What is TriSalus Life Sciences' operating income?

TriSalus Life Sciences' total operating income in 2025 was -$26.95 million, based on the following breakdown: Total Gross Profit: $38.19 million Total Operating Expenses: $65.13 million

TriSalus Life Sciences (TLSI) Financials

$2.43 -0.09 (-3.57%)

Closing price 11/13/2026 04:00 PM Eastern

Extended Trading

$2.43 0.00 (0.00%)

As of 11/13/2026 07:30 PM Eastern

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Annual Income Statements for TriSalus Life Sciences

This table shows TriSalus Life Sciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.77	-50	-64	-33	-70
Consolidated Net Income / (Loss)	4.77	-47	-59	-30	-39
Net Income / (Loss) Continuing Operations	4.77	-47	-59	-30	-39
Total Pre-Tax Income	4.77	-47	-59	-30	-39
Total Operating Income	-3.04	-36	-54	-36	-27
Total Gross Profit	0.00	10	16	25	38
Total Revenue	0.00	12	19	29	45
Operating Revenue	-	12	19	29	45
Total Cost of Revenue	0.00	2.26	2.61	4.10	6.97
Operating Cost of Revenue	-	2.26	2.61	4.10	6.97
Total Operating Expenses	3.04	47	70	61	65
Selling, General & Admin Expense	3.04	12	24	18	21
Marketing Expense	-	13	17	26	29
Research & Development Expense	-	21	30	18	15
Total Other Income / (Expense), net	7.81	-11	-4.88	6.13	-12
Interest Expense	-	0.00	0.02	3.09	5.54
Interest & Investment Income	0.06	0.18	0.43	0.40	0.56
Other Income / (Expense), net	7.74	-11	-5.29	8.81	-7.29
Income Tax Expense	0.00	0.01	0.01	0.01	0.01
Preferred Stock Dividends Declared	-	2.83	4.24	3.19	30
Basic Earnings per Share	$0.30	($161.55)	($6.77)	($1.31)	($1.84)
Weighted Average Basic Shares Outstanding	31.25M	309.61K	9.40M	25.33M	37.90M
Diluted Earnings per Share	$0.30	($161.55)	($6.77)	($1.31)	($1.84)
Weighted Average Diluted Shares Outstanding	31.25M	309.61K	9.40M	25.33M	37.90M
Weighted Average Basic & Diluted Shares Outstanding	31.25M	8.20M	-	32.27M	61.31M

This table shows TriSalus Life Sciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-14	-5.13	-3.20	-11	-11	-9.00	-41	-8.33	1.54	-9.19	-8.85
Consolidated Net Income / (Loss)	-13	-4.33	-2.40	-10	-10	-8.29	-11	-9.75	1.54	-9.19	-8.85
Net Income / (Loss) Continuing Operations	-13	-4.33	-2.40	-10	-10	-8.29	-11	-9.75	1.54	-9.19	-8.85
Total Pre-Tax Income	-13	-4.33	-2.40	-10	-10	-8.29	-11	-9.75	1.54	-9.18	-8.85
Total Operating Income	-12	-8.17	-8.74	-7.57	-7.33	-7.33	-9.01	-3.27	-8.41	-9.81	-7.71
Total Gross Profit	5.49	6.45	6.35	7.05	7.67	9.41	9.66	11	7.67	9.90	11
Total Revenue	6.46	7.36	7.35	8.26	9.17	11	12	13	8.90	11	13
Operating Revenue	6.46	7.36	7.35	8.26	9.17	11	12	13	8.90	11	13
Total Cost of Revenue	0.97	0.91	1.00	1.22	1.50	1.80	1.91	1.76	1.23	1.51	1.78
Operating Cost of Revenue	0.97	0.91	1.00	1.22	1.50	1.80	1.91	1.76	1.23	1.51	1.78
Total Operating Expenses	17	15	15	15	15	17	19	15	16	20	19
Selling, General & Admin Expense	4.63	3.96	4.73	4.66	5.25	5.91	6.13	4.17	5.45	5.16	4.88
Marketing Expense	6.69	6.00	6.14	7.01	6.73	7.16	6.84	7.97	7.41	11	11
Research & Development Expense	5.84	4.67	4.22	2.95	3.02	3.67	5.70	2.57	3.22	3.14	3.19
Total Other Income / (Expense), net	-1.53	3.85	6.34	-2.53	-3.04	-0.96	-1.79	-6.48	9.95	0.63	-1.14
Interest Expense	0.00	0.88	1.14	1.07	1.21	1.42	1.46	1.45	1.44	1.49	1.56
Interest & Investment Income	0.09	0.10	0.16	0.06	0.07	0.13	0.17	0.18	0.16	0.46	0.38
Other Income / (Expense), net	-1.62	4.63	7.32	-1.52	-1.91	0.33	-0.50	-5.21	11	1.66	0.04
Income Tax Expense	0.00	0.01	-0.00	-0.00	0.01	-0.00	0.01	-	0.00	0.00	0.00
Preferred Stock Dividends Declared	0.80	0.80	0.80	0.78	0.71	0.71	30	-1.43	0.00	0.00	0.00
Basic Earnings per Share	($0.60)	($0.21)	($0.12)	($0.38)	($0.39)	($0.27)	($0.96)	($0.22)	$0.03	($0.16)	($0.15)
Weighted Average Basic Shares Outstanding	23.32M	23.90M	26.50M	25.33M	28.53M	32.90M	43.06M	37.90M	51.54M	58.30M	58.47M
Diluted Earnings per Share	($0.60)	($0.21)	($0.12)	($0.38)	($0.39)	($0.27)	($0.96)	($0.22)	$0.03	($0.16)	($0.15)
Weighted Average Diluted Shares Outstanding	23.32M	23.90M	26.50M	25.33M	28.53M	32.90M	43.06M	37.90M	52.31M	58.30M	58.47M
Weighted Average Basic & Diluted Shares Outstanding	27.16M	29.31M	30.49M	32.27M	37.84M	49.87M	49.96M	61.31M	61.42M	61.57M	61.70M

