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Side-by-side financial comparison of TriSalus Life Sciences, Inc. (TLSI) and Venus Concept Inc. (VERO). Click either name above to swap in a different company.
Venus Concept Inc. is the larger business by last-quarter revenue ($13.8M vs $13.2M, roughly 1.0× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -163.8%, a 89.9% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -8.2%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-4.9M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -12.8%).
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.
Venus Concept Inc is a global medical technology firm specializing in the development, manufacturing, and distribution of non-invasive and minimally invasive aesthetic medical devices. Its product portfolio covers hair removal, skin rejuvenation, body contouring, and anti-aging solutions, serving dermatology clinics, plastic surgery centers, and medical spas across North America, Europe, and Asia Pacific markets.
TLSI vs VERO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.2M | $13.8M |
| Net Profit | $-9.8M | $-22.6M |
| Gross Margin | 86.7% | 64.0% |
| Operating Margin | -24.8% | -68.9% |
| Net Margin | -73.9% | -163.8% |
| Revenue YoY | 59.8% | -8.2% |
| Net Profit YoY | 3.5% | -143.0% |
| EPS (diluted) | $-0.22 | $-12.14 |
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 | $13.2M | — | ||
| Q3 25 | $11.6M | $13.8M | ||
| Q2 25 | $11.2M | $15.7M | ||
| Q1 25 | $9.2M | $13.6M | ||
| Q4 24 | $8.3M | $15.8M | ||
| Q3 24 | $7.3M | $15.0M | ||
| Q2 24 | $7.4M | $16.6M | ||
| Q1 24 | $6.5M | $17.5M |
| Q4 25 | $-9.8M | — | ||
| Q3 25 | $-10.8M | $-22.6M | ||
| Q2 25 | $-8.3M | $-11.7M | ||
| Q1 25 | $-10.4M | $-12.4M | ||
| Q4 24 | $-10.1M | $-8.0M | ||
| Q3 24 | $-2.4M | $-9.3M | ||
| Q2 24 | $-4.3M | $-20.0M | ||
| Q1 24 | $-13.2M | $-9.8M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 83.5% | 64.0% | ||
| Q2 25 | 83.9% | 60.1% | ||
| Q1 25 | 83.7% | 64.2% | ||
| Q4 24 | 85.3% | 69.1% | ||
| Q3 24 | 86.3% | 66.1% | ||
| Q2 24 | 87.6% | 71.5% | ||
| Q1 24 | 85.0% | 66.6% |
| Q4 25 | -24.8% | — | ||
| Q3 25 | -77.9% | -68.9% | ||
| Q2 25 | -65.4% | -57.6% | ||
| Q1 25 | -79.9% | -69.8% | ||
| Q4 24 | -91.8% | -42.3% | ||
| Q3 24 | -118.9% | -47.7% | ||
| Q2 24 | -111.0% | -33.7% | ||
| Q1 24 | -180.8% | -44.4% |
| Q4 25 | -73.9% | — | ||
| Q3 25 | -93.5% | -163.8% | ||
| Q2 25 | -73.9% | -74.7% | ||
| Q1 25 | -113.2% | -90.6% | ||
| Q4 24 | -122.4% | -50.5% | ||
| Q3 24 | -32.6% | -61.9% | ||
| Q2 24 | -58.8% | -120.3% | ||
| Q1 24 | -204.5% | -56.0% |
| Q4 25 | $-0.22 | — | ||
| Q3 25 | $-0.96 | $-12.14 | ||
| Q2 25 | $-0.27 | $-8.03 | ||
| Q1 25 | $-0.39 | $-17.44 | ||
| Q4 24 | $-0.38 | $-10.26 | ||
| Q3 24 | $-0.12 | $-13.10 | ||
| Q2 24 | $-0.21 | $-30.93 | ||
| Q1 24 | $-0.60 | $-16.92 |
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 | $4.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-33.9M | $2.7M |
| Total Assets | $35.3M | $61.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.4M | — | ||
| Q3 25 | $22.7M | $4.3M | ||
| Q2 25 | $26.5M | $3.9M | ||
| Q1 25 | $13.0M | $3.2M | ||
| Q4 24 | $8.5M | $4.3M | ||
| Q3 24 | $11.3M | $4.5M | ||
| Q2 24 | $16.5M | $5.7M | ||
| Q1 24 | $4.0M | $5.1M |
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-26.7M | $2.7M | ||
| Q2 25 | $-19.4M | $2.3M | ||
| Q1 25 | $-34.4M | $2.3M | ||
| Q4 24 | $-25.9M | $2.4M | ||
| Q3 24 | $-20.4M | $10.1M | ||
| Q2 24 | $-25.3M | $3.7M | ||
| Q1 24 | $-36.0M | $-22.5M |
| Q4 25 | $35.3M | — | ||
| Q3 25 | $36.5M | $61.6M | ||
| Q2 25 | $41.3M | $63.1M | ||
| Q1 25 | $28.6M | $63.5M | ||
| Q4 24 | $24.0M | $68.2M | ||
| Q3 24 | $27.5M | $72.3M | ||
| Q2 24 | $32.4M | $79.8M | ||
| Q1 24 | $17.9M | $85.1M |
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 | $-2.5M | $-4.9M |
| Free Cash FlowOCF − Capex | $-2.5M | $-4.9M |
| FCF MarginFCF / Revenue | -19.1% | -35.6% |
| Capex IntensityCapex / Revenue | 0.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-19.1M | $-20.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.5M | — | ||
| Q3 25 | $-3.7M | $-4.9M | ||
| Q2 25 | $-7.3M | $-5.4M | ||
| Q1 25 | $-4.5M | $-6.3M | ||
| Q4 24 | $-5.7M | $-3.8M | ||
| Q3 24 | $-10.8M | $-3.0M | ||
| Q2 24 | $-13.4M | $-1.3M | ||
| Q1 24 | $-10.9M | $-2.9M |
| Q4 25 | $-2.5M | — | ||
| Q3 25 | $-3.9M | $-4.9M | ||
| Q2 25 | $-7.4M | $-5.6M | ||
| Q1 25 | $-5.3M | $-6.3M | ||
| Q4 24 | $-5.8M | $-3.9M | ||
| Q3 24 | $-11.0M | $-3.1M | ||
| Q2 24 | $-13.5M | $-1.4M | ||
| Q1 24 | $-10.9M | $-2.9M |
| Q4 25 | -19.1% | — | ||
| Q3 25 | -33.9% | -35.6% | ||
| Q2 25 | -66.1% | -35.8% | ||
| Q1 25 | -57.3% | -46.5% | ||
| Q4 24 | -69.7% | -24.7% | ||
| Q3 24 | -149.9% | -20.3% | ||
| Q2 24 | -183.1% | -8.2% | ||
| Q1 24 | -169.3% | -16.6% |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 1.9% | 0.1% | ||
| Q2 25 | 0.8% | 1.0% | ||
| Q1 25 | 8.2% | 0.3% | ||
| Q4 24 | 0.6% | 0.5% | ||
| Q3 24 | 2.3% | 0.0% | ||
| Q2 24 | 0.8% | 0.1% | ||
| Q1 24 | 1.0% | 0.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TLSI
Segment breakdown not available.
VERO
| Products And Services | $10.8M | 79% |
| Leases | $2.9M | 21% |
