TriSalus Life 2025 Q3 Earnings Wider Losses Amid Revenue Surge

TriSalus Life (TLSI) reported Q3 2025 earnings on Nov 14, 2025, with revenue surging 57.4% to $11.57 million but net losses widening significantly. The results fell short of EPS estimates (-$0.96 vs. -$0.17 expected) and marked a 350.6% increase in net loss year-over-year. Management reaffirmed 50% revenue growth guidance for 2025, citing strategic investments in product development and market expansion.

Revenue

TriSalus Life’s total revenue reached $11.57 million in Q3 2025, a 57.4% increase from $7.35 million in the same period in 2024. This growth was driven by the expansion of its TriNav platform and the adoption of the CMS code C-8004, which doubled reimbursable use of its technology in radioembolization. Sequentially, revenue grew 3% from Q2 2025.

Earnings/Net Income

The company’s losses deepened to $0.96 per share in Q3 2025, a 700.0% increase in per-share losses compared to $0.12 in 2024. Net loss widened to $10.81 million, up 350.6% from $2.40 million in the prior-year quarter. This marked the third consecutive year of losses for the company, underscoring ongoing financial challenges despite revenue growth.

Price Action

TriSalus Life’s stock price rose 11.49% on the latest trading day, 3.87% over the past week, and 0.44% month-to-date. Post-earnings, the stock’s performance reflected mixed sentiment, with revenue outperformance offset by wider-than-expected losses.

Post-Earnings Price Action Review

The stock’s post-earnings trajectory highlighted divergent investor reactions. While revenue growth exceeded expectations, the significant widening of losses and a 700% increase in per-share losses raised concerns about sustainability. Management’s reaffirmed 50% revenue growth guidance for 2025 and optimism around TriNav’s long-term potential provided some optimism, but near-term EBITDA positivity remains delayed. The 11.49% single-day gain suggests short-term buying interest, though broader market positioning in a challenging oncology sector remains a factor.

CEO Commentary

Mary Szela, CEO, emphasized TriSalus’ Q3 revenue growth of 57% YoY and 3% sequentially, driven by TriNav platform expansion and the CMS code C-8004. She highlighted strategic investments in PEDD technology, new product launches (TriNav Flex, TriNav XP), and clinical trials in uterine fibroids and genicular artery embolization. Szela reaffirmed 50% revenue growth guidance for 2025 and expressed confidence in TriNav becoming the liver embolization standard of care, despite acknowledging delayed EBITDA positivity due to commercial investments.

Guidance

TriSalus reaffirmed its 50% YoY revenue growth target for 2025, with management citing alignment with Q3 results. CFO David Patience noted an adjusted EBITDA loss of $5.4 million (improved from $7.1 million in 2024) and $22.7 million in year-end cash. EBITDA positivity is targeted for H1 2026, with gross margin normalization expected in Q4 and R&D cost reductions post-2025 clinical trial closures.

Additional News

TriSalus announced strategic shifts, including a partnership approach for nelitolimod development to reduce cash burn and extend its platform. The company also launched TriNav FLX and TriNav XP, expanding into new therapeutic indications within interventional radiology. Additionally, TriSalus completed an exchange offering of Series A Preferred stock, simplifying its capital structure and enhancing liquidity. These moves underscore a focus on long-term growth and operational efficiency.

Image Suggestion:

A graph showing TriSalus’ Q3 2025 revenue growth compared to prior periods, alongside a timeline of product launches and clinical trial milestones.

Key Takeaways:

• Revenue Momentum:

  57.4% YoY growth driven by TriNav adoption and CMS code C-8004.

• Financial Challenges:

  Net losses widened 350.6% YoY, with EBITDA positivity delayed to H1 2026.

• Strategic Focus:

  Product innovation, clinical trials, and capital structure optimization.

• Market Positioning:

  Canaccord Genuity maintains a “Buy” rating with a $11.00 price target (151% upside from current levels).

Risks:

Continued operating losses, margin pressures, and dependence on clinical trial outcomes for long-term viability.