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Side-by-side financial comparison of REED'S, INC. (REED) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $7.5M, roughly 1.8× REED'S, INC.). REED'S, INC. runs the higher net margin — -50.5% vs -73.9%, a 23.3% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -23.1%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-3.9M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -11.7%).
Waddell & Reed Financial, Inc. was an American asset management and financial planning company founded in 1937 in Kansas City, Missouri. It was a publicly traded company from 1998 to 2021, and briefly had its headquarters in Overland Park, Kansas, and was planning a move back to Downtown Kansas City before the company was sold. It operated asset management and distribution subsidiaries, including Ivy Investment Management Company and Waddell & Reed Investment Management Company.
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.
REED vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.5M | $13.2M |
| Net Profit | $-3.8M | $-9.8M |
| Gross Margin | 20.4% | 86.7% |
| Operating Margin | -46.9% | -24.8% |
| Net Margin | -50.5% | -73.9% |
| Revenue YoY | -23.1% | 59.8% |
| Net Profit YoY | 8.2% | 3.5% |
| EPS (diluted) | $-1.26 | $-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 | $7.5M | $13.2M | ||
| Q3 25 | $7.0M | $11.6M | ||
| Q2 25 | $9.5M | $11.2M | ||
| Q1 25 | $10.0M | $9.2M | ||
| Q4 24 | $9.7M | $8.3M | ||
| Q3 24 | $6.8M | $7.3M | ||
| Q2 24 | $11.9M | $7.4M | ||
| Q1 24 | $9.6M | $6.5M |
| Q4 25 | $-3.8M | $-9.8M | ||
| Q3 25 | $-4.0M | $-10.8M | ||
| Q2 25 | $-6.0M | $-8.3M | ||
| Q1 25 | $-2.0M | $-10.4M | ||
| Q4 24 | $-4.1M | $-10.1M | ||
| Q3 24 | $-4.2M | $-2.4M | ||
| Q2 24 | $-3.2M | $-4.3M | ||
| Q1 24 | $-1.7M | $-13.2M |
| Q4 25 | 20.4% | 86.7% | ||
| Q3 25 | 17.4% | 83.5% | ||
| Q2 25 | 8.5% | 83.9% | ||
| Q1 25 | 33.9% | 83.7% | ||
| Q4 24 | 30.0% | 85.3% | ||
| Q3 24 | 18.0% | 86.3% | ||
| Q2 24 | 32.3% | 87.6% | ||
| Q1 24 | 35.6% | 85.0% |
| Q4 25 | -46.9% | -24.8% | ||
| Q3 25 | -58.3% | -77.9% | ||
| Q2 25 | -60.8% | -65.4% | ||
| Q1 25 | -17.4% | -79.9% | ||
| Q4 24 | -37.6% | -91.8% | ||
| Q3 24 | -46.5% | -118.9% | ||
| Q2 24 | -5.6% | -111.0% | ||
| Q1 24 | -6.8% | -180.8% |
| Q4 25 | -50.5% | -73.9% | ||
| Q3 25 | -56.6% | -93.5% | ||
| Q2 25 | -63.5% | -73.9% | ||
| Q1 25 | -20.3% | -113.2% | ||
| Q4 24 | -42.3% | -122.4% | ||
| Q3 24 | -61.5% | -32.6% | ||
| Q2 24 | -27.1% | -58.8% | ||
| Q1 24 | -17.4% | -204.5% |
| Q4 25 | $-1.26 | $-0.22 | ||
| Q3 25 | $-0.48 | $-0.96 | ||
| Q2 25 | $-0.13 | $-0.27 | ||
| Q1 25 | $-0.04 | $-0.39 | ||
| Q4 24 | $-3.73 | $-0.38 | ||
| Q3 24 | $-4.91 | $-0.12 | ||
| Q2 24 | $-0.77 | $-0.21 | ||
| Q1 24 | $-0.40 | $-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 | — | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.2M | $-33.9M |
| Total Assets | $23.3M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $22.7M | ||
| Q2 25 | — | $26.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $11.3M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | $9.2M | $-33.9M | ||
| Q3 25 | $2.8M | $-26.7M | ||
| Q2 25 | $1.7M | $-19.4M | ||
| Q1 25 | $4.7M | $-34.4M | ||
| Q4 24 | $6.6M | $-25.9M | ||
| Q3 24 | $-22.0M | $-20.4M | ||
| Q2 24 | $-23.8M | $-25.3M | ||
| Q1 24 | $-20.7M | $-36.0M |
| Q4 25 | $23.3M | $35.3M | ||
| Q3 25 | $19.9M | $36.5M | ||
| Q2 25 | $23.7M | $41.3M | ||
| Q1 25 | $24.5M | $28.6M | ||
| Q4 24 | $25.1M | $24.0M | ||
| Q3 24 | $15.0M | $27.5M | ||
| Q2 24 | $18.7M | $32.4M | ||
| Q1 24 | $19.3M | $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 | $-3.8M | $-2.5M |
| Free Cash FlowOCF − Capex | $-3.9M | $-2.5M |
| FCF MarginFCF / Revenue | -52.0% | -19.1% |
| Capex IntensityCapex / Revenue | 1.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.3M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.8M | $-2.5M | ||
| Q3 25 | $-2.8M | $-3.7M | ||
| Q2 25 | $-5.0M | $-7.3M | ||
| Q1 25 | $-5.4M | $-4.5M | ||
| Q4 24 | $-3.9M | $-5.7M | ||
| Q3 24 | $1.1M | $-10.8M | ||
| Q2 24 | $-912.0K | $-13.4M | ||
| Q1 24 | $-2.4M | $-10.9M |
| Q4 25 | $-3.9M | $-2.5M | ||
| Q3 25 | $-2.9M | $-3.9M | ||
| Q2 25 | $-5.1M | $-7.4M | ||
| Q1 25 | $-5.4M | $-5.3M | ||
| Q4 24 | $-4.0M | $-5.8M | ||
| Q3 24 | $1.0M | $-11.0M | ||
| Q2 24 | $-924.0K | $-13.5M | ||
| Q1 24 | $-2.4M | $-10.9M |
| Q4 25 | -52.0% | -19.1% | ||
| Q3 25 | -41.5% | -33.9% | ||
| Q2 25 | -53.2% | -66.1% | ||
| Q1 25 | -54.2% | -57.3% | ||
| Q4 24 | -40.8% | -69.7% | ||
| Q3 24 | 15.3% | -149.9% | ||
| Q2 24 | -7.8% | -183.1% | ||
| Q1 24 | -25.1% | -169.3% |
| Q4 25 | 1.1% | 0.3% | ||
| Q3 25 | 1.4% | 1.9% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.7% | 8.2% | ||
| Q4 24 | 1.0% | 0.6% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.1% | 0.8% | ||
| Q1 24 | 0.2% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
