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: 12.510
Low
18.00
Averages
20.50
High
24.00
Current: 12.510
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 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 Completes First Lumbar Spine Surgery with Aprevo System
- Surgical Milestone: Carlsmed successfully completed its first posterior lumbar spine surgery using the aprevo® Bi-lateral Posterior System at the University of Colorado Hospital, reinforcing the company's leadership in personalized spine solutions.
- Technological Advantage: The system integrates AI-enabled software and clinical intelligence, allowing surgeons to plan with greater precision, thereby improving patient outcomes and reducing costly revision surgeries.
- Market Outlook: Carlsmed anticipates a full commercial launch of the system later this year, aiming to provide personalized procedural options to patients, surgeons, and hospital systems, thereby expanding its market share.
- Surgeon Feedback: Dr. CJ Kleck emphasized that the aprevo® technology is crucial across all surgical stages, enabling tailored treatment based on each patient's anatomy and pathology, which enhances confidence in achieving alignment goals.
See More
Danish Brewer's Earnings Decline Amid Increased Soft Drink Reliance
- Earnings Decline: The Danish brewer reported a decline in earnings primarily due to a softening consumer appetite for beer, which has negatively impacted overall sales and the company's financial health.
- Increased Soft Drink Reliance: In response to declining beer sales, the company is increasingly relying on its soft drink offerings, a shift that may alleviate some pressure in the short term but could affect brand image and market positioning in the long run.
- Changing Market Demand: As consumer preferences shift towards healthier beverage options, the beer industry faces significant challenges, forcing the company to reassess its product portfolio to align with new market trends.
- Need for Strategic Adjustment: Given the earnings decline, the Danish brewer must develop new strategies to enhance its competitiveness in the soft drink market while also seeking effective ways to revive beer sales.
See More
Novo Nordisk Warns of Sales Decline Amid Price Pressures
- Sales Warning: Novo Nordisk released its earnings report early, projecting a decline in sales and profit growth this year primarily due to lower prices in the U.S. and the loss of exclusivity for its weight loss drugs Wegovy and Ozempic in China, Brazil, and Canada, which may dampen market confidence.
- Stock Reaction: Following the warning, Novo Nordisk's share price tumbled significantly, reflecting investor concerns about future performance, which could impact the company's competitiveness and investor confidence in global markets.
- Market Impact: European stocks are expected to open flat to higher, with the FTSE and DAX slightly up, and the CAC 40 rising by 0.24%, indicating a cautiously optimistic market sentiment ahead of upcoming earnings reports, despite overall sentiment being affected by a short-lived sell-off in cryptocurrencies and precious metals.
- Earnings Focus: On Wednesday, several companies including Novo Nordisk, Banco Santander, and GSK are set to report earnings, with the market closely monitoring these reports for their implications on overall economic and industry trends, especially amid increasing economic uncertainty.
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 Completes First Lumbar Spine Surgery with Aprevo System
- Surgical Milestone: Carlsmed successfully completed its first posterior lumbar spine surgery using the aprevo® Bi-lateral Posterior System at the University of Colorado Hospital, reinforcing the company's leadership in personalized spine solutions.
- Technological Advantage: The system integrates AI-enabled software and clinical intelligence, allowing surgeons to plan with greater precision, thereby improving patient outcomes and reducing costly revision surgeries.
- Market Outlook: Carlsmed anticipates a full commercial launch of the system later this year, aiming to provide personalized procedural options to patients, surgeons, and hospital systems, thereby expanding its market share.
- Surgeon Feedback: Dr. CJ Kleck emphasized that the aprevo® technology is crucial across all surgical stages, enabling tailored treatment based on each patient's anatomy and pathology, which enhances confidence in achieving alignment goals.
See More
Danish Brewer's Earnings Decline Amid Increased Soft Drink Reliance
- Earnings Decline: The Danish brewer reported a decline in earnings primarily due to a softening consumer appetite for beer, which has negatively impacted overall sales and the company's financial health.
- Increased Soft Drink Reliance: In response to declining beer sales, the company is increasingly relying on its soft drink offerings, a shift that may alleviate some pressure in the short term but could affect brand image and market positioning in the long run.
- Changing Market Demand: As consumer preferences shift towards healthier beverage options, the beer industry faces significant challenges, forcing the company to reassess its product portfolio to align with new market trends.
- Need for Strategic Adjustment: Given the earnings decline, the Danish brewer must develop new strategies to enhance its competitiveness in the soft drink market while also seeking effective ways to revive beer sales.
See More
Novo Nordisk Warns of Sales Decline Amid Price Pressures
- Sales Warning: Novo Nordisk released its earnings report early, projecting a decline in sales and profit growth this year primarily due to lower prices in the U.S. and the loss of exclusivity for its weight loss drugs Wegovy and Ozempic in China, Brazil, and Canada, which may dampen market confidence.
- Stock Reaction: Following the warning, Novo Nordisk's share price tumbled significantly, reflecting investor concerns about future performance, which could impact the company's competitiveness and investor confidence in global markets.
- Market Impact: European stocks are expected to open flat to higher, with the FTSE and DAX slightly up, and the CAC 40 rising by 0.24%, indicating a cautiously optimistic market sentiment ahead of upcoming earnings reports, despite overall sentiment being affected by a short-lived sell-off in cryptocurrencies and precious metals.
- Earnings Focus: On Wednesday, several companies including Novo Nordisk, Banco Santander, and GSK are set to report earnings, with the market closely monitoring these reports for their implications on overall economic and industry trends, especially amid increasing economic uncertainty.
See More