This table details how cash moves in and out of TriSalus Life Sciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1.13	-21	2.46	-3.25	12
Net Cash From Operating Activities	-1.74	-32	-51	-41	-18
Net Cash From Continuing Operating Activities	-1.74	-32	-51	-41	-18
Net Income / (Loss) Continuing Operations	4.77	-47	-59	-30	-39
Consolidated Net Income / (Loss)	4.77	-47	-59	-30	-39
Depreciation Expense	-	0.40	0.68	0.74	0.63
Amortization Expense	-	-	0.00	0.61	1.05
Non-Cash Adjustments To Reconcile Net Income	-7.81	12	18	8.63	15
Changes in Operating Assets and Liabilities, net	1.30	2.19	-9.76	-21	4.81
Net Cash From Investing Activities	0.06	-1.79	-1.59	-0.35	-0.84
Net Cash From Continuing Investing Activities	0.06	-1.79	-1.59	-0.35	-0.84
Purchase of Property, Plant & Equipment	-	-0.66	-0.59	-0.35	-0.92
Sale of Property, Plant & Equipment	-	-	-	0.00	0.08
Net Cash From Financing Activities	0.54	13	55	38	31
Net Cash From Continuing Financing Activities	0.54	13	55	38	31
Repayment of Debt	0.00	-	0.00	-2.59	-0.52
Repurchase of Common Equity	0.00	0.00	-0.02	0.00	-1.55
Issuance of Debt	0.54	-	0.00	25	10
Issuance of Common Equity	0.00	-	0.00	16	22
Other Financing Activities, net	-	-0.04	45	-0.01	0.43
Cash Interest Paid	-	-	0.02	1.75	3.70
Cash Income Taxes Paid	0.00	0.01	0.01	0.02	0.02

This table details how cash moves in and out of TriSalus Life Sciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-7.81	13	-5.19	-2.76	4.48	13	-3.80	-2.25	36	-10	-5.23
Net Cash From Operating Activities	-11	-13	-11	-5.71	-4.50	-7.32	-3.71	-2.48	-6.48	-10	-5.28
Net Cash From Continuing Operating Activities	-11	-13	-11	-5.71	-4.54	-7.32	-3.71	-2.65	-6.48	-10	-5.28
Net Income / (Loss) Continuing Operations	-13	-4.33	-2.40	-10	-10	-8.29	-11	-9.75	1.54	-9.19	-8.85
Consolidated Net Income / (Loss)	-13	-4.33	-2.40	-10	-10	-8.29	-11	-9.75	1.54	-9.19	-8.85
Depreciation Expense	0.18	0.19	0.18	0.19	0.17	0.17	0.16	0.13	0.14	0.14	0.13
Amortization Expense	0.00	0.42	0.02	0.41	0.24	0.58	-0.31	0.28	0.30	0.34	0.39
Non-Cash Adjustments To Reconcile Net Income	-1.34	10	-3.13	2.51	3.01	2.32	7.39	2.08	-1.34	0.10	3.46
Changes in Operating Assets and Liabilities, net	3.51	-20	-5.51	1.30	2.42	-2.09	-0.14	4.61	-7.11	-1.51	-0.40
Net Cash From Investing Activities	-0.07	-0.06	-0.17	-0.05	-0.71	0.09	-0.18	-0.04	-0.14	-0.08	-0.09
Net Cash From Continuing Investing Activities	-0.07	-0.06	-0.17	-0.05	-0.71	0.09	-0.18	-0.04	-0.14	-0.08	-0.09
Purchase of Property, Plant & Equipment	-0.07	-0.06	-0.17	-0.05	-0.75	0.09	-0.22	-0.04	-0.14	-0.08	-0.09
Net Cash From Financing Activities	3.13	26	5.82	2.99	9.69	21	0.08	0.28	42	-0.05	0.13
Net Cash From Continuing Financing Activities	3.13	26	5.82	2.99	9.69	21	0.08	0.28	42	-0.05	0.13
Other Financing Activities, net	-0.02	-0.02	-0.02	0.04	0.21	0.06	0.08	0.08	0.02	0.03	0.13
Cash Interest Paid	0.00	0.45	1.31	-	0.71	0.85	0.97	1.17	1.14	1.15	1.17

This table presents TriSalus Life Sciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	252	251	22	25	24	35
Total Current Assets	2.01	0.53	17	21	21	32
Cash & Equivalents	1.33	0.20	9.41	12	8.53	20
Accounts Receivable	-	-	1.56	3.55	5.09	6.56
Inventories, net	-	-	1.47	2.55	4.05	3.08
Prepaid Expenses	0.67	0.33	4.77	2.99	3.01	2.17
Plant, Property, & Equipment, net	0.00	0.00	2.23	2.09	1.67	1.81
Total Noncurrent Assets	250	250	2.55	1.65	1.63	1.28
Other Noncurrent Operating Assets	250	250	1.75	1.65	1.63	1.28
Total Liabilities & Shareholders' Equity	252	251	22	25	24	35
Total Liabilities	23	17	34	52	50	69
Total Current Liabilities	0.10	1.60	32	15	10	11
Accounts Payable	0.10	1.06	4.95	3.39	2.27	3.00
Accrued Expenses	-	-	6.38	11	7.36	8.10
Other Current Liabilities	-	0.00	21	0.74	0.60	0.40
Total Noncurrent Liabilities	23	16	1.96	37	40	58
Long-Term Debt	-	0.00	-	0.00	22	33
Other Noncurrent Operating Liabilities	23	16	1.96	37	18	25
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-21	-17	-176	-27	-26	-34
Total Preferred & Common Equity	-21	-17	-176	-27	-26	-34
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-21	-17	-176	-27	-26	-34
Common Stock	0.00	0.00	10	222	254	297
Retained Earnings	-21	-17	-186	-250	-280	-331

