Carlsmed(NASDAQ) CARL

Carlsmed, Inc. makes custom spine implants using artificial intelligence. This technology helps surgeons plan back surgeries for individual patients. These personalized parts aim to improve recovery times.

Building a Better Spine

• aprevo Lumbar: Custom vertebral implants for lower spine fusion, a surgical procedure that joins two or more vertebrae together.
• aprevo Cervical: Personalized devices for neck fusion surgeries used to treat degenerative disc disease, which involves spinal wear and tear.
• corra Plating System: Customized cervical plates designed to secure the spine and work with personalized neck implants.
• AI Platform: Software using artificial intelligence to create interactive 3D virtual models for surgical planning before an operation.

Steps Toward Market Expansion

• Completed an initial public offering in July 2025, which raised $93.5 million in net proceeds.
• Launched the aprevo Cervical platform commercially in Dec. 2025 following clearance from the U.S. Food and Drug Administration (FDA).
• Received FDA 510(k) clearance for the corra Cervical Plating System in Dec. 2025.
• Performed the first surgical procedures using the corra system and aprevo bi-lateral lumbar technology in Feb. 2026.

How Does Precision Help?

The company uses a digital production system to deliver custom surgical kits in six business days. This process starts after a surgeon approves a personalized digital plan created by proprietary algorithms for the patient.

Measuring the Performance

• Revenue reached $18.9 million for the three months ended June 30, 2026, up 56.7% year over year.
• Net loss was $19.2 million for the six months ended June 30, 2026, up 53.7% year over year.
• Gross margin rose to 76.9% in the first half of 2026, up from 74.1% in the same period in 2025.
• Total cash, short-term investments, and marketable securities were $89.3 million as of June 30, 2026.
• The market capitalization for the company reached $368.6 million as of June 2026.

Bottom Line

Carlsmed has evolved from a research-focused firm to a commercial company selling personalized spine solutions. Its focus on AI-driven surgical planning and custom implants supports expansion in the medical device market.