CARLSMED, INC. (CARL) SEC Filings & Earnings Calls
EquiReason read 12 CARLSMED, INC. SEC filings in the last 12 months. Latest: 8-K on 2026-09-30 — Appointment of Richard Heppenstall as CFO, succeeding Leo Greenstein; reaffirmed FY2026 revenue guidance of $74-78M..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
30 Sep 20268-K · 5.02, 7.01Appointment of Richard Heppenstall as CFO, succeeding Leo Greenstein; reaffirmed FY2026 revenue guidance of $74-78M.open
Guidance
FY26 revenue $74-78M, representing 50% growth over 2025 at the midpoint
Reaffirmed FY2026 revenue guidance of $74-78M, representing 50% growth over 2025 at the midpoint.
Risks flagged
Guidance reaffirmation reduces near-term uncertainty.
“Reaffirmed FY2026 revenue guidance of $74-78M.”
5 Aug 202610-QCarlsmed reported strong Q2 2026 results with revenue up 56.7% YoY and gross margin expansion, though net loss widened due to increased operating expenses.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $19M | +57% y/y |
| Gross profit · Q2-2026 | $15M | +64% y/y |
| Gross margin · Q2-2026 | 76.8% | |
| Net loss · Q2-2026 | $-11M | +55% y/y |
| Adjusted EBITDA · Q2-2026 | $-9M | +40% y/y |
| Cash and cash equivalents · 2026-06-30 | $46M | -46% y/y |
| Operating cash flow · H1-2026 | $-20M | +34% y/y |
| Total patients treated · 2026-06-30 | 4,400 |
Risks flagged
Operating losses and negative cash flow
“Net loss $(10,510) $(6,766)” · word for word
Customer concentration
“The Company did not have accounts receivable balances from any one customer exceeding 10% of total accounts receivable.”
Reimbursement risk for outpatient cervical procedures
“Our requested Transitional Pass-Through (“TPT”) payment for aprevo cervical in outpatient settings was not approved by CMS in its November 2025 Outpatient Prospective Payment System (OPPS) Final Rule” · word for word
5 Aug 20268-K · 2.02Carlsmed reported Q2 2026 revenue of $18.9M (+57% YoY), raised full-year guidance to $74-78M, expanded gross margins to 76.8%, and highlighted CMS reimbursement milestone.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2 2026 | $19M | +57% y/y |
| Gross profit · Q2 2026 | $15M | |
| Gross margin · Q2 2026 | 76.8% | |
| Net loss · Q2 2026 | $-11M | |
| Adjusted EBITDA · Q2 2026 | $-9M | |
| Cash and cash equivalents, restricted cash, short-term investments, and marketable securities · Q2 2026 | $89M |
Guidance
Raised to $74-78M from $72-77M
Full-year 2026 revenue guidance raised to $74-78M, reflecting strong volume trends and robust pipeline.
Risks flagged
Net loss and negative adjusted EBITDA indicate ongoing investment phase.
“Net loss was ($10.5) million... Adjusted EBITDA was ($8.6) million”
Dependence on CMS reimbursement for growth.
