TriSalus Life 2025 Q3 Earnings 57% Revenue Growth Amid Widening Net Loss

TriSalus Life (TLSI) reported Q3 2025 earnings on Nov 14, 2025, with revenue rising 57.4% to $11.57 million, surpassing consensus estimates. Despite robust top-line growth, the company’s net loss widened to $10.81 million, and it reaffirmed 50% annual revenue growth guidance while aiming for EBITDA positivity by mid-2026.

Revenue

TriSalus Life’s total revenue surged 57.4% to $11.57 million in Q3 2025, driven by TriNav platform expansion and CMS code C-8004 adoption, which doubled reimbursable radioembolization procedures. The company attributed the growth to sequential 3% improvement and expanded market access.

Earnings/Net Income

The company’s losses deepened to $0.96 per share in Q3 2025, a 700% increase from $0.12 per share in 2024. Net losses widened to $10.81 million, a 350.6% year-over-year increase. The EPS and net loss figures reflect ongoing financial challenges, with sustained losses over three years.

Post-Earnings Price Action Review

TriSalus Life’s stock price rose 11.49% on the latest trading day, 3.87% for the week, and 0.44% month-to-date. Post-earnings volatility was muted, with the stock trading near its 52-week low despite revenue outperformance. Analysts noted cautious investor sentiment due to widening losses and margin pressures.

CEO Commentary

CEO Mary Szela highlighted 57% YoY revenue growth, TriNav expansion, and strategic priorities like PEDD technology development and new indications (e.g., uterine fibroids, thyroid). She emphasized confidence in TriNav becoming the liver embolization standard and EBITDA positivity by mid-2026.

Guidance

TriSalus reaffirmed 50% annual revenue growth for 2025 and expects EBITDA positivity by mid-2026. The company cited TriNav adoption, operational efficiencies, and reduced R&D costs post-2025 clinical trials as key drivers.

Additional News

1. Product Launches: TriSalus launched TriNav XP and TriNav Advance, targeting uterine artery embolization and genicular artery embolization, with early feedback highlighting improved precision and procedural efficiency.

2. Capital Structure: The company completed an exchange offer for preferred stock, simplifying its capital structure and eliminating the 2027 preferred stock reset provision.

3. Clinical Trials: A pilot registry for genicular artery embolization (GAE) in knee osteoarthritis was initiated, with potential to delay or avoid knee replacement surgery.