TriSalus Life Sciences, Inc. is an immunotherapy firm dedicated to the research, development, and market introduction of treatments that leverage the body's ...
TriSalus Life Sciences, Inc. (TLSI) is a publicly traded oncology company dedicated to transforming outcomes for patients with solid tumors, particularly those affecting the liver and pancreas. The company's mission is to integrate its proprietary pressure-enabled drug delivery (PEDD) technology with standard-of-care therapies to improve the efficacy of treatments for ...TriSalus Life Sciences, Inc. (TLSI) is a publicly traded oncology company dedicated to transforming outcomes for patients with solid tumors, particularly those affecting the liver and pancreas. The company's mission is to integrate its proprietary pressure-enabled drug delivery (PEDD) technology with standard-of-care therapies to improve the efficacy of treatments for challenging tumors. Its lead product, the TriNav Infusion System, is an FDA-cleared device designed for hepatic arterial infusion, enabling targeted delivery of therapeutic agents directly to liver tumors. Additionally, the company is developing the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. Beyond devices, TriSalus is advancing SD-101, an investigational immunotherapeutic that, when combined with PEDD, aims to enhance the body's immune response against tumors. This candidate is being evaluated for multiple indications, including hepatocellular carcinoma, intrahepatic cholangiocarcinoma, uveal melanoma with liver metastases, pancreatic ductal adenocarcinoma with liver metastases, and colorectal cancer with liver metastases.
Financially, TriSalus has experienced negative profitability, with a net profit margin of -62.6% and negative free cash flow, reflecting its focus on R&D and commercialization. The company's revenue per share is $0.77, and it has a market cap of approximately $211.5 million as of the latest data. The company operates with a lean team of around 102 employees, indicating a specialized workforce. Key executives include CEO Mary Szela, who also serves as President and Director, bringing extensive leadership experience in the healthcare sector. The company is headquartered in Westminster, Colorado, and went public in 2021. TriSalus continues to invest heavily in research and development (R&D expenses are around 31.3% of revenue) and sales, general, and administrative efforts to establish its products in the market. Despite current losses, the company's innovative approach and strong IP portfolio position it to potentially capture significant market share in the oncology treatment space.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$45.2M
+53.4%
+28.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-39.2M
-18.0%
-696.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+84.6%
-1.7%
+0.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-59.7%
+51.4%
+9.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-86.9%
+23.1%
-565.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-18.9M
+54.0%
-154.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-41.9%
+70.0%
-98.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-101.7%
-11.5%
+95.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.80x
+38.8%
-7.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, and welcome to the TriSalus Life Sciences First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. I will now turn the call over to Jeremy Feffer, Managing Director with Lifesci Advisors. Please go ahead.
Jeremy Feffer: Thank you, operator, and thank you all for joining us today. With me from TriSalus Life Sciences are Mary Szela, President and Chief Executive Officer; David Patience, Chief Financial Officer; and Dr. Richard Marshall, Medical Director. Mary will provide an overview of our first quarter results and our strategy for the balance of the year. David will then walk through the financial results in detail. Dr. Marshall will join Mary and David for the Q&A portion of the call. Earlier today, TriSalus released its financial results for the quarter ended March 31, 2026. A copy of the press release is available on the TriSalus Investor Relations website. Today, TriSalus also announced the publication of a landmark real-world evidence study evaluating the clinical and economic impact of our Pressure-Enabled Drug Delivery, or PEDD technology. Mary will discuss that study in detail. Before we begin, I would like to remind you that during today's call, management will make forward-looking statements within the meaning of the federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact, including, without limitation, statements regarding our sales and operating trends, business and hiring prospects, financial and revenue expectations and future product development and approvals are forward-looking. They are based on current estimates and assumptions and involve material risks and uncertainties, including the impact of macroeconomic conditions and global events that could cause actual results to differ materially from those anticipated. You should not place undue reliance on these statements. For a description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Forms 10-Q and 10-K on file with the SEC and available on EDGAR as well as our other periodic filings. TriSalus disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether due to new information, future events or otherwise. This call contains time-sensitive information and is accurate only as of today's live broadcast, May 12, 2026. And with that, I'll turn the call over to Mary.
Mary Szela: Thank you, Jeremy, and good afternoon, everyone, and thank you for joining us. I'll cover 4 topics today: first, our first quarter results; second, the deliberate realignment and significant expansion of our commercial organization, creating a foundation to capture the multiyear growth that a cadence of new clinical and health economic evidence will …