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Carlsmed Inc (CARL) is a Health Care company in the Russell 2000. Latest news and coverage below.
IPO: July 23, 2025 · $15.00 offering · NASDAQ · View IPO details →
Carlsmed Inc revenue & net income history (FY2024–FY2025)
RevenueNet incomeNet margin (right axis, %)
| FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|
| Income statement | ||
| Revenue | $27.2M | $50.5M |
| Growth (year over year) | — | +85.9% |
| Gross profit | $20.0M | $38.0M |
| Gross margin | 73.8% | 75.3% |
| Operating income | −$24.1M | −$30.6M |
| Operating margin | −88.8% | −60.5% |
| Net income | −$24.3M | −$29.6M |
| Net margin | −89.3% | −58.7% |
| EPS (diluted) | −$6.11 | −$2.12 |
| Balance sheet | ||
| Cash and equivalents | $40.1M | $85.8M |
| Total assets | $51.8M | $130.1M |
| Total liabilities | $26.2M | $31.3M |
| Long-term debt | $15.4M | $15.3M |
| Shareholders' equity | −$70.6M | $98.9M |
| Cash flow | ||
| Operating cash flow | −$25.5M | −$29.0M |
| Capital expenditure | $180.0K | $642.0K |
| Free cash flow | −$25.6M | −$29.6M |
RevenueNet incomeNet margin (right axis, %)
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $6.59M | $9.41M | $10.2M | $12.1M | $13.1M | $15.2M | $16.1M | $18.9M |
| Growth (year over year) | — | — | +100.3% | +98.7% | +98.4% | +61.2% | +58.2% | +56.7% |
| Gross profit | $4.80M | $7.02M | $7.64M | $8.87M | $9.93M | $11.6M | $12.4M | $14.5M |
| Gross margin | 72.8% | 74.7% | 74.9% | 73.4% | 75.9% | 76.5% | 77.1% | 76.8% |
| Operating income | −$7.78M | −$4.70M | −$5.72M | −$6.50M | −$9.04M | −$9.32M | −$9.28M | −$11.0M |
| Operating margin | −118.0% | −49.9% | −56.1% | −53.8% | −69.1% | −61.4% | −57.6% | −58.3% |
| Net income | −$7.81M | −$4.72M | −$5.73M | −$6.77M | −$8.53M | −$8.61M | −$8.70M | −$10.5M |
| Net margin | −118.6% | −50.2% | −56.2% | −56.0% | −65.2% | −56.8% | −54.0% | −55.5% |
| EPS (diluted) | −$2.06 | −$1.14 | −$1.47 | −$1.47 | −$0.40 | $1.22 | −$0.32 | −$0.39 |
| Balance sheet | ||||||||
| Cash and equivalents | $44.4M | $40.1M | $43.4M | $33.5M | $115.4M | $85.8M | $73.0M | $46.2M |
| Total assets | — | $51.8M | — | $53.3M | $134.9M | $130.1M | $118.8M | $118.2M |
| Total liabilities | — | $26.2M | — | $27.6M | $28.2M | $31.3M | $26.5M | $34.0M |
| Long-term debt | — | $15.4M | — | $15.4M | $15.4M | $15.3M | $15.4M | $15.4M |
| Shareholders' equity | −$66.0M | −$70.6M | −$76.6M | −$83.1M | $106.7M | $98.9M | $92.2M | $84.2M |
| Cash flow | ||||||||
| Operating cash flow | −$7.58M | −$4.20M | −$8.15M | −$7.04M | −$8.46M | −$5.32M | −$13.0M | −$7.36M |
| Capital expenditure | $52.0K | $61.0K | $83.0K | $327.0K | $159.0K | $73.0K | $79.0K | $121.0K |
| Free cash flow | −$7.63M | −$4.26M | −$8.24M | −$7.37M | −$8.62M | −$5.39M | −$13.1M | −$7.48M |
From Carlsmed Inc's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About Carlsmed Inc
- Headquarters
- Carlsbad, California From SEC filings, Oct 2026
Recent News (2)
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Carlsmed Launches aprevo® Lumbar Bi-lateral Posterior System CARLSBAD, Calif., Oct. 14, 2026 (GLOBE NEWSWIRE) -- Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), today announced the U.S. commercial launch of its aprevo® Lumbar Bi-lateral Posterior…
-
Carlsmed Announces Favorable Reimbursement for aprevo® lumbar Procedures Centers for Medicare & Medicaid Services (CMS) Fiscal Year 2027 Inpatient Final Rule creates three new Medicare Severity-Diagnosis Related Groups (MS-DRGs), with favorable reimbursement for Carlsmed a…
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