TriSalus Life Sciences

TLSI · NASDAQ

$3.66+$0.13 (+3.68%)TodayMarket closed · Oct 20, 4:34 PM ET

Prev close $3.53

TLSI analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $9.44 (+157.8% upside)

Low: $7.07
Now: $3.66
High: $12.60

Upgrades and downgrades

The latest rating actions, newest first

TLSI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 23, 2026	Maintains	Buy	$11.00 → $12.00	43%
HC Wainwright & Co.	Sep 9, 2026	Initiates	Buy	$11.00	43%
Lake Street	May 13, 2026	Maintains	Buy	$10.00 → $8.00	36%
Canaccord Genuity	Mar 9, 2026	Maintains	Buy	$7.00	44%
Canaccord Genuity	Mar 6, 2026	Maintains	Buy	$12.00 → $7.00	44%
Canaccord Genuity	Dec 17, 2025	Maintains	Buy	$11.00 → $12.00	44%

The case for and against

Updated Oct 16, 2026

Bull case

TriSalus Life Sciences is supported by a differentiated PEDD platform that improves intratumoral delivery, with TriNav already reaching roughly 10% of the liver embolization market and showing strong evidence of higher tumor-to-normal ratios, better response rates, and durable health-economic benefits. The FDA approval of TriNav Advance removes a key product limitation by enabling treatment of smaller vessels, potentially expanding share of the liver market to about 15%–20% and opening adjacent opportunities such as UAE, GAE, and possibly PAE. Fundamentally, the bullish case is reinforced by commercial momentum—2Q26 revenue of $11.4M beat consensus, FY26 guidance of $54M-$57M was reiterated, and gross margin remained strong at 86.8%—while nelitolimod and PERIO trials provide additional long-term platform optionality.

Bear case

TriSalus Life Sciences is viewed negatively because its revenue base is highly concentrated in TriNav, leaving the company dependent on continued adoption of one device family while physician awareness remains limited and cheaper standard microcatheters dominate about 90% of liver embolization procedures. Commercial execution has already been uneven, with 1Q26 revenue of $8.9M down 2.9% YoY, a disrupted sales-force reset, and FDA delay on TriNav Advance leading management to cut FY26 guidance to $54M-$57M and guide to no Advance revenue in 2026. On top of that, the business faces regulatory, reimbursement, competition, legal, and dilution risks, and remains unprofitable, which could force equity financing and dilute shareholders.

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