Carlsmed Reports 2025 Revenue of $50.5 Million, Up 86%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 12 2026
0mins
Should l Buy CARL?
Fourth quarter 2025 revenue was approximately $15.2 million, an approximate 61% increase compared to the fourth quarter 2024. Full year 2025 revenue was approximately $50.5 million, an approximate 86% increase compared to the full year 2024. "Our fourth quarter commercial performance capped a transformational year for Carlsmed and underscores the power of aprevo(R). This platform technology provides surgeons with greater procedural predictability and has the potential to meaningfully improve clinical outcomes in spine fusion and lower the total cost of care for the healthcare system. With growing enthusiasm for aprevo, we added 101 new surgeon users in 2025, representing a 61% increase in our total surgeon user base over the prior year," said Mike Cordonnier, Chairman and CEO. "As we enter 2026, we are focused on executing our strategy for the next phase of growth with operational excellence. We are energized by the momentum in our business and the recent launch of aprevo cervical, with highly encouraging early surgeon feedback for our patient-specific cervical solution. In 2026, we anticipate growing recognition and adoption of aprevo as a platform technology that we believe is capable of transforming surgical standards and patient outcomes in spine fusion."
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Analyst Views on CARL
Wall Street analysts forecast CARL stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 9.660
Low
18.00
Averages
20.50
High
24.00
Current: 9.660
Low
18.00
Averages
20.50
High
24.00
About CARL
Carlsmed, Inc. is a commercial-stage medical technology company providing AI-enabled personalized spine surgery solutions. Its aprevo technology platform offers solutions for the entire surgical workflow, including pre-operative AI-enabled, surgical planning; intra-operative advanced visualization to support precision placement of aprevo interbody implants, and post-operative data collection and insights intended to improve the digital surgical planning process. Its pre-operative planning software utilizes standard-of-care diagnostic imaging and AI-enabled algorithms to develop personalized digital surgical plans and to design aprevo interbody implants for each patient's pathology and vertebral bone topography. Additionally, the aprevo technology platform supports the collection of real-world, post-operative data to inform its digital surgical planning process. Its platform is commercially available in the United States and is indicated for use in lumbar interbody fusion procedures.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Carlsmed Reports Q4 Earnings Beat with Strong Revenue Growth Outlook
- Earnings Beat: Carlsmed reported a Q4 GAAP EPS of -$0.32, surpassing expectations by $0.11, indicating positive progress in the company's recovery of profitability.
- Revenue Growth: The company achieved Q4 revenue of $15.2 million, exceeding market expectations by $0.34 million, reflecting strong product demand and an increase in market share.
- Future Outlook: Carlsmed targets revenue between $70 million and $75 million for 2026, with plans to launch cervical and bilateral products, demonstrating confidence in future growth.
- Growth Prospects: The company anticipates a 44% growth outlook, highlighting its competitiveness and ongoing innovation capabilities in the medical device market.
See More
Carlsmed, Inc. Reports Strong Q4 2025 Earnings and Growth Outlook
- Significant Revenue Growth: Carlsmed reported $15.2 million in revenue for Q4 2025, a 61% increase from $9.4 million in Q4 2024, demonstrating strong expansion potential in the spine surgery market.
- Improved Gross Margins: The gross margin for Q4 reached 76.5%, up from 74.7% in Q4 2024, indicating substantial progress in cost control and operational efficiency.
- New Product Launches: The company announced the launch of the first bilateral posterior aprevo procedure, with a full commercial release planned for the second half of 2026, further enhancing market penetration for personalized spine surgery.
- Optimistic Future Outlook: The CFO projected 2026 revenue between $70 million and $75 million, representing a 44% annual growth rate at the midpoint, reflecting confidence in sustained growth and market demand.
See More
Carlsmed Reports 86% Revenue Growth in 2025 Financial Results
- Quarterly Revenue Growth: Carlsmed reported fourth-quarter revenue of $15.2 million, reflecting a 61.2% year-over-year increase, which underscores the strong market demand for its personalized spine surgery solutions and solidifies its position in the medical technology sector.
- Impressive Annual Performance: The company achieved full-year revenue of $50.5 million in 2025, an 86% increase compared to 2024, indicating effective scaling and profitability enhancement, likely to attract more investor interest.
