Carlsmed (NASDAQ:CARL) Posts Quarterly Earnings Results

Carlsmed (NASDAQ:CARL) announced its quarterly earnings results on Wednesday. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.11, Zacks reports. The company had revenue of $15.16 million for the quarter, compared to analyst estimates of $15.20 million. Carlsmed had a negative net margin of 58.67% and a negative return on equity of 251.27%.

Here are the key takeaways from Carlsmed’s conference call:

• Carlsmed reported strong top-line growth with $50.5 million revenue in 2025 (up 86% YoY) and a record Q4 of $15.2 million, while gross margins expanded to ~75%.
• The company completed an IPO in July 2025 raising over $100 million and ended the year with $109.9 million in cash and investments, giving it near-term financial flexibility (debt outstanding: $15.6M).
• Despite revenue growth, Carlsmed remains unprofitable — GAAP net loss was $29.6 million in 2025 with adjusted EBITDA negative $28.4 million and $29 million cash used in operations, reflecting rising operating expenses.
• Operational execution improved materially: production lead times shortened to 6 business days (from 20 a year earlier) and manufacturing is now integrated across cervical and lumbar products, supporting scalability and margin gains.
• Commercial and product momentum includes a CMS NTAP for aprevo cervical (up to $21,125 per procedure), the myaprevo launch, first-in-human bilateral and Cora cervical plate procedures, and addition of 101 new surgeon users in 2025, positioning future adoption growth.

Carlsmed Trading Up 2.1%

CARL stock traded up $0.30 on Friday, hitting $14.86. 101,835 shares of the company’s stock traded hands, compared to its average volume of 114,542. The firm has a market cap of $395.13 million and a PE ratio of -4.06. Carlsmed has a 1-year low of $10.65 and a 1-year high of $17.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 11.91 and a current ratio of 12.03. The stock’s fifty day moving average is $12.64.

Institutional Investors Weigh In On Carlsmed

Institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers acquired a new position in shares of Carlsmed in the 3rd quarter worth $79,000. JPMorgan Chase & Co. acquired a new position in shares of Carlsmed in the 3rd quarter valued at $37,000. Vanguard Group Inc. purchased a new position in Carlsmed in the 3rd quarter worth about $3,042,000. Russell Investments Group Ltd. acquired a new stake in Carlsmed during the 3rd quarter worth about $2,128,000. Finally, BNP Paribas Financial Markets purchased a new stake in Carlsmed during the third quarter valued at about $33,000.

Wall Street Analysts Forecast Growth

CARL has been the topic of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and set a $20.00 target price (up from $18.00) on shares of Carlsmed in a research note on Friday, November 7th. Zacks Research cut shares of Carlsmed from a “hold” rating to a “strong sell” rating in a research note on Wednesday. The Goldman Sachs Group reiterated a “buy” rating and issued a $20.00 target price on shares of Carlsmed in a research report on Friday, January 9th. Wall Street Zen upgraded shares of Carlsmed from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, BTIG Research reiterated a “buy” rating and issued a $24.00 price objective on shares of Carlsmed in a report on Monday, December 15th. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.33.

Carlsmed Company Profile

We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. We are focused on becoming the standard of care for spine fusion surgery. The aprevo Technology Platform consists of artificial intelligence (“AI”)-enabled software solutions, and interbody implants that we custom design for each patient’s unique pathology and vertebral bone topography, and single-use surgical instruments (the “aprevo Technology Platform”).