-$177.1M-36.7%	-$129.6M
Retained Earnings	-$330.6M-18.3%	-$279.5M-12.0%	-$249.5M-33.9%	-$186.4M-1014.7%	-$16.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$35.3M-3.1%	$36.5M-11.7%	$41.3M+44.3%	$28.6M+19.4%	$24.0M-12.8%	$27.5M-15.3%	$32.4M+81.3%	$17.9M
Current Assets	$32.2M-3.3%	$33.3M-12.5%	$38.1M+51.8%	$25.1M+21.4%	$20.7M-13.2%	$23.8M-14.8%	$27.9M+111.8%	$13.2M
Cash & Equivalents	$20.4M-9.9%	$22.7M-14.4%	$26.5M+103.8%	$13.0M+52.5%	$8.5M-24.5%	$11.3M-31.5%	$16.5M+315.1%	$4.0M
Inventory	$3.1M-6.1%	$3.3M-13.9%	$3.8M-8.5%	$4.2M+2.8%	$4.0M+1.2%	$4.0M+16.1%	$3.4M+18.2%	$2.9M
Accounts Receivable	$6.6M+31.2%	$5.0M-10.2%	$5.6M+2.2%	$5.5M+7.2%	$5.1M+3.6%	$4.9M+4.4%	$4.7M+10.0%	$4.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$69.2M+9.5%	$63.2M+4.0%	$60.7M-3.6%	$63.0M+26.3%	$49.9M+4.1%	$47.9M-15.3%	$56.6M+7.1%	$52.8M
Current Liabilities	$11.5M+5.4%	$10.9M+17.0%	$9.3M-20.7%	$11.8M+14.9%	$10.2M+3.1%	$9.9M-17.3%	$12.0M-16.7%	$14.4M
Long-Term Debt	$33.0M+0.9%	$32.8M+1.5%	$32.3M+1.8%	$31.7M+43.5%	$22.1M+1.9%	$21.7M+1.8%	$21.3M	N/A
Total Equity	-$33.9M-26.7%	-$26.7M-37.6%	-$19.4M+43.5%	-$34.4M-32.7%	-$25.9M-26.7%	-$20.4M+19.1%	-$25.3M+29.9%	-$36.0M
Retained Earnings	-$330.6M-3.0%	-$321.0M-7.6%	-$298.2M-2.9%	-$289.9M-3.7%	-$279.5M-3.8%	-$269.4M-1.3%	-$265.9M-1.7%	-$261.6M

TLSIW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$18.0M+55.9%	-$40.8M+19.2%	-$50.6M-56.5%	-$32.3M-1759.1%	-$1.7M
Capital Expenditures	$918K+166.1%	$345K-41.3%	$588K-10.2%	$655K	N/A
Free Cash Flow	-$18.9M+54.0%	-$41.2M+19.5%	-$51.2M-55.2%	-$33.0M	N/A
Investing Cash Flow	-$838K-142.9%	-$345K+78.3%	-$1.6M+11.1%	-$1.8M-3076.7%	$60K
Financing Cash Flow	$30.8M-18.9%	$37.9M-30.6%	$54.6M+305.8%	$13.5M+2374.6%	$544K
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$232.4M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$2.5M+33.0%	-$3.7M+49.3%	-$7.3M-62.7%	-$4.5M+21.2%	-$5.7M+47.4%	-$10.8M+19.2%	-$13.4M-23.5%	-$10.9M
Capital Expenditures	$41K-81.0%	$216K+332.3%	-$93K-112.3%	$754K+1408.0%	$50K-70.4%	$169K+181.7%	$60K-9.1%	$66K
Free Cash Flow	-$2.5M+35.7%	-$3.9M+47.1%	-$7.4M-41.1%	-$5.3M+8.8%	-$5.8M+47.7%	-$11.0M+18.3%	-$13.5M-23.3%	-$10.9M
Investing Cash Flow	-$41K+76.7%	-$176K-289.2%	$93K+113.0%	-$714K-1328.0%	-$50K+70.4%	-$169K-181.7%	-$60K+9.1%	-$66K
Financing Cash Flow	$277K+237.8%	$82K-99.6%	$20.7M+113.8%	$9.7M+223.6%	$3.0M-48.6%	$5.8M-77.6%	$26.0M+731.5%	$3.1M
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

