CARLSMED, INC. CARL
We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a focus on becoming the standard of care for spine fusion surgery. Our mission is to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. The aprevo Technology Platform was designed to address the limitations of traditional lumbar and cervical spine fusion surgery, aiming to optimize patient outcomes and reduce the need for revision surgeries.
Our technology is powered by AI-enabled, outcome-based algorithms that provide personalized surgical plans for spine fusion. The aprevo surgical kit delivered to customers includes interbody implants for a custom vertebral fit for each patient's unique pathology and bone topography, and single-use surgical instruments. The aprevo Technology Platform supports surgeons in achieving proper spinal alignment for patients with degenerative disc disease ("DDD"), which can improve clinical outcomes and reduce the likelihood of revision surgeries. We currently market the aprevo Technology Platform for lumbar and cervical spine fusion surgeries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $50.5M | $27.2M | — |
| Cost of revenue | $12.5M | $7.1M | — |
| Gross profit | $38.0M | $20.0M | — |
| R&D | $17.0M | $14.3M | — |
| SG&A | $16.6M | $8.4M | — |
| Total operating expenses | $68.6M | $44.2M | — |
| Operating income | -$30.6M | -$24.1M | — |
| Interest expense | $1.4M | $1.3M | — |
| Pre-tax income | -$29.6M | -$24.3M | — |
| Income tax | $0 | $0 | — |
| Net income | -$29.6M | -$24.3M | — |
| EPS, basic | -2.12 | -6.11 | — |
| EPS, diluted | -2.12 | -6.11 | — |
| Shares, diluted (wtd. avg.) | $14.2M | $4.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $85.8M | $40.1M | $7.2M |
| Short-term investments | $24.0M | $0 | — |
| Receivables | $11.4M | $6.8M | — |
| Inventory | $1.8M | $995.0K | — |
| Total current assets | $126.7M | $49.4M | — |
| Property, plant and equipment | $1.5M | $260.0K | — |
| Total assets | $130.1M | $51.8M | — |
| Accounts payable | $4.5M | $2.4M | — |
| Total current liabilities | $14.3M | $8.8M | — |
| Long-term debt | $15.3M | $15.4M | — |
| Total liabilities | $31.3M | $26.2M | — |
| Retained earnings | -$100.8M | -$71.2M | — |
| Total equity | $98.9M | -$70.6M | -$46.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$29.0M | -$25.5M | — |
| Depreciation and amortisation | $281.0K | $145.0K | — |
| Stock-based compensation | $1.9M | $253.0K | — |
| Capital expenditure | $642.0K | $180.0K | — |
| Investing cash flow | -$25.5M | -$180.0K | — |
| Financing cash flow | $100.1M | $58.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-071551.
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