Research analysts covering CARLSMED.
Recent press releases and 8-K filings for CARL.
Carlsmed Announces Preliminary Q4 and Full Year 2025 Revenue
CARL
Earnings
Revenue Acceleration/Inflection
- Carlsmed, Inc. reported preliminary and unaudited revenue for the fourth quarter 2025 of approximately $15.2 million, an approximate 61% increase over Q4 2024.
- For the full year 2025, preliminary revenue was approximately $50.5 million, representing an approximate 86% growth compared to the full year 2024.
- The company expanded its surgeon user base by adding 101 new users in 2025, a 61% increase over the prior year.
Jan 12, 2026, 1:09 PM
Carlsmed Expands Platform to Cervical Spine Fusion and Reports Strong Q3 Growth
CARL
Product Launch
Revenue Acceleration/Inflection
New Projects/Investments
- Carlsmed recently announced the expansion of its technology platform to include cervical spine fusion, complementing its existing lumbar platform. This new cervical platform received a New Technology Add-on Payment (NTAP) from Medicare, offering enhanced reimbursement of up to $21,250 for inpatient procedures.
- The company reported strong financial performance, with 98% year-on-year growth in Q3 and a 70% year-on-year increase in its surgeon user base. Gross margin improved to 76% in Q3, and the company provided guidance for the current year (FY 2025) of $49 million to $50 million.
- Operational efficiency has significantly improved, reducing the turnaround time for implants from 8 weeks in 2021 to 8 days currently, while also building 5X capacity. The company estimates an addressable market of approximately 400,000 annual lumbar spine fusion procedures and a similar amount for cervical procedures.
Dec 3, 2025, 2:00 PM
Carlsmed Launches Cervical Spine Fusion Platform and Reports Strong Q3 Growth
CARL
Product Launch
Revenue Acceleration/Inflection
Guidance Update
- Carlsmed announced the expansion of its platform for cervical spine fusion on December 3, 2025, a new technology that received a New Technology Add-on Payment (NTAP) from Medicare, providing enhanced reimbursement of up to $21,250 to hospitals for inpatient procedures.
- The company reported 98% year-on-year growth in Q3 2025 procedure volumes, with its surgeon user base growing by 70% year-on-year.
- Operational efficiency has significantly improved, with implant turnaround time reduced from 10 days to 8 days, contributing to a Q3 2025 gross margin of 76%.
- Carlsmed provided guidance for fiscal year 2025 of $49 million-$50 million.
Dec 3, 2025, 2:00 PM
Carlsmed Launches Cervical Spine Fusion Platform, Reports Strong Q3 Growth
CARL
Product Launch
Revenue Acceleration/Inflection
Guidance Update
- Carlsmed (CARL) has launched its cervical spine fusion platform, expanding its addressable market to approximately 400,000 annual procedures, complementing its existing lumbar platform.
- The company's lumbar technology has demonstrated significant clinical benefits, including a 74% reduction in reoperation rates at two years compared to the standard of care.
- Carlsmed reported strong Q3 performance with 98% year-on-year growth in procedure volumes and a 70% increase in its surgeon user base.
- Operational efficiencies have reduced implant turnaround time from 10 to 8 days, boosting capacity by 5X and contributing to a 76% gross margin in Q3.
- The company provided full-year guidance of $49 million-$50 million.
Dec 3, 2025, 2:00 PM
Carlsmed Reports Strong Q3 2025 Revenue Growth and Raises Full-Year Guidance
CARL
Earnings
Guidance Update
Product Launch
- Carlsmed reported Q3 2025 revenue of $13.1 million, marking a 98% year-over-year growth, fueled by a more than 70% increase in surgeon users and higher Aprivo utilization.
- The company achieved gross margins of 75.9% in Q3 2025, an improvement from 72.8% in Q3 2024, and reduced lead times for its 3D-printed implants to 8 business days starting October, down from 20 business days in Q3 2024.
- Carlsmed increased its full-year 2025 revenue guidance to $49 million-$50 million, projecting an 80%-84% annual growth over 2024.
- The company is preparing for the launch of Aprivo for cervical fusion procedures in the coming months, supported by a new technology add-on payment (NTAP) that provides up to $21,125 additional reimbursement per procedure to hospitals.
- Carlsmed ended Q3 2025 with $115.5 million in cash and expanded its credit facility to $50 million, extending its maturity to October 2030.
Nov 6, 2025, 9:30 PM
Carlsmed Reports Strong Q3 2025 Results and Raises Full-Year Guidance
CARL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Carlsmed reported Q3 2025 revenue of $13.1 million, marking a 98% year-over-year increase, with a gross margin of 75.9%.
- The company raised its full-year 2025 revenue guidance to $49.0 million - $50.0 million, representing 80% to 84% growth over 2024, an increase from the prior guidance of $45.5 million - $47.5 million.
- Net loss for Q3 2025 was ($8.5) million, and Adjusted EBITDA loss was ($8.2) million.
- Operational highlights include reducing lead times for aprevo® interbody implants to within eight business days and securing CMS New Technology Add-On Payment (NTAP) for aprevo® cervical procedures, with commercial launch anticipated in early 2026.
- Cash and equivalents were $115.5 million as of September 30, 2025.
Nov 6, 2025, 9:06 PM
Carlsmed, Inc. Secures New $50 Million Credit Facility and Modifies Warrants
CARL
Debt Issuance
New Projects/Investments
- Carlsmed, Inc. entered into a Fifth Amendment to its Loan and Security Agreement with Customers Bank on October 29, 2025, establishing a new credit facility.
- The credit facility provides up to $50.0 million, consisting of a term loan of up to $50.0 million (with $17.5 million contingent upon revenue milestones) and a $10.0 million non-formula revolving line of credit.
- The interest rate for both the term loan and revolving line is the greater of WSJ Prime Rate + 0.25% or 5.25%, which totaled 7.50% as of September 30, 2025. The term loan matures on October 15, 2030, and the revolving line matures on October 15, 2028.
- In connection with the Fifth Amendment, existing warrants held by Customers Bank were partially modified, reducing the exercisable shares of Common Stock for the Series B Warrant to 52,776 and for the Series C Warrant to 10,188, resulting in the cancellation of contingent rights for 15,831 shares.
Oct 30, 2025, 8:07 PM
Quarterly earnings call transcripts for CARLSMED.
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