TriSalus Life Sciences, Inc. (NASDAQ:TLSI) reported third-quarter 2026 revenue of $12.9 million, an increase of 11.3% year-on-year, supported by higher sales volumes of its TriNav drug delivery systems. The oncology medical technology company also revised its full-year revenue guidance to between $46 million and $48 million.
The company reported improved gross margins and reduced operating losses, while continuing to expand its commercial operations and develop its Pressure-Enabled Drug Delivery (PEDD) technology.
Gross Margin Improves as Operating Losses Narrow
TriSalus reported a third-quarter gross margin of 86.2%, compared with 83.5% in the corresponding period of 2025, reflecting lower production costs per TriNav unit.
Operating losses narrowed to $7.7 million from $9.0 million, supported by reduced research and development expenses and lower administrative costs, partially offset by increased sales and marketing expenditure.
Net loss attributable to common stockholders declined to $8.9 million, or $0.15 per share, from $41.3 million, or $0.96 per share, a year earlier. The prior-year result included approximately $30.5 million associated with the conversion of preferred stock.
Adjusted EBITDA losses decreased to $4.7 million from $5.4 million.
TriSalus ended September with $41.1 million in cash and cash equivalents, following a $46 million equity offering completed during the first quarter.
FDA Clearance and Medicare Reimbursement Developments
During the quarter, TriSalus received FDA clearance for TriNav Advance, enabling PEDD technology to be used in smaller distal vessels through compatible microcatheters.
The company also reported changes to Medicare reimbursement policies effective January 1, 2027.
Under the Centers for Medicare & Medicaid Services’ final outpatient payment rule, the national reimbursement rate for procedures billed under HCPCS code C8004 will increase from approximately $11,794 to $20,910.
Separately, a new payment arrangement for office-based vascular embolisation procedures using pressure-generating catheters establishes a national payment of approximately $13,800 per procedure.
TriSalus also reached the enrolment threshold required for an interim analysis of its PROTECT registry, with initial multicentre U.S. thyroid artery embolisation data expected in the first quarter of 2027.
Full-Year Revenue Guidance Updated
TriSalus now expects 2026 revenue of $46 million to $48 million, representing approximately 2% to 6% growth compared with 2025.
Chief Executive Officer Mary Szela said the company’s expanded commercial organisation had contributed to revenue growth, although sales representative productivity had increased more slowly than anticipated.
The company expects its expanded sales network, TriNav Advance launch and revised Medicare reimbursement arrangements to support commercial activity in 2027.
TriSalus is also continuing development work involving its investigational immunotherapy candidate, nelitolimod, and plans to explore potential development partnerships as it completes data collection from several Phase 1 clinical trials.