Carlsmed (CARL)
Builds personalized spine-fusion implant kits from AI-enabled surgical plans.
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Sells personalized spine-fusion implant kits that pair AI-enabled surgical planning with 3D-printed implants and single-use instruments. Revenue comes from implants used in U.S. procedures, leaving the business concentrated in the aprevo platform and third-party manufacturing.
Combines AI-enabled pre-operative planning with patient-specific 3D-printed titanium interbody implants and single-use instruments through aprevo Lumbar and aprevo Cervical. Surgeons review and approve plans through myaprevo; post-operative alignment data feeds aprevo intelligence to support later planning and research.
Sells procedure-specific implant kits to U.S. hospitals and ambulatory surgical centers, recognizing revenue when an implant is used. Commercial execution depends on surgeon training, hospital approvals and field case coverage.
Operates without implant factories, relying on a limited group of U.S. contract manufacturers for production, packaging, sterilization and shipment. FDA clearance, quality-system compliance, reimbursement and continued access to imaging and patient data structure the business.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Truist Financial | Target | Target: — | Target: $20 |
| Jul 1, 2026 | Needham | Initiate | Rating: —Target: — | Target: $17 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $89.2M · Total debt $21.9M · Total assets $118.2M · Shareholders' equity $84.2M
- Revenue
- $18.9M
- Operating income
- −$11.0M
- Net income
- −$10.5M
No dividends on record.
| Institutions | 21.17% | 5.78M shares | |
|---|---|---|---|
| 77 holders · as of Jun 30, 2026 | |||
| Insiders | 5.93% | 1.62M shares | |
| 2 holders · as of Sep 10, 2026 | |||
| Strategic holders | 15.77% | 4.31M shares | |
| 1 holder · as of Sep 30, 2025 | |||
| Other | 57.13% | 15.60M shares | |
| remainder | |||
27.30M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
B Capital Global Growth III, L.P.Institution | 18.36% | 5.01M | filed Nov 14, 2025 |
Presidio Management Group XII, L.L.C.1Strategic10 percent owner | 15.77% | 4.31M | filed Sep 30, 2025 |
Michael CordonnierInsider | 5.85% | 1.60M | filed Jul 24, 2025 |
Jupiter Topco LLCInstitution | 4.58% | 1.25M | as of Jun 30, 2026 |
Parkman Healthcare Partners LLCInstitution | 2.19% | 597,318 | as of Jun 30, 2026 |
- Presidio Management Group XII, L.L.C.'s transaction reports restate only vehicles that traded; the 2025 ownership statement (4.31M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 24, 2025 | Presidio Management Group XII, L.L.C. | 10 percent owner | +200,000 | $15.00 |
- Medtronic
Broad lumbar/cervical fusion rival with navigation-enabled workflow.
- Globus Medical
Spine-focused lumbar implant and navigation-platform rival.
- Johnson & Johnson
DePuy Synthes interbody and fixation rival in both spine regions.
- Alphatec
3D-printed lumbar/cervical implant and workflow-platform rival.
- Orthofix Medical
3D-printed lumbar interbody rival in posterior fusion procedures.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carlsmed | $15.13 | −1.88% | $419.2M | — | — | 6.6 | +56.8% |
| Medtronic | $90.41 | −0.40% | $116.19B | 22.4 | 15.1 | 3.1 | +13.7% |
| Globus Medical | $74.83 | −0.48% | $10.14B | 19.3 | 14.6 | 3.2 | +5.9% |
| Johnson & Johnson | $270.48 | +0.48% | $648.72B | 31.2 | 22.8 | 6.6 | +6.6% |
| Alphatec | $10.18 | −1.47% | $1.59B | — | 20.2 | 1.9 | +15.1% |
| Orthofix Medical | $9.02 | +0.48% | $363.0M | — | — | 0.4 | +5.1% |
| Median | 22.4 | 17.6 | 3.1 | +6.6% |