TriSalus revises 2026 revenue outlook to $46M–$48M
2027 Medicare payment rates for C8004 and office-based G0577 are set to take effect January 1, 2027, alongside revised full-year revenue guidance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
TriSalus Life Sciences, Inc. reported third-quarter 2026 revenue of $12.9 million, up 11.3% year over year, with gross margin of 86.2% versus 83.5%. Loss from operations narrowed to $7.7 million from $9.0 million, while adjusted EBITDA loss was $4.7 million versus $5.4 million. Net loss attributable to common stockholders was $8.9 million, compared with $41.3 million a year earlier; the prior-year figure included the preferred-stock conversion inducement and deemed dividend.
The company revised full-year 2026 revenue guidance to $46 million to $48 million, representing approximately 2% to 6% growth over 2025. Cash and cash equivalents were $41.1 million as of September 30, 2026; operating activities used $21.9 million in the first nine months, versus $15.5 million in the same 2025 period.
CMS set the 2027 national Medicare payment rate for C8004 at approximately $20,910, up from approximately $11,794, effective January 1, 2027; it also set office-based national payment for G0577 at approximately $13,800 per procedure from that date. TriSalus reported FDA clearance for TriNav Advance and reached the enrollment cutoff required for the interim PROTECT registry analysis; first multicenter U.S. thyroid artery embolization data are expected in the first quarter of 2027.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue: $12.9 million, up 11.3% year over year.
- Moderate pointOperating loss narrowed to $7.7 million from $9.0 million.
- Moderate pointAdjusted EBITDA loss narrowed to $4.7 million from $5.4 million.
Negative
- Moderate pointNine-month operating cash use increased to $21.9 million from $15.5 million.
Filing Explained
The filing reports a first-quarter equity offering that raised
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $12.9 million
Gross margin: 86.2%
Loss from operations: $7.7 million loss
+5 more
8 metrics
Revenue
$12.9 million
Three months ended September 30, 2026; $11.6 million in the same period of 2025
Gross margin
86.2%
Three months ended September 30, 2026; 83.5% in the same period of 2025
Loss from operations
$7.7 million loss
Three months ended September 30, 2026; $9.0 million loss in the same period of 2025
Net loss attributable to common stockholders
$8.9 million loss
Three months ended September 30, 2026; $41.3 million loss in the same period of 2025
Adjusted EBITDA
$4.7 million loss
Three months ended September 30, 2026; $5.4 million loss in the same period of 2025
Revenue guidance
$46 million to $48 million
Full-year 2026; approximately 2% to 6% growth compared with full-year 2025
Cash and cash equivalents
$41.1 million
As of September 30, 2026
Net cash used in operating activities
$21.9 million
Nine months ended September 30, 2026; $15.5 million in the same period of 2025
Key Terms
Pressure-Enabled Drug Delivery, Adjusted EBITDA, Hospital Outpatient Prospective Payment System, Physician Fee Schedule, +1 more
5 terms
Pressure-Enabled Drug Delivery technical
"Pressure-Enabled Drug Delivery to small distal vessels"
A method of getting medicine into the body by applying controlled pressure—using a small pump, device or pressurized system—to push a drug through skin or into targeted tissue rather than relying on swallowing or passive absorption. Investors care because this approach can make treatments faster, more reliable, or usable for drugs that otherwise can’t be given orally, creating potential clinical advantages, new product lines, regulatory hurdles, manufacturing needs, and patent value.
Adjusted EBITDA financial
"Adjusted EBITDA losses were $4.7 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Hospital Outpatient Prospective Payment System regulatory
"2027 Hospital Outpatient Prospective Payment System final rule"
A hospital outpatient prospective payment system (HOPPS) is a government-set pricing rule that pays hospitals a fixed amount for specific outpatient services instead of reimbursing every item separately. Think of it like a pre-priced menu: hospitals receive set payments for defined procedures or visits, which makes revenue more predictable and forces cost control — a key factor investors use to gauge a hospital’s profit stability and how policy changes might affect margins.
Physician Fee Schedule regulatory
"2027 Physician Fee Schedule final rule"
A physician fee schedule is a payer’s published list of payment rates for specific medical services and procedures, identified by procedure codes (CPT/HCPCS). For Medicare, the Medicare Physician Fee Schedule (MPFS) sets national payment amounts by converting each service’s relative value units (work, practice expense, malpractice), adjusting for local geographic cost indexes, and applying a conversion factor; private insurers may use similar schedules with different rates or adjustments. It governs how much the payer reimburses a clinician or group for a billed service but does not itself determine whether a service is covered or the patient’s out‑of‑pocket obligation.
