Q2 Financial Performance: Carlsmed, Inc. reported a revenue of $12.1 million for Q2 2025, marking a 99% year-over-year growth from $6.1 million in Q2 2024, driven by increased adoption of their AI-enabled aprevo® technology platform.
Operating Expenses and Net Loss: Operating expenses rose to $15.4 million in Q2 2025 compared to $10.9 million in the same quarter last year, resulting in a net loss of $6.8 million, slightly higher than the previous year's loss of $6.3 million.
Future Outlook: The company anticipates full-year revenue for 2025 to be between $45.5 million and $47.5 million, reflecting a growth of 67% to 75% over 2024, as they prepare to launch personalized cervical spine surgery in 2026.
Cash Position: As of June 30, 2025, Carlsmed had cash and cash equivalents of $33.5 million, bolstered by $93.5 million raised from its initial public offering in July 2025.
CARL
$12.6+Infinity%1D
Analyst Views on CARL
Wall Street analysts forecast CARL stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CARL is 20.25 USD with a low forecast of 18.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
Wall Street analysts forecast CARL stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CARL is 20.25 USD with a low forecast of 18.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 12.600
Low
18.00
Averages
20.25
High
24.00
Current: 12.600
Low
18.00
Averages
20.25
High
24.00
UBS
Neutral -> Buy
upgrade
2025-12-03
Reason
UBS
Price Target
2025-12-03
upgrade
Neutral -> Buy
Reason
UBS upgraded Carlsberg to Buy from Neutral with a price target of DKK 1,060, up from DKK 810.
UBS
Neutral -> Buy
upgrade
2025-12-03
Reason
UBS
Price Target
2025-12-03
upgrade
Neutral -> Buy
Reason
UBS upgraded Carlsberg to Buy from Neutral with a price target of DKK 1,060, up from DKK 810. Carlsberg's move into the European soft drinks category comes at a time when the company is seeing some greenshoots for its beer business in Asia following two years of declines, the analyst tells investors in a research note. The firm sees a return to consistent volume growth.
BTIG
Ryan Zimmerman
Buy
maintain
$21 -> $24
2025-11-07
Reason
BTIG
Ryan Zimmerman
Price Target
$21 -> $24
2025-11-07
maintain
Buy
Reason
BTIG analyst Ryan Zimmerman raised the firm's price target on Carlsmed to $24 from $21 and keeps a Buy rating on the shares after its Q3 earnings beat. The company's top-line outperformance came from increased surgeon growth coupled with steady productivity of 1.9 units/surgeon, the analyst tells investors in a research note.
Piper Sandler
Matt O'Brien
Overweight
initiated
$18
2025-08-18
Reason
Piper Sandler
Matt O'Brien
Price Target
$18
2025-08-18
initiated
Overweight
Reason
Piper Sandler analyst Matt O'Brien initiated coverage of Carlsmed with an Overweight rating and $18 price target. The company 3D-printed spinal implants that are custom fit to each patient's anatomy and is currently the only one of its kind on the market, the analyst tells investors in a research note. The firm believes the capital from the initial public offering will Carlsmed with its sales force expansion efforts, driving further surgeon adoption and market penetration.
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.
