TLSI

TriSalus has a genuinely attractive top line: FY2025 revenue of $45.2M grew 53.4% YoY on an 84.6% gross margin, driven by its TriNav PEDD infusion franchise. Management has methodically de-risked reimbursement — CMS granted a permanent HCPCS code effective Jan 2024, a second mapping code effective Apr 2025, and the new TriNav FLX/XP launches slot into the same billing framework. The PROTECT thyroid registry points at a claimed incremental ~$400M / ~50,000-procedure market. On the product and revenue side this looks like a high-quality, high-margin med-device story.

The problem is everything below gross profit. TLSI lost $39.2M net (a -86.9% net margin) and -$26.9M at the operating line (-59.7% margin), and burned $18.0M of operating cash. Against that burn it held only $20.4M of cash at year-end — roughly one year of runway — while carrying $33.0M of long-term debt and, critically, NEGATIVE stockholders' equity of -$33.9M against a -$331M accumulated deficit. Liabilities ($69.2M) exceed assets ($35.3M). Shares outstanding jumped 90% YoY to 61.3M, so existing holders were already halved to fund the losses, and the thin cash position all but guarantees another raise. Diluted EPS worsened to -$1.84.