This table presents TriSalus Life Sciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	34	18	32	27	29	41	36	71	62	58
Total Current Assets	29	13	28	24	25	38	33	68	60	55
Cash & Equivalents	21	3.97	16	11	13	26	23	57	46	41
Accounts Receivable	3.05	4.28	4.71	4.91	5.45	5.57	5.00	5.22	6.46	6.13
Inventories, net	1.63	2.91	3.44	4.00	4.16	3.81	3.28	3.78	4.21	4.64
Prepaid Expenses	2.98	2.03	3.31	3.61	2.48	2.22	2.37	2.59	2.79	3.08
Plant, Property, & Equipment, net	1.90	1.97	1.83	1.82	1.97	1.71	1.83	1.94	1.84	1.83
Total Noncurrent Assets	2.62	2.73	2.66	1.85	1.56	1.52	1.31	0.90	0.87	0.84
Other Noncurrent Operating Assets	1.62	1.62	1.55	1.85	1.56	1.52	1.31	0.90	0.87	0.84
Total Liabilities & Shareholders' Equity	34	18	32	27	29	41	36	71	62	58
Total Liabilities	25	53	57	48	63	61	63	58	56	57
Total Current Liabilities	9.31	14	12	9.92	12	9.32	11	12	11	13
Accounts Payable	1.90	2.35	1.98	1.45	2.81	1.90	3.78	4.23	3.76	4.23
Accrued Expenses	6.60	11	9.41	7.88	8.40	7.08	6.77	7.07	7.11	8.39
Other Current Liabilities	0.81	0.62	0.61	0.60	0.54	0.34	0.35	0.49	0.30	0.39
Total Noncurrent Liabilities	16	38	45	38	51	51	52	46	45	44
Long-Term Debt	-	-	21	22	32	32	33	33	33	32
Other Noncurrent Operating Liabilities	16	38	23	16	20	18	18	13	12	12
Commitments & Contingencies	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.49	-35	-24	-20	-34	-19	-27	13	6.55	0.68
Total Preferred & Common Equity	8.49	-35	-24	-20	-34	-19	-27	13	6.55	0.68
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8.49	-35	-24	-20	-34	-19	-27	13	6.55	0.68
Common Stock	221	227	242	249	256	279	294	342	345	348
Retained Earnings	-213	-262	-266	-269	-290	-298	-321	-329	-338	-347

