Loading…
Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures. Its aprevo platform includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting custom-built, anatomically designed vertebral interbody implants. The company was incorporated in 2018 and is based in Carlsbad, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $51M | $-28M | $-30M | $-30M | -30.0% | 85.9% | 22.2% |
| 2024 | $27M | $-23M | $-24M | $-26M | 34.3% | 97.2% | 28.4% |
| 2023 | $14M | $-18M | $-19M | $-18M | 41.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | 13.78 | 27.16 | 50.51 |
| Operating Revenue | 13.78 | 27.16 | 50.51 |
| Cost Of Revenue | 3.88 | 7.12 | 12.47 |
| Gross Profit | 9.90 | 20.05 | 38.04 |
| Operating Expense | 28.49 | 44.17 | 68.61 |
| Research And Development | 7.40 | 14.30 | 17.02 |
| Selling General And Administration | 21.10 | 29.87 | 51.60 |
| Total Expenses | 32.37 | 51.29 | 81.08 |
| Operating Income | -18.59 | -24.12 | -30.57 |
| Total Operating Income As Reported | -18.59 | -24.12 | -30.57 |
| EBITDA | -18.12 | -22.79 | -27.92 |
| Normalized EBITDA | -18.12 | -22.65 | -27.60 |
| EBIT | -18.26 | -22.94 | -28.20 |
| Interest Income | 0.33 | 1.33 | 2.70 |
| Interest Expense | 0.64 | 1.32 | 1.43 |
| Net Interest Income | -0.31 | 0.01 | 1.27 |
| Other Income Expense | - | -0.14 | -0.33 |
| Interest Income Non Operating | 0.33 | 1.33 | 2.70 |
| Interest Expense Non Operating | 0.64 | 1.32 | 1.43 |
| Net Non Operating Interest Income Expense | -0.31 | 0.01 | 1.27 |
| Pretax Income | -18.90 | -24.26 | -29.63 |
| Tax Rate For Calcs | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 |
| Net Income Continuous Operations | -18.90 | -24.26 | -29.63 |
| Net Income From Continuing And Discontinued Operation | -18.90 | -24.26 | -29.63 |
| Net Income From Continuing Operation Net Minority Interest | -18.90 | -24.26 | -29.63 |
| Net Income | -18.90 | -24.26 | -29.63 |
| Net Income Common Stockholders | -18.90 | -24.85 | -30.22 |
| Net Income Including Noncontrolling Interests | -18.90 | -24.26 | -29.63 |
| Normalized Income | -18.90 | -24.11 | -29.31 |
| Diluted NI Availto Com Stockholders | -18.90 | -24.85 | -30.22 |
| Basic Average Shares | 4.45 | 4.07 | 14.22 |
| Diluted Average Shares | 4.45 | 4.07 | 14.22 |
| Reconciled Depreciation | 0.14 | 0.14 | 0.28 |
| Reconciled Cost Of Revenue | 3.88 | 7.12 | 12.47 |
| Total Unusual Items | - | -0.14 | -0.33 |
| Total Unusual Items Excluding Goodwill | - | -0.14 | -0.33 |
| Preferred Stock Dividends | - | 0.59 | 0.58 |
| Gain On Sale Of Security | - | -0.14 | -0.33 |
| General And Administrative Expense | 6 | 8.39 | 16.57 |
| Other Gand A | 6 | 8.39 | 16.57 |
| Selling And Marketing Expense | 15.10 | 21.47 | 35.03 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carlsmed, Inc.this co. | CARL | $303M | -10.22 | 3.06 | -30.0% | -8.40 |
| Organogenesis Holdings Inc. | ORGO | $319M | 8.62 | 1.06 | 12.3% | 3.71 |
| Rocket Pharmaceuticals, Inc. | RCKT | $319M | -1.43 | 1.15 | -80.5% | -1.27 |
| Fennec Pharmaceuticals Inc. | FENC | $318M | -32.67 | 8.97 | -27.5% | -37.76 |
| SIGA Technologies, Inc. | SIGA | $318M | 13.65 |
| 1.60 |
| 11.7% |
| 6.73 |
| DiaMedica Therapeutics Inc. | DMAC | $315M | - | 5.61 | -58.4% | - |
| Electromed, Inc. | ELMD | $304M | 40.34 | 7.04 | 17.4% | 26.66 |
| Alpha Teknova, Inc. | TKNO | $291M | -16.87 | 4.23 | -25.1% | -30.89 |
| OraSure Technologies, Inc. | OSUR | $287M | -4.18 | 0.84 | -20.2% | -1.74 |
| Peer Median | - | -1.43 | 2.92 | -22.6% | -1.27 | |