TriSalus Life Sciences reported third-quarter revenue growth and a narrower operating loss, while lowering its 2026 revenue outlook to $46 million–$48 million. The company also highlighted FDA clearance for a new version of its TriNav system and Medicare payment policies taking effect in 2027 that expand reimbursement for procedures using its pressure-enabled drug delivery technology.
The results reflect higher TriNav unit sales and improved gross margins. TriSalus said its commercial team’s productivity has ramped more slowly than expected, even as the company expanded its sales footprint and worked to increase use of the system.
Key details
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Revenue rose 11.3% year over year to $12.9 million in the third quarter, primarily because TriSalus sold more TriNav systems.
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Gross margin increased to 86.2%, from 83.5% a year earlier. The company attributed the improvement mainly to lower costs per TriNav unit.
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Operating loss narrowed to $7.7 million, compared with $9.0 million in the third quarter of 2025.
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TriSalus lowered its 2026 revenue guidance to $46 million–$48 million. The company said sales-team productivity has built more slowly than anticipated. It also said its commercial footprint more than doubled in the first half of the year and that representatives are continuing to promote TriNav and build relationships with interventional radiologists.
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The FDA cleared TriNav Advance, which allows pressure-enabled drug delivery to smaller, distal vessels through the physician’s choice of microcatheter. TriSalus said the system enables it to address the full range of vessels encountered in liver embolization procedures.
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Medicare payment for one hospital-based procedure is set to increase in 2027. The Centers for Medicare & Medicaid Services moved billing code C8004 to a higher payment category, aligning it with code C9797. The national payment rate for procedures billed under C8004 is expected to rise from about $11,794 to about $20,910 starting January 1, 2027.
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A separate Medicare payment route will cover the procedure in office-based labs. Starting January 1, 2027, a new code, G0577, will carry a national office payment of about $13,800 per procedure for vascular embolization using a pressure-generating catheter.
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The company reached the enrollment cutoff for an interim analysis of its PROTECT registry studying thyroid artery embolization. TriSalus said it remains on track to report the first multicenter U.S. data on the procedure in the first quarter of 2027.
Plain-English implications
The 2027 payment policies extend Medicare reimbursement for pressure-enabled drug delivery across both hospital outpatient and office-based lab settings, with higher payment for the specified hospital code. Those are payments for procedures, not direct payments to TriSalus. The company’s near-term outlook, meanwhile, reflects a slower-than-expected ramp in sales-team productivity despite expanded commercial coverage.