TriSalus Restores Sequential Revenue After Expansion Dip
TriNav sales reached $11.4 million in the second quarter as the company kept 2026 guidance at $54 million to $57 million.
TriSalus Life Sciences (TLSI), an oncology medical-technology company, generated $11.4 million of TriNav system revenue in the three months ended June 30, 2026, a 28% sequential increase from $8.9 million in the first quarter and a reversal of the first-quarter dip the company had tied to commercial expansion.
Year-over-year growth slowed to 1.7% from $11.2 million a year earlier, after a 2.9% year-over-year decline in the first quarter. President and Chief Executive Officer Mary Szela said the quarter was marked by year-over-year and strong sequential growth and that the company continued strengthening its foundation to drive future expansion and adoption of the TriNav platform.
Gross margin expanded to 86.8% from 86.2% in the first quarter. The year-over-year increase was primarily due to a reduction in cost per TriNav unit.
Sales and marketing expense rose to $11.4 million from $7.2 million in the first quarter as the company expanded its commercial organization. Operating loss widened to $9.8 million from $7.3 million, primarily driven by higher sales and marketing expenses related to marketing investment and sales-organization expansion, partially offset by improved gross margins, lower research and development, and lower general and administrative expenses. Adjusted EBITDA loss widened to $7.1 million from $5.3 million, primarily from increased sales and marketing expenses.
Net loss available to common stockholders was $9.2 million, or $0.16 a share, compared with a net loss of $9.0 million, or $0.27 a share, a year earlier. The current period included $1.6 million of non-cash net gains related to changes in the fair value of various derivatives.
Cash and cash equivalents totaled $46.3 million on June 30, 2026. The company raised $46.0 million in gross proceeds in the first quarter from an equity offering, and those proceeds provide sufficient cash runway to fully fund commercial expansion and pipeline development.
The company is maintaining full-year 2026 revenue guidance of $54 million to $57 million, the range it set in the first quarter after revising it down from the $60 million to $62 million outlook reaffirmed with fourth-quarter 2025 results. That range represents growth of 19% to 26% compared with full-year 2025.
Szela said the company anticipates further growth in the back half of the year and beyond as the sales team continues to ramp. She also acknowledged the Centers for Medicare and Medicaid Services on the recent establishment of a G-code that extends reimbursement for vascular embolization procedures with a pressure-generating catheter into physician office-based lab sites, and said the company looks forward to maintaining an active dialogue with CMS as its team finalizes the reimbursement rate in the coming months.
The company hosted a virtual key-opinion-leader event featuring a discussion around new real-world evidence for PEDD in liver cancer and submitted for publication data from the PEDIR study, a multicenter, randomized trial at Massachusetts General Hospital evaluating tumor-to-normal ratio in hepatocellular carcinoma and hypovascular tumors.
TriSalus’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery approach: the TriNav Infusion System and TriNav Infusion System LV for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. Nelitolimod, the company’s investigational immunotherapeutic, is in the final stages of data completion for several phase 1 clinical trials, and the company will begin exploring partnership opportunities for development.