Carlsmed® Reports Second Quarter 2025 Financial Results
Carlsmed (NASDAQ:CARL) reported strong Q2 2025 financial results, with revenue reaching $12.1 million, representing a remarkable 99% year-over-year growth. The company achieved a gross profit of $8.9 million with a 73.4% gross margin, though experiencing a slight decrease from 75% in Q2 2024.
Despite the revenue growth, Carlsmed reported a net loss of $6.8 million and an Adjusted EBITDA loss of $6.2 million. The company successfully completed its IPO in July 2025, raising $93.5 million in net proceeds. Looking ahead, Carlsmed projects full-year 2025 revenue between $45.5-$47.5 million, indicating 67-75% growth over 2024.
Notable achievements include the completion of their first personalized cervical spine surgery using the aprevo® technology platform and securing CMS New Technology Add-On Payment (NTAP) reimbursement for aprevo® cervical procedures, effective October 2025.
Carlsmed (NASDAQ:CARL) ha comunicato solidi risultati finanziari per il 2° trimestre 2025, con ricavi pari a $12,1 milioni, registrando un notevole +99% su base annua. L’azienda ha realizzato un utile lordo di $8,9 milioni con un margine lordo del 73,4%, in lieve calo rispetto al 75% del 2° trimestre 2024.
Nonostante la crescita dei ricavi, Carlsmed ha riportato una perdita netta di $6,8 milioni e un EBITDA rettificato negativo di $6,2 milioni. La società ha completato con successo la sua IPO a luglio 2025, raccogliendo $93,5 milioni di proventi netti. Guardando avanti, Carlsmed prevede ricavi per l’intero 2025 compresi tra $45,5 e $47,5 milioni, corrispondenti a una crescita del 67-75% rispetto al 2024.
Tra i traguardi rilevanti figurano l’esecuzione del primo intervento personalizzato alla colonna cervicale utilizzando la piattaforma tecnologica aprevo® e l’ottenimento del rimborso CMS New Technology Add-On Payment (NTAP) per le procedure cervicali aprevo®, efficace da ottobre 2025.
Carlsmed (NASDAQ:CARL) informó sólidos resultados financieros del 2T 2025, con ingresos de $12.1 millones, lo que representa un notable crecimiento interanual del 99%. La compañía obtuvo un beneficio bruto de $8.9 millones con un margen bruto del 73.4%, ligeramente por debajo del 75% del 2T 2024.
A pesar del aumento de ingresos, Carlsmed registró una pérdida neta de $6.8 millones y un EBITDA ajustado negativo de $6.2 millones. La empresa completó con éxito su OPI en julio de 2025, recaudando $93.5 millones en ingresos netos. De cara al futuro, Carlsmed proyecta ingresos para todo 2025 entre $45.5 y $47.5 millones, lo que supone un crecimiento del 67-75% respecto a 2024.
Logros destacados incluyen la realización de su primera cirugía cervical personalizada usando la plataforma tecnológica aprevo® y la obtención del reembolso CMS New Technology Add-On Payment (NTAP) para procedimientos cervicales aprevo®, con vigencia a partir de octubre de 2025.
Carlsmed (NASDAQ:CARL)은 2025년 2분기 실적을 공개하며 매출액이 $12.1백만으로 전년 동기 대비 99% 증가한 강한 실적을 보였습니다. 회사는 $8.9백만의 매출총이익과 73.4%의 매출총이익률을 기록했으나, 이는 2024년 2분기의 75%에서 소폭 하락한 수치입니다.
매출 성장에도 불구하고 Carlsmed는 $6.8백만 순손실과 $6.2백만의 조정 EBITDA 적자를 보고했습니다. 회사는 2025년 7월 IPO를 성공적으로 완료하여 $93.5백만의 순수익을 확보했습니다. 향후 전망으로 Carlsmed는 2025년 전체 매출을 $45.5~$47.5백만으로 예상하며, 이는 2024년 대비 67~75%의 성장률을 의미합니다.
주요 성과로는 aprevo® 기술 플랫폼을 이용한 첫 맞춤형 경추 수술 완료와 2025년 10월부터 적용되는 aprevo® 경추 시술에 대한 CMS 신규 기술 추가지급(NTAP) 상환 획득이 포함됩니다.
Carlsmed (NASDAQ:CARL) a annoncé de solides résultats financiers pour le T2 2025, avec un chiffre d’affaires de 12,1 M$, soit une hausse remarquable de 99% en glissement annuel. La société a dégagé un bénéfice brut de 8,9 M$ avec une marge brute de 73,4%, en léger recul par rapport à 75% au T2 2024.
