TriSalus Cuts 2026 Sales Outlook After TriNav Rebound

The Tip Desk · November 10, 2026 · 3 min read

The company now sees full-year revenue of $46 million to $48 million after third-quarter TriNav sales of $12.9 million.

TriSalus Life Sciences (TLSI) cut its full-year 2026 revenue outlook to $46 million to $48 million after TriNav sales recovered from a year-over-year decline, a pace that still fell short of the $54 million to $57 million range it had held after the second quarter.

The oncology medical-technology company said TriNav revenue was $12.9 million for the three months ended September 30, 2026, up 11.3% from a year earlier, an increase it attributed primarily to more units sold. That followed a 1.7% year-over-year rise in the second quarter and a 2.9% year-over-year decline in the first quarter.

President and Chief Executive Officer Mary Szela said the third quarter marked a period of growth and expansion, including FDA clearance for TriNav Advance, which extends Pressure-Enabled Drug Delivery to small distal vessels through the microcatheter of the physician’s choice. She said the company more than doubled its commercial footprint in the first half of the year and that team productivity had ramped slightly slower than anticipated. Combined with the TriNav Advance launch, expanded office-based lab access through a new G-code, and continued cost discipline, she said the company had laid the foundation for continued growth in 2027 and beyond.

Gross margin was 86.2%, compared with 83.5% a year earlier, a 2.7-point year-over-year expansion the company said was primarily due to a reduction in cost per TriNav unit.

Operating loss was $7.7 million for the three months ended September 30, 2026, compared with $9.0 million a year earlier. The company said the year-over-year decrease was primarily driven by improved gross margins, lower research and development expenses and lower general and administrative expenses, partially offset by higher sales and marketing expenses related to marketing investment and sales-organization expansion. Sales and marketing expense was $10.7 million in the third quarter. Research and development expense was $3.2 million and general and administrative expense was $4.9 million.

Net loss attributable to common stockholders was $8.9 million, or $0.15 a share, compared with a net loss of $41.3 million, or $0.96 a share, a year earlier. The company said the year-ago figure included approximately $30.5 million of net loss attributable to common stockholders from the conversion of preferred stock to common stock during the third quarter of 2025. Adjusted EBITDA loss was $4.7 million.

Cash and cash equivalents totaled $41.1 million on September 30, 2026. The company raised $46.0 million in gross proceeds in the first quarter from an equity offering.

The updated 2026 guidance represents growth of approximately 2% to 6% compared with full-year 2025.

In the calendar year 2027 Hospital Outpatient Prospective Payment System final rule, the Centers for Medicare & Medicaid Services finalized the reassignment of HCPCS code C8004 from APC 5193 to APC 5194, aligning it with C9797. Based on the final rule, the national Medicare payment rate for procedures billed under C8004 will increase from approximately $11,794 to approximately $20,910, effective January 1, 2027. CMS also published its calendar year 2027 Physician Fee Schedule final rule, establishing national payment for HCPCS code G0577, vascular embolization using a pressure-generating catheter in the office-based lab setting. Effective January 1, 2027, the total national office payment is approximately $13,800 per procedure.

The company said it achieved the enrollment cutoff required for the interim analysis of the PROTECT registry in thyroid artery embolization and remains on track to deliver the first multi-center U.S. data on thyroid artery embolization in the first quarter of 2027.