TLSI
TriSalus Life Sciences, Inc.
Medical - Devices
Market Cap$140M
5Y Perf.-56.6%
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Stock Comparison
TLSI vs CNMD vs NVCR vs ATRC
Revenue, margins, valuation, and 5-year total return — side by side.
CNMD
CONMED Corporation
Medical - Devices
Market Cap$1.17B
5Y Perf.-69.1%
NVCR
NovoCure Limited
Medical - Instruments & Supplies
Market Cap$1.92B
5Y Perf.-88.7%
ATRC
AtriCure, Inc.
Medical - Instruments & Supplies
Market Cap$1.41B
5Y Perf.-57.4%
TLSI vs CNMD vs NVCR vs ATRC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | TLSI | CNMD | NVCR | ATRC |
|---|---|---|---|---|
| Industry | Medical - Devices | Medical - Devices | Medical - Instruments & Supplies | Medical - Instruments & Supplies |
| Market Cap | $140M | $1.17B | $1.92B | $1.41B |
| Revenue (TTM) | $45M | $1.37B | $674M | $552M |
| Net Income (TTM) | $-39M | $55M | $-173M | $-5M |
| Gross Margin | 84.6% | 53.6% | 75.2% | 75.5% |
| Operating Margin | -59.7% | 11.3% | -27.2% | -0.4% |
| Forward P/E | — | 8.7x | — | 370.7x |
| Total Debt | $34M | $835M | $290M | $88M |
| Cash & Equiv. | $20M | $41M | $103M | $167M |
TLSI vs CNMD vs NVCR vs ATRC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
TLSI
CNMD
NVCR
ATRC
| Stock | Feb 21 | May 26 | Return |
|---|---|---|---|
| TriSalus Life Scien… (TLSI) | 100 | 43.4 | -56.6% |
| CONMED Corporation (CNMD) | 100 | 30.9 | -69.1% |
| NovoCure Limited (NVCR) | 100 | 11.3 | -88.7% |
| AtriCure, Inc. (ATRC) | 100 | 42.6 | -57.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: TLSI vs CNMD vs NVCR vs ATRC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CNMD leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. TriSalus Life Sciences, Inc. is the stronger pick specifically for growth and revenue expansion. NVCR and ATRC also each lead in at least one category. As sector peers, any of these can serve as alternatives in the same allocation.
TLSI
TriSalus Life Sciences, Inc.
The Growth Play
TLSI is the #2 pick in this set and the best alternative if growth exposure is your priority.
- Rev growth 53.4%, EPS growth -47.2%, 3Y rev CAGR 53.9%
- 53.4% revenue growth vs CNMD's 5.2%
Best for: growth exposure
CNMD
CONMED Corporation
The Value Play
CNMD carries the broadest edge in this set and is the clearest fit for value and quality.
- Lower P/E (8.7x vs 370.7x)
- 4.0% margin vs TLSI's -86.9%
- 2.1% yield; 2-year raise streak; the other 3 pay no meaningful dividend
- 2.4% ROA vs TLSI's -110.7%
Best for: value and quality
NVCR
NovoCure Limited
The Momentum Pick
NVCR is the clearest fit if your priority is momentum.
- +1.1% vs CNMD's -31.3%
Best for: momentum
ATRC
AtriCure, Inc.
The Income Pick
ATRC is the clearest fit if your priority is income & stability and long-term compounding.
- beta 1.03
- 95.1% 10Y total return vs TLSI's -57.6%
- Lower volatility, beta 1.03, Low D/E 17.9%, current ratio 3.96x
- Beta 1.03, current ratio 3.96x
Best for: income & stability and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | TLSI | 53.4% revenue growth vs CNMD's 5.2% |
| Value | CNMD | Lower P/E (8.7x vs 370.7x) |
| Quality / Margins | CNMD | 4.0% margin vs TLSI's -86.9% |
| Stability / Safety | ATRC | Beta 1.03 vs NVCR's 2.20, lower leverage |
| Dividends | CNMD | 2.1% yield; 2-year raise streak; the other 3 pay no meaningful dividend |
| Momentum (1Y) | NVCR | +1.1% vs CNMD's -31.3% |
| Efficiency (ROA) | CNMD | 2.4% ROA vs TLSI's -110.7% |
TLSI vs CNMD vs NVCR vs ATRC — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
Segment breakdown not available.
FY 2025
TLSI vs CNMD vs NVCR vs ATRC — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCNMDLAGGINGNVCR
Who Leads Where
CNMD leads in 3 of 6 categories
ATRC leads 1 • TLSI leads 0 • NVCR leads 0 • 1 tied
Explore the data ↓NVCRNovoCure Limited
0leads
TLSITriSalus Life Science…
0leads
ATRCAtriCure, Inc.