Malgré la croissance du chiffre d’affaires, Carlsmed a enregistré une perte nette de 6,8 M$ et un EBITDA ajusté négatif de 6,2 M$. La société a finalisé avec succès son introduction en bourse en juillet 2025, levant 93,5 M$ de produits nets. Pour 2025, Carlsmed prévoit un chiffre d’affaires annuel compris entre 45,5 et 47,5 M$, soit une croissance de 67 à 75% par rapport à 2024.
Parmi les réalisations notables figurent la réalisation de leur première chirurgie cervicale personnalisée utilisant la plateforme technologique aprevo® et l’obtention du remboursement CMS New Technology Add-On Payment (NTAP) pour les procédures cervicales aprevo®, effectif à partir d’octobre 2025.
Carlsmed (NASDAQ:CARL) meldete starke Finanzergebnisse für das 2. Quartal 2025: der Umsatz belief sich auf $12,1 Mio., was einem bemerkenswerten Umsatzwachstum von 99% gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte einen Bruttogewinn von $8,9 Mio. bei einer Bruttomarge von 73,4%, leicht rückläufig gegenüber 75% im 2. Quartal 2024.
Trotz des Umsatzwachstums verzeichnete Carlsmed einen Nettoverlust von $6,8 Mio. und ein bereinigtes EBITDA von $6,2 Mio. negativ. Das Unternehmen schloss im Juli 2025 erfolgreich seinen Börsengang ab und erlitt dabei Nettoeinnahmen von $93,5 Mio.. Für das Gesamtjahr 2025 rechnet Carlsmed mit Umsätzen zwischen $45,5 und $47,5 Mio., was einem Wachstum von 67–75% gegenüber 2024 entspricht.
Zu den bemerkenswerten Erfolgen zählen die Durchführung der ersten personalisierten zervikalen Wirbelsäulenoperation mit der Technologieplattform aprevo® sowie die Genehmigung der CMS New Technology Add-On Payment (NTAP)-Erstattung für aprevo®-zervikale Eingriffe, gültig ab Oktober 2025.
- Revenue grew 99% YOY to $12.1 million in Q2 2025
- Strong gross profit of $8.9 million with 73.4% margin
- Successful IPO raising $93.5 million in net proceeds
- Secured CMS NTAP reimbursement for cervical procedures
- Projected 67-75% revenue growth for full year 2025
- First successful personalized cervical spine surgery completed
- Net loss increased to $6.8 million in Q2 2025
- Operating expenses increased 41% to $15.4 million
- Gross margin declined from 75.0% to 73.4% YOY
- Higher production costs due to expedite fees
- Continued Adjusted EBITDA losses of $6.2 million
Insights
Carlsmed shows impressive 99% YoY revenue growth to $12.1M but losses persist as the company scales its personalized spine surgery platform.
Carlsmed's Q2 financial results demonstrate robust commercial traction with revenue reaching
Despite the strong top-line growth, profitability remains elusive. The company reported a net loss of
Gross margins slightly declined to
The balance sheet appears solid with
Looking ahead, management's full-year revenue guidance of
While Carlsmed shows promising commercial momentum, investors should monitor the path to profitability. The flat Adjusted EBITDA loss year-over-year (
Q2’25 revenue of
Full year revenue guidance of
CARLSBAD, Calif., Aug. 28, 2025 (GLOBE NEWSWIRE) -- Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), a medical technology company pioneering AI-enabled personalized spine surgery solutions, today reported financial results for the second quarter ended June 30, 2025.
“Our strong commercial performance was driven by the continued adoption of our highly differentiated AI-enabled aprevo® technology platform and growing recognition of its ability to deliver more favorable patient outcomes than legacy devices,” said Mike Cordonnier, Chairman and CEO of Carlsmed. “Building upon our momentum in personalized lumbar fusion surgery, in July we successfully completed the first personalized cervical spine surgery using our aprevo® technology platform, launching in 2026. We enter the second half of 2025 well positioned for continued scale as we become the new standard of care in spine fusion surgery.”
