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Trisalus Life Sciences
Trisalus Life Sciences (TLSI) investor relations material
Trisalus Life Sciences Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Fourth quarter 2025 revenue reached $13.2 million, up 60% year-over-year; full-year revenue was $45.2 million, a 53% increase, driven by TriNav system sales in liver applications.
Achieved 2025 revenue growth guidance, supported by commercial execution, TriNav product suite expansion, and PEDD platform adoption.
Raised $46 million in an oversubscribed public offering, strengthening the balance sheet and enabling strategic investments.
Expanded board with the appointment of experienced healthcare investor Michael Stansky in February 2026.
Focused on expanding commercial infrastructure, clinical studies, and product innovation for sustained growth.
Financial highlights
Q4 2025 gross margin improved to 86.7% from 85.3% in Q4 2024; full-year gross margin was 84.6% due to lower manufacturing efficiency on new products.
Adjusted EBITDA loss improved to $0.9 million in Q4 2025 (from $5.7 million loss in Q4 2024); full-year adjusted EBITDA loss was $17.2 million.
Operating loss for 2025 was $26.9 million, down from $36.2 million in 2024.
Net loss attributable to common stockholders was $69.7 million in 2025, primarily due to preferred stock conversion.
Basic and diluted loss per share for the year: $1.84.
Outlook and guidance
Reaffirmed 2026 revenue guidance of $60–$62 million, with growth weighted toward the second half of the year and supported by expanded sales and clinical investments.
TriNav Advance launch anticipated in H1 2026, pending 510(k) clearance.
Continued investment in foundational clinical studies to support PEDD platform adoption.
Timeline for manufacturing efficiency improvements
Update on nelitolimod partnership opportunities
2026 revenue impact from non-liver indications
Explain the 2026 revenue weighting rationale
TriNav Advance utility in mapping procedures
Strategic reasoning for nelitolimod data delay
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Next Trisalus Life Sciences earnings date
Q1 202614 May, 2026
Trisalus Life Sciences
Next Trisalus Life Sciences earnings date
Q1 202614 May, 2026
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Frequently asked questions
Trisalus Life Sciences Inc is an oncology company focused on integrating novel delivery technology with immunotherapy to transform the treatment of patients with liver and pancreatic tumors. The company's approach combines innovative drug delivery systems with clinical-stage investigational immunotherapies, aiming to address the unique challenges of treating tumors in the liver and pancreas. These challenges include overcoming the high intratumoral pressure and immunosuppressive environment that can limit the efficacy of traditional treatments. Trisalus Life Sciences is committed to advancing its platform to improve the therapeutic outcomes for patients facing these difficult-to-treat cancers. The company is headquartered in Denver, Colorado, and its shares are listed on the Nasdaq.
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