TriSalus Life Sciences reported third‑quarter 2025 revenue of $11.6 million, a 57% year‑over‑year increase, but the figure fell short of consensus estimates of $11.76 million to $11.99 million, marking a revenue miss of $0.16 million to $0.39 million. The company’s earnings per share were a loss of $0.96, a far wider miss than the consensus range of $-0.17 to $-0.19, a $0.79 to $0.81 dollar shortfall that underscores the intensity of the company’s cost pressures. The operating loss for the quarter was $9.0 million, up from $8.7 million in Q3 2024, while cash used in operations dropped to $3.7 million from $11.2 million a year earlier, reflecting the company’s ongoing effort to reduce cash burn through a shift toward partnering development of its investigational immunotherapy nelitolimod.
Revenue growth was driven primarily by the TriNav infusion system, which continues to gain traction in liver embolization procedures. The system’s adoption accelerated in the United States, contributing the bulk of the 57% increase, but the higher consensus estimates were driven by expectations of even stronger demand in international markets and a broader product mix. The miss indicates that while the core product is expanding, the market’s overall appetite has not yet reached the levels anticipated by analysts, and the company’s pricing power has been partially offset by competitive pressure and the need to support new product launches. Gross margin for the quarter was 84%, a slight decline from 86% in Q3 2024, reflecting lower manufacturing efficiency associated with newly launched products and higher raw‑material costs.
The EPS miss can be attributed to a combination of higher operating expenses and a larger operating loss. R&D and SG&A costs increased, with G&A expenses rising to $6.7 million from $4.7 million a year earlier, while the company continued to invest heavily in registry and clinical programs to build a data‑driven case for expanding its PEDD technology. The shift toward partnering development of nelitolimod has reduced quarterly cash burn, but the immediate cost of the partnership agreements and the ongoing investment in clinical trials have widened the loss. Management noted that the company is focusing on cost discipline to bring the loss closer to zero as it scales its commercial operations.
Despite the earnings miss, TriSalus reaffirmed its full‑year revenue guidance of at least 50% growth and reiterated its expectation of adjusted EBITDA positivity in the first half of 2026. The guidance signals management’s confidence that the commercial momentum of the TriNav system will continue to accelerate, and that the company’s strategic investments in the PEDD platform and new embolization indications will pay off once the product pipeline matures. The company also highlighted its ongoing efforts to reduce cash burn, with operating cash usage falling to $3.7 million in Q3 2025 from $11.2 million a year earlier, a key metric for investors concerned about liquidity.
Management emphasized the importance of the TriNav system’s market penetration and the strategic shift toward partnering for nelitolimod. CEO Mary Szela said the company is “pleased to reaffirm our full‑year revenue growth guidance of 50%” and that the company is “investing in registry and other clinical programs” to support the expansion of its PEDD technology. CFO David Patience noted that the company’s operating loss of $9.0 million is “consistent with the company’s focus on scaling commercial operations while investing in future growth.” Analysts reacted to the EPS miss by cautioning that the widened loss could delay the company’s path to profitability, even as the revenue growth and guidance suggest a positive long‑term trajectory.
The market reaction was tempered by the EPS miss, with investors focusing on the company’s continued operating losses and margin compression. The 84% gross margin, while still healthy, indicates pressure from manufacturing inefficiencies and higher input costs. The company’s cash burn reduction is a positive sign, but the significant loss and the need for continued investment in clinical programs suggest that the company will remain cash‑constrained in the near term. Overall, the results highlight a company that is growing its top line but still grappling with the cost structure required to translate that growth into profitability.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.