Second Quarter Financial Results & Recent Highlights
- Revenue was
$12.1 million for the second quarter of 2025; a99% increase compared to$6.1 million for the second quarter of 2024. This increase was driven by the increased number of surgical procedures utilizing the aprevo® technology platform in the second quarter of 2025, with average revenue per procedure flat between these periods. - Gross profit for the second quarter of 2025 was
$8.9 million compared to$4.6 million for the second quarter of 2024, due to our increased revenue. Gross margin was73.4% for the second quarter of 2025, compared with75.0% for the second quarter of 2024; this decrease was primarily driven by expedite production fees charged by our contract manufacturer in the second quarter to meet customer timing requirements. - Operating expenses were
$15.4 million for the second quarter of 2025, compared with$10.9 million for the second quarter of 2024.- Research and development expenses were
$4.2 million for the second quarter of 2025, compared with$4.0 million for the second quarter of 2024. This increase was primarily driven by higher personnel costs to support product development and artificial intelligence initiatives, partially offset by lower prototype and materials costs and reduced COMPASS registry costs following enrollment completion in second half of 2024. - Sales and marketing expenses were
$7.9 million for the second quarter of 2025, compared with$4.9 million for the second quarter of 2024. This increase was primarily driven by personnel additions and variable sales expenses associated with our revenue growth, as well as an increase in marketing expenses. - General and administrative expenses were
$3.3 million for the second quarter of 2025, compared with$2.0 million for the second quarter of 2024. This increase was primarily due to personnel additions to support business growth and costs associated with the transition to being a publicly traded company, including associated legal, accounting, and other professional fees.
- Research and development expenses were
- Net loss was
$6.8 million for the second quarter of 2025, compared to a$6.3 million net loss for the second quarter of 2024. - Adjusted EBITDA loss was
$6.2 million for the second quarters of 2025 and 2024.
- Cash and cash equivalents were
$33.5 million as of June 30, 2025. The Company received$93.5 million of net proceeds, after deducting underwriting discounts and commissions and before other additional offering expenses, from its initial public offering in July 2025. - The first personalized cervical spine surgery using the AI-enabled aprevo® technology platform was performed.
- aprevo® cervical procedures received CMS New Technology Add-On Payment (NTAP) reimbursement, in effect October 1, 2025.
2025 Full Year Financial Outlook
- Revenue for the full year 2025 is expected to be in the range of
$45.5 million to$47.5 million , representing growth of67% to75% over 2024.
Webcast & Conference Call Details
Carlsmed will host a conference call and concurrent webcast today at 4:30 pm Eastern Time (1:30 pm Pacific Time), to review the Company’s second quarter and first half of 2025 performance. To access the webcast, please use the following link, which will provide you with dial-in details https://edge.media-server.com/mmc/p/y7ki9icw.
Non-GAAP Financial Measures
This press release contains certain financial information that is not presented in conformity with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA. The non-GAAP financial measures are provided as supplemental information to Carlsmed’s financial measures presented in this press release that are calculated and presented in accordance with GAAP.
The Company calculates Adjusted EBITDA as net income (loss), as adjusted to exclude (i) net interest expense and income, (ii) income tax expense (benefit), (iii) depreciation and amortization expense, (iv) stock-based compensation expense and (v) change in fair value of warrant liabilities.
This non-GAAP measure is presented because management believes it allows investors to view the Company’s performance in a manner similar to the method used by management to evaluate financial performance for both strategic and annual operating planning. Management believes that to properly understand short-term and long-term financial trends, it is helpful for investors to understand the impact of the items excluded from the calculation of Adjusted EBITDA, in addition to considering the Company’s GAAP financial measures. The excluded items vary in frequency and/or impact on our results of operations and management believes that the excluded items are not reflective of the Company’s ongoing core business operations and financial condition. Excluding such items allows investors and analysts to compare our operating performance to other companies in our industry and to compare the Company’s period-over-period results.
The non-GAAP financial measures used by Carlsmed may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Carlsmed’s financial results prepared and reported in accordance with GAAP. This non-GAAP measure has limitations as an analytical tool and should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business. A reconciliation of Adjusted EBITDA reported in this press release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA” later in this release. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers.
About Carlsmed
Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond.
Forward Looking Statement
Any statements in this press release about future expectations, plans and prospects, including statements about the Carlsmed’s ability to scale the impact of its aprevo® technology platform and advance its personalized spine surgery platform to transform patient outcomes and drive long-term growth, Carlsmed’s current expectation of commercially launching aprevo® cervical in the United States in 2026, the number ranges presented in our 2025 Full Year Financial Outlook, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including such important factors as are set forth under the caption “Risk Factors” in the Carlsmed’s Registration Statement on Form S-1 on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent Carlsmed’s views as of the date of this press release. Carlsmed anticipates that subsequent events and developments will cause its views to change. However, while Carlsmed may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Carlsmed’s views as of any date subsequent to the date of this press release.
Investor Relations
Caroline Corner, PhD
IR@Carlsmed.com
Media
LeAnn Burton
Senior Director Brand Marketing
LBurton@Carlsmed.com
FAQ
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