What is the revenue and EPS growth rate for Carlsmed year over year?

What guidance did Carlsmed's management provide for the next earnings period?

What is Carlsmed's gross profit margin?

What does Carlsmed do and what are its main business segments?

What is the market's earnings forecast for Carlsmed next quarter?

Did Carlsmed beat or miss consensus estimates last quarter?

What factors drove the changes in Carlsmed's revenue and profit?

What were the key takeaways from Carlsmed’s earnings call?

- **Revenue Surge**: 86% YoY growth to $50.5 million in 2025, driven by lumbar and cervical procedure expansion. 
- **Innovative Launches**: Bilateral aprevo and corra cervical plates set for H2 2026, with early surgeon adoption of cervical procedures. 
- **Operational Excellence**: 6-day production lead time enables faster surgeon response and procedure planning. 
- **Cervical Momentum**: NTAP reimbursement and personalized plating drive 10% of existing users adopting cervical, targeting $70-75 million 2026 revenue. 
- **Financial Health**: $109.9 million cash balance; 2026 guidance reflects 44% growth and path to cash flow breakeven.

**【CEO Summary Section】**
- **Revenue Growth**: 86% year-over-year (YoY) growth to $50.5 million in 2025, with Q4 revenue of $15.2 million (61% YoY). 
- **Product Advancements**: Launched bilateral aprevo lumbar and corra cervical plates, with commercial launches planned for H2 2026. 
- **Surgeon Adoption**: Added 101 new surgeons in 2025, bringing total users to 1,101. 10% of existing users have adopted cervical procedures. 
- **Operational Efficiency**: Reduced production lead time to 6 business days (from 20 days in 2024), enabling faster response to surgeon needs. 
- **Cervical Expansion**: Secured NTAP reimbursement of $21,125 per procedure, driving early adoption and favorable clinical outcomes. 
- **Strategic Focus**: Patient-centric innovation, surgeon education, and commercial execution to scale personalized spine surgery.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: GAAP net loss of $8.6 million; adjusted EBITDA of -$8.4 million. Full-year net loss: $29.6 million. 
- **Gross Margins**: 75.3% for 2025 (74.7% in Q4), driven by lower manufacturing costs. 
- **Expense Growth**: R&D (+77%), sales & marketing (+69%), and G&A (+114%) reflect investments in innovation and commercialization. 
- **Balance Sheet**: $109.9 million in cash, with $15.6 million drawn on a $50 million debt facility. 
- **2026 Guidance**: Revenue of $70-75 million (44% YoY growth), targeting cash flow breakeven by 2027.

**【Q&A Highlights】**
- **New Product Impact**: Bilateral aprevo and corra plates target high-variability cervical procedures, with early surgeon interest. 
- **Cervical Ramp**: NTAP reimbursement and personalized plating are accelerating adoption, with cervical procedures expected to contribute meaningfully to 2026 revenue. 
- **ASP Trends**: Lumbar ASP stable; cervical mix may slightly lower overall ASP, but maintained gross margins of 75-76%. 
- **Lead Time Benefits**: 6-day lead time reduces barriers for new surgeons and enables same-day procedure planning. 
- **Utilization Growth**: Focus on training existing users to increase procedure volume, with 101 new surgeons added in Q4 alone.

CARLSMED, INC.(CARL)-20260226-2025 Q4 Earnings call transcript

- **Revenue Surge**: 98% YoY growth to $13.1M, fueled by 70%+ user expansion and 8-day lead times.
- **Profitability Boost**: 76% gross margin, up 320bps YoY, from AI/3D-printing efficiencies.
- **Clinical Impact**: 75% reduction in revision rates, targeting $13B spine fusion market.
- **Cervical Momentum**: 50+ procedures completed, $21K CMS reimbursement, and 2026 outpatient rollout.
- **Financial Strength**: $115M cash, expanded credit, and 2025 guidance of $49-50M (80-84% growth).