1leads
CNMDCONMED Corporation
3leads
6 Total Categories
CATEGORYLEADERvs ATRCvs TLSIMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CNMD3/6
Valuation MetricsMultiples, price ratios, and targets
CNMD5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CNMD6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
ATRC3/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
CNMD leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
CNMD is the larger business by revenue, generating $1.4B annually — 30.4x TLSI's $45M. CNMD is the more profitable business, keeping 4.0% of every revenue dollar as net income compared to TLSI's -86.9%. On growth, TLSI holds the edge at +59.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| RevenueTrailing 12 months | $45M | $1.4B | $674M | $552M |
| EBITDAEarnings before interest/tax | -$26M | $219M | -$165M | $13M |
| Net IncomeAfter-tax profit | -$39M | $55M | -$173M | -$5M |
| Free Cash FlowCash after capex | -$19M | $124M | -$48M | $54M |
| Gross MarginGross profit ÷ Revenue | +84.6% | +53.6% | +75.2% | +75.5% |
| Operating MarginEBIT ÷ Revenue | -59.7% | +11.3% | -27.2% | -0.4% |
| Net MarginNet income ÷ Revenue | -86.9% | +4.0% | -25.7% | -0.8% |
| FCF MarginFCF ÷ Revenue | -41.9% | +9.0% | -7.1% | +9.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +59.8% | -0.7% | +12.3% | +14.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +48.8% | +136.8% | -100.0% | +101.6% |
CNMD leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
CNMD leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
On an enterprise value basis, CNMD's 10.2x EV/EBITDA is more attractive than ATRC's 77.7x.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| Market CapShares × price | $140M | $1.2B | $1.9B | $1.4B |
| Enterprise ValueMkt cap + debt − cash | $154M | $2.0B | $2.1B | $1.3B |
| Trailing P/EPrice ÷ TTM EPS | -2.42x | 25.22x | -13.80x | -115.83x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 8.71x | — | 370.67x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.69x | — | — |
| EV / EBITDAEnterprise value multiple | — | 10.17x | — | 77.75x |
| Price / SalesMarket cap ÷ Revenue | 3.09x | 0.85x | 2.92x | 2.63x |
| Price / BookPrice ÷ Book value/share | — | 1.15x | 5.51x | 2.70x |
| Price / FCFMarket cap ÷ FCF | — | 7.78x | — | 29.15x |
CNMD leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
CNMD leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
CNMD delivers a 5.4% return on equity — every $100 of shareholder capital generates $5 in annual profit, vs $-51 for NVCR. ATRC carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to NVCR's 0.85x. On the Piotroski fundamental quality scale (0–9), CNMD scores 5/9 vs TLSI's 4/9, reflecting solid financial health.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| ROE (TTM)Return on equity | — | +5.4% | -50.8% | -1.0% |
| ROA (TTM)Return on assets | -110.7% | +2.4% | -16.5% | -0.7% |
| ROICReturn on invested capital | — | +5.8% | -16.4% | -0.6% |
| ROCEReturn on capital employed | -143.4% | +7.0% | -28.9% | -0.6% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 | 5 | 5 |
| Debt / EquityFinancial leverage | — | 0.81x | 0.85x | 0.18x |
| Net DebtTotal debt minus cash | $14M | $794M | $187M | -$79M |
| Cash & Equiv.Liquid assets | $20M | $41M | $103M | $167M |
| Total DebtShort + long-term debt | $34M | $835M | $290M | $88M |
| Interest CoverageEBIT ÷ Interest expense | -9.61x | 5.20x | -96.80x | 0.47x |
CNMD leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
ATRC leads this category, winning 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in TLSI five years ago would be worth $4,598 today (with dividends reinvested), compared to $875 for NVCR. Over the past 12 months, NVCR leads with a +1.1% total return vs CNMD's -31.3%. The 3-year compound annual growth rate (CAGR) favors ATRC at -16.5% vs NVCR's -37.6% — a key indicator of consistent wealth creation.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| YTD ReturnYear-to-date | -26.9% | -6.0% | +28.3% | -29.2% |
| 1-Year ReturnPast 12 months | -14.2% | -31.3% | +1.1% | -8.3% |
| 3-Year ReturnCumulative with dividends | -56.7% | -67.3% | -75.7% | -41.8% |
| 5-Year ReturnCumulative with dividends | -54.0% | -71.0% | -91.3% | -64.2% |
| 10-Year ReturnCumulative with dividends | -57.6% | +6.6% | +30.3% | +95.1% |
| CAGR (3Y)Annualised 3-year return | -24.4% | -31.1% | -37.6% | -16.5% |
ATRC leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — NVCR and ATRC each lead in 1 of 2 comparable metrics.