- Gross Margin Improvement: The gross margin for the fourth quarter reached 76.5%, up from 74.7% in the previous year, demonstrating ongoing improvements in cost control and operational efficiency, which are crucial for enhancing market competitiveness.
- Optimistic Future Outlook: Carlsmed anticipates revenue for 2026 to range between $70 million and $75 million, representing a 44% growth at the midpoint compared to 2025, reflecting the company's confidence in future growth and its ongoing innovation in the medical technology field.
See More
Carlsmed Achieves Milestone in Personalized Cervical Plating Procedure
- Surgical Milestone: Carlsmed successfully performed the first personalized cervical plating procedure at UCSF, marking a significant advancement for its corra Cervical Plating System and boosting positive sentiment around its stock.
- Product Innovation: The corra system aims to enhance surgical precision and improve patient outcomes by utilizing patient-specific plates tailored to individual anatomical needs, with plans for further evaluations and a commercial launch later this year.
- Digital Surgery Ecosystem: Leveraging Carlsmed's digital surgery ecosystem, the system customizes key anatomical features, including screw positioning and plate curvature, pre-operatively for each vertebral level, supporting consistent fixation and precise alignment for ACDF procedures.
- Wall Street Optimism: Carlsmed's stock carries a Buy rating with an average price target of $20.25, with analysts from BTIG and Truist Securities raising their targets to $24.00 and $20.00 respectively, reflecting confidence in the company's future performance.
See More
Carlsmed to Report Q4 and Full Year 2025 Results on February 25
- Earnings Report Schedule: Carlsmed will release its Q4 and full year 2025 financial results after market close on February 25, 2026, providing investors with the latest insights into the company's operational performance.
- Conference Call Details: Management will host a conference call and webcast at 1:30 PM Pacific Time, with participants encouraged to dial in 5 to 10 minutes early to ensure they receive timely updates on company developments.
- Replay Availability: A replay of the webcast will be available shortly after the call concludes, allowing investors who could not attend live to review the meeting content, thereby enhancing information transparency.
- Company Mission: Carlsmed is committed to improving healthcare outcomes and reducing costs for spine surgery through AI-enabled personalized solutions, showcasing its innovative potential and competitive edge in the medical technology sector.
See More
Heineken Plans 7% Workforce Layoffs to Boost Efficiency
- Layoff Plan: Heineken plans to cut 5,000 to 6,000 jobs over the next two years, representing about 7% of its 87,000 workforce, aiming to enhance productivity in response to a 2.4% decline in beer sales last year.
- Profit Growth Target: Despite the drop in total beer volumes, Heineken's adjusted operating profit rose by 4.4%, with the company forecasting operating profit growth of 2% to 6% for 2026, demonstrating resilience in a challenging market environment.
- Digital Transformation: The layoffs are partly attributed to the push for AI and digitization, with around 3,000 roles expected to move to business services, aiming for annual savings of €400 to €500 million, further advancing its EverGreen 2030 strategy.
- Market Reaction: Heineken's shares rose 3.4% in the latest trading session, and the stock is up nearly 7% year-to-date, reflecting market confidence in its strategic adjustments and future growth potential.
See More
Carlsmed Reports Q4 Earnings Beat with Strong Revenue Growth Outlook
- Earnings Beat: Carlsmed reported a Q4 GAAP EPS of -$0.32, surpassing expectations by $0.11, indicating positive progress in the company's recovery of profitability.
- Revenue Growth: The company achieved Q4 revenue of $15.2 million, exceeding market expectations by $0.34 million, reflecting strong product demand and an increase in market share.
- Future Outlook: Carlsmed targets revenue between $70 million and $75 million for 2026, with plans to launch cervical and bilateral products, demonstrating confidence in future growth.
- Growth Prospects: The company anticipates a 44% growth outlook, highlighting its competitiveness and ongoing innovation capabilities in the medical device market.
See More
Carlsmed, Inc. Reports Strong Q4 2025 Earnings and Growth Outlook
- Significant Revenue Growth: Carlsmed reported $15.2 million in revenue for Q4 2025, a 61% increase from $9.4 million in Q4 2024, demonstrating strong expansion potential in the spine surgery market.
