10-K · March 5, 2026
TriSalus positions itself as an oncology-focused med-tech platform combining its FDA-cleared PEDD delivery devices (TriNav) with an investigational immunotherapeutic, nelitolimod, to address drug delivery limits in…
Earnings analysis · 10-Q
TLSI earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
TriSalus Life Sciences reported Q1 2026 results, with revenue of $8.9 million, a decrease of 2.9% year-over-year. The company achieved an EPS of $0.03, significantly beating expectations of -$0.16. Despite a slight drop…
Read full summary
TriSalus Life Sciences reported Q1 2026 results, with revenue of $8.9 million, a decrease of 2.9% year-over-year. The company achieved an EPS of $0.03, significantly beating expectations of -$0.16. Despite a slight drop in revenue, gross margins improved from 83.7% to 86.2%, signaling operational efficiencies. However, increased operating losses and ongoing reliance on external financing remain critical areas of concern.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
- Gross margin
- 86.2%
What stood out
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Revenue of $8.9M, but down 2.9% YoY
Revenue decreased by $0.3 million from Q1 2025 due to commercial expansion.
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EPS of $0.03 beats estimates
EPS exceeded estimates of -$0.16, showcasing unexpected profitability.
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Gross margin improved to 86.2%
Gross margin increased from 83.7% in the prior year, indicating better cost management.
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Interest income rises to $164K
Interest income increased compared to the previous year, reflecting a higher cash balance.
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Substantial financing activity of $42.4M
Net cash provided by financing activities increased significantly due to a public offering.
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Reduction in cost of goods sold by 17.7%
Cost of goods sold dropped to $1.23M, allowing for improved gross profit performance.
What to watch
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Operating losses increased to $8.4M
Operating losses rose from $7.3 million in Q1 2025, raising concerns over sustainability.
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Reliance on external financing
Continued need for additional capital raises from equity or debt financing to fund operations.
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Material weakness in financial controls persists
Management identified ongoing issues in internal controls affecting financial reporting quality.
Management's outlook
Anticipates revenue between $54M to $57M for the fiscal year 2026, reflecting ongoing expansion.
Earlier filings 4
10-Q · August 12, 2025
TriSalus reported Q2 revenue of $11.213M (up $3.849M or ~52% vs Q2 2024) with gross profit of $9.411M and a gross margin of ~83.9%. The company remains unprofitable (net loss attributable to common stockholders of…
10-Q · May 15, 2025
TriSalus reported strong top-line growth for the quarter with revenue of $9,167,000 (up $2,710,000 or ~42% YoY) and gross profit of $7,672,000 (gross margin ~83.7%). Operating loss narrowed to $(7,329,000) from…
10-K · April 15, 2025
TriSalus describes a platform strategy combining its FDA‑cleared PEDD delivery devices (TriNav family) with an investigational immunotherapeutic, nelitolimod, to improve intratumoral delivery and responses in liver and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.