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TriSalus Life Sciences, Inc. (TLSI)

Nasdaq: TLSI · Surgical & Medical Instruments & Apparatus · Westminster, CO · filing with the SEC since 2020
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Grade4.4
◀ Past 3.8● Present 4.0▶ Future 5.5
2 est.
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The grade of TriSalus Life Sciences, Inc.

Nine metrics read from its own filings, by tense
Headline grade
4.4/10
◀ Past3.830% of the headline
● Present4.040% of the headline
▶ Future5.530% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.8/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
1.5/10

Has it survived what it has been through?

9 warning events since 2020; the latest 2025-03-28.

weight 33% of this tense · 15th percentile among 121 sector filers · read for itself

From the record

TriSalus Life Sciences, Inc.'s filings since 2020 show 9 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2023-06-21); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2021-12-10); an auditor change (8-K item 4.01, 2 times, the latest 2024-04-16); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2025-03-28) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
7.0/10

What has it actually done, year after year?

+53.8% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 70th percentile among 105 sector filers · read for its customers

From the record

TriSalus Life Sciences, Inc.'s 4 filed years say what it did: revenue went from $12 million in fiscal 2022 to $45 million in fiscal 2025, up 53.8% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span53.8%top 14% of its family
  • the share of years revenue rosetop 15% of its family
  • the share of filed years with a profitbottom 23% of its family
  • the deepest fall from a revenue peak0.0%top 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
0.6/10

How has it treated the people who own it?

SI estimate 0.6/10, confidence 35 of 100 (one part).

weight 22% of this tense · 6th percentile among 120 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 6% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 120 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TriSalus Life Sciences, Inc.'s shareholder treatment is put at 0.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 6% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.0/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
4.3/10

Is it financially healthy right now?

Leverage 196%: owes 196¢ per asset dollar.

weight 45% of this tense · 44th percentile among 120 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, TriSalus Life Sciences, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 108 cents per dollar of everything the company owns. Leverage: it owed about 196 cents per dollar of assets, and net share issuance: its share count grew 49.6% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 1% of its family
  • gross profit against assetstop 1% of its family
  • the share count against the year beforebottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.1/10

How strong is its position in its industry?

top 49% of 109 in its family; net margin -86.9%.

weight 33% of this tense · 51st percentile among 109 sector filers · read for its customers

From the record

TriSalus Life Sciences, Inc.'s standing among 109 graded names in its industry family: revenue of $45 million in fiscal 2025 ranks in the bottom 41% by size; a net margin of -86.9% ranks in the bottom 25%; revenue growth of 53.8% a year over the last 3 filed years ranks in the top 13% (its annual reports).

What it rests on

  • revenue against the family$45.2Mbottom 41% of its family
  • net margin-86.9%bottom 25% of its family
  • three-year revenue growth53.8%top 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
1.7/10

What are the people in charge doing?

SI estimate 1.7/10, confidence 35 of 100 (one part).

weight 22% of this tense · 17th percentile among 108 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 17% of 108 in its family; the record of its people begins on 2023-08-14 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.2 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read
The record of its people begins on 2023-08-14 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.2 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 108 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TriSalus Life Sciences, Inc.'s leadership is put at 1.7 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 17% of 108 in its family; the record of its people begins on 2023-08-14 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.2 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.5/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.0/10

How much room does it have to grow?

bottom 50% of 104 in its family for room to expand.

weight 45% of this tense · 50th percentile among 104 sector filers · read for itself

From the record

TriSalus Life Sciences, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $21 million against debt of $33 million leaves -34.7% of its assets as net cash, bottom 5% of its family; cash from operations less capital spending is -41.9% of revenue (bottom 32%); a gross margin of 84.6% (top 8%); research spending of 33.1% of revenue (top 29%) (its annual report).

What it rests on

  • cash less debt against assets-34.7%bottom 5% of its family
  • cash from operations less capital spending against revenue-41.9%bottom 32% of its family
  • gross margin84.6%top 8% of its family
  • research spending against revenue33.1%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.6/10

What could actually drive growth from here?

top 44% of 105 in its family for growth drivers.

weight 33% of this tense · 56th percentile among 105 sector filers · read for its customers

From the record

TriSalus Life Sciences, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 53.8% a year over the last three filed years against 53.8% over all 4, speeding up (top 43% of its family); the newest year grew 53.5% (top 12%); research spending grew -11.2% a year (bottom 14%); capital spending grew 11.9% a year (top 33%) (its annual reports). TriSalus Life Sciences, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 43% of its family
  • the newest year's revenue growth53.5%top 12% of its family
  • three-year growth of research spending-11.2%bottom 14% of its family
  • three-year growth of capital spending11.9%top 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
6.5/10

Did its newest year beat what its own record pointed to?

top 35% of 88 in its family for expectations against reality.

weight 22% of this tense · 65th percentile among 88 sector filers · read for its shareholders

From the record

TriSalus Life Sciences, Inc.'s newest year against its own record: revenue of $45 million in fiscal 2025 came in 0.4% below the $45 million its prior three years' pace pointed to (top 41% of its family); net income of $39 million against a prior three-year average of $46 million (bottom 47%); a net margin of -86.9% against losses larger than its revenue before (top 11%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-0.4%top 41% of its family
  • net income against the prior three years' average+14%bottom 47% of its family
  • net margin against its prior averageup more than 100 pointstop 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TLSI · research, not advice