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Side-by-side financial comparison of LENSAR, Inc. (LNSR) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
LENSAR, Inc. is the larger business by last-quarter revenue ($14.3M vs $13.2M, roughly 1.1× TriSalus Life Sciences, Inc.). LENSAR, Inc. runs the higher net margin — -10.2% vs -73.9%, a 63.7% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -3.3%). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs 28.8%).
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
LNSR vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.3M | $13.2M |
| Net Profit | $-1.5M | $-9.8M |
| Gross Margin | 36.6% | 86.7% |
| Operating Margin | -34.3% | -24.8% |
| Net Margin | -10.2% | -73.9% |
| Revenue YoY | -3.3% | 59.8% |
| Net Profit YoY | 92.2% | 3.5% |
| EPS (diluted) | $-0.09 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $14.3M | $13.2M | ||
| Q3 25 | $12.8M | $11.6M | ||
| Q2 25 | $12.3M | $11.2M | ||
| Q1 25 | $12.3M | $9.2M | ||
| Q4 24 | $14.8M | $8.3M | ||
| Q3 24 | $11.8M | $7.3M | ||
| Q2 24 | $10.7M | $7.4M | ||
| Q1 24 | $8.6M | $6.5M |
| Q4 25 | $-1.5M | $-9.8M | ||
| Q3 25 | $-3.7M | $-10.8M | ||
| Q2 25 | $-1.8M | $-8.3M | ||
| Q1 25 | $-27.3M | $-10.4M | ||
| Q4 24 | $-18.7M | $-10.1M | ||
| Q3 24 | $-1.5M | $-2.4M | ||
| Q2 24 | $-9.0M | $-4.3M | ||
| Q1 24 | $-2.2M | $-13.2M |
| Q4 25 | 36.6% | 86.7% | ||
| Q3 25 | 35.1% | 83.5% | ||
| Q2 25 | 43.8% | 83.9% | ||
| Q1 25 | 42.7% | 83.7% | ||
| Q4 24 | 35.1% | 85.3% | ||
| Q3 24 | 38.4% | 86.3% | ||
| Q2 24 | 45.5% | 87.6% | ||
| Q1 24 | 43.0% | 85.0% |
| Q4 25 | -34.3% | -24.8% | ||
| Q3 25 | -59.4% | -77.9% | ||
| Q2 25 | -51.2% | -65.4% | ||
| Q1 25 | -47.2% | -79.9% | ||
| Q4 24 | -8.7% | -91.8% | ||
| Q3 24 | -10.5% | -118.9% | ||
| Q2 24 | -49.4% | -111.0% | ||
| Q1 24 | -33.0% | -180.8% |
| Q4 25 | -10.2% | -73.9% | ||
| Q3 25 | -29.1% | -93.5% | ||
| Q2 25 | -14.4% | -73.9% | ||
| Q1 25 | -222.8% | -113.2% | ||
| Q4 24 | -126.2% | -122.4% | ||
| Q3 24 | -12.7% | -32.6% | ||
| Q2 24 | -84.6% | -58.8% | ||
| Q1 24 | -25.0% | -204.5% |
| Q4 25 | $-0.09 | $-0.22 | ||
| Q3 25 | $-0.31 | $-0.96 | ||
| Q2 25 | $-0.15 | $-0.27 | ||
| Q1 25 | $-2.32 | $-0.39 | ||
| Q4 24 | $-1.62 | $-0.38 | ||
| Q3 24 | $-0.13 | $-0.12 | ||
| Q2 24 | $-0.79 | $-0.21 | ||
| Q1 24 | $-0.19 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.0M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-26.0M | $-33.9M |
| Total Assets | $71.4M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.0M | $20.4M | ||
| Q3 25 | $16.9M | $22.7M | ||
| Q2 25 | $20.3M | $26.5M | ||
| Q1 25 | $25.2M | $13.0M | ||
| Q4 24 | $22.5M | $8.5M | ||
| Q3 24 | $18.1M | $11.3M | ||
| Q2 24 | $14.2M | $16.5M | ||
| Q1 24 | $17.9M | $4.0M |
| Q4 25 | $-26.0M | $-33.9M | ||
| Q3 25 | $-25.9M | $-26.7M | ||
| Q2 25 | $-23.1M | $-19.4M | ||
| Q1 25 | $-22.1M | $-34.4M | ||
| Q4 24 | $4.9M | $-25.9M | ||
| Q3 24 | $22.7M | $-20.4M | ||
| Q2 24 | $23.6M | $-25.3M | ||
| Q1 24 | $31.8M | $-36.0M |
| Q4 25 | $71.4M | $35.3M | ||
| Q3 25 | $70.2M | $36.5M | ||
| Q2 25 | $70.4M | $41.3M | ||
| Q1 25 | $73.0M | $28.6M | ||
| Q4 24 | $66.3M | $24.0M | ||
| Q3 24 | $62.0M | $27.5M | ||
| Q2 24 | $61.4M | $32.4M | ||
| Q1 24 | $66.1M | $17.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $618.0K | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.0K | $-2.5M | ||
| Q3 25 | $-3.5M | $-3.7M | ||
| Q2 25 | $-5.0M | $-7.3M | ||
| Q1 25 | $-6.9M | $-4.5M | ||
| Q4 24 | $3.7M | $-5.7M | ||
| Q3 24 | $3.2M | $-10.8M | ||
| Q2 24 | $-3.8M | $-13.4M | ||
| Q1 24 | $-5.3M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | $-5.1M | $-7.4M | ||
| Q1 25 | $-6.9M | $-5.3M | ||
| Q4 24 | $3.7M | $-5.8M | ||
| Q3 24 | $3.1M | $-11.0M | ||
| Q2 24 | $-3.9M | $-13.5M | ||
| Q1 24 | $-5.3M | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | -41.3% | -66.1% | ||
| Q1 25 | -56.6% | -57.3% | ||
| Q4 24 | 24.7% | -69.7% | ||
| Q3 24 | 26.5% | -149.9% | ||
| Q2 24 | -36.4% | -183.1% | ||
| Q1 24 | -61.6% | -169.3% |
| Q4 25 | 0.0% | 0.3% | ||
| Q3 25 | 0.0% | 1.9% | ||
| Q2 25 | 0.6% | 0.8% | ||
| Q1 25 | 0.0% | 8.2% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 1.1% | 0.8% | ||
| Q1 24 | 0.2% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
TLSI
Segment breakdown not available.