This table displays calculated financial ratios and metrics derived from TriSalus Life Sciences' official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	62,500,000.00	31,250,000.00	26,316,681.00	-	49,964,311.00
DEI Adjusted Shares Outstanding	62,500,000.00	31,250,000.00	26,316,681.00	-	49,964,311.00
DEI Earnings Per Adjusted Shares Outstanding	0.08	-1.60	-2.42	-	-1.39
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	49.31%	58.99%	53.41%
EBITDA Growth	0.00%	-1,098.43%	-25.82%	57.02%	-25.23%
EBIT Growth	0.00%	-1,106.89%	-26.21%	54.24%	-25.15%
NOPAT Growth	0.00%	-738.86%	-49.50%	33.61%	25.49%
Net Income Growth	0.00%	-1,089.81%	-25.80%	49.39%	-30.56%
EPS Growth	0.00%	-53,950.00%	95.81%	80.65%	-40.46%
Operating Cash Flow Growth	0.00%	-1,759.08%	-56.53%	19.25%	55.90%
Free Cash Flow Firm Growth	0.00%	0.00%	-109.15%	-146.44%	80.81%
Invested Capital Growth	0.00%	-109.30%	-78.68%	68.24%	-72.31%
Revenue Q/Q Growth	0.00%	216.03%	-12.95%	9.44%	12.30%
EBITDA Q/Q Growth	0.00%	-12,423.97%	12.46%	52.19%	0.16%
EBIT Q/Q Growth	0.00%	-12,530.12%	12.01%	49.23%	1.78%
NOPAT Q/Q Growth	0.00%	-149.81%	19.35%	15.06%	13.79%
Net Income Q/Q Growth	0.00%	-183,885.78%	12.68%	45.69%	0.90%
EPS Q/Q Growth	0.00%	-535.27%	96.08%	-104.53%	8.00%
Operating Cash Flow Q/Q Growth	0.00%	-30.91%	-1.74%	6.71%	15.18%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-110.20%	-58.69%	41.54%
Invested Capital Q/Q Growth	0.00%	-109.03%	-201.19%	-22.81%	-42.50%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	81.79%	85.93%	86.06%	84.57%
EBITDA Margin	0.00%	-378.76%	-319.19%	-86.28%	-72.10%
Operating Margin	0.00%	-293.91%	-294.28%	-122.88%	-59.68%
EBIT Margin	0.00%	-381.97%	-322.88%	-92.94%	-75.81%
Profit (Net Income) Margin	0.00%	-380.60%	-320.69%	-102.09%	-86.88%
Tax Burden Percent	100.00%	100.02%	100.02%	100.02%	100.02%
Interest Burden Percent	101.36%	99.62%	99.31%	109.82%	114.57%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-24.08%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	453.93%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-18.63%	0.00%	0.00%	0.00%
Return on Equity (ROE)	2.06%	-42.71%	301.42%	113.47%	131.29%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-34.75%	-256.56%	-112.64%	-115.45%
Return on Assets (ROA)	0.00%	-34.63%	-254.82%	-123.72%	-132.30%
Return on Common Equity (ROCE)	-0.17%	37.32%	1,556.45%	113.47%	131.31%
Return on Equity Simple (ROE_SIMPLE)	-28.52%	26.76%	219.33%	116.03%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.04	-26	-38	-25	-19
NOPAT Margin	0.00%	-205.74%	-206.00%	-86.02%	-41.78%
Net Nonoperating Expense Percent (NNEP)	-2,275.61%	-478.01%	-200.37%	530.81%	155.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	140.89%	664.45%	2,314.38%
Cost of Revenue to Revenue	0.00%	18.21%	14.07%	13.94%	15.43%
SG&A Expenses to Revenue	0.00%	100.69%	127.02%	61.04%	47.53%
R&D to Revenue	0.00%	172.27%	161.17%	60.10%	33.14%
Operating Expenses to Revenue	0.00%	375.70%	380.21%	208.94%	144.25%
Earnings before Interest and Taxes (EBIT)	4.70	-47	-60	-27	-34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.70	-47	-59	-25	-33
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	25.28	12.01	5.19	7.72
Price to Earnings (P/E)	64.76	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.54%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.39	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	37.75	11.38	5.65	8.00
Enterprise Value to EBITDA (EV/EBITDA)	118.87	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	118.87	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.04	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	-0.85	-0.98
Long-Term Debt to Equity	0.00	0.00	0.00	-0.85	-0.98
Financial Leverage	0.00	-0.04	0.54	-0.03	-0.44
Leverage Ratio	1.09	1.23	-1.18	-0.92	-0.99
Compound Leverage Factor	1.10	1.23	-1.17	-1.01	-1.14
Debt to Total Capital	0.23%	0.00%	0.00%	-579.63%	-4,054.72%
Short-Term Debt to Total Capital	0.23%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	-579.63%	-4,054.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	106.92%	-1,330.79%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-7.15%	1,430.79%	100.00%	679.63%	4,155.21%
Debt to EBITDA	0.12	0.00	0.00	-0.87	-1.02
Net Debt to EBITDA	0.07	0.00	0.00	-0.53	-0.39
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.87	-1.02
Debt to NOPAT	-0.18	0.00	0.00	-0.87	-1.75
Net Debt to NOPAT	-0.11	0.00	0.00	-0.54	-0.67
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.87	-1.75
Altman Z-Score	10.70	-13.75	-18.58	-16.50	-11.29
Noncontrolling Interest Sharing Ratio	108.27%	187.37%	-416.38%	0.00%	-0.01%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.33	0.53	1.42	2.02	2.80
Quick Ratio	0.13	0.34	1.04	1.33	2.35
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	230	-21	-52	-9.94
Operating Cash Flow to CapEx	0.00%	-4,933.28%	-8,601.70%	-11,838.55%	-2,149.40%
Free Cash Flow to Firm to Interest Expense	0.00	229,856.71	-1,314.28	-16.77	-1.79
Operating Cash Flow to Interest Expense	0.00	-32,313.00	-3,161.13	-13.22	-3.25
Operating Cash Flow Less CapEx to Interest Expense	0.00	-32,968.00	-3,197.88	-13.33	-3.40
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.09	0.79	1.21	1.52
Accounts Receivable Turnover	0.00	0.00	7.24	6.81	7.75
Inventory Turnover	0.00	0.00	1.30	1.24	1.96
Fixed Asset Turnover	0.00	0.00	8.57	15.65	25.97
Accounts Payable Turnover	0.00	0.75	0.62	1.45	2.64
Days Sales Outstanding (DSO)	0.00	0.00	50.39	53.58	47.07
Days Inventory Outstanding (DIO)	0.00	0.00	281.35	293.25	186.69
Days Payable Outstanding (DPO)	0.00	485.32	584.14	251.98	138.24
Cash Conversion Cycle (CCC)	0.00	-485.32	-252.40	94.86	95.52
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	234	-22	-39	-12	-21
Invested Capital Turnover	0.00	0.12	-0.61	-1.15	-2.69
Increase / (Decrease) in Invested Capital	0.00	-255	-17	27	-8.92
Enterprise Value (EV)	559	468	211	166	361
Market Capitalization	309	313	222	153	349
Book Value per Share	($0.53)	($5.64)	($1.03)	($0.85)	($0.68)
Tangible Book Value per Share	($0.53)	($5.67)	($1.03)	($0.85)	($0.68)
Total Capital	234	-12	-27	-3.81	-0.82
Total Debt	0.54	0.00	0.00	22	33
Total Long-Term Debt	0.00	0.00	0.00	22	33
Net Debt	0.34	-9.41	-12	14	13
Capital Expenditures (CapEx)	0.00	0.66	0.59	0.35	0.84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.73	-25	-5.60	1.92	0.31
Debt-free Net Working Capital (DFNWC)	-0.53	-15	6.18	10	21
Net Working Capital (NWC)	-1.08	-15	6.18	10	21
Net Nonoperating Expense (NNE)	-7.81	22	21	4.73	20
Net Nonoperating Obligations (NNO)	0.34	-9.41	-12	14	13
Total Depreciation and Amortization (D&A)	0.00	0.40	0.68	1.96	1.68
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-198.07%	-30.26%	6.51%	0.68%
Debt-free Net Working Capital to Revenue	0.00%	-122.14%	33.36%	35.48%	45.95%
Net Working Capital to Revenue	0.00%	-122.14%	33.36%	35.48%	45.95%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.38	($6.73)	($1.31)	($1.84)
Adjusted Weighted Average Basic Shares Outstanding	31.25M	29.61M	9.40M	25.33M	37.90M
Adjusted Diluted Earnings per Share	$0.30	$0.38	($6.73)	($1.31)	($1.84)
Adjusted Weighted Average Diluted Shares Outstanding	31.25M	29.61M	9.40M	25.33M	37.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.25M	8.20M	0.00	32.27M	61.31M
Normalized Net Operating Profit after Tax (NOPAT)	-2.13	-26	-38	-25	-19
Normalized NOPAT Margin	0.00%	-205.74%	-206.00%	-86.02%	-41.78%
Pre Tax Income Margin	0.00%	-380.53%	-320.64%	-102.07%	-86.86%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	-47,357.00	-3,735.56	-8.85	-6.17
NOPAT to Interest Expense	0.00	-25,507.30	-2,383.28	-8.19	-3.40
EBIT Less CapEx to Interest Expense	0.00	-48,012.00	-3,772.31	-8.96	-6.33
NOPAT Less CapEx to Interest Expense	0.00	-26,162.30	-2,420.03	-8.30	-3.55
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-0.03%	0.00%	-3.95%

