TLSI · TriSalus Life Sciences, Inc.

TriSalus Life Sciences reported Q1 2026 revenue of $8.9 million, a 2.9% decrease from $9.2 million in the same period last year, primarily due to the company's commercial expansion. Gross margin improved to 86.2% from 83.7%, driven by lower average cost per TriNav unit. Operating loss widened to $8.4 million from $7.3 million, reflecting higher sales and marketing expenses and increased stock-based compensation. Net income attributable to common stockholders was $1.5 million, compared to a net loss of $11.1 million in Q1 2025, largely due to $11.3 million in non-cash gains from changes in fair value of derivatives. Adjusted EBITDA loss was $5.8 million versus $5.5 million a year ago. The company ended the quarter with $56.6 million in cash, bolstered by a $46 million equity raise. Management revised 2026 revenue guidance to $54-$57 million, citing the impact of commercial expansion and delayed FDA clearance for TriNav Advance. Key operational highlights included publication of a real-world PEDD study showing $7,700 per-patient charge avoidance and fewer complications, and the appointment of Dr. Richard Marshall as Chief Medical Officer. The company believes its cash runway fully funds commercial expansion and pipeline development.