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CARL · NASDAQ · Medical - Devices

Carlsmed

Builds personalized spine-fusion implant kits from AI-enabled surgical plans.

$16.65

After-hours close−0.24 (−1.42%)

At close$16.89(+0.84%)

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Profile

Carlsmed, Inc.CARLHealth Care

Sells personalized spine-fusion implant kits that pair AI-enabled surgical planning with 3D-printed implants and single-use instruments. Revenue comes from implants used in U.S. procedures, leaving the business concentrated in the aprevo platform and third-party manufacturing.

Combines AI-enabled pre-operative planning with patient-specific 3D-printed titanium interbody implants and single-use instruments through aprevo Lumbar and aprevo Cervical. Surgeons review and approve plans through myaprevo; post-operative alignment data feeds aprevo intelligence to support later planning and research.

Sells procedure-specific implant kits to U.S. hospitals and ambulatory surgical centers, recognizing revenue when an implant is used. Commercial execution depends on surgeon training, hospital approvals and field case coverage.

Operates without implant factories, relying on a limited group of U.S. contract manufacturers for production, packaging, sterilization and shipment. FDA clearance, quality-system compliance, reimbursement and continued access to imaging and patient data structure the business.

Company facts

CEOMichael “Mike” Cordonnier

ListedJul 23, 2025

ExchangeNASDAQ

HeadquartersCarlsbad, CA

CountryUnited States

Employees127

CIK0001794546

ISINUS14280C1053

Key statistics

Market cap$458.9M

EPS (ttm)−$1.36

P/E (ttm)−12.41

ROE-38.1%

P/B5.45

P/S7.25

Dividend yield—

Beta1.12vs XLV 1.17

Year to date +45.2% · Average volume (30d) 148.5K

Analysts

Price target, next 12 months$18.50+9.6%Median of 3 analysts · vs the Aug 28 close

ConsensusBuy3 of 3 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $16.88

High$20.00+18.5%

Median$18.50+9.6%

Low$17.00+0.7%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Target
Aug 6, 2026	Truist Financial	Target		$20
Jul 1, 2026	Needham	Initiate	Buy	$17

Earnings

EPS

Estimate−$0.42

ReportedDue Nov 5, 2026

Revenue

Estimate$19.2M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	−$0.40	−$0.39	+1.5%	$18.0M	$18.9M	+5.3%	+1.03%
May 5, 2026Q1 FY26	−$0.43	−$0.32	+25.6%	$14.9M	$16.1M	+7.8%	+10.31%
Feb 25, 2026Q4 FY25	−$0.43	−$0.32	+25.6%	$14.7M	$15.2M	+3.0%	+15.92%
Nov 6, 2025Q3 FY25	−$0.45	−$0.40	+11.1%	$14.7M	$13.1M	−11.2%	+14.89%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$10.2M	$12.1M	$13.1M	$15.2M	$16.1M	$18.9M
Gross profit	$7.6M	$8.9M	$9.9M	$11.6M	$12.4M	$14.5M
Operating income	−$5.7M	−$6.5M	−$9.0M	−$9.3M	−$9.3M	−$11.0M
Net income	−$5.7M	−$6.8M	−$8.5M	−$8.6M	−$8.7M	−$10.5M
Diluted EPS	−$0.33	−$1.47	−$0.40	−$0.25	−$0.32	−$0.39
Gross margin	74.9%	73.4%	75.9%	76.5%	77.1%	76.8%
Operating margin	-56.1%	-53.8%	-69.1%	-61.4%	-57.6%	-58.3%

Fiscal years (4-quarter sums)FY24 $27.2M · FY25 $50.5M

Balance sheet, Jun 30, 2026Cash & short-term investments $89.2M · Total debt $21.9M · Total assets $118.2M · Shareholders' equity $84.2M

Dividends

No dividends on record.

Ownership

Institutions 19.50%Insiders —

Shares outstanding 27.18M · Float 9.06M · 33.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
B Capital Global Growth III, L.P.	5.01M	18.90%	13G	Nov 14, 2025
U.S. Venture Partners XII, L.P.	4.31M	16.20%	13G	Nov 13, 2025
Michael Cordonnier	1.60M	5.90%	13G	Jul 24, 2025
Orbimed Advisors LLC	1.25M	4.61%	13F	May 15, 2026
Janus Henderson Group PLC	1.23M	4.52%	13F	May 18, 2026

Insider tradesForm 4

Nothing filed in the last 12 months.