Carlsmed shares rise 13.54% after-hours after reporting 98% YoY revenue growth and raising full-year guidance to $49-50M.

Carlsmed (Nasdaq: CARL) surged 13.54% in after-hours trading following the release of its Q3 2025 financial results and strategic updates. The company reported $13.1 million in revenue, a 98% year-over-year increase, and raised full-year 2025 revenue guidance to $49–50 million, reflecting strong execution and gross margin expansion to 75.9%. A critical catalyst was the CMS NTAP reimbursement approval for cervical aprevo procedures, effective October 1, 2025, which removes a key barrier to adoption and paves the way for a commercial launch in early 2026. Additionally, lead times for implants were reduced to eight business days, and cash reserves stood at $115.5 million, reinforcing operational momentum. The stock’s sharp rise underscores investor optimism over the company’s growth trajectory and regulatory progress, despite widening operating losses due to commercialization investments.