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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% | - |
| 2024 | $27M | $-23M | $-24M | $-26M | 34.3% | 97.2% | - |
| 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 |
| 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 |
| Operating Income | -18.59 | -24.12 | -30.57 |
| EBITDA | -18.12 | -22.79 | -27.92 |
| EBIT | -18.26 | -22.94 | -28.20 |
| Pretax Income | -18.90 | -24.26 | -29.63 |
| Net Income | -18.90 | -24.26 | -29.63 |
| Net Income Common Stockholders | -18.90 | -24.85 | -30.22 |
| Total Expenses | 32.37 | 51.29 | 81.08 |
| Interest Expense | 0.64 | 1.32 | 1.43 |
| Interest Income | 0.33 | 1.33 | 2.70 |
| Research And Development | 7.39 | 14.30 | 17.02 |
| Selling General And Administration | 21.10 | 29.87 | 51.59 |
| Normalized EBITDA | -18.12 | -22.65 | -27.59 |
| Normalized Income | -18.90 | -24.11 | -29.31 |
| Basic EPS | -4.25 | -6.11 | -2.12 |
| Diluted EPS | -4.25 | -6.11 | -2.12 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 |
| Total Unusual Items | 0 | -0.14 | -0.33 |
| Total Unusual Items Excluding Goodwill | 0 | -0.14 | -0.33 |
| Net Income From Continuing Operation Net Minority Interest | -18.90 | -24.26 | -29.63 |
| Reconciled Depreciation | 0.14 | 0.14 | 0.28 |
| Reconciled Cost Of Revenue | 3.88 | 7.12 | 12.47 |
| Net Interest Income | -0.31 | 0.01 | 1.27 |
| Net Income From Continuing And Discontinued Operation | -18.90 | -24.26 | -29.63 |
| Total Operating Income As Reported | -18.59 | -24.12 | -30.57 |
| Diluted Average Shares | 4.45 | 4.07 | 14.22 |
| Basic Average Shares | 4.45 | 4.07 | 14.22 |
| Diluted NI Availto Com Stockholders | -18.90 | -24.85 | -30.22 |
| Preferred Stock Dividends | 0 | 0.59 | 0.58 |
| Net Income Including Noncontrolling Interests | -18.90 | -24.26 | -29.63 |
| Net Income Continuous Operations | -18.90 | -24.26 | -29.63 |
| Other Income Expense | 0 | -0.14 | -0.33 |
| Gain On Sale Of Security | 0 | -0.14 | -0.33 |
| Net Non Operating Interest Income Expense | -0.31 | 0.01 | 1.27 |
| Interest Expense Non Operating | 0.64 | 1.32 | 1.43 |
| Interest Income Non Operating | 0.33 | 1.33 | 2.70 |
| Selling And Marketing Expense | 15.10 | 21.47 | 35.03 |
| General And Administrative Expense | 6 | 8.39 | 16.57 |
| Other Gand A | 6 | 8.39 | 16.57 |
| Operating Revenue | 13.78 | 27.16 | 50.51 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carlsmed, Inc.this co. | CARL | $240M | - | 2.38 | -30.0% | -4.74 |
| Codexis, Inc. | CDXS | $255M | - | 5.04 | -87.0% | -7.57 |
| Alector, Inc. | ALEC | $255M | - | 8.27 | -466.3% | -0.23 |
| Inhibikase Therapeutics, Inc. | IKT | $246M | - | 1.83 | -27.9% | -3.01 |
| 908 Devices Inc. | MASS | $243M | - | 1.64 |
| 13.6% |
| -6.49 |
| Arcturus Therapeutics Holdings Inc. | ARCT | $239M | - | 1.12 | -30.7% | -0.45 |
| Nuvectis Pharma, Inc. | NVCT | $235M | - | 11.85 | -143.6% | - |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 | 1.56 | 10.8% | 8.93 |
| Heron Therapeutics, Inc. | HRTX | $224M | - | 16.76 | -140.9% | -1425.96 |
| Peer Median | - | 14.73 | 3.43 | -58.9% | -3.01 | |