Carlsmed Inc (NASDAQ: CARL) is a medical device company that develops and commercializes patient-specific spinal implant technology, centered on its aprevo Technology Platform for interbody spinal fusion procedures. Revenue is generated through the sale of aprevo interbody implants to hospitals and surgical facilities, with reimbursement flowing through third-party payors including commercial insurers and government programs. The company began trading on the Nasdaq Global Select Market on July 23, 2025, and filed its 10-K for the fiscal year ended in early 2026. Customers include surgeon users and hospital accounts who order implants on a per-procedure basis. The filing identifies coverage and reimbursement for aprevo interbody implants as a key operational factor, indicating a transactional, procedure-driven revenue model. Carlsmed operates as an emerging growth company and smaller reporting company as of the 2026-02-25 filing date.

Revenue model

Transactional sales of patient-specific aprevo interbody spinal implants to hospitals and surgical facilities on a per-procedure basis, with reimbursement dependent on third-party payor coverage.

Products and services

aprevo Technology Platform, aprevo interbody implants for spinal fusion procedures.

Customers and end markets

Surgeon users and hospital or surgical facility accounts in the spinal surgery end market. Reimbursement through third-party payors including commercial insurers and government programs.

Value-chain role

Medical device manufacturer and direct commercial seller of patient-specific spinal implants.

Geographic exposure

United States primary market. Filing references intentions to pursue international markets, but no geographic revenue breakdown is supported by the excerpts.

Source: SEC 10-K, filed 2026-02-25

Industry: Surgical & Medical Instruments & Apparatus