# Carlsmed, Inc. (CARL)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $165M  
**Price:** $11.62 (+1.48%)

> Carlsmed, Inc. is a commercial-stage medical technology company founded in 2018 and headquartered in Carlsbad, California. It specializes in AI-enabled personalized spine surgery solutions, aiming to enhance patient outcomes and reduce healthcare costs in spine fusion procedures. The company's core offering, the aprevo Technology Platform, integrates AI-powered software with custom-designed interbody implants tailored to each patient's unique vertebral bone topography and pathology, complemented by single-use surgical instruments. This comprehensive approach supports surgeons in traditional techniques by providing precise, patient-specific tools that set a new standard in spinal care. Operating within the health care equipment industry, Carlsmed, Inc. employs around 89 professionals and focuses on innovation at the intersection of artificial intelligence and orthopedic surgery. With a market capitalization reflecting its growth trajectory post its 2025 Nasdaq listing, the company plays a pivotal role in advancing precision medicine for complex spinal conditions, potentially transforming surgical efficiency and recovery times across global healthcare systems.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $51M | $38M | -$31M | -$30M | — |
| 2024 | $27M | $20M | -$24M | -$24M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $130M | $31M | $99M | $86M | $15M |
| 2024 | $52M | $26M | -$71M | $40M | $15M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$29M | $642,000 | -$30M |
| 2024 | -$25M | $180,000 | -$26M |

Source: [CompaniesByCap](https://companiesbycap.com/company/CARL)