Revenue: As of FY2025 Q3, the actual value is USD 11.57 M.

EPS: As of FY2025 Q3, the actual value is USD -0.96.

EBIT: As of FY2025 Q3, the actual value is USD -7.724 M.

Segment Revenue

• TriSalus Life Sciences reported $11.6 million in revenue for the third quarter of 2025, representing a 57% increase year-over-year and a 3% sequential growth from the second quarter of 2025. This growth was primarily driven by increased sales of the TriNav system within liver-directed applications.

Operational Metrics

• Gross margins were 84% in the third quarter, down from 86% in the same period of 2024, due to lower manufacturing efficiency associated with newly launched products.
• Research and Development (R&D) expenses were approximately $5.2 million, up from $4.2 million in the same quarter of the prior year, mainly due to a one-time charge related to the closing of clinical studies.
• Sales and Marketing (S&M) expenses increased to approximately $6.8 million from $6.1 million in the prior year, driven by performance-related compensation.
• General & Administrative (G&A) expenses rose to approximately $6.7 million from $4.7 million, primarily due to non-cash stock-based compensation and reclassification of patent-related expenses.
• Operating losses were $9.0 million, compared to $8.7 million in the prior year, influenced by one-time charges.
• Net loss attributable to common stockholders was $41.3 million, compared to $3.2 million in the prior year, largely due to the conversion of preferred stock to common stock.

Cash Flow

• Cash and cash equivalents totaled $22.7 million as of September 30, 2025, providing sufficient runway to reach positive adjusted EBITDA.
• Net cash used in operating activities was - $15.5 million for the nine months ended September 30, 2025.

Unique Metrics

• Adjusted EBITDA losses were $5.4 million, compared to losses of $7.2 million in the same period of 2024, with reductions attributed to increased sales and reduced R&D expenses.

Outlook / Guidance

• TriSalus Life Sciences reaffirmed its full-year revenue growth guidance of at least 50%, driven by the increasing market penetration of the TriNav system for liver-directed therapies. The company continues to invest in clinical programs and aims to expand its PEDD technology platform to new applications. Additionally, the company is reducing its quarterly cash burn while extending its platform through strategic partnerships.