This table displays calculated financial ratios and metrics derived from TriSalus Life Sciences' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	26,316,681.00	27,159,327.00	29,311,498.00	-	64,544,924.00	37,838,962.00	49,867,279.00	49,964,311.00	61,306,437.00	61,416,535.00	61,574,600.00
DEI Adjusted Shares Outstanding	26,316,681.00	27,159,327.00	29,311,498.00	-	64,544,924.00	37,838,962.00	49,867,279.00	49,964,311.00	61,306,437.00	61,416,535.00	61,574,600.00
DEI Earnings Per Adjusted Shares Outstanding	-0.53	-0.19	-0.11	-	-0.17	-0.24	-0.83	-0.17	0.03	-0.15	-0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	116.39%	59.67%	41.52%	44.37%	41.97%	52.27%	57.38%	59.85%	-2.92%	1.73%	11.34%
EBITDA Growth	-61.78%	78.83%	2.48%	76.34%	32.70%	-113.50%	-691.97%	7.53%	136.77%	-16.69%	21.25%
EBIT Growth	-60.09%	74.67%	7.74%	74.72%	30.52%	-97.52%	-571.09%	6.81%	130.48%	-16.40%	19.38%
NOPAT Growth	-15.32%	28.51%	53.06%	47.10%	37.21%	10.30%	-3.15%	56.85%	-63.52%	-33.84%	14.48%
Net Income Growth	-59.72%	69.00%	-68.35%	71.72%	21.44%	-91.32%	-350.65%	3.51%	114.83%	-10.85%	18.10%
EPS Growth	-5.26%	99.41%	14.29%	-101.28%	35.00%	-28.57%	-700.00%	42.11%	107.69%	40.74%	84.38%
Operating Cash Flow Growth	-3.47%	-45.32%	49.93%	37.81%	58.60%	45.46%	65.81%	56.47%	-44.03%	-38.37%	-42.22%
Free Cash Flow Firm Growth	-82.79%	-94.85%	-103.73%	-548.50%	-174.11%	-203.69%	83.96%	120.84%	52.76%	1.99%	-754.97%
Invested Capital Growth	-616.34%	-1,105.17%	22.12%	68.24%	59.71%	37.88%	-48.50%	-72.31%	31.93%	44.47%	46.30%
Revenue Q/Q Growth	12.85%	14.05%	-0.20%	12.41%	10.97%	22.32%	3.15%	14.17%	-32.61%	28.18%	12.90%
EBITDA Q/Q Growth	63.43%	77.64%	58.40%	-891.47%	-1.16%	26.86%	-54.30%	16.48%	140.22%	-336.54%	6.89%
EBIT Q/Q Growth	63.01%	73.33%	60.00%	-540.69%	-1.51%	24.18%	-35.90%	10.91%	133.20%	-389.52%	5.87%
NOPAT Q/Q Growth	18.40%	29.97%	-6.91%	13.41%	3.31%	-0.04%	-22.94%	63.71%	-266.39%	18.12%	21.44%
Net Income Q/Q Growth	63.00%	67.20%	44.62%	-320.80%	-2.64%	20.12%	-30.44%	9.79%	115.78%	-696.95%	3.62%
EPS Q/Q Growth	-102.01%	65.00%	42.86%	-216.67%	-2.63%	30.77%	-255.56%	77.08%	113.64%	-633.33%	6.25%
Operating Cash Flow Q/Q Growth	-18.42%	-23.51%	19.18%	47.39%	21.17%	-62.70%	49.33%	33.03%	-160.87%	-56.31%	47.92%
Free Cash Flow Firm Q/Q Growth	439.47%	-68.59%	-174.64%	-254.59%	10.88%	56.05%	88.45%	560.75%	-302.03%	8.82%	-0.73%
Invested Capital Q/Q Growth	-0.13%	50.26%	48.08%	-22.81%	-27.05%	23.32%	-24.13%	-42.50%	49.81%	37.44%	-20.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.96%	87.62%	86.34%	85.28%	83.69%	83.93%	83.52%	86.66%	86.18%	86.78%	86.15%
EBITDA Margin	-203.14%	-39.83%	-16.60%	-102.74%	-96.30%	-55.85%	-83.54%	-61.11%	36.48%	-67.31%	-55.51%
Operating Margin	-180.77%	-111.00%	-118.91%	-91.60%	-79.95%	-65.39%	-77.94%	-24.77%	-94.52%	-86.03%	-59.86%
EBIT Margin	-205.85%	-48.14%	-19.30%	-109.97%	-100.74%	-62.45%	-82.28%	-64.20%	31.63%	-71.45%	-59.57%
Profit (Net Income) Margin	-204.52%	-58.83%	-32.64%	-122.20%	-113.18%	-73.91%	-93.47%	-73.86%	17.29%	-80.54%	-68.75%
Tax Burden Percent	100.02%	100.16%	99.88%	99.99%	100.05%	99.96%	100.05%	100.00%	99.74%	100.04%	100.05%
Interest Burden Percent	99.33%	122.00%	169.39%	111.13%	112.29%	118.41%	113.56%	115.04%	54.81%	112.67%	115.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.26%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	449.45%	401.56%	931.33%	113.47%	78.55%	143.07%	167.87%	131.29%	253.33%	438.31%	201.61%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-235.65%	-53.32%	-17.00%	-133.28%	-139.22%	-60.95%	-103.47%	-97.76%	28.51%	-62.08%	-58.78%
Return on Assets (ROA)	-234.12%	-65.15%	-28.77%	-148.10%	-156.41%	-72.14%	-117.56%	-112.47%	15.59%	-69.97%	-67.84%
Return on Common Equity (ROCE)	766.19%	579.24%	931.64%	113.47%	78.55%	143.07%	167.88%	131.31%	253.33%	438.48%	201.65%
Return on Equity Simple (ROE_SIMPLE)	184.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.17	-5.72	-6.12	-5.30	-5.13	-5.13	-6.31	-2.29	-8.39	-6.87	-5.40
NOPAT Margin	-126.54%	-77.70%	-83.24%	-64.12%	-55.96%	-45.77%	-54.55%	-17.34%	-94.27%	-60.22%	-41.90%
Net Nonoperating Expense Percent (NNEP)	-366.55%	-44.30%	67.65%	538.51%	71.22%	51.68%	40.55%	57.05%	415.84%	-79.71%	221.65%
Return On Investment Capital (ROIC_SIMPLE)	23.40%	199.85%	-491.74%	139.03%	192.07%	-36.36%	-86.79%	280.94%	-18.28%	-17.34%	-16.33%
Cost of Revenue to Revenue	15.04%	12.38%	13.66%	14.72%	16.31%	16.07%	16.48%	13.34%	13.82%	13.22%	13.85%
SG&A Expenses to Revenue	71.66%	53.72%	64.32%	56.36%	57.23%	50.45%	57.57%	31.59%	61.25%	45.23%	37.92%
R&D to Revenue	90.51%	63.36%	57.41%	35.66%	32.96%	34.99%	44.75%	19.46%	36.14%	27.50%	24.77%
Operating Expenses to Revenue	265.73%	198.61%	205.25%	176.88%	163.64%	149.32%	161.46%	111.43%	180.69%	172.81%	146.02%
Earnings before Interest and Taxes (EBIT)	-13	-3.55	-1.42	-9.09	-9.24	-7.00	-9.52	-8.48	2.82	-8.15	-7.67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-2.93	-1.22	-8.49	-8.83	-6.26	-9.66	-8.07	3.25	-7.68	-7.15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.15	42.70	393.17
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.15	42.70	393.17
Price to Revenue (P/Rev)	11.67	6.06	5.02	5.19	5.24	4.89	5.77	7.72	5.46	6.20	5.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	11.49	6.26	5.41	5.65	5.82	5.08	6.05	8.00	4.94	5.91	5.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	35.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-0.88	-1.06	-0.85	-0.92	-1.73	-1.27	-0.98	2.58	5.05	47.60
Long-Term Debt to Equity	0.00	-0.88	-1.06	-0.85	-0.92	-1.73	-1.27	-0.98	2.58	5.05	47.60
Financial Leverage	0.10	-0.23	0.92	-0.03	-0.21	-0.28	-0.47	-0.44	0.22	0.45	-0.12
Leverage Ratio	-1.34	-1.64	-5.11	-0.92	-0.67	-1.69	-1.36	-0.99	-4.62	-8.06	-3.61
Compound Leverage Factor	-1.33	-2.00	-8.65	-1.02	-0.75	-2.00	-1.54	-1.14	-2.53	-9.08	-4.16
