TriSalus Beats Revenue Goals, Guides Strong 2026 on MedTech Adoption

WESTMINSTER, Colo. – January 12, 2026 – TriSalus Life Sciences (Nasdaq: TLSI) has announced impressive preliminary financial results for 2025, signaling strong market uptake of its innovative cancer treatment technologies. The oncology-focused company reported that it surpassed its annual revenue growth guidance and issued an optimistic forecast for 2026, pointing to sustained momentum in its mission to improve outcomes for patients with solid tumors.

In a statement, TriSalus revealed preliminary full-year 2025 revenues of approximately $45.2 million, a roughly 53% increase over the $29.4 million reported in 2024. This performance exceeds the company's prior guidance of 50% annual growth. The fourth quarter was particularly strong, with anticipated revenues of $13.2 million, representing a 60% year-over-year surge and a 14% sequential increase from the previous quarter. Looking ahead, the company projected full-year 2026 revenues to fall between $60 million and $62 million.

“TriSalus continued to deliver strong commercial performance in the fourth quarter and exceeded our 2025 guidance of 50% annual revenue growth, underscoring the meaningful clinical adoption of our TriNav® product suite and proprietary PEDD® platform across a broad range of solid tumor indications,” stated Mary Szela, President and Chief Executive Officer of TriSalus. Szela highlighted progress on strategic initiatives, including platform expansion and deeper engagement with the interventional radiology community.

The Technology Driving Growth

The company's robust commercial performance is directly linked to the increasing adoption of its proprietary Pressure-Enabled Drug Delivery™ (PEDD) technology. This novel approach is designed to overcome a critical challenge in cancer therapy: the high-pressure environment within solid tumors that often prevents therapeutic agents from penetrating deep into the cancerous tissue. TriSalus's FDA-cleared devices, including the TriNav® Infusion System for liver tumors, utilize a unique component called the SmartValve. This technology allows interventional radiologists to modulate pressure and flow during infusion procedures, enabling therapeutics to overcome the tumor's physical resistance.

Clinical data has substantiated the benefits of this approach. Studies involving patients with hepatocellular carcinoma (HCC), a common type of liver cancer, have demonstrated that the TriNav system can significantly increase drug delivery to the tumor while simultaneously reducing unintended exposure to surrounding healthy tissue. One analysis showed a 34% increase in particles delivered to the tumor and a 68% increase in tumor deposition compared to standard microcatheters. This enhanced targeting has been linked to improved patient outcomes, with one study showing a 23% increase in the overall response rate for HCC patients.

Real-world evidence further supports the technology's clinical utility. Data gathered between 2020 and 2022 indicated that the TriNav system enabled the successful treatment of patients with a higher disease burden, achieving clinical results comparable to those seen in patients with less advanced disease. For some patients, the improved effectiveness of treatment has led to better eligibility for liver transplants, offering a potential curative path that might have otherwise been unavailable.

Balancing Growth with Financial Realities

While TriSalus's top-line revenue growth is impressive, the company's financial foundation remains a subject of careful observation. The preliminary results noted year-end cash and cash equivalents of approximately $20.4 million, a decrease of $2.3 million during the fourth quarter. This cash burn, while reduced, reflects the significant ongoing investment required to scale a medical technology company.

Historically, TriSalus has operated with substantial net losses, reporting a loss of $30.0 million in 2024 and an accumulated deficit of $279.5 million as of the end of that year. The company’s 2024 annual report, filed with the SEC, even noted that its cash position at that time raised “substantial doubt about its ability to continue as a going concern.”

To address this, TriSalus secured a crucial debt financing facility of up to $50 million from healthcare investment firm OrbiMed in April 2024. The company has since drawn down $35 million from this facility, with a $10 million tranche in February 2025 unlocked by achieving a trailing twelve-month revenue milestone of $30 million. This financing has been vital in extending the company's operational runway. It has also allowed TriSalus to shift its immediate focus from near-term profitability—having previously walked back a goal to be adjusted EBITDA-positive in 2025—to aggressively investing in sales force expansion and new applications for its technology.

This dual reality is reflected in analyst sentiment. While some firms, like Northland, have designated TriSalus a “Top Pick for 2026” with price targets suggesting significant upside, other financial metrics paint a more cautious picture. The company's negative operating margins and a low Altman Z-Score, a predictor of financial distress, highlight the inherent risks. For now, investors appear to be weighing the promise of disruptive technology and rapid market adoption against the financial hurdles of achieving sustained profitability.

The Pipeline and Path Forward

Beyond its commercialized devices, TriSalus is advancing a therapeutic pipeline headlined by nelitolimod, an investigational immunotherapy. As a Toll-like receptor 9 (TLR9) agonist, nelitolimod is designed to activate the immune system within the tumor's microenvironment, potentially overcoming the immunosuppressive barriers that make many cancers in the liver and pancreas resistant to existing immunotherapies. The company’s strategy involves delivering nelitolimod using its PEDD technology to maximize its effect directly at the tumor site.

TriSalus is currently in the final stages of completing data analysis for several Phase 1 clinical trials of nelitolimod. Upon completion, the company plans to explore partnership opportunities for the drug's further development. This strategy allows TriSalus to potentially monetize its therapeutic asset and mitigate the immense costs and risks of late-stage clinical trials, while focusing its internal resources on the commercial expansion of its device platform.

The strong 2026 revenue guidance suggests management's confidence that the adoption of its PEDD and TriNav systems will not only continue but accelerate. The company's success will depend on its ability to maintain this commercial momentum, expand its technology's use into new indications, and carefully manage its capital as it navigates the path toward profitability.