- Improved Gross Margins: The gross margin for Q4 reached 76.5%, up from 74.7% in Q4 2024, indicating substantial progress in cost control and operational efficiency.
- New Product Launches: The company announced the launch of the first bilateral posterior aprevo procedure, with a full commercial release planned for the second half of 2026, further enhancing market penetration for personalized spine surgery.
- Optimistic Future Outlook: The CFO projected 2026 revenue between $70 million and $75 million, representing a 44% annual growth rate at the midpoint, reflecting confidence in sustained growth and market demand.
See More
Carlsmed Reports 86% Revenue Growth in 2025 Financial Results
- Quarterly Revenue Growth: Carlsmed reported fourth-quarter revenue of $15.2 million, reflecting a 61.2% year-over-year increase, which underscores the strong market demand for its personalized spine surgery solutions and solidifies its position in the medical technology sector.
- Impressive Annual Performance: The company achieved full-year revenue of $50.5 million in 2025, an 86% increase compared to 2024, indicating effective scaling and profitability enhancement, likely to attract more investor interest.
- Gross Margin Improvement: The gross margin for the fourth quarter reached 76.5%, up from 74.7% in the previous year, demonstrating ongoing improvements in cost control and operational efficiency, which are crucial for enhancing market competitiveness.
- Optimistic Future Outlook: Carlsmed anticipates revenue for 2026 to range between $70 million and $75 million, representing a 44% growth at the midpoint compared to 2025, reflecting the company's confidence in future growth and its ongoing innovation in the medical technology field.
See More
Carlsmed Achieves Milestone in Personalized Cervical Plating Procedure
- Surgical Milestone: Carlsmed successfully performed the first personalized cervical plating procedure at UCSF, marking a significant advancement for its corra Cervical Plating System and boosting positive sentiment around its stock.
- Product Innovation: The corra system aims to enhance surgical precision and improve patient outcomes by utilizing patient-specific plates tailored to individual anatomical needs, with plans for further evaluations and a commercial launch later this year.
- Digital Surgery Ecosystem: Leveraging Carlsmed's digital surgery ecosystem, the system customizes key anatomical features, including screw positioning and plate curvature, pre-operatively for each vertebral level, supporting consistent fixation and precise alignment for ACDF procedures.
- Wall Street Optimism: Carlsmed's stock carries a Buy rating with an average price target of $20.25, with analysts from BTIG and Truist Securities raising their targets to $24.00 and $20.00 respectively, reflecting confidence in the company's future performance.
See More
Carlsmed to Report Q4 and Full Year 2025 Results on February 25
- Earnings Report Schedule: Carlsmed will release its Q4 and full year 2025 financial results after market close on February 25, 2026, providing investors with the latest insights into the company's operational performance.
- Conference Call Details: Management will host a conference call and webcast at 1:30 PM Pacific Time, with participants encouraged to dial in 5 to 10 minutes early to ensure they receive timely updates on company developments.
- Replay Availability: A replay of the webcast will be available shortly after the call concludes, allowing investors who could not attend live to review the meeting content, thereby enhancing information transparency.
- Company Mission: Carlsmed is committed to improving healthcare outcomes and reducing costs for spine surgery through AI-enabled personalized solutions, showcasing its innovative potential and competitive edge in the medical technology sector.
See More
Heineken Plans 7% Workforce Layoffs to Boost Efficiency
- Layoff Plan: Heineken plans to cut 5,000 to 6,000 jobs over the next two years, representing about 7% of its 87,000 workforce, aiming to enhance productivity in response to a 2.4% decline in beer sales last year.
- Profit Growth Target: Despite the drop in total beer volumes, Heineken's adjusted operating profit rose by 4.4%, with the company forecasting operating profit growth of 2% to 6% for 2026, demonstrating resilience in a challenging market environment.
- Digital Transformation: The layoffs are partly attributed to the push for AI and digitization, with around 3,000 roles expected to move to business services, aiming for annual savings of €400 to €500 million, further advancing its EverGreen 2030 strategy.
- Market Reaction: Heineken's shares rose 3.4% in the latest trading session, and the stock is up nearly 7% year-to-date, reflecting market confidence in its strategic adjustments and future growth potential.
See More
