TLSI Stock Forecast & Price Target

TriSalus Life Sciences is attractive because its PEDD platform is moving from a niche liver tool to a broader reimbursed delivery franchise, with permanent HCPCS codes, a 2027 CMS payment reset that lifts mapping reimbursement to about $20,910, and an OBL rate of about $13,800 that should improve provider economics. Commercially, the company already generated $45.2M in 2025, guided to $54M-$57M in FY26, and posted 2Q26 revenue of $11.4M, while gross margin remained strong at 86.8%, supporting operating leverage as the expanded sales force matures. The bull case is further strengthened by TriNav Advance broadening access to small distal vessels, a growing evidence base across 11 active studies and 27 sites, and adjacent indications that could expand the addressable market from about $480M in liver to nearly $2.5B.

TriSalus Life Sciences is facing a slower-than-expected sales force ramp that forced a major FY26 revenue reset to $46M-$48M from $54M-$57M, with 3Q26 revenue of $12.9M missing consensus and management blaming underproductive expansion territories. The business remains highly concentrated in TriNav, so adoption risk, reimbursement uncertainty, and delayed TriNav Advance commercialization create meaningful execution risk, while the shift toward super-selective Y-90 procedures leaves current offerings partially underpenetrated. Despite improved cash of $41.1M against $32.4M of long-term debt, the company is still loss-making and may need additional capital in mid-2027, increasing dilution risk.