Risk & Volatility
ATRC is the less volatile stock with a 1.03 beta — it tends to amplify market swings less than NVCR's 2.20 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NVCR currently trades 83.9% from its 52-week high vs TLSI's 56.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.36x | 1.34x | 2.20x | 1.03x |
| 52-Week HighHighest price in past year | $7.95 | $61.08 | $20.06 | $43.18 |
| 52-Week LowLowest price in past year | $3.42 | $33.21 | $9.82 | $26.62 |
| % of 52W HighCurrent price vs 52-week peak | +56.1% | +62.4% | +83.9% | +64.4% |
| RSI (14)Momentum oscillator 0–100 | 55.2 | 49.6 | 69.8 | 45.0 |
| Avg Volume (50D)Average daily shares traded | 167K | 406K | 1.5M | 669K |
Evenly matched — NVCR and ATRC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Analyst consensus: TLSI as "Buy", CNMD as "Hold", NVCR as "Buy", ATRC as "Buy". Consensus price targets imply 135.4% upside for TLSI (target: $11) vs 82.3% for ATRC (target: $51). CNMD is the only dividend payer here at 2.09% yield — a key consideration for income-focused portfolios.
| Metric | TLSITriSalus Life Sci… | CNMDCONMED Corporation | NVCRNovoCure Limited | ATRCAtriCure, Inc. |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy | Buy |
| Price TargetConsensus 12-month target | $10.50 | $78.00 | $33.50 | $50.67 |
| # AnalystsCovering analysts | 2 | 21 | 15 | 19 |
| Dividend YieldAnnual dividend ÷ price | — | +2.1% | — | — |
| Dividend StreakConsecutive years of raises | — | 2 | — | — |
| Dividend / ShareAnnual DPS | — | $0.79 | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.3% | 0.0% | 0.0% | +0.8% |
Insufficient data to determine a leader in this category.
Key Takeaway
CNMD leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). ATRC leads in 1 (Total Returns). 1 tied.
Best OverallCONMED Corporation (CNMD)Leads 3 of 6 categories
Loading custom metrics...
TLSI vs CNMD vs NVCR vs ATRC: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is TLSI or CNMD or NVCR or ATRC a better buy right now?
For growth investors, TriSalus Life Sciences, Inc.
(TLSI) is the stronger pick with 53. 4% revenue growth year-over-year, versus 5. 2% for CONMED Corporation (CNMD). CONMED Corporation (CNMD) offers the better valuation at 25. 2x trailing P/E (8. 7x forward), making it the more compelling value choice. Analysts rate TriSalus Life Sciences, Inc. (TLSI) a "Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — TLSI or CNMD or NVCR or ATRC?
On forward P/E, CONMED Corporation is actually cheaper at 8.
7x.
03Which is the better long-term investment — TLSI or CNMD or NVCR or ATRC?
Over the past 5 years, TriSalus Life Sciences, Inc.
(TLSI) delivered a total return of -54. 0%, compared to -91. 3% for NovoCure Limited (NVCR). Over 10 years, the gap is even starker: ATRC returned +95. 1% versus TLSI's -57. 6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — TLSI or CNMD or NVCR or ATRC?
By beta (market sensitivity over 5 years), AtriCure, Inc.
(ATRC) is the lower-risk stock at 1. 03β versus NovoCure Limited's 2. 20β — meaning NVCR is approximately 115% more volatile than ATRC relative to the S&P 500. On balance sheet safety, AtriCure, Inc. (ATRC) carries a lower debt/equity ratio of 18% versus 85% for NovoCure Limited — giving it more financial flexibility in a downturn.
05Which is growing faster — TLSI or CNMD or NVCR or ATRC?
By revenue growth (latest reported year), TriSalus Life Sciences, Inc.
(TLSI) is pulling ahead at 53. 4% versus 5. 2% for CONMED Corporation (CNMD). On earnings-per-share growth, the picture is similar: AtriCure, Inc. grew EPS 74. 7% year-over-year, compared to -64. 6% for CONMED Corporation. Over a 3-year CAGR, TLSI leads at 53. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — TLSI or CNMD or NVCR or ATRC?
CONMED Corporation (CNMD) is the more profitable company, earning 3.
4% net margin versus -154. 3% for TriSalus Life Sciences, Inc. — meaning it keeps 3. 4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CNMD leads at 10. 3% versus -59. 7% for TLSI. At the gross margin level — before operating expenses — TLSI leads at 84. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is TLSI or CNMD or NVCR or ATRC more undervalued right now?
On forward earnings alone, CONMED Corporation (CNMD) trades at 8.
7x forward P/E versus 370. 7x for AtriCure, Inc. — 362. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TLSI: 135. 4% to $10. 50.
08Which pays a better dividend — TLSI or CNMD or NVCR or ATRC?
In this comparison, CNMD (2.
1% yield) pays a dividend. TLSI, NVCR, ATRC do not pay a meaningful dividend and should not be held primarily for income.
09Is TLSI or CNMD or NVCR or ATRC better for a retirement portfolio?
For long-horizon retirement investors, CONMED Corporation (CNMD) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (2.
1% yield). NovoCure Limited (NVCR) carries a higher beta of 2. 20 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CNMD: +6. 6%, NVCR: +30. 3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between TLSI and CNMD and NVCR and ATRC?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: TLSI is a small-cap high-growth stock; CNMD is a small-cap quality compounder stock; NVCR is a small-cap quality compounder stock; ATRC is a small-cap quality compounder stock. CNMD pays a dividend while TLSI, NVCR, ATRC do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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