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Carlsmed, Inc.

CARL

Carlsmed is a commercial-stage medical technology company that provides AI-enabled personalized surgical solutions for spine fusion.

Market cap
$377.32M+3.3%
Revenue$63.3M+65.4%
Net income-$36.3M-45.2%
Free cash flow-$34.6M-25.7%
EPS (diluted)-$2.58+58.5%
Trailing twelve months · change vs. prior year

Earnings

Next report

Nov 5, 2026 (in 3 months)
Revenue estimate$19.2M
EPS estimate-$0.42

Financials

Q2 2026

Income statement

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Revenue$18.9M+56.7%
Gross profit$14.5M+64.0%
Operating income-$11.0M-69.7%
Net income-$10.5M-55.3%
EPS (diluted)-$0.39+73.5%

Balance sheet

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Cash & equivalents$46.2M+38.2%
Total debt$21.9M+23.8%
Total equity$84.2M+201%
Total assets$118.2M+122%

Cash flow

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Operating cash flow-$7.4M-4.5%
CapEx$121.0K-63.0%
Free cash flow-$7.5M-1.5%

Valuation & ratios

Valuation

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Market cap$377.32M+3.3%
Enterprise value$353M
P/S

Profitability

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Gross margin76.6%+2.6pp
Operating margin-61.1%-3.1pp
Net margin-57.4%-6.2pp
FCF margin-54.6%-10.6pp

Returns & leverage

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Debt / equity0.3×
Current ratio8.8×+4.0×

Competitors

Profile

Carlsmed is a commercial-stage medical technology company that provides AI-enabled personalized surgical solutions for spine fusion. The company utilizes proprietary algorithms to transform standard diagnostic imaging into patient-specific surgical plans and 3D-printed titanium interbody implants designed to improve spinal alignment and reduce revision surgery rates. Its core value proposition centers on shifting spine surgery from a one-size-fits-all approach with stock implants to a data-driven, personalized standard of care.

Competitive position

Carlsmed is a first-mover in providing commercially available patient-specific interbody technology platforms for lumbar and cervical fusions in the U.S., protected by a robust patent portfolio and a significant data moat of radiographic images.

GeographiesUnited States
Customer segmentsHealthcare Providers, Surgical Facilities
Business modelDirect-to-customer sales, Made-on-demand manufacturing, AI-as-a-Service
SuppliersContract Manufacturing Organizations (CMOs), 3D printing service providers, Medical-grade titanium suppliers, Diagnostic imaging data providers
CustomersHospitals, Ambulatory Surgical Centers, Medicare and Medicaid, Commercial health insurance payors
Listed2025
CEOMichael Cordonnier
FilingsSEC EDGAR

FAQ

What is Carlsmed, Inc.'s market cap?
Carlsmed, Inc. (CARL) has a market capitalization of $377.3M and trades on NASDAQ.
What is Carlsmed, Inc.'s revenue and profitability?
Carlsmed, Inc. generated $63.3M in trailing twelve-month revenue with a net loss of $36.3M, representing a net margin of -57.4%. Gross margin stands at 76.6%, with free cash flow of -$34.6M. These figures are based on the Q2 2026 filing.
Who are Carlsmed, Inc.'s competitors?
Carlsmed, Inc.'s key competitors include Orthofix Medical Inc., Globus Medical Inc., Alphatec Holdings, Inc., and others. These companies compete in similar markets and product categories.
Who does Carlsmed, Inc. partner with?
Carlsmed, Inc.'s notable partners include BioMedGPS, Centers for Medicare and Medicaid Services.
Where is Carlsmed, Inc. headquartered?
Carlsmed, Inc. is headquartered in United States of America. It has been publicly traded since 2025.