HCPCS code C8004 regulatory
"national Medicare payment rate for procedures billed under C8004"
Earnings Snapshot
Revenue: $12.9 million · Guidance included
Three months ended September 30, 2026
Revenue
$12.9 million
Up 11.3% compared with the same period in 2025
Gross margin
86.2%
83.5% in the same period in 2025
Loss from operations
$7.7 million loss
Compared with $9.0 million loss in the same period in 2025
Net loss attributable to common stockholders
$8.9 million loss
Compared with $41.3 million loss in the same period in 2025
Adjusted EBITDA
$4.7 million loss
Compared with $5.4 million loss in the same period in 2025
Basic and diluted loss per share
$0.15
Compared with $0.96 in the same period in 2025
Guidance
Full-year 2026 revenue of $46 million to $48 million, representing approximately 2% to 6% growth compared with full-year 2025.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did TLSI report for Q3 2026?
TriSalus reported $12.9 million in revenue for the three months ended September 30, 2026, up 11.3% from the same period in 2025.
What is TLSI's 2026 revenue guidance?
TriSalus revised its full-year 2026 revenue guidance to $46 million to $48 million, representing approximately 2% to 6% growth compared with full-year 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive office) | (Zip Code) | |||||||
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
| Item 2.02 | Results of Operations and Financial Conditions. | |||||||
On November 10, 2026, TriSalus Life Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
This information, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.
| Item 9.01 | Financial Statements and Exhibits. | |||||||
| (d) Exhibits: | ||||||||
| Exhibit Number | Description | |||||||
99.1 | Press Release dated November 10, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 10, 2026 | TriSalus Life Sciences, Inc. | ||||||||||
| By: | /s/ David Patience | ||||||||||
| Name: | David Patience | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
TriSalus Life Sciences Reports Third Quarter 2026 Results
Generated third quarter revenue of $12.9 million, driven by expanded commercial organization and increasing market penetration
Revised 2026 revenue guidance to $46 million to $48 million
Centers for Medicare & Medicaid Services finalized policies that expand favorable reimbursement for procedures using PEDD for 2027
Hosting Conference Call and Webcast today at 8:30am ET
DENVER – November 10, 2026 - TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the “Company”), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announced financial results for the quarter ended September 30, 2026, and provided an operational update.
“The third quarter marked an important period of growth and expansion for TriSalus – we drove double-digit year-over-year growth and received FDA clearance for TriNav Advance, which enables Pressure-Enabled Drug Delivery to small distal vessels through the microcatheter of the physician’s choice. This clearance allows us to address the full range of vessels encountered in liver embolization procedures going forward,” said Mary Szela, President and Chief Executive Officer of TriSalus.
"Looking ahead, we believe we are well positioned for 2027. We more than doubled our commercial footprint over the first half of the year, and although our team productivity has ramped slightly slower than anticipated, our representatives continue to educate and drive further TriNav utilization as they build and strengthen relationships with interventional radiologists. Combined with the launch of TriNav Advance, expanded access to office-based labs through the new G-code, and continued cost discipline, we believe we have laid the foundation for continued growth in 2027 and beyond.”
Recent Business Highlights
•Received FDA clearance for TriNav Advance, which enables PEDD to small distal vessels through the microcatheter of the physician’s choice.
•In the calendar year 2027 Hospital Outpatient Prospective Payment System ("OPPS") final rule, the Centers for Medicare & Medicaid Services ("CMS") finalized the reassignment of HCPCS code C8004 from APC 5193 to APC 5194, aligning it with C9797, which is already assigned to APC 5194. Based on the final rule, the national Medicare payment rate for procedures billed under C8004 will increase from approximately $11,794 to approximately $20,910, effective January 1, 2027.
•Additionally, CMS published its calendar year 2027 Physician Fee Schedule final rule, establishing national payment for HCPCS code G0577, vascular embolization using a pressure-generating catheter in the office-based lab setting. Effective January 1, 2027, the total national office payment is approximately $13,800 per procedure, extending reimbursement for PEDD.
•Achieved the enrollment cutoff required for the interim analysis of the PROTECT registry in thyroid artery embolization; the Company remains on track to deliver the first multi-center U.S. data on thyroid artery embolization in the first quarter of 2027.
