TriSalus Life Sciences Inc (NASDAQ:TLSI) Reports Strong Q2 2025 Revenue Growth and Narrowed Losses

TriSalus Life Sciences Reports Q2 2025 Results: Revenue Growth Outpaces Estimates, Losses Narrow

TriSalus Life Sciences Inc (NASDAQ:TLSI) posted second-quarter 2025 revenue of $11.2 million, a 52% year-over-year increase, surpassing analyst estimates of $10.9 million. The company’s net loss per share came in at $0.27, slightly worse than the consensus estimate of a $0.22 loss. Despite the earnings miss, the strong top-line performance and reaffirmed full-year guidance suggest continued commercial momentum for its TriNav® product suite and Pressure-Enabled Drug Delivery (PEDD) platform.

Key Financial Highlights

• Revenue Growth: Sales reached $11.2 million, up 52% YoY and 22% sequentially, driven by increased adoption of TriNav in liver embolization procedures and the successful launch of TriNav FLX.
• Gross Margins: Slipped to 84% from 88% in Q2 2024, attributed to lower manufacturing efficiency for newly launched products, though management expects improvement as production scales.
• Operating Losses: Narrowed to $7.3 million from $8.2 million in the prior-year quarter, reflecting reduced R&D spending as the company shifts focus from Nelitolimod development to commercialization efforts.
• Cash Position: Ended the quarter with $26.5 million in cash, providing runway into the first half of 2026, with management targeting positive adjusted EBITDA by then.

Market Reaction and Outlook

The stock’s muted after-hours reaction (flat at the time of reporting) suggests investors are balancing the revenue beat against ongoing losses. Over the past month, shares have declined ~28%, likely reflecting broader market sentiment rather than fundamental deterioration.

TriSalus reiterated its full-year revenue growth guidance of 50%, implying 2025 sales of approximately $45.7 million—aligning closely with the analyst consensus of $45.7 million. The company’s strategic pivot toward liver-directed therapies and partnerships for Nelitolimod development could further stabilize its financial trajectory.

Operational Developments

• Product Expansion: The launch of TriNav FLX, designed for better navigability in complex anatomies, has exceeded internal sales expectations.
• Clinical Focus: Reduced R&D expenses (-17% YoY) reflect the winding down of Nelitolimod trials, with the company now seeking partners for further immunotherapy development.

Looking Ahead

Analysts project Q3 2025 revenue of $11.9 million and a loss of $0.17 per share. TriSalus’ ability to maintain its growth trajectory while improving margins will be critical in meeting these targets.

For detailed earnings estimates and historical performance, visit TriSalus Life Sciences’ earnings page.

Disclaimer: This article is not investment advice. Investors should conduct their own research or consult a financial advisor before making decisions.