Carlsmed shares surge 11.02% intraday as BTIG raises price target to $24 and company boosts 2025 revenue guidance to $49–50 million.

Carlsmed surged 11.02% intraday following BTIG’s upgraded price target to $24 and maintained “Buy” rating, driven by the company’s Q3 results. The firm reported $13.1 million in revenue, a 98.4% year-over-year increase, and raised full-year 2025 guidance to $49–50 million (80–84% growth). Despite a wider-than-expected loss per share of -$0.40, BTIG highlighted operational improvements, including a 70% rise in surgeon adoption and reduced delivery.