Financial Results for Q3 2026
•Revenue from the sale of the TriNav system was $12.9 million for the three months ended September 30, 2026, an increase of 11.3% compared to the same period in 2025. The increase in revenue was primarily due to an increase in TriNav units sold.
•Gross margins were 86.2% for the three months ended September 30, 2026, compared to 83.5% for the same period in 2025. The year-over-year increase in gross margin was primarily due to a reduction in cost per TriNav unit.
•Operating losses were $7.7 million for the three months ended September 30, 2026, compared to losses of $9.0 million for the same period in 2025. The decrease in operating losses was primarily driven by improved gross margins, lower research and development expenses and lower general and administrative expenses, partially offset by higher sales and marketing expenses related to our investment in marketing and our sales organization expansion.
•Net loss attributable to common stockholders was $8.9 million for the three months ended September 30, 2026, compared to a net loss of $41.3 million for the same period in 2025. This change is primarily driven by the conversion of our preferred stock to common stock during the third quarter of 2025, resulting in approximately $30.5 million of net loss attributable to common stockholders. The current period includes $0.1 million of non-cash net gains related to changes in the fair value of various derivatives for the three months ended September 30, 2026, compared to net losses of $0.4 million for the same period in 2025. The basic and diluted loss per share for the three months ended September 30, 2026 was $0.15, compared to $0.96 for the same period in 2025.
•The non-GAAP measure of adjusted EBITDA is shown in the table below as the Company believes it is an important measure of performance. Adjusted EBITDA losses were $4.7 million for the three months ended September 30, 2026, compared to losses of $5.4 million for the same period in 2025. The decrease in adjusted EBITDA losses were primarily driven by improved gross margins, lower research and development and lower general and administrative expenses, partially offset by increased sales and marketing expenses.
•On September 30, 2026, cash and cash equivalents totaled $41.1 million. The Company raised $46.0 million in gross proceeds in the first quarter from an equity offering.
2026 Financial Guidance
The Company is updating its full-year 2026 revenue guidance to $46 million to $48 million, representing growth of approximately 2% to 6% compared to full year 2025.
Conference Call & Webcast
The Company will host a conference call and webcast today at 8:30 AM eastern time to discuss its financial results for the quarter ended September 30, 2026. Those interested in listening should register online by visiting investor relations section of TriSalus’ website. Participants are encouraged to register more than 15 minutes before the start of the call. A replay will also be available on the website following the event.
About TriSalus Life Sciences
TriSalus Life Sciences® is an oncology focused medical technology company seeking to transform outcomes for patients with solid tumors by integrating its innovative delivery technology with standard-of-care therapies, and with its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic and technology applications. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s four FDA-cleared devices and two devices commercialized under Letters to File use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the five TriNav® Infusion Systems and the Pancreatic Retrograde Venous Infusion System. The PEDD technology is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via the PEDD technology may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by the PEDD technology are commonly present as well. The Company is in the final stages of data completion for a number of phase 1 clinical trials and plans to begin exploring partnership opportunities for development.
Forward Looking Statements
Statements made in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with regulatory approval of the Company's product candidates, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the Securities and Exchange Commission under the heading “Risk Factors.” All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.
