TriSalus Life Sciences Inc. Stock Price, News & Analysis

The company maintained strong commercial momentum with expanded TriNav® usage in liver embolization and new clinical settings. TriSalus launched TriNav LV™ and TriGuide™ products, expanding PEDD technology applications. The company also received HCPCS code C8004 from CMS, improving reimbursement coverage.

While confirming revenue growth guidance of at least 50% for 2025, TriSalus revised its profitability outlook. Due to strategic investments in sales force expansion and clinical registries, the company no longer expects to achieve adjusted EBITDA or cash flow positivity in 2025. The company projects reaching adjusted EBITDA positivity in H1 2026.

TriSalus Life Sciences (NASDAQ: TLSI), an oncology-focused medical technology company, has scheduled its Q1 2025 financial results conference call for Thursday, May 15, 2025, at 8:00 AM ET. The company, which focuses on improving outcomes for solid tumor patients through innovative delivery technology integrated with standard-of-care therapies, will release its financial results for the quarter ended March 31, 2025, before the call.

Interested participants can register for the phone conference through an online form, after which they will receive dial-in details and a personal PIN via email. The event will be available via webcast on TriSalus' investor relations website, where a replay will also be accessible after the call.

TriSalus Life Sciences has secured a $22.0 million private placement and reported preliminary Q1 2025 revenue of $9.2 million, marking a 42% growth compared to Q1 2024. The revenue was driven entirely by the TriNav® Infusion System.

The private placement, led by Nantahala Capital with participation from Broadfin Holdings and other healthcare-focused investors, will issue 5,500,000 shares at $4.00 per share. Canaccord Genuity serves as the sole placement agent, with closing expected around May 2, 2025.

Additionally, TriSalus is simplifying its capital structure through a planned exchange offer for Series A Convertible Preferred Stock. The company has secured support from holders representing 55% of outstanding Preferred Stock. The exchange offer will allow conversion to common stock at $10.00 per Preferred Share plus accrued dividends, divided by $4.00 per share.

TriSalus Life Sciences (NASDAQ: TLSI) reported strong financial results for Q4 and full-year 2024, with revenues reaching $8.3 million in Q4 and $29.4 million for the full year, showing growth of 44% and 59% respectively versus prior year periods. The company maintained impressive gross margins of 85% in Q4 and 86% for 2024.

Key developments include the launch of TriNav LV Infusion System and TriGuide Guiding Catheter for larger vessels, expanding their addressable market to $375 million. The company completed enrollment in the PERIO-03 Phase 1 trial for pancreatic cancer, with final data expected mid-2025.

For 2025, TriSalus reaffirmed guidance projecting over 50% revenue growth, more than 20% reduction in operating expenses, positive EBITDA, and positive cash flow in H2 2025. The company ended 2024 with $8.5 million in cash and expects sufficient runway throughout 2025.

TriSalus Life Sciences (Nasdaq: TLSI) has secured a new Level II HCPCS code (C8004) from the Centers for Medicare & Medicaid Services for its TriNav® Infusion System, effective April 1, 2025. The code specifically covers simulation angiograms used in pre-treatment mapping for transarterial radioembolization (TARE).

The new code, which carries a Medicare payment rate of $11,341 under APC 5193, will be applicable in hospital outpatient departments and ambulatory surgical centers. This development validates TriNav's role in optimizing Y90 dose delivery and ensures reimbursement clarity for both mapping and treatment procedures.

The pressure-generating catheter system features a one-way valve technology that enhances the accuracy of Y90 dose delivery and improves personalized dosimetry through better prediction capabilities and higher tumor-to-normal tissue ratios.

TriSalus Life Sciences (Nasdaq: TLSI) researchers have received two prestigious JVIR Top Paper Awards for their study demonstrating the superior performance of the TriNav Infusion System in liver tumor treatment. The study, which will be honored at the 2025 Society for Interventional Radiology meeting in Nashville, received the JVIR Editor's Award for Distinguished Laboratory Investigation and the JVIR People's Choice Award for Most Downloaded Articles.

The research, conducted using a porcine liver tumor model, revealed significant improvements in therapeutic delivery:

• 117% increase in tumor penetration for lobar infusions (p=0.004)
• 39% increase in tumor penetration for selective infusions (p=0.032)
• Lobar infusions using TriNav showed equivalent tumor penetration to selective delivery using traditional microcatheters (p=0.497)

The study utilized machine learning algorithms to quantify tumor penetration at a millimeter scale, contributing to the evidence supporting Pressure-Enabled Drug Delivery's (PEDD) effectiveness in treating primary and metastatic liver cancers.

TriSalus Life Sciences (Nasdaq: TLSI) has appointed two healthcare industry veterans to its Board of Directors, effective January 29, 2025. William J. Valle, former CEO of Fresenius Medical Care North America, brings expertise in medical device commercialization and reimbursement. Dr. Gary B. Gordon, former Vice President of Oncology at AbbVie, contributes extensive experience in oncology drug development.

Valle previously managed over 2,400 outpatient facilities and led the integration of critical business functions at Fresenius. Gordon played a key role in developing AbbVie's oncology franchise, including overseeing venetoclax approval and leading major acquisitions. Both appointments aim to advance TriSalus' Pressure-Enabled Drug Delivery™ (PEDD™) technology and Pancreatic Retrograde Venous Infusion (PRVI™) System for improved therapeutic delivery to solid tumors.

TriSalus Life Sciences (Nasdaq: TLSI) has announced a $10 million drawdown from its existing $50 million credit agreement with OrbiMed, a healthcare investment firm. This drawdown was triggered by achieving a product revenue-based milestone of $30 million for the trailing 12-months ending January 31, 2025. With this latest tranche, TriSalus has now accessed a total of $35 million from the credit facility provided by OrbiMed.