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Carlsmed, Inc. logo

Carlsmed, Inc.

CARL

NASDAQHealthcareMedical - Devices

Open in GoAI

Previous close

$16.05

−$0.45 · -2.73%

Aug 21, 4:00 PM ET

CARL company overview

Regular session · ET · Market data may be delayed.

Company profile

Company website

Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures. Its aprevo platform includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting custom-built, anatomically designed vertebral interbody implants. The company was incorporated in 2018 and is based in Carlsbad, California.

Industry
Medical - Devices
Sector
Healthcare
Headquarters
US
CEO
Michael Cordonnier
Listed since
Jul 23, 2025
Employees
127

Market position

Day range

Current $16.05

52-week range

Current $16.05

Open
$16.50
Previous close
$16.50
Volume
263.74K
1.59× average
Average volume
166.08K
Average daily volume
Market cap
436.32M USD
Beta
1.77
Market reference 1
50-day average
$12.2703
+30.80% above average
200-day average
$11.9573
+34.23% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
107.26M USD
EV / EBITDA
-3.84×
Earnings yield
-16.87%
Free cash flow yield
-16.86%

Profitability & efficiency

Return on equity
-29.97%
Return on assets
-22.77%
Return on invested capital
-26.22%

Financial health

Current ratio
8.87×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends97%12%-73%-158%Gross margin, FY2023: 71.88%Gross margin, FY2024: 73.80%Gross margin, FY2025: 75.31%Operating margin, FY2023: -134.93%Operating margin, FY2024: -88.80%Operating margin, FY2025: -60.53%Net margin, FY2023: -137.16%Net margin, FY2024: -89.30%Net margin, FY2025: -58.67%FY2023FY2024FY2025
Gross margin FY2023 71.88%. Gross margin FY2024 73.80%. Gross margin FY2025 75.31%. Operating margin FY2023 -134.93%. Operating margin FY2024 -88.80%. Operating margin FY2025 -60.53%. Net margin FY2023 -137.16%. Net margin FY2024 -89.30%. Net margin FY2025 -58.67%.

Income trends

Revenue

50.51M USD+85.94%

Operating income

−30.57M USD-26.75%

Net income

−29.63M USD-22.17%
Income trends across reported periods58.62M USD26.19M USD−6.25M USD−38.68M USDRevenue, FY2023: 13.78M USDRevenue, FY2024: 27.17M USDRevenue, FY2025: 50.51M USDOperating income, FY2023: −18.59M USDOperating income, FY2024: −24.12M USDOperating income, FY2025: −30.57M USDNet income, FY2023: −18.9M USDNet income, FY2024: −24.26M USDNet income, FY2025: −29.63M USDFY2023FY2024FY2025
Revenue FY2023 13.78M USD. Revenue FY2024 27.17M USD. Revenue FY2025 50.51M USD. Operating income FY2023 −18.59M USD. Operating income FY2024 −24.12M USD. Operating income FY2025 −30.57M USD. Net income FY2023 −18.9M USD. Net income FY2024 −24.26M USD. Net income FY2025 −29.63M USD.
Metric (USD)FY2025FY2024FY2023
Revenue50.51M USD27.17M USD13.78M USD
Cost of goods sold12.47M USD7.12M USD3.88M USD
Gross profit38.04M USD20.05M USD9.9M USD
Research and development17.02M USD14.3M USD7.4M USD
Selling, general, and administrative51.6M USD29.87M USD21.1M USD
Operating expenses68.61M USD44.17M USD28.49M USD
Interest income2.7M USD1.33M USD334K USD
Interest expense1.43M USD1.32M USD641K USD
Depreciation and amortization281K USD145K USD136K USD
Operating income−30.57M USD−24.12M USD−18.59M USD
Net income−29.63M USD−24.26M USD−18.9M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
83%
5 beats, 1 miss, 0 met estimates
Average EPS surprise
+2.51%
6 comparable reports
Latest EPS result
-0.39
Estimate -0.4 · Beat by 1.52%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates-0.27-0.72-1.17-1.62Q2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q2 2025, reported Jun 26, 2025: actual -1.39, estimate -0.914, surprise -52.03%, Miss. Q3 2025, reported Aug 28, 2025: actual -1.47, estimate -1.52, surprise +3.29%, Beat. Q4 2025, reported Nov 6, 2025: actual -0.4, estimate -0.45, surprise +11.11%, Beat. Q1 2026, reported Feb 25, 2026: actual -0.32, estimate -0.43, surprise +25.58%, Beat. Q2 2026, reported May 5, 2026: actual -0.32, estimate -0.43, surprise +25.58%, Beat. Q3 2026, reported Aug 5, 2026: actual -0.39, estimate -0.396, surprise +1.52%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate -0.42, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates19.93M16.43M12.93M9.42MQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q2 2025, reported Jun 26, 2025: actual 10.19M USD, estimate 11.99M USD, surprise -15.00%, Miss. Q3 2025, reported Aug 28, 2025: actual 12.08M USD, estimate 11.99M USD, surprise +0.81%, Beat. Q4 2025, reported Nov 6, 2025: actual 13.07M USD, estimate 14.72M USD, surprise -11.19%, Miss. Q1 2026, reported Feb 25, 2026: actual 15.17M USD, estimate 14.72M USD, surprise +3.01%, Beat. Q2 2026, reported May 5, 2026: actual 16.12M USD, estimate 14.94M USD, surprise +7.84%, Beat. Q3 2026, reported Aug 5, 2026: actual 18.94M USD, estimate 17.99M USD, surprise +5.26%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 19.17M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

3 ratings

Limited analyst sample: 3 ratings. Interpret the distribution with caution.

Strong buy00%
Buy3100%
Hold00%
Sell00%
Strong sell00%

CARL peers

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ISRG

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$378.81

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SNY

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$45.85

+1.55%

Regeneron Pharmaceuticals, Inc. logo

REGN

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$834.04

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ETFs holding CARL

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
3.46M
Weight
0.00%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
2M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
984.79K
Weight
0.00%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Growth ETF logoiShares Russell 2000 Growth ETFIWO
Market value
733.44K
Weight
0.00%
AUM
15.16B USD
Expense ratio
0.24%
Price / 1D
$387.37+1.24%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
683.91K
Weight
0.00%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
603.19K
Weight
0.00%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$121.25+0.74%
iShares Micro-Cap ETF logoiShares Micro-Cap ETFIWC
Market value
473.83K
Weight
0.03%
AUM
1.53B USD
Expense ratio
0.60%
Price / 1D
$198.39+1.10%
iShares Russell 2500 ETF logoiShares Russell 2500 ETFSMMD
Market value
66.96K
Weight
0.00%
AUM
3.85B USD
Expense ratio
0.23%
Price / 1D
$91.86+0.58%

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