TriSalus Life Sciences, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Revenue | $ | 12,878 | $ | 11,566 | $ | 33,184 | $ | 31,946 | |||||||||||||||
| Cost of goods sold | 1,783 | 1,906 | 4,521 | 5,203 | |||||||||||||||||||
| Gross profit | 11,095 | 9,660 | 28,663 | 26,743 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development (1) | 3,190 | 5,704 | 9,543 | 12,395 | |||||||||||||||||||
| Sales and marketing | 10,731 | 6,839 | 29,560 | 20,736 | |||||||||||||||||||
General and administrative (1) | 4,883 | 6,131 | 15,493 | 17,287 | |||||||||||||||||||
| Loss from operations | (7,709) | (9,014) | (25,933) | (23,675) | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Interest income | 382 | 170 | 1,003 | 378 | |||||||||||||||||||
| Interest expense | (1,560) | (1,460) | (4,486) | (4,092) | |||||||||||||||||||
| Change in fair value of SEPA, warrant and revenue base redemption liabilities | (650) | (2,932) | 5,819 | (4,097) | |||||||||||||||||||
| Change in fair value of contingent earnout liability | 740 | 2,524 | 7,146 | 2,404 | |||||||||||||||||||
| Other expense, net | (53) | (94) | (39) | (385) | |||||||||||||||||||
| Loss before income taxes | (8,850) | (10,806) | (16,490) | (29,467) | |||||||||||||||||||
| Income tax expense | (4) | (5) | (12) | (7) | |||||||||||||||||||
| Net loss | $ | (8,854) | $ | (10,811) | $ | (16,502) | $ | (29,474) | |||||||||||||||
| Series A Preferred Stock conversion inducement | — | (18,516) | — | (18,516) | |||||||||||||||||||
| Deemed dividend related to Series A Preferred Stock conversion | — | (11,947) | — | (11,947) | |||||||||||||||||||
| Net loss attributable to common stockholders | $ | (8,854) | $ | (41,274) | $ | (16,502) | $ | (59,937) | |||||||||||||||
| Basic loss per share | $ | (0.15) | $ | (0.96) | $ | (0.29) | $ | (1.72) | |||||||||||||||
| Diluted loss per share | $ | (0.15) | $ | (0.96) | $ | (0.29) | $ | (1.72) | |||||||||||||||
| Weighted-average common shares outstanding, basic | 58,473,499 | 43,057,632 | 56,128,696 | 34,858,162 | |||||||||||||||||||
| Weighted-average common shares outstanding, diluted | 58,473,499 | 43,057,632 | 56,128,696 | 34,858,162 | |||||||||||||||||||
(1)Amounts presented in the three months ended September 30, 2025 have been revised to align expense classification for the 2025 fiscal year period. | |||||||||||||||||||||||
TriSalus Life Sciences, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 41,057 | $ | 20,439 | |||||||
| Accounts receivable (net of allowance of $38 and $24, respectively) | 6,126 | 6,558 | |||||||||
| Inventory, net | 4,638 | 3,077 | |||||||||
| Prepaid expenses | 3,076 | 2,170 | |||||||||
| Total current assets | 54,897 | 32,244 | |||||||||
| Property and equipment, net | 1,830 | 1,808 | |||||||||
| Right-of-use assets | 766 | 861 | |||||||||
| Other assets | 69 | 418 | |||||||||
| Total assets | $ | 57,562 | $ | 35,331 | |||||||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||||||
| Current liabilities | |||||||||||
| Trade payables | $ | 4,231 | $ | 3,002 | |||||||
| Accrued liabilities | 8,393 | 8,096 | |||||||||
| Short-term lease liabilities | 277 | 167 | |||||||||
| Other current liabilities | 113 | 234 | |||||||||
| Total current liabilities | 13,014 | 11,499 | |||||||||
| Long-term debt | 32,367 | 33,046 | |||||||||
| Revenue base redemption liability | 903 | 383 | |||||||||
| Long-term lease liabilities | 1,047 | 1,228 | |||||||||
| Contingent earnout liability | 2,998 | 10,144 | |||||||||
| Warrant liabilities | 6,553 | 12,892 | |||||||||
| Total liabilities | 56,882 | 69,192 | |||||||||
Commitments and contingencies | |||||||||||
| Stockholders’ equity (deficit) | |||||||||||
| Preferred Stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | — | — | |||||||||
| Common stock, $0.0001 par value, 400,000,000 shares authorized at September 30, 2026 and December 31, 2025, respectively; 61,659,370 shares and 49,997,836 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 5 | 4 | |||||||||
| Additional paid-in capital | 347,760 | 296,718 | |||||||||
| Accumulated deficit | (347,085) | (330,583) | |||||||||
| Total stockholders’ equity (deficit) | 680 | (33,861) | |||||||||
| Total liabilities and stockholders’ equity (deficit) | $ | 57,562 | $ | 35,331 | |||||||
TriSalus Life Sciences, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Nine Months Ended | |||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net loss | $ | (16,502) | $ | (29,474) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation | 400 | 500 | |||||||||
| Non-cash lease expense | 95 | 407 | |||||||||
| Change in fair value of SEPA, warrant and revenue base redemption liabilities | (5,819) | 4,097 | |||||||||
