MeritValue

TriSalus Life Sciences, Inc.

TLSIdata completeness 100%5 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$12.4M1$18.5M2$29.4M3$45.2M3
Net income$4.77M4−$47.2M5−$59.4M6−$30M7−$39.2M7
Operating cash flow−$1.74M8−$32.3M9−$50.6M10−$40.8M11−$18M11
Capital expenditure—$655,00012$588,00013$345,00014$918,00014
Free cash flow (derived)—−$33M9−$51.2M10−$41.2M11−$18.9M11
Total debt——$015$22.1M16$33M16
Cash & equivalents$200,88417$9.41M18$11.8M19$8.53M20$20.4M20
Diluted shares—309,6099.4M25.3M37.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$8.93
your share of equity
Profit it earned you last year
−$10.35
Free cash flow it threw off
−$5
Debt you’d be carrying
$8.72

10 shares is a claim on −$8.93 of net worth that earned you −$10.35 and generated −$5 of cash last year, against $8.72 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+12141% shares · 5y

Share count is up 12141% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001826667-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-23-000332 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001826667-24-000005 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000332 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001826667-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001826667-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000332 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001826667-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0001826667-25-000070 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-015163 (CashAndCashEquivalentsAtCarryingValue)