TLSIW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	84.6%-1.5pp	86.1%+0.1pp	85.9%+4.1pp	81.8%	N/A
Operating Margin	-59.7%+63.2pp	-122.9%+171.4pp	-294.3%-0.4pp	-293.9%	N/A
Net Margin	-86.9%+15.2pp	-102.1%+218.6pp	-320.7%+59.9pp	-380.6%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-111.0%+14.3pp	-125.3%+116.0pp	-241.3%-26.8pp	-214.5%-216.4pp	1.9%
Current Ratio	2.80+0.8	2.02+0.6	1.42+0.9	0.53+0.2	0.33
Debt-to-Equity	-0.98-0.1	-0.85-0.9	0.00+1.1	-1.12+1.8	-2.93
FCF Margin	-41.9%+98.0pp	-139.9%+136.5pp	-276.4%-10.5pp	-265.9%	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	86.7%+3.1pp	83.5%-0.4pp	83.9%+0.2pp	83.7%-1.6pp	85.3%-1.1pp	86.3%-1.3pp	87.6%+2.7pp	85.0%
Operating Margin	-24.8%+53.2pp	-77.9%-12.5pp	-65.4%+14.6pp	-80.0%+11.8pp	-91.8%+27.2pp	-118.9%-7.9pp	-111.0%+69.8pp	-180.8%
Net Margin	-73.9%+19.6pp	-93.5%-19.6pp	-73.9%+39.3pp	-113.2%+9.2pp	-122.4%-89.7pp	-32.6%+26.2pp	-58.8%+145.7pp	-204.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-27.6%+2.0pp	-29.6%-9.6pp	-20.1%+16.2pp	-36.2%+5.9pp	-42.2%-33.4pp	-8.7%+4.6pp	-13.4%+60.5pp	-73.8%
Current Ratio	2.80-0.3	3.05-1.0	4.08+1.9	2.14+0.1	2.02-0.4	2.40+0.1	2.33+1.4	0.92
Debt-to-Equity	-0.98+0.3	-1.23+0.4	-1.66-0.7	-0.92-0.1	-0.85+0.2	-1.06-0.2	-0.84+0.6	-1.47
FCF Margin	-19.1%+14.8pp	-33.9%+32.2pp	-66.1%-8.8pp	-57.3%+12.4pp	-69.7%+80.2pp	-149.9%+33.2pp	-183.1%-13.8pp	-169.3%

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.

Frequently Asked Questions

What is TriSalus Life Sciences Inc.'s annual revenue?

TriSalus Life Sciences Inc. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) 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. (TLSIW) generated -$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. (TLSIW) generated -$18.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TriSalus Life Sciences Inc.'s total assets?

TriSalus Life Sciences Inc. (TLSIW) 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. (TLSIW) 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. (TLSIW) invested $15.0M in research and development during fiscal year 2025.

How many shares does TriSalus Life Sciences Inc. have outstanding?

TriSalus Life Sciences Inc. (TLSIW) had 50M shares outstanding as of fiscal year 2025.

What is TriSalus Life Sciences Inc.'s current ratio?

TriSalus Life Sciences Inc. (TLSIW) had a current ratio of 2.80 as of fiscal year 2025, which is generally considered healthy.

What is TriSalus Life Sciences Inc.'s debt-to-equity ratio?

TriSalus Life Sciences Inc. (TLSIW) had a debt-to-equity ratio of -0.98 as of fiscal year 2025, 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. (TLSIW) had a return on assets of -111.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is TriSalus Life Sciences Inc.'s cash runway?

Based on fiscal year 2025 data, TriSalus Life Sciences Inc. (TLSIW) had $20.4M in cash against an annual operating cash burn of $18.0M. This gives an estimated cash runway of approximately 14 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. (TLSIW) has negative shareholder equity of -$33.9M as of fiscal year 2025, 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. (TLSIW) 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. (TLSIW) has an earnings quality ratio of 0.46x, 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. (TLSIW) has an interest coverage ratio of -4.9x, 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. (TLSIW) scores 38 out of 100 on our Financial Profile, indicating weak 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.