Forensic Analysis · Medical Devices · as of Nov 11, 2026

TriSalus Life Sciences, Inc. (TLSI)

A forensic read on TriSalus Life Sciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-32.3

Distress distance

Clean

Earnings quality

Forensic signals

53.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

TriSalus Life Sciences, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -32.3, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-494.4%

FY2025

Return on invested capital. Return on invested capital is -494.4% in the latest fiscal year, against -1704.7% in FY2024. After-tax operating profit was ($29M) in FY2024 and ($21M) in FY2025, with operating income at -122.9% of revenue in FY2024 and -59.7% in FY2025. The capital base behind it grew +157% across FY2024–FY2025, from $2M to $4M, and the return did not fall doing it, so the dollars added over that window earned at least the -1704.7% the older base was already earning.

20% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 20% of revenue in FY2025 — about $0.24 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 49.6% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$45.2M

Revenue Growth YoY+53.4%

Revenue CAGR (2yr)+56.2%

Net Margin-86.9%

Free Cash Flow-$18.9M

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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