| Change in fair value of contingent earnout liability | (7,146) | (2,404) | |||||||||
| Paid-in-kind interest | — | 800 | |||||||||
| Stock-based compensation expense | 7,922 | 6,934 | |||||||||
| Allowance for credit losses | 14 | 130 | |||||||||
| Loss on disposal of property and equipment | 1 | 117 | |||||||||
| Amortization of debt issuance costs | 1,026 | 767 | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Accounts receivable | 418 | (43) | |||||||||
| Inventory, net | (1,561) | 772 | |||||||||
| Prepaid expenses and other assets | (907) | 648 | |||||||||
| Operating lease liabilities | (94) | (107) | |||||||||
| Trade payables and accrued liabilities | 269 | 1,328 | |||||||||
| Net cash used in operating activities | (21,884) | (15,528) | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | (313) | (877) | |||||||||
| Proceeds from disposal of property and equipment | — | 80 | |||||||||
| Net cash used in investing activities | (313) | (797) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from the issuance of common stock, net of issuance costs | 42,625 | 20,451 | |||||||||
| Proceeds from the exercise of stock options for common stock | 264 | 423 | |||||||||
| Proceeds from the issuance of common stock through employee stock purchase plan | 270 | 211 | |||||||||
| Taxes paid related to net share settlement of restricted stock units | (65) | — | |||||||||
| Debt issuance costs | (613) | (520) | |||||||||
| Proceeds from the issuance of debt | — | 10,000 | |||||||||
| Payments on finance lease liabilities | (43) | (78) | |||||||||
| Short-swing profit settlement | 27 | — | |||||||||
| Net cash provided by financing activities | 42,465 | 30,487 | |||||||||
| Increase in cash, cash equivalents and restricted cash | 20,268 | 14,162 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 20,789 | 8,875 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 41,057 | $ | 23,037 | |||||||
| Supplemental disclosures of cash flow information | |||||||||||
| Cash paid for interest | 3,460 | 2,528 | |||||||||
| Cash paid for income taxes | — | 16 | |||||||||
| Supplemental disclosure of non-cash items | |||||||||||
| Right-of-use assets obtained in exchange for new finance lease liabilities | 69 | — | |||||||||
| Non-cash capital expenditures included in trade payables | 41 | 63 | |||||||||
| Debt issuance costs in accrued liabilities | 1,092 | — | |||||||||
| Fixed assets purchased through exchange of finance lease right-of-use asset | — | 85 | |||||||||
| Derecognition of finance lease right-of-use asset | — | (85) | |||||||||
| Fair value of warrants issued with OrbiMed debt | — | 366 | |||||||||
Non-GAAP Financial Measure
To supplement the financial results presented in accordance with GAAP, TriSalus has also included in this press release non-GAAP adjusted EBITDA, which excludes from net loss, income tax expense, interest expense, interest income, change in fair value of SEPA, warrant and revenue-base redemption liabilities, change in fair value of contingent earnout liability, stock-based compensation expense, other expense, net and depreciation. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. TriSalus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand TriSalus’ business.
TriSalus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, TriSalus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare TriSalus’ results from period to period, and to identify operating trends in TriSalus’ business.
Supplemental Schedule of Non-GAAP Adjusted EBITDA
(unaudited, in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Net loss | $ | (8,854) | $ | (10,811) | $ | (16,502) | $ | (29,474) | |||||||||||||||
| Interest expense | 1,560 | 1,460 | 4,486 | 4,092 | |||||||||||||||||||
| Interest income | (382) | (170) | (1,003) | (378) | |||||||||||||||||||
| Income tax expense | 4 | 5 | 12 | 7 | |||||||||||||||||||
| Depreciation | 129 | 163 | 400 | 500 | |||||||||||||||||||
| EBITDA | $ | (7,543) | $ | (9,353) | $ | (12,607) | $ | (25,253) | |||||||||||||||
| Change in fair value of SEPA, warrant and revenue base redemption liabilities | 650 | 2,932 | (5,819) | 4,097 | |||||||||||||||||||
| Change in fair value of contingent earnout liability | (740) | (2,524) | (7,146) | (2,404) | |||||||||||||||||||
| Other expense, net | 53 | 94 | 39 | 385 | |||||||||||||||||||
| Stock-based compensation expense | 2,834 | 3,422 | 7,922 | 6,934 | |||||||||||||||||||
| Adjusted EBITDA | $ | (4,746) | $ | (5,429) | $ | (17,611) | $ | (16,241) | |||||||||||||||
Contact
For Investor & Media Inquiries:
David Patience
Chief Financial Officer
investor.relations@trisaluslifesci.com
David Patience
Chief Financial Officer
investor.relations@trisaluslifesci.com