Denver, Colorado — TriSalus Life Sciences, Inc. reported second-quarter 2026 revenue of $11.4 million and maintained its full-year revenue guidance of $54 million to $57 million as the oncology company continued expanding its commercial operations.
Revenue from sales of the company’s TriNav system increased 1.7% from the same period in 2025.
Gross margin rose to 86.8% from 83.9% a year earlier, which the company attributed primarily to a reduction in cost per TriNav unit.
TriSalus reported an operating loss of $9.8 million for the quarter, compared with a $7.3 million loss in the year-ago period. The wider loss was primarily driven by higher sales and marketing expenses tied to increased marketing investment and expansion of the company’s sales organization.
Those costs were partially offset by improved gross margins and lower research and development and general and administrative expenses.
Net loss available to common stockholders was $9.2 million, compared with a net loss of $9.0 million a year earlier. The latest quarter included $1.6 million in non-cash net gains related to changes in the fair value of derivatives, compared with $400,000 in the prior-year period.
Basic and diluted net loss per share narrowed to 16 cents from 27 cents a year earlier.
Adjusted EBITDA loss was $7.1 million, compared with a loss of $5.3 million in the second quarter of 2025.
“We delivered a second quarter marked by year-over-year and strong sequential growth. We continued strengthening our foundation to drive future expansion and adoption of the TriNav platform, and generated clinical evidence that demonstrates and validates the value of our technology,” said Mary Szela, President and Chief Executive Officer of TriSalus.
Szela also highlighted the Centers for Medicare and Medicaid Services’ establishment of a G-code extending reimbursement for vascular embolization procedures using a pressure-generating catheter to physician office-based laboratories.
“We anticipate seeing further growth in the back half of the year and beyond as our sales team continues to ramp their efforts. We believe the long-term growth opportunity for our PEDD platform remains substantial, and see an exciting pathway ahead,” she said.
During the quarter and recent weeks, TriSalus hosted a virtual event featuring key opinion leaders discussing new real-world evidence for pressure-enabled drug delivery, or PEDD, in liver cancer.
The company also submitted for publication data from the PEDIR study, a multicenter randomized trial conducted at Massachusetts General Hospital evaluating tumor-to-normal ratio in hepatocellular carcinoma and hypovascular tumors.
TriSalus ended the quarter with $46.3 million in cash and cash equivalents. The company raised $46 million in gross proceeds through an equity offering in the first quarter and said the proceeds are expected to provide sufficient funding for its commercial expansion and pipeline development.
For full-year 2026, TriSalus continues to expect revenue of $54 million to $57 million, representing growth of about 19% to 26% compared with 2025.
