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Carlsmed, Inc. CARL Q2 2026 earnings

Reported August 5, 2026 · After market close

Revenue$18.9MBeat by $947.2K
EPS-$0.39Beat by $0.01
Revenue estimate$18.0M
EPS estimate-$0.40
“Our second quarter 2026 results reflect the growing momentum of aprevo® procedures and further progress on our path to profitability. We delivered 57% revenue growth year-over-year, expanded gross margins by 340 basis points, and grew our trained surgeon user base by more than 60% over the prior year. We continue to see strong volume growth across lumbar and cervical aprevo® procedures, with continued advancements in our proprietary digital production system enabling scalability ahead of strong market demand. We believe the recent CMS ruling – which takes effect on October 1, 2026, and provides new and enhanced hospital reimbursement for the aprevo® lumbar procedure – positions us well for ongoing growth in the years to come.”
Mike Cordonnier

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

as of 08/11/26
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Market cap$377.32M+11.1%
Enterprise value$353M—
P/S6×—

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×

FAQ

When did Carlsmed, Inc. report Q2 2026 earnings?
Carlsmed, Inc. (CARL) reported Q2 2026 earnings on August 5, 2026 after market close.
What were Carlsmed, Inc.'s Q2 2026 revenue and EPS?
Carlsmed, Inc. reported revenue of $18.9M and eps of $-0.39 for Q2 2026.
Did Carlsmed, Inc. beat estimates in Q2 2026?
Revenue beat the consensus estimate of $18.0M by $947.2K. EPS beat the consensus estimate of $-0.40 by $0.01.
How did Carlsmed, Inc.'s Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 56.7% from $12.1M a year earlier and eps grew 73.5% from $-1.47.
Where can I find Carlsmed, Inc.'s Q2 2026 SEC filings?
You can read the 8-K earnings release (0001794546-26-000015) and the 10-Q periodic report (0001794546-26-000016) directly on SEC EDGAR. The filing index links above go to sec.gov.