TriSalus Raises $46M, Posts 60% Q4 Revenue Growth and Affirms $60–$62M Guidance
TriSalus reported Q4 revenue of $13.2 million, up 60% year-over-year, with improved gross margin of 87% and a narrowed adjusted EBITDA loss of approximately $950,000. In February, the company raised $46 million in a more-than-two-times-oversubscribed public offering, appointed Michael Stansky to its board and reaffirmed 2026 revenue guidance of $60–$62 million.
1. Q4 and Full-Year 2025 Results
TriSalus generated Q4 2025 revenue of $13.2 million, a 60% increase from $8.3 million a year earlier, driving full-year revenue to $45.2 million, up 53% year-over-year. The quarter saw an 87% gross margin, an adjusted EBITDA loss narrowed to about $950,000, and ending cash of $20.4 million.
2. Board Appointment and $46M Offering
In February, TriSalus bolstered governance by appointing healthcare investor Michael Stansky to its board and completed a public offering that raised $46 million in gross proceeds, more than twice subscribed, to fund expansion and innovation.
3. 2026 Guidance and Strategic Priorities
Management reaffirmed 2026 revenue guidance of $60–$62 million, expecting approximately 40% in H1 and 60% in H2 driven by commercial expansion, onboarding and new products. Capital will be allocated to doubling the commercial team, funding comparative clinical studies and accelerating product innovation.
4. Product Pipeline and Market Opportunities
TriSalus launched multiple TriNav products in 2025 and anticipates TriNav Advance clearance in H1 2026. The company targets a $480 million liver-embolization market and a $2.3 billion broader embolization market, supported by new registries in uterine fibroids, thyroid and genicular artery embolization.