# TLSI earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/TLSI) · [Earnings tab](https://www.lopjlb.com/stock/TLSI?tab=earnings)

Updated: 2026-11-10T06:37:55

Quarters analyzed: 8

## Cross-quarter narrative

Across eight quarterly CallCards, TriSalus (TLSI) has maintained a pattern of high double‑digit revenue growth, ranging from 42% to 60% YoY, and repeatedly reaffirmed a 50%‑plus annual growth target. Commercial momentum accelerated as the sales force expanded to 50‑70 reps and new HCPCS code C8004 was secured, driving broader adoption of the TriNav platform. Product rollout intensified: TriNav Large (Q3‑24), TriNav Flex (Q1‑25), TriNav FLX (Q2‑25), TriNav LD and TriGuide (Q2‑25), and the upcoming TriNav Advance (Q3‑25) broadened indications. Margin pressure emerged with new‑product manufacturing (gross margin fell to 84% in Q2‑25) but management expects recovery as scale improves. Cash‑burn guidance tightened, moving from $4‑4.5 M in Q4‑24 to a target of cash‑flow positivity in H2‑26, supported by $22 M capital raises and a simplified capital structure. Reimbursement and clinical‑trial execution risks have been a constant thread, alongside partnership uncertainty for nelilotimod and competitive threats in arterial embolization. While guidance remained steady, the company’s timeline for EBITDA positivity shifted later, reflecting the balance between aggressive expansion and operational constraints.

## Latest CallCard · Q1

TriSalus revises 2026 revenue guidance to $54-57M due to commercial expansion transition and TriNav Advance FDA delay; publishes landmark real-world evidence showing PEDD reduces complications, hospitalizations, and $7.7K/patient cost avoidance.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management h

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q1:** TriSalus revises 2026 revenue guidance to $54-57M due to commercial expansion transition and TriNav Advance FDA delay; publishes landmark real-world evidence showing PEDD reduces complications, hospitalizations, and $7.7K/patient cost avoidance.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management h
- **2025 Q4:** TLSI Q4'25: Revenue $13.2M (+60% YoY), FY $45.2M (+53%); reaffirms 2026 guidance $60-62M with H2 weighting; $46M raise funds commercial doubling, TriNav Advance launch H1'26 pending 510(k); nelitolimod data delayed to H2'26.','tone': {'mgmt': 0.6, 'mgmt_rationale': 'Management highlights strong 2025
- **2025 Q3:** TriSalus posted a strong Q3 with 57% revenue growth, reaffirmed its 50% growth guidance, expanded the TriNav platform with new products and indications, and highlighted margin recovery and ample cash despite manufacturing headwinds.
- **2025 Q2:** TLSI Q2 sales $11.2M (+52% YoY), launched TriNav FLX, raised $22M, simplified cap structure, reiterated 50% growth guidance, targeting cash flow positive early 2026. Gross margin dipped to 84% on new product manufacturing; nelitolimod partnership sought.
- **2025 Q1:** TriSalus Q1 2025 saw 42% revenue growth to $9.2M, completed Phase 1 nelitolimod trials, added new TriNav products and registries, raised $22M, and reaffirmed 50% annual revenue guidance while still targeting EBITDA positivity in 2026.
- **2024 Q4:** TriSalus reports 59% FY24 revenue growth to $29.4M, guides 50%+ FY25 growth with EBITDA/cash flow positivity H2, but 10-K delayed due to accounting errors.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlights strong commercial momentum, 59% FY growth, new reimbursement code, product launc
- **2024 Q3:** TriSalus reported 42% Q3 revenue growth, launched TriNav Large, plans TriNav 2.0 in H2 2025, and expects cash burn to drop to $4‑4.5 M in Q4 while targeting EBITDA positivity in 2025.
- **2024 Q2:** TriSalus reports 60% TriNav revenue growth, advances DELIVER program for complex patients, PERIO-02 shows safety/immune signals but halted due to resource constraints, PERIO-01/03 data due Q4.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management expresses enthusiasm about 60% revenue growth, DELIVER

## Theme arcs

- **Revenue growth** (improving): Consistently 42‑60% YoY growth and repeated 50%+ FY guidance
- **Commercial expansion** (improving): Sales force grew to ~70 reps; new HCPCS code C8004 enabled broader market reach
- **Product launch cadence** (improving): Multiple TriNav variants launched sequentially, expanding indications
- **Margin pressure** (deteriorating): Gross margin dipped to 84% with new‑product manufacturing inefficiencies
- **Margin recovery** (new): Management expects margin rebound as production scales
- **Cash‑flow positivity timeline** (deteriorating): Target moved from 2025 to H2‑26 as burn remains high
- **Capital structure simplification** (improving): $22 M raise converted preferred, reducing dilution and debt
- **Reimbursement risk** (stable): Dependence on HCPCS code C8004 and need for physician education
- **Clinical‑trial execution risk** (stable): Uncertain readout timelines for PERIO‑01/03 and nelilotimod
- **Partnership risk** (stable): Uncertainty around securing a pharma partner for nelilotimod

## Fear persistence

- **Clinical trial execution risk** [recurring]: Uncertain PERIO‑01/03 readouts noted Q3‑24 and again Q3‑25
- **Reimbursement/regulatory risk** [recurring]: Dependence on HCPCS code C8004 highlighted Q3‑24 and education risk Q3‑25
- **Market adoption risk** [recurring]: Physician uptake concerns noted Q3‑24 and persisted
- **Competition risk** [recurring]: Competitor arterial pancreatic device Q3‑24; emerging GAE competitors Q3‑25

## Guidance path

2024 Q2:vague → 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:vague

---

Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/TLSI`