Here are the 10-K annual reports from Carlsmed, Inc. (CARL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow CARL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CARL filings page.
Carlsmed, Inc. reports rapid 2025 growth as it scales its AI‑enabled aprevo Technology Platform for personalized spine fusion. Revenue rose to $50.5 million from $27.2 million, an 85.9% increase, with gross margin improving to 75.3%.
The company remains in investment mode, with net loss widening to $29.6 million and accumulated deficit reaching $100.8 million. Carlsmed focuses on U.S. lumbar and cervical spine fusion, supported by multiple FDA 510(k) clearances, dedicated reimbursement codes, and early clinical evidence suggesting better alignment and lower revision rates versus traditional stock implants.
The platform had 253 surgeon users as of December 31, 2025, up from 152 a year earlier, and has treated more than 3,200 patients. Management sees a U.S. addressable market of about $13.4 billion for lumbar and $6 billion for cervical devices, and is expanding indications, product breadth, and clinical registries to support broader adoption.