Debt to Total Capital	0.00%	-743.49%	1,742.60%	-579.63%	-1,186.78%	237.60%	467.61%	-4,054.72%	72.09%	83.47%	97.94%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	-743.49%	1,742.60%	-579.63%	-1,186.78%	237.60%	467.61%	-4,054.72%	72.09%	83.47%	97.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	843.49%	-1,642.85%	679.63%	1,286.78%	-137.60%	-367.61%	4,155.21%	27.91%	16.52%	2.04%
Debt to EBITDA	0.00	-0.40	-0.41	-0.87	-1.46	-1.39	-1.04	-1.02	-1.62	-1.53	-1.65
Net Debt to EBITDA	0.00	-0.09	-0.20	-0.53	-0.86	-0.29	-0.35	-0.39	1.15	0.61	0.44
Long-Term Debt to EBITDA	0.00	-0.40	-0.41	-0.87	-1.46	-1.39	-1.04	-1.02	-1.62	-1.53	-1.65
Debt to NOPAT	0.00	-0.58	-0.72	-0.87	-1.42	-1.55	-1.55	-1.75	-1.69	-1.55	-1.58
Net Debt to NOPAT	0.00	-0.13	-0.35	-0.54	-0.84	-0.33	-0.52	-0.67	1.20	0.62	0.43
Long-Term Debt to NOPAT	0.00	-0.58	-0.72	-0.87	-1.42	-1.55	-1.55	-1.75	-1.69	-1.55	-1.58
Altman Z-Score	-18.86	-8.90	-10.62	-13.99	-11.96	-7.22	-9.14	-8.88	-2.24	-3.36	-4.40
Noncontrolling Interest Sharing Ratio	-70.47%	-44.25%	-0.03%	0.00%	0.00%	0.00%	-0.01%	-0.01%	0.00%	-0.04%	-0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	2.33	2.40	2.02	2.14	4.08	3.05	2.80	5.78	5.35	4.22
Quick Ratio	0.57	1.77	1.63	1.33	1.57	3.44	2.54	2.35	5.24	4.72	3.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	38	12	-8.97	-32	-28	-12	-1.44	6.63	-13	-12	-12
Operating Cash Flow to CapEx	-16,465.15%	-22,370.00%	-6,418.34%	-11,414.00%	-630.11%	0.00%	-2,107.39%	-6,058.54%	-4,595.74%	-12,352.44%	-5,861.11%
Free Cash Flow to Firm to Interest Expense	12,751.67	13.70	-7.85	-29.78	-23.45	-8.76	-0.99	4.57	-9.33	-8.20	-7.89
Operating Cash Flow to Interest Expense	-3,622.33	-15.30	-9.50	-5.34	-3.72	-5.14	-2.54	-1.71	-4.51	-6.80	-3.38
Operating Cash Flow Less CapEx to Interest Expense	-3,644.33	-15.37	-9.65	-5.39	-4.31	-5.08	-2.66	-1.74	-4.61	-6.85	-3.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.14	1.11	0.88	1.21	1.38	0.98	1.26	1.52	0.90	0.87	0.99
Accounts Receivable Turnover	0.00	0.00	6.75	6.81	6.61	7.00	8.11	7.75	8.41	7.49	8.34
Inventory Turnover	0.00	0.00	1.23	1.24	1.31	1.52	1.76	1.96	1.69	1.60	1.59
Fixed Asset Turnover	0.00	0.00	14.48	15.65	16.34	20.33	22.07	25.97	22.96	25.41	25.38
Accounts Payable Turnover	1.48	1.31	2.07	1.45	1.80	2.85	2.45	2.64	1.90	2.26	1.57
Days Sales Outstanding (DSO)	0.00	0.00	54.05	53.58	55.25	52.11	44.99	47.07	43.38	48.71	43.77
Days Inventory Outstanding (DIO)	0.00	0.00	296.08	293.25	279.06	239.83	206.84	186.69	216.28	228.25	229.88
Days Payable Outstanding (DPO)	246.87	277.65	175.98	251.98	203.29	128.28	148.70	138.24	191.71	161.39	232.81
Cash Conversion Cycle (CCC)	-246.87	-277.65	174.15	94.86	131.02	163.66	103.13	95.52	67.95	115.57	40.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-39	-19	-10	-12	-16	-12	-15	-21	-11	-6.67	-8.01
Invested Capital Turnover	-1.40	-2.36	-2.34	-1.15	-1.18	-2.30	-3.22	-2.69	-3.41	-4.82	-4.05
Increase / (Decrease) in Invested Capital	-46	-18	2.85	27	23	7.33	-4.87	-8.92	5.00	5.34	6.91
Enterprise Value (EV)	253	155	146	166	187	183	243	361	222	266	257
Market Capitalization	257	150	135	153	168	176	232	349	245	279	265
Book Value per Share	($1.33)	($0.89)	($0.70)	($0.85)	($1.13)	($0.60)	($0.54)	($0.68)	$0.21	$0.11	$0.01
Tangible Book Value per Share	($1.37)	($0.93)	($0.70)	($0.85)	($1.13)	($0.60)	($0.54)	($0.68)	$0.21	$0.11	$0.01
Total Capital	-35	-2.86	1.24	-3.81	-2.67	14	7.27	-0.82	46	40	33
Total Debt	0.00	21	22	22	32	34	34	33	33	33	32
Total Long-Term Debt	0.00	21	22	22	32	34	34	33	33	33	32
Net Debt	-3.97	4.81	10	14	19	7.05	11	13	-23	-13	-8.69
Capital Expenditures (CapEx)	0.07	0.06	0.17	0.05	0.71	-0.09	0.18	0.04	0.14	0.08	0.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.17	-0.54	2.60	1.92	0.34	2.27	-0.27	0.31	-0.20	2.28	0.83
Debt-free Net Working Capital (DFNWC)	-1.20	16	14	10	13	29	22	21	56	49	42
Net Working Capital (NWC)	-1.20	16	14	10	13	29	22	21	56	49	42
Net Nonoperating Expense (NNE)	5.04	-1.39	-3.72	4.80	5.24	3.16	4.50	7.46	-9.93	2.32	3.46
Net Nonoperating Obligations (NNO)	-3.97	4.81	10	14	19	7.41	12	13	-23	-13	-8.69
Total Depreciation and Amortization (D&A)	0.18	0.61	0.20	0.60	0.41	0.74	-0.15	0.41	0.43	0.47	0.52
Debt-free, Cash-free Net Working Capital to Revenue	-23.53%	-2.17%	9.68%	6.51%	1.07%	6.31%	-0.67%	0.68%	-0.45%	5.07%	1.78%
Debt-free Net Working Capital to Revenue	-5.47%	64.46%	51.65%	35.48%	41.51%	79.91%	55.76%	45.95%	125.55%	107.75%	90.29%
Net Working Capital to Revenue	-5.47%	64.46%	51.65%	35.48%	41.51%	79.91%	55.76%	45.95%	125.55%	107.75%	90.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.60)	($0.21)	($0.12)	($0.38)	($0.39)	($0.27)	($0.96)	($0.22)	$0.03	($0.16)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	23.32M	23.90M	26.50M	25.33M	28.53M	32.90M	43.06M	37.90M	51.54M	58.30M	58.47M
Adjusted Diluted Earnings per Share	($0.60)	($0.21)	($0.12)	($0.38)	($0.39)	($0.27)	($0.96)	($0.22)	$0.03	($0.16)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	23.32M	23.90M	26.50M	25.33M	28.53M	32.90M	43.06M	37.90M	52.31M	58.30M	58.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.16M	29.31M	30.49M	32.27M	37.84M	49.87M	49.96M	61.31M	61.42M	61.57M	61.70M
Normalized Net Operating Profit after Tax (NOPAT)	-8.17	-5.72	-6.12	-5.30	-5.13	-5.13	-6.31	-2.29	-8.39	-6.87	-5.40
Normalized NOPAT Margin	-126.54%	-77.70%	-83.24%	-64.12%	-55.96%	-45.77%	-54.55%	-17.34%	-94.27%	-60.22%	-41.90%
Pre Tax Income Margin	-204.48%	-58.73%	-32.68%	-122.21%	-113.12%	-73.94%	-93.43%	-73.86%	17.34%	-80.50%	-68.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4,430.67	-4.04	-1.24	-8.51	-7.64	-4.92	-6.52	-5.84	1.96	-5.47	-4.92
NOPAT to Interest Expense	-2,723.47	-6.52	-5.36	-4.96	-4.24	-3.61	-4.32	-1.58	-5.84	-4.61	-3.46
EBIT Less CapEx to Interest Expense	-4,452.67	-4.11	-1.39	-8.55	-8.23	-4.86	-6.64	-5.87	1.86	-5.52	-4.98
NOPAT Less CapEx to Interest Expense	-2,745.47	-6.59	-5.50	-5.01	-4.83	-3.54	-4.44	-1.61	-5.94	-4.67	-3.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-4.97%	-3.91%	-3.95%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

