TriSalus Life 2025 Q2 Earnings Deepened Losses Amid Revenue Surge

TriSalus Life (TLSI) reported its Q2 2025 earnings on August 12, 2025. The results showed a significant 52.3% year-over-year revenue increase to $11.21 million, but the company posted wider net losses. The firm reiterated its 50% revenue growth guidance for 2025 while shifting focus from nelitolimod development to partnerships and commercial expansion of TriNav.

TriSalus Life’s Q2 revenue surged 52.3% year-over-year to $11.21 million, reflecting strong sequential growth and expanding adoption of the TriNav platform. This performance underscores the product’s growing traction in key applications such as liver embolization and thyroid artery embolization. The company attributed the revenue increase to broader market penetration and the recent reimbursement code expansion, which doubled reimbursable procedures for TriNav mapping.

Net losses, however, widened significantly. Earnings per share deteriorated to -$0.27 in Q2 2025, a 28.6% increase in the loss per share compared to the previous year. Total net loss expanded to $8.29 million, a 91.3% increase from $4.33 million in the prior-year period. The company has now recorded losses for three consecutive years in this quarter, highlighting persistent financial challenges despite revenue growth.

Post-earnings, TLSI shares showed mixed short-term performance. The stock edged up 2.24% during the latest trading day, but declined 13.30% for the week and 25.36% month-to-date. A backtest of buying shares following the quarterly revenue drop on the earnings release date and holding for 30 days yielded a cumulative return of -28.9% over the past three years—underperforming the S&P 500, which gained 18.6% over the same period. The strategy of reacting to revenue declines with short-term holds appears ineffective, as the broader market and more diversified portfolios have outperformed.

Management highlighted TriSalus’s Q2 performance, with CEO Mary T. Szela noting $11.2 million in net sales and 22% sequential growth. She emphasized TriNav’s momentum in liver embolization and new clinical applications, such as thyroid artery embolization. Szela also pointed to the recent reimbursement code expansion as a key driver of adoption and expressed confidence in achieving EBITDA and cash flow positivity in 2026.

The company reaffirmed its 50% revenue growth guidance for 2025, attributing it to TriNav’s expansion and continued product adoption. With nelitolimod-related expenses expected to conclude by year-end, TriSalus anticipates reduced R&D costs and better resource allocation. Management also emphasized disciplined expense management in G&A and operations to support long-term scalability and cash flow positivity by early 2026.

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