TriSalus Life Sciences Inc (NASDAQ: TLSI) is a medical device company that develops and sells pressure-enabled drug delivery infusion systems for use in liver cancer embolization procedures. Revenue comes from transactional sales of its TriNav catheter to hospitals and clinics, priced at a significant premium to competitive products (per the FY2025 10-K filed March 5, 2026). TriNav is sold either on consignment, with title transferring at the time of clinical use, or via direct purchase at a predetermined per-unit fee. The company also has a clinical-stage oncology asset, nelitolimod, in development. End customers are interventional radiologists at hospital outpatient departments and ambulatory surgical centers. As of December 31, 2025, the commercial team totaled 43 sales and marketing professionals. TriNav's reimbursement is supported by CMS HCPCS code C9797 (effective January 1, 2024) and a second permanent code C8004 (effective April 1, 2025). The company operates in one reportable segment and relies on third-party contract manufacturers for production.

Revenue model

Transactional product sales. TriNav catheters are sold per-unit to hospitals and clinics, either via consignment (title transfers at procedure) or direct purchase at a fixed fee per catheter. Revenue is recognized when control transfers to the customer. Rebates are recorded as a reduction of revenue when contract conditions are met.

Products and services

TriNav: a pressure-enabled drug delivery (PEDD) infusion system and catheter used in transcatheter arterial chemoembolization (TACE), transarterial radioembolization (TARE), and other embolization procedures. Features a SmartValve mechanism. Nelitolimod: a clinical-stage oncology drug candidate, not yet approved or generating revenue as of the filing date.

Customers and end markets

Primary end customers are hospitals and ambulatory surgical centers, specifically interventional radiologists performing liver cancer embolization procedures. Sales are made directly to these institutions. Reimbursement flows through Medicare, Medicaid, private insurance, and managed care programs.

Value-chain role

Medical device developer and direct seller. TriSalus designs TriNav and relies on third-party contract suppliers and manufacturers for production. It distributes and sells directly to hospitals and clinics through an in-house sales force of 43 professionals as of December 31, 2025.

Geographic exposure

The filing references U.S. hospital outpatient departments and ambulatory surgical centers as the primary channel. CMS reimbursement codes are U.S.-specific. No international revenue breakdown is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-05

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