TriSalus Life Sciences has shown meaningful revenue growth over the reported period, but the company remains unprofitable and dependent on external financing. Revenue increased from $5.2 million in Q3 2023 to $11.4 million in Q2 2026. However, quarterly results remain volatile, and operating cash flow was negative in every reported quarter provided.

Revenue has more than doubled since Q3 2023. Q2 2026 revenue of $11.4 million was up 28% from Q1 2026 and represented continued improvement from $7.3 million in Q2 2024 and $9.2 million in Q1 2025.
Gross margins remain strong. Q2 2026 gross profit was $9.9 million, representing an approximately 86.8% gross margin. Gross margin has generally remained above 80% throughout the reported periods, suggesting favorable economics before operating expenses.
Operating losses have improved from earlier periods. The Q2 2026 operating loss of $9.8 million was narrower than the $14.3 million loss in Q4 2023 and the $18.6 million loss in Q3 2023, although the company has not yet reached operating profitability.
Cash reserves improved substantially over the longer period. Cash and equivalents rose from $3.97 million in Q1 2024 to $46.3 million at the end of Q2 2026, providing the company with more financial flexibility than it had in early 2024.
Liquidity is currently stronger than in prior periods. Q2 2026 current assets of $59.7 million exceeded current liabilities of $11.2 million by a wide margin, resulting in a current ratio of approximately 5.3.
Q1 2026 profitability was driven by non-operating income. The company reported net income of $1.5 million in Q1, but this included $11.2 million of other income. The return to a $9.2 million net loss in Q2 indicates that the business has not established consistent underlying profitability.
Share count and equity balances have changed substantially. Weighted-average basic shares increased from 23.3 million in Q1 2024 to 58.3 million in Q2 2026. This may have helped fund operations, but it also indicates significant dilution for existing shareholders.
TriSalus continues to consume cash from operations. Net cash used in operating activities was $10.1 million in Q2 2026, compared with $6.5 million in Q1 2026 and $7.3 million in Q2 2025. The company has not generated positive operating cash flow in any of the reported quarters.
Net losses remain substantial and inconsistent. Q2 2026 net loss was $9.2 million, or $0.16 per diluted share, following net income of $1.5 million in Q1. Persistent losses could require additional capital if revenue growth does not eventually outpace operating expenses.
Debt and interest costs add financial pressure. TriSalus had $33.1 million of long-term debt at the end of Q2 2026 and paid approximately $1.2 million of cash interest during the quarter. Total liabilities of $55.9 million were more than eight times reported shareholders’ equity of $6.6 million.