“CMS Inpatient Prospective Payment System (IPPS) rule... favorable reimbursement for inpatient aprevo® lumbar procedures” · word for word
5 May 202610-QCarlsmed reported Q1 2026 revenue of $16.1M, up 58.2% YoY, with gross margin expanding 220bps to 77.1%.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $16M | +58% y/y |
| Gross Margin · Q1-2026 | 77.1% | |
| Net Loss · Q1-2026 | $-9M | +52% y/y |
| Cash and Cash Equivalents · Q1-2026 | $97M | |
| Adjusted EBITDA · Q1-2026 | $-8M | +37% y/y |
Risks flagged
Outpatient Cervical Reimbursement Denial
“Our requested Transitional Pass-Through (“TPT”) payment for aprevo cervical in outpatient settings was not approved by CMS in its November 2025 Outpatient Prospective Payment System (OPPS) Final Rule.” · word for word
Operating Losses and Cash Burn
“We have incurred net losses and negative cash flows from operations since our inception.” · word for word
5 May 20268-K · 2.02Q1 revenue $16.1M (+58% YoY), gross margin 77.1% (up from 74.9%), FY2026 revenue guidance raised to $72-77M from $70-75M. Net loss widened to ($8.7M) from ($5.7M) due to higher opex. Cash $97.1M.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $16M | +58% y/y |
| Gross Profit · Q1-2026 | $12M | +63% y/y |
| Gross Margin · Q1-2026 | 77.1% | |
| Net Loss · Q1-2026 | $-9M | +53% y/y |
| Adjusted EBITDA · Q1-2026 | $-8M | +36% y/y |
| Cash and Cash Equivalents, Restricted Cash, and Short-term Investments · Q1-2026 | $97M | |
| Research and Development Expenses · Q1-2026 | $5M | +63% y/y |
| Sales and Marketing Expenses · Q1-2026 | $10M | +54% y/y |
| General and Administrative Expenses · Q1-2026 | $6M | +77% y/y |
Guidance
FY26 revenue raised to $72-77M from $70-75M; midpoint $74.5M representing 48% growth over 2025
FY2026 revenue guidance raised by $2M at midpoint, reflecting strong Q1 performance and confidence in continued growth.
Risks flagged
Net loss widening due to increased operating expenses; path to profitability uncertain.
“Net loss was ($8.7) million for Q1 2026 vs ($5.7) million for Q1 2025; operating expenses increased from $13.4M to $21.7M.”
Dependence on successful commercialization of new products (aprevo Cervical, corra fixation).
“First full commercial quarter for aprevo Cervical and launch of corra fixation portfolio later this year.”
High cash burn rate; cash $97.1M may support ~2-3 years at current burn.
“Cash $97.1M; quarterly net loss $8.7M and negative adjusted EBITDA $7.5M.”
25 Feb 20268-K · 2.02Carlsmed reports Q4 2025 revenue $15.2M (+61% YoY), FY2025 revenue $50.5M (+86% YoY), gross margin expansion to 76.5%, and FY2026 revenue guidance of $70-75M (+44% at midpoint). Strong growth and margin improvement.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $15M | +61% y/y |
| Revenue · FY2025 | $51M | +86% y/y |
| Gross margin · Q4-2025 | 76.5% | |
| Gross margin · FY2025 | 75.3% | |
| Net loss · Q4-2025 | $-9M | +82% y/y |
| Net loss · FY2025 | $-30M | +22% y/y |
| Adjusted EBITDA · Q4-2025 | $-8M | +83% y/y |
| Adjusted EBITDA · FY2025 | $-28M | +20% y/y |
| Cash and cash equivalents, restricted cash, and short-term investments · 2025-12-31 | $110M |
Guidance
FY2026 revenue $70-75M, representing 44% growth at midpoint over FY2025 revenue of $50.5M
FY2026 revenue guidance of $70-75M implies 44% growth at midpoint, indicating strong demand momentum and confidence in scaling.
Risks flagged
Increasing operating expenses outpacing revenue growth, leading to wider net losses.
“Operating expenses $20.9M Q4 2025 vs $11.7M Q4 2024; Net loss ($8.6M) vs ($4.7M)”
Dependence on successful commercialization of new products (aprevo cervical, myaprevo) and clinical evidence.
“Recent product launches and clinical data publications are key to growth.”
