TriSalus Life Sciences, Inc. (NASDAQ: TLSI)

Sector: Healthcare Industry: Medical Devices CIK: 0001826667
Market Cap 165.40 Mn
P/B -6.19
P/E -2.36
P/S 4.11
ROIC (Qtr) -289.02
Div Yield % 0.00
Rev 1y % (Qtr) 57.38
Total Debt (Qtr) 34.12 Mn
Debt/Equity (Qtr) -1.28
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About

Investment thesis

Bull case

  • Healthy cash reserves of 22.69M provide 175.87x coverage of short-term debt 129000, demonstrating strong liquidity position and minimal refinancing risk.
  • Retained earnings of (320.97M) represent substantial 12.01x of equity (26.73M), indicating strong internal capital generation.
  • Cash reserves of 22.69M provide robust 2.08x coverage of current liabilities 10.91M, indicating strong short-term solvency.
  • Cash reserves of 22.69M provide solid 1.24x coverage of other non-current liabilities 18.28M, indicating strong liquidity.
  • Tangible assets of 36.46M provide robust 5.21x coverage of other current liabilities 7M, indicating strong asset backing.

Bear case

  • Investment activities of (847000) provide weak support for R&D spending of 15.35M, which is -0.06x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (21.23M) shows concerning coverage of stock compensation expenses of 8.63M, with a -2.46 ratio indicating potential earnings quality issues.
  • Free cash flow of (22.08M) provides weak coverage of capital expenditures of 847000, with a -26.07 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (21.23M) provides minimal -3539.17x coverage of tax expenses of 6000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (34.42M) show weak coverage of depreciation charges of 1.13M, with a -30.43 ratio indicating high capital intensity and potential reinvestment needs.

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 4.73 2.13
EV to Cash from Ops. EV/CFO -8.13 2.75
EV to Debt EV to Debt 5.06 17.25
EV to EBIT EV/EBIT -5.01 2.89
EV to EBITDA EV/EBITDA -5.73 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -7.82 29.36
EV to Market Cap EV to Market Cap 1.04 25.09
EV to Revenue EV/Rev 4.29 32.80
Price to Book Value [P/B] P/B -6.19 4.73
Price to Earnings [P/E] P/E -2.36 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -2.30 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) -6.67 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -26.99 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 100.98 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 35.72 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 27.90 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 35.72 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) 28.78 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) -2.02 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) 50.91 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 44.26 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.10 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 2.08 1.80
Current Ratio Curr Ratio (Qtr) 3.06 4.18
Debt to Equity Ratio Debt/Equity (Qtr) -1.28 1.20
Interest Cover Ratio Int Coverage (Qtr) -6.67 196.93
Times Interest Earned Times Interest Earned (Qtr) -6.67 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -82.80 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) -85.60 -2,478.60
EBT Margin % EBT Margin % (Qtr) -98.43 -2,690.42
Gross Margin % Gross Margin % (Qtr) 84.00 30.80
Net Profit Margin % Net Margin % (Qtr) -174.20 -2,821.53