Marketing expense was particularly elevated in Q2 2026 at $11.4 million, exceeding the company’s quarterly revenue. Selling, general and administrative expense was another $5.2 million, while research and development expense was $3.1 million. These expenses contributed to the $19.7 million total operating expense base and remain the primary obstacle to achieving profitability.

At the Q2 2026 operating cash burn rate, the company’s $46.3 million cash balance provides a meaningful but limited cushion. A simple comparison suggests several quarters of funding capacity, but the estimate could change significantly with revenue growth, spending changes, debt repayments or additional equity financing. Investors should focus on whether revenue growth can continue while marketing and other operating expenses moderate.

11/14/26 02:26 AM ETAI Generated. May Contain Errors.

TriSalus Life Sciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TriSalus Life Sciences' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

TriSalus Life Sciences' net income appears to be on a downward trend, with a most recent value of -$39.23 million in 2025, compared with $4.77 million in 2021. The previous period was -$30.05 million in 2024. Find out what analysts predict for TriSalus Life Sciences in the coming months.

TriSalus Life Sciences' total operating income in 2025 was -$26.95 million, based on the following breakdown:

Total Gross Profit: $38.19 million
Total Operating Expenses: $65.13 million

Over the last 4 years, TriSalus Life Sciences' total revenue changed from $0.00 in 2021 to $45.15 million in 2025, a change of 4,515,100,000.0%.

In the past 12 quarters, TriSalus Life Sciences' cash and equivalents has ranged from $3.97 million in Q1 2024 to $56.55 million in Q1 2026, and is currently $41.06 million as of their latest financial filing in Q3 2026.

TriSalus Life Sciences had total debt of $33.05 million at the end of 2025, a 49.6% increase from 2024, and a 5,974.6% increase since 2021.

Over the last 4 years, TriSalus Life Sciences' book value per share changed from -0.53 in 2021 to -0.68 in 2025, a change of -26.7%.

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Financial statements for NASDAQ:TLSI last updated on 11/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TriSalus Life Sciences (TLSI) Financials

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TriSalus Life Sciences (TLSI) Financials

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How has TriSalus Life Sciences' revenue changed over the last 4 years?

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