Revenue growth remains strong at 53.41% year-over-year, though operating margins of -94.5% in 2026Q1 suggest that the company has yet to achieve the necessary scale to offset its high fixed cost base.
| Sales/Revenue | 44.88M | 45.15M | 29.43M | 18.51M | 12.4M | 8.4M | 0 |
| Revenue Growth % | 39.64% | 53.41% | 58.99% | 49.31% | 47.58% | - | - |
| Cost of Goods Sold | 6.7M | 6.96M | 4.1M | 2.6M | 2.26M | 1.19M | 0 |
| COGS % of Revenue | - | 15.43% | 13.94% | 14.07% | 18.21% | 14.2% | - |
| Gross Profit | 38.18M | 38.19M | 25.33M | 15.91M | 10.14M | 7.21M | 0 |
| Gross Margin % | 85.07% | 84.57% | 86.06% | 85.93% | 81.79% | 85.8% | - |
| Gross Profit Growth % | - | 50.77% | 59.24% | 56.86% | 40.68% | - | - |
| Operating Expenses | 66.21M | 65.13M | 61.49M | 70.38M | 46.58M | 31.24M | 108.49K |
| OpEx % of Revenue | - | 144.25% | 208.94% | 380.21% | 375.7% | 371.86% | - |
| Selling, General & Admin | 51.33M | 50.17M | 43.8M | 40.55M | 25.22M | 17.02M | 108.49K |
| SG&A % of Revenue | - | 111.11% | 148.84% | 219.04% | 203.43% | 202.55% | - |
| Research & Development | 14.88M | 14.96M | 17.69M | 29.84M | 21.36M | 14.22M | 0 |
| R&D % of Revenue | - | 33.14% | 60.1% | 161.17% | 172.27% | 169.31% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28.03M | -26.95M | -36.16M | -54.48M | -36.44M | -24.03M | -108.49K |
| Operating Margin % | -62.45% | -59.68% | -122.88% | -294.28% | -293.91% | -286.06% | - |
| Operating Income Growth % | - | 25.49% | 33.61% | -49.5% | -51.63% | -22050.74% | - |
| EBITDA | -27.44M | -26.95M | -39.2M | -53.79M | -36.02M | -23.57M | -711.39K |
| EBITDA Margin % | -61.13% | -59.68% | -133.2% | -290.59% | -290.57% | -280.54% | - |
| EBITDA Growth % | 11.72% | 31.26% | 27.12% | -49.32% | -52.86% | -3212.97% | - |
| D&A (Non-Cash Add-back) | 589K | 0 | -3.04M | 684K | 414K | 464K | 0 |
| EBIT | -32.93M | -26.95M | -33.13M | -59.34M | -47.18M | -24.03M | -711.39K |
| Net Interest Income | -5.13M | -4.99M | -2.69M | 415K | 179K | -1.76M | 3.3K |
| Interest Income | 645K | 555K | 404K | 431K | 180K | 0 | 3.3K |
| Interest Expense | 5.77M | 5.54M | 3.09M | 16K | 1K | 1.76M | 0 |
| Other Income/Expense | 721K | -12.27M | 6.13M | -4.88M | -10.74M | -4.81M | -602.9K |
| Pretax Income | -27.31M | -39.22M | -30.04M | -59.35M | -47.18M | -28.84M | -711.39K |
| Pretax Margin % | -60.84% | -86.86% | -102.07% | -320.64% | -380.53% | -343.32% | - |
| Income Tax | 6K | 7K | 6K | 9K | 9K | 3K | 0 |
| Effective Tax Rate % | -0.02% | -0.02% | -0.02% | -0.02% | -0.02% | -0.01% | 0% |
| Net Income | -27.31M | -39.23M | -33.23M | -59.36M | -47.19M | -28.84M | -31.83M |
| Net Margin % | -60.85% | -86.88% | -112.92% | -320.69% | -380.6% | -343.35% | - |
| Net Income Growth % | -0.36% | -18.04% | 44.02% | -25.8% | -63.59% | 9.38% | - |
| Net Income (Continuing) | -27.31M | -39.23M | -30.05M | -59.36M | -47.19M | -28.84M | -711.39K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -1.84 | -1.25 | -2.23 | -1.59 | -0.92 | -0.02 |
| EPS Growth % | -24.78% | -47.2% | 43.95% | -40.25% | -72.83% | -3935.09% | - |
| EPS (Basic) | - | -1.84 | -1.25 | -2.23 | -1.59 | -0.92 | -0.02 |
| Diluted Shares Outstanding | 52.31M | 37.9M | 26.5M | 26.47M | 29.61M | 31.25M | 30.56M |
| Basic Shares Outstanding | 51.54M | 37.9M | 26.5M | 26.47M | 29.61M | 31.25M | 30.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and financing dependence
According to recent financial disclosures, TLSI achieved a 53.41% year-over-year revenue growth rate, reflecting strong commercial traction for the TriNav Infusion System within the competitive U.S. interventional oncology market as hospital procurement cycles continue to favor the company's proprietary pressure-enabled drug delivery technology.
The consistent double-digit top-line expansion suggests that the company is successfully navigating the complex Hospital Value Analysis Committee approval process. However, investors should monitor whether this growth is driven by sustainable end-user procedure volume or if it remains susceptible to volatility from initial stocking orders.
As reported in quarterly filings, TLSI maintains a robust gross margin profile averaging approximately 85%, which highlights the significant pricing power inherent in its specialized medical device hardware compared to legacy interventional oncology peers like AngioDynamics, which operate at substantially lower margin levels.
This high-margin hardware business provides a strong foundation, yet it currently fails to offset the heavy investment in clinical R&D and commercial infrastructure. The disparity between gross profitability and operating losses suggests that the company's current valuation is heavily predicated on the future success of its drug-device combination pipeline.
Based on the provided income statement data, TLSI's operating margins remain deeply negative, with recent figures hovering near -60%, indicating that the company has yet to achieve the necessary economies of scale to leverage its fixed cost base against its growing revenue stream.
The persistent reliance on heavy SG&A spending to drive market adoption suggests that the company is prioritizing growth over immediate profitability. Until the company can demonstrate a narrowing of the operating loss gap, the business model will likely remain sensitive to the high costs of its specialized sales force.
Data from the latest income statements indicates a concerning mismatch between the company's $20.4 million cash position and its significant quarterly burn rate, which may necessitate dilutive financing to sustain operations if the current clinical and commercial development timelines do not accelerate as anticipated.
Short-term observers may focus on the binary risk associated with the SD-101 immunotherapy pipeline, as any clinical setback could render the current high-cost structure unsustainable. The reliance on external capital markets in a high-rate environment warrants further investigation into the company's long-term solvency and strategic flexibility.
Quick answers to the most common questions about buying TLSI stock.
For fiscal year 2025, TriSalus Life Sciences, Inc. (TLSI) reported total revenue of $45.2M.
TriSalus Life Sciences, Inc. (TLSI) reported a net loss of $39.2M for the fiscal year ending 2025.
TriSalus Life Sciences, Inc. (TLSI) reported an operating income of $-26.9M, resulting in an operating profit margin of -59.7%. This margin reflects the operational efficiency of the business before interest and taxes.
TriSalus Life Sciences, Inc. (TLSI) generated $38.2M in gross profit for the year, representing a gross profit margin of 84.6%. This demonstrates the company's core pricing power and production efficiency.