TriSalus Raises Third-Quarter Revenue 11.3%, Cuts 2026 Outlook to $46–48 Million

Key Facts

TriSalus Life Sciences reported on November 10 results for the quarter ended September 30, 2026, posting revenue of $12.878 million, up 11.3% from the same period a year earlier. The company said revenue growth was driven primarily by an increase in the number of TriNav units sold. Basic and diluted loss per share was $0.15, compared with a loss of $0.96 in the third quarter of 2025. Net loss also narrowed to $8.854 million from $10.811 million. The results showed improved revenue and losses compared with a year earlier, alongside a cut to the 2026 full-year revenue outlook.

Gross margin rose to 86.2% in the third quarter from 83.5% a year earlier, which the company attributed to a lower cost per TriNav unit. Operating loss narrowed to $7.709 million from $9.014 million in the same period of 2025. The company linked the operating improvement to the higher margin and lower research and development and administrative expenses. This was partly offset by higher marketing and sales expenses. The improvement in margin and operating loss puts revenue growth in the context of operating performance, while the company continues to report losses.

The loss attributable to common stockholders was $8.9 million, compared with $41.3 million a year earlier. The company said about $30.5 million of the loss in the year-earlier period was related to the conversion of preferred shares into common shares in the third quarter of 2025. The comparison between the two attributable losses therefore reflects the effect of that earlier transaction, as well as changes in operating results. On a per-share basis, basic and diluted loss fell to $0.15 from $0.96. The current quarter's operating net loss remains $7.709 million, despite improving from a year earlier.

TriSalus cut its 2026 fiscal-year revenue outlook to $46–48 million, citing expected growth of 2% to 6% compared with 2025. In its second-quarter results announcement, published on August 6, the company had maintained a range of $54 million to $57 million, with expected annual growth of 19% to 26%. The update marks a reduction from the previous guidance range, both in the revenue target and expected growth rate. In the second quarter, CEO Mary Zila said the company had delivered strong year-over-year and sequential growth, and that it expected further growth in the second half as its sales team expanded its efforts. The new guidance follows the company's statement that TriNav units sold were the primary driver of the third-quarter revenue increase.

The company pointed to scheduled changes in U.S. payment rates for certain procedures beginning January 1, 2027. The national Medicare payment rate for procedures covered by code C8004 will rise, according to the company, from about $11,794 to $20,910 per procedure. Code G0577 also sets a national aggregate outpatient payment of about $13,800 per procedure. TriSalus links these rates to procedures covered by the relevant treatment system, while their commercial impact depends on coverage implementation and use of the procedures. The statement did not provide a quantitative estimate of sales resulting from these rates among the available facts.

On clinical data, TriSalus said it had met the enrollment threshold required to conduct an interim analysis of the PROTECT registry for thyroid artery embolization. The company expects to present the registry's first U.S. multicenter data in the first quarter of 2027. This is the next announced milestone for data related to the program. In its third-quarter announcement, the company had said it reached the same enrollment threshold before giving the expected data timing. It also scheduled its earnings call and webcast for November 10, 2026, at 8:30 a.m. Eastern time.

Before the announcement, TLSI shares closed at $3.22 in the November 9, 2026 session. That price is from the session before the results were announced the following day. The closing figure alone does not include the stock's movement after the results announcement. The reported figures center on year-over-year revenue growth and improved margins and losses, alongside a cut to the current-year outlook. The upcoming developments also include an expected clinical data release in the first quarter of 2027 and the implementation of new payment rates from January 1, 2027.