TriSalus Life 2025 Q3 Earnings Widening Losses Amid 57.4% Revenue Surge

TriSalus Life Sciences reported Q3 2025 earnings with a 57.4% revenue surge to $11.57 million, exceeding 2024 Q3 by $4.22 million. However, the net loss expanded to $10.81 million (EPS -$0.96), a 350.6% increase year-over-year, missing estimates. The company reaffirmed its 50% full-year revenue growth guidance despite ongoing financial challenges.

Revenue

TriSalus Life Sciences’ total revenue surged 57.4% to $11.57 million in Q3 2025, driven by the TriNav platform’s expansion, including the TriNav Flex Infusion System and CMS code C-8004 adoption, which doubled reimbursable radioembolization procedures. Sequentially, revenue grew 3% from Q2 2025.

Earnings/Net Income

The company’s losses deepened significantly, with a net loss of $10.81 million (EPS -$0.96) in Q3 2025, representing a 350.6% increase from the $2.40 million loss in 2024 Q3. The EPS of -$0.96 missed estimates by $0.79, reflecting heightened operational and R&D expenses. The widening loss underscores persistent financial headwinds despite revenue growth.

Price Action

Following the earnings report, TriSalus Life Sciences’ stock price rose 11.49% in the latest trading day, 3.87% in the week, and 0.44% month-to-date. However, the stock remains near its 52-week low, indicating cautious investor sentiment amid ongoing losses and margin pressures.

Post-Earnings Price Action Review

The stock’s post-earnings performance showed mixed signals. While the 11.49% daily gain highlighted short-term optimism, the broader context of a 11.8% year-to-date decline versus the S&P 500’s 16.5% gain reflected lingering skepticism. Management’s reaffirmed guidance and focus on EBITDA positivity by mid-2026 provided some stability, but the deepened losses and cash burn of $3.8 million raised concerns about long-term sustainability. Analysts noted that the stock’s immediate direction would hinge on execution of strategic priorities and market confidence in TriNav’s expansion.

CEO Commentary

CEO Mary Szela emphasized TriNav’s 57% YoY revenue growth and 3% sequential increase, attributing success to the TriNav Flex Infusion System and CMS code C-8004 adoption. She outlined strategic investments in PEDD technology for tumor vasculature challenges, new product launches (e.g., TriNav XP), and clinical trials in uterine fibroids and genicular artery embolization. Szela reiterated confidence in 50% revenue growth guidance, prioritizing innovation over short-term EBITDA positivity.

Guidance

TriSalus reaffirmed 50% revenue growth guidance for 2025, projecting adjusted EBITDA positivity by H1 2026. Q3 2025 revenue reached $11.57 million (EPS: -$0.96, Net Loss: -$10.81 million), with cash burn improved to $3.8 million and $22.7 million in cash reserves. Management highlighted disciplined expense management, manufacturing efficiency gains, and partnership opportunities for nelitolimod to reduce R&D costs.

Additional News

1. Debt Covenant Amendment: TriSalus reduced its minimum cash covenant from $10 million to $5 million, enhancing balance sheet flexibility.

2. Clinical Trial Expansion: Initiated trials for genicular artery embolization (GAE) in knee osteoarthritis and thyroid artery embolization (PED-TAE) for non-surgical thyroid nodule treatment.

3. Product Launches: Launched TriNav XP for uterine artery embolization and TriNav Advance, with feedback from 20 cases highlighting improved trackability and efficiency.