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On Wednesday, Northland analyst Carl Byrnes maintained an Outperform rating on TriSalus Life Sciences, Inc. (NASDAQ:TLSI), keeping the price target steady at $12.50. Byrnes highlighted the company’s first-quarter performance, noting the pre-announced unaudited product revenue for TriNav™, which reached $9.2 million, marking an approximate 42% increase year-over-year and surpassing expectations. According to InvestingPro data, the company has maintained strong momentum with a 59% revenue growth over the last twelve months, though trading at a modest market capitalization of $174 million. TriSalus is scheduled to release its full financial results on May 15, before market open, and will conduct a conference call at 8 AM ET to discuss the details.
In addition to the revenue announcement, TriSalus disclosed a significant financial development. The company has entered into a securities purchase agreement to raise about $22 million in gross proceeds through a private placement of its common stock. This fundraising effort is led by Nantahala Capital, with participation from Broadfin Holdings and other institutional investors. InvestingPro analysis indicates the company is quickly burning through cash, making this funding crucial. For deeper insights into TriSalus’s financial health and 12+ additional ProTips, subscribers can access the comprehensive Pro Research Report.
The proceeds from this private placement are expected to streamline TriSalus’s capital structure. A Tender and Support Agreement has been signed with holders of approximately 55% of the company’s outstanding Series A Preferred Stock. This agreement aims to simplify ownership by eliminating complex rights and dilution triggers. As part of the restructuring, TriSalus plans to launch a registered exchange offer, allowing preferred stockholders to exchange their shares for common stock. The exchange value will be based on $10.00 per preferred share, plus dividends expected through August 10, 2027, divided by the common share price of $4.00.
Furthermore, TriSalus intends to hold a special stockholder meeting to vote on changes to the Preferred Stock terms. These amendments would permit the company to redeem and convert outstanding preferred shares under certain conditions and remove the conversion price reset scheduled for July 2027. The company anticipates initiating the exchange offer by the end of the second quarter of 2025 and holding the stockholder meeting in the third quarter of the same year. InvestingPro data shows the stock has surged 44% over the past six months, with analyst targets ranging from $10 to $16, suggesting potential upside from current levels.
In other recent news, TriSalus Life Sciences reported a 42% increase in revenue for the first quarter of 2025, driven by its TriNav® Infusion System. The company also announced a private placement of common stock to raise approximately $22 million, with the proceeds intended for working capital and general corporate purposes. Additionally, TriSalus shared its preliminary financial results for the first quarter of 2025, noting that these results are unaudited and subject to revision. In a strategic move, the company is planning an exchange offer for its outstanding Series A Convertible Preferred Stock to streamline its capital structure. TriSalus has also been active in clinical development, as it is in the final stages of completing data for phase 1 clinical trials of its investigational immunotherapeutic nelitolimod. Furthermore, the company announced the resignation of board member George Kelly Martin, clarifying that his departure was not due to disagreements regarding company operations or policies. Lastly, TriSalus’s fourth-quarter results for 2024 showed a 44% year-over-year revenue increase, contributing to a full-year revenue of $29.4 million, marking a 59% increase from 2023.
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