Carlsmed (NASDAQ:CARL) Posts Earnings Results, Beats Estimates By $0.11 EPS

Carlsmed (NASDAQ:CARL) released its earnings results on Tuesday. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.11, FiscalAI reports. The company had revenue of $16.12 million during the quarter. Carlsmed had a negative return on equity of 79.87% and a negative net margin of 57.76%.

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

• Strong Q1 revenue of $16.1M (+58% YoY), expanded gross margin to 77.1% and raised full‑year 2026 guidance to $72–77M, signaling accelerating commercial traction.
• Peer‑reviewed data in the Global Spine Journal showed a 74% reduction in 2‑year revision rates (4.3% vs 16.6%) for aprevo versus stock devices, which supports surgeon adoption and hospital value propositions.
• First full commercial quarter for aprevo cervical with >20% of surgeon users trained and an expected high‑single to low‑double digit revenue contribution this year; the corra patient‑specific cervical plate is in limited market evaluation with a Q4 launch target and cervical has an NTAP up to $21,125.
• Operational improvements from the AI‑enabled digital production system reduced lead time by >30% to six business days and delivered ~200 bps of year‑over‑year margin expansion, supporting scalable, capital‑light growth.
• Company remains unprofitable with a GAAP net loss of $8.7M and adjusted EBITDA of –$7.5M in Q1 and used $13M in operating cash, though cash and investments totaled $97.1M.

Carlsmed Stock Down 1.2%

CARL stock traded down $0.12 on Thursday, reaching $9.73. 40,020 shares of the company traded hands, compared to its average volume of 121,677. Carlsmed has a one year low of $8.50 and a one year high of $17.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 8.87 and a quick ratio of 8.74. The company has a market cap of $264.83 million and a P/E ratio of -3.88. The firm has a fifty day simple moving average of $10.77 and a 200-day simple moving average of $12.19.

Analysts Set New Price Targets

A number of research analysts have recently commented on CARL shares. Wall Street Zen upgraded Carlsmed from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Truist Financial lowered their target price on Carlsmed from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Zacks Research upgraded Carlsmed from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. The Goldman Sachs Group lowered their target price on Carlsmed from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Finally, BTIG Research restated a “buy” rating and issued a $23.00 target price on shares of Carlsmed in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Carlsmed currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARL. Teacher Retirement System of Texas bought a new position in Carlsmed during the 3rd quarter valued at approximately $2,343,000. Kornitzer Capital Management Inc. KS bought a new position in Carlsmed during the 3rd quarter valued at approximately $736,000. TD Waterhouse Canada Inc. bought a new position in Carlsmed during the 3rd quarter valued at approximately $2,026,000. Board of Trustees of The Leland Stanford Junior University bought a new stake in shares of Carlsmed in the 3rd quarter worth $335,000. Finally, Rhumbline Advisers bought a new stake in shares of Carlsmed in the 3rd quarter worth $79,000.

About Carlsmed

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”).