25 Feb 202610-KAnnual results show 85.9% revenue growth to $50.5M, gross margin expansion to 75.3%, and 66% increase in surgeon users.earningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $51M | +86% y/y |
| Gross Margin · FY2025 | 75.3% | |
| Net Loss · FY2025 | $-30M | +22% y/y |
| Surgeon Users · 2025-12-31 | 253 | +66% y/y |
| Accumulated Deficit · 2025-12-31 | $101M |
Risks flagged
Continued losses and negative cash flow
“For the year ended December 31, 2025, we recognized a gross margin of 75.3% and a net loss of $29.6 million, compared to a gross margin of 73.8% and a net loss of $24.3 million for the year ended December 31, 2024.” · word for word
Dependence on limited number of CMOs
“Our implants are manufactured to our specifications by contract manufacturing organizations ("CMOs") who meet our manufacturer qualification standards.”
Reimbursement risk for cervical platform
“We have generated limited early sales of aprevo interbody implants for use in cervical spine fusion surgery following a commercial launch in December 2025 and expect to more broadly commercialize the aprevo cervical platform, including the anticipated commercial launch of our corra Cervical Plating System, in 2026.” · word for word
12 Jan 20268-K · 2.02Preliminary FY2025 revenue ~$50.5M (+86% YoY) and Q4 ~$15.2M (+61% YoY); added 101 new surgeon users (+61% YoY); strong growth in AI-enabled personalized spine surgery.earningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $51M | +86% y/y |
| Revenue · Q4-2025 | $15M | +61% y/y |
| Surgeon users added · FY2025 | 101 | +61% y/y |
Risks flagged
Preliminary results subject to revision; audit adjustments possible.
“preliminary unaudited revenue results described in this press release are estimates only and subject to revision and adjustment” · word for word
6 Nov 202510-QQ3 2025 revenue grew 98.4% YoY to $13.1M, gross margin improved to 75.9%, and clinical data showed 75% reduction in revision surgery.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $13M | +98% y/y |
| Revenue (9-month) · 9M-2025 | $35M | +99% y/y |
| Gross Margin · Q3-2025 | 75.9% | |
| Net Loss · Q3-2025 | $-9M | +9% y/y |
| Cash and Cash Equivalents · 2025-09-30 | $115M | |
| Adjusted EBITDA · Q3-2025 | $-8M | +7% y/y |
Risks flagged
Continued operating losses
“Net loss and comprehensive loss $ (8,526 ) $ (7,813 ) $ (713 ) 9.1 %” · word for word
Dependence on CMOs for manufacturing
“Our implants are manufactured to our specifications by contract manufacturing organizations ("CMOs") who meet our manufacturer qualification standards.” · word for word
6 Nov 20258-K · 2.02Q3 revenue $13.1M (+98% YoY), gross margin 75.9%, raised FY25 revenue guidance to $49-50M from $45.5-47.5M, strong growth and margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $13M | +98% y/y |
| Gross profit · Q3-2025 | $10M | +106% y/y |
| Gross margin · Q3-2025 | 75.9% | |
| Net loss · Q3-2025 | $-9M | +9% y/y |
| Adjusted EBITDA · Q3-2025 | $-8M | +6% y/y |
| Cash and equivalents · Q3-2025 | $116M |
Guidance
FY25 revenue raised to $49.0-50.0M from $45.5-47.5M
FY25 revenue guidance raised to $49-50M from $45.5-47.5M, reflecting strong demand and operational execution.
Risks flagged
Net loss widening despite revenue growth; operating expenses growing faster than revenue.
“Operating expenses $19.0M vs $12.6M (+51% YoY) while revenue grew 98%; net loss increased to ($8.5M) from ($7.8M).”
Dependence on NTAP reimbursement and cervical launch for future growth; execution risk.
“NTAP for cervical procedures effective Oct 1, 2025; commercial launch expected early 2026; only 50+ patients treated in clinical evaluation.”
CARLSMED, INC. — questions
- What did CARLSMED, INC. file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-09-30 — Appointment of Richard Heppenstall as CFO, succeeding Leo Greenstein; reaffirmed FY2026 revenue guidance of $74-78M.
Every figure on this page comes from CARLSMED, INC.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.