Trisalus Life Sciences (TLSI) Q4 2025 earnings summary

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.