Carlsmed, Inc.

carlsmed.com

What Do They Do?

Sells personalized spinal implants and surgical-planning tools to hospitals and ambulatory surgery centers for use in spine-fusion surgeries.

How Do They Make Money?

Revenue comes from fixed-price sales of an implant and inserter, counted when the implant is used in a spine-fusion procedure.

FY2025 revenue

Who Are Their Customers?

Hospitals and ambulatory surgery centers buy the implants, which Carlsmed sells through its own sales team and independent sales agents. Hospitals are the primary purchasers.

Do Revenues Turn Into Profits?

No. It lost $29.6M in FY2025.

Operating income, FY2025

−61% of revenue

▲ +27% (Loss) vs FY2024 (−$24.1M, −89%)

Net income, FY2025

−59% of revenue

▲ +22% (Loss) vs FY2024 (−$24.3M, −89%)

Free cash flow, FY2025

−59% of revenue

▲ +15% (Loss) vs FY2024 (−$25.6M, −94%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +57%; vs $12.1M in Q2 FY2025
Net income: ▲ +55% (Loss); vs −$6.8M in Q2 FY2025

Aug 5, 2026 Raises full-year 2026 revenue guidance to $74 million to $78 million The previous guidance range was $72 to $77 million.

Comments