TriSalus Life Sciences
TLSI on Nasdaq. Surgical & medical instruments & apparatus. Market value $270m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.86 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.27 a share, 94% above its 1-year low
Over the past year the price has ranged from $2.20 to $7.95.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $12m | $19m | $29m | $45m |
| Operating margin | |||||
| Operating margin | n/a | -293.9% | -294.3% | -122.9% | -59.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.03bn | 0.03bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 53.8% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $11 million last quarter, about the same as a year ago.
- A loss of $9 million, compared with a loss of $8 million a year ago.
- It loses 68 cents on each $1 of sales, compared with 86 cents a year earlier.
- Over the past 12 months it spent $23 million more cash than it brought in, compared with $29 million a year earlier.
- 77% more shares than a year ago. Each share owns a bit less of the company.
- It has $13 million more cash than debt. A year ago debt was $6 million more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7m |
| December 2024 | $8m |
| March 2025 | $9m |
| June 2025 | $11m |
| September 2025 | $12m |
| December 2025 | $13m |
| March 2026 | $9m |
| June 2026 | $11m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$10m |
| March 2025 | -$10m |
| June 2025 | -$8m |
| September 2025 | -$11m |
| December 2025 | -$10m |
| March 2026 | $2m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 79 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $910,273
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $910,273 | <0.1% |
Largest holders overall
- First Light Asset Management$30mAdded
- BlackRock$12mAdded
- Nantahala Capital Management$9mCut
- Vanguard Capital Management$8mAdded
- Cerity Partners$7mAdded
- Geode Capital Management$5mAdded
- Gilder Gagnon Howe$4mCut
- State Street$3mAdded
- White Pine Capital$2mAdded
- Thompson Siegel & Walmsley$2mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Frankenius Equity ABPassive investorat least 14.0%−6.5 pts(filed with 1 related holder)Since 31 July 2025
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: On June 23, 2025, the Issuer filed a Form S-4 announcing the Exchange Offer (the "Offer") of Common Stock in exchange for the shares of the Issuer's Preferred Stock, which equated to an exchange ratio of 3.3…
Read the filing - First Light Asset Management, LLCPassive investorat least 10.7%+2.0 pts(filed with 1 related holder)Since 30 June 2026
- Mats Wahlstromat least 6.0%−3.0 pts(filed with 2 related holders)Since 31 July 2025
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: On June 23, 2025, the Issuer filed a Form S-4 announcing the Exchange Offer (the "Offer") of Common Stock in exchange for the shares of the Issuer's Preferred Stock, which equated to an exchange ratio of 3.3…
Read the filing - Utmost Group PLCPassive investor5.7%−1.1 ptsSince 31 March 2026
- James J. PallottaPassive investor5.2%Since 15 May 2026
- Nantahala Capital Management, LLCPassive investorat least 4.1%−1.2 pts(filed with 2 related holders)Since 30 September 2025
- HW Investment Partners, LLCInsider or founderSold down below 5%Since 17 December 2024
- Lombard International Assurance S.A.Passive investorSold down below 5%Since 30 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Frankenius Equity AB Passive investor | at least 14.0%−6.5 pts (filed with 1 related holder) | 31 July 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: On June 23, 2025, the Issuer filed a Form S-4 announcing the Exchange Offer (the "Offer") of Common Stock in exchange for the shares of the Issuer's Preferred Stock, which equated to an exchange ratio of 3.3… Read the filing |
First Light Asset Management, LLC Passive investor | at least 10.7%+2.0 pts (filed with 1 related holder) | 30 June 2026 | |
Mats Wahlstrom | at least 6.0%−3.0 pts (filed with 2 related holders) | 31 July 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: On June 23, 2025, the Issuer filed a Form S-4 announcing the Exchange Offer (the "Offer") of Common Stock in exchange for the shares of the Issuer's Preferred Stock, which equated to an exchange ratio of 3.3… Read the filing |
Utmost Group PLC Passive investor | 5.7%−1.1 pts | 31 March 2026 | |
James J. Pallotta Passive investor | 5.2% | 15 May 2026 | |
Nantahala Capital Management, LLC Passive investor | at least 4.1%−1.2 pts (filed with 2 related holders) | 30 September 2025 | |
HW Investment Partners, LLC Insider or founder | Sold down below 5% | 17 December 2024 | |
Lombard International Assurance S.A. Passive investor | Sold down below 5% | 30 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $4m of shares on the open market. 5 sold $135,808.
- Marshak RichardChief Commercial OfficerSold
- Date
- 15 May 2026
- Shares
- 543
- Price
- $2.67
- Value
- $1,450
- Wahlstrom MatsDirectorBought
- Date
- 15 May 2026
- Shares
- 60,000
- Price
- $2.53
- Value
- $151,800
- Stansky Michael PDirectorBought
- Date
- 15 May 2026
- Shares
- 610,000
- Price
- $2.50
- Value
- $2m
- Szela Mary TCEO and President, DirectorBought
- Date
- 15 May 2026
- Shares
- 39,682
- Price
- $2.59
- Value
- $102,776
- Patience DavidChief Financial OfficerBought
- Date
- 15 May 2026
- Shares
- 7,100
- Price
- $2.43
- Value
- $17,253
- Gordon Gary B.DirectorBought
- Date
- 15 May 2026
- Shares
- 10,000
- Price
- $2.46
- Value
- $24,600
- Szela Mary TCEO and President, DirectorSold
- Date
- 17 March 2026
- Shares
- 15,944
- Price
- $3.85
- Value
- $61,384
- Devlin JodiChief of Clinical OperationsSold
- Date
- 16 March 2026
- Shares
- 273
- Price
- $4.12
- Value
- $1,125
- Cox Bryan F.Chief of ResearchSold
- Date
- 16 March 2026
- Shares
- 579
- Price
- $4.12
- Value
- $2,385
- Marshak RichardChief Commercial OfficerSold
- Date
- 16 March 2026
- Shares
- 419
- Price
- $4.12
- Value
- $1,726
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 May 2026 | Marshak Richard Chief Commercial Officer | Sold | 543 | $2.67 | $1,450 |
| 15 May 2026 | Wahlstrom Mats Director | Bought | 60,000 | $2.53 | $151,800 |
| 15 May 2026 | Stansky Michael P Director | Bought | 610,000 | $2.50 | $2m |
| 15 May 2026 | Szela Mary T CEO and President, Director | Bought | 39,682 | $2.59 | $102,776 |
| 15 May 2026 | Patience David Chief Financial Officer | Bought | 7,100 | $2.43 | $17,253 |
| 15 May 2026 | Gordon Gary B. Director | Bought | 10,000 | $2.46 | $24,600 |
| 17 March 2026 | Szela Mary T CEO and President, Director | Sold | 15,944 | $3.85 | $61,384 |
| 16 March 2026 | Devlin Jodi Chief of Clinical Operations | Sold | 273 | $4.12 | $1,125 |
| 16 March 2026 | Cox Bryan F. Chief of Research | Sold | 579 | $4.12 | $2,385 |
| 16 March 2026 | Marshak Richard Chief Commercial Officer | Sold | 419 | $4.12 | $1,726 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.