**【CEO Summary Section】**
- **Revenue Growth**: 98% year-over-year to $13.1 million, driven by 70%+ surge in users and reduced lead times (20 to 8 business days). 
- **Gross Margin Expansion**: 76% (up from 72.8% YoY), enabled by AI-driven digital surgery platform and 3D-printed interbody implants.
- **Market Opportunity**: $13B addressable market for lumbar spine fusion, with clinical data showing 75% reduction in revision rates vs. standard care.
- **Cervical Launch**: 50+ procedures completed, CMS NTAP reimbursement of $21,125 per inpatient procedure, and planned outpatient coverage in early 2026.
- **Operational Efficiency**: Capital-light model with single-use instruments, reducing OR complexity and costs.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 2025: $13.1M (vs. $6.6M YoY); 98% growth driven by procedure volume, not price.
- **Gross Margin**: 75.9% (vs. 72.8% YoY), benefiting from lower contract manufacturing costs and supply chain investments.
- **Operating Expenses**: $19M (vs. $12.6M YoY), driven by R&D (+$4.4M), sales (+$9.6M), and G&A (+$4.9M).
- **Cash Position**: $115.5M (including IPO proceeds); expanded credit facility to $50M with 2030 maturity.
- **Guidance**: Full-year 2025 revenue $49-50M (80-84% YoY growth).

**【Q&A Highlights】**
- **Surgeon Adoption**: Q3 added >70% new users despite seasonal slowdown, driven by clinical evidence and reduced lead times.
- **Gross Margin Sustainability**: 76%+ achievable due to eliminated expedite fees and digital production system.
- **Cervical Strategy**: Leveraging existing sales force for launch, with strong early feedback and CMS reimbursement support.
- **Pipeline Visibility**: High confidence in scheduled procedures and new surgeon training pipeline for 2026 growth.

Carlsmed Inc (CARL) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 2025 revenue up 99% to $12.1 million, guided to $45.5-47.5 million for 2025.
- **Clinical Impact**: Aprivo reduces reoperations by 82.6%; cervical NTAP adds $21,125 reimbursement.
- **Growth Drivers**: 199 active surgeons, 10-day digital production, and 2026 cervical launch.
- **Financial Strength**: $100.5M IPO, $33.5M cash, and stable $30,000/procedure revenue.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue of $12.1 million, up 99% YoY, driven by 199 active surgeons (72% YoY increase). Full-year 2025 guidance: $45.5-47.5 million (67-75% growth).
- **Aprivo Technology**: Personalized interbody implants reduce reoperation rates by 82.6% (study). CMS NTAP adds $21,125 cervical reimbursement. Digital production cycle reduced to 10 days from >4 weeks.
- **Cervical Expansion**: 2026 launch of cervical spine fusion with CMS reimbursement enhancements.

**【CFO Financial Commentary】**
- **Financials**: Q2 2025 GAAP net loss $6.8 million; gross margin 73.4% (75% prior). Operating expenses $15.4 million (+45% YoY) due to R&D ($4.2M) and sales growth. IPO raised $100.5 million, cash $33.5 million post-IPO.
- **Reimbursement**: Average revenue per procedure $30,000, stable YoY. CMS DRG changes add $20,000-50,000 per procedure.

**【Q&A Highlights】**
- **Surgeon Adoption**: 47 new surgeons Q2, total 199. cervical launch in 2026 with CMS NTAP. 
- **Seasonality**: Q3 procedure volume typically lower due to industry trends; Q4 growth driven by new surgeon productivity.
- **AI Investment**: Scalable AI reduces case design costs, offsetting human labor expenses long-term.

Actual	-1.47	-0.4	-0.32
Forecast	-0.9143	-0.4816	-0.4197
Surprise	-60.78%	+16.94%	+23.76%

Actual	12.08M	13.07M	15.16M
Forecast	11.99M	11.24M	14.72M
Surprise	+0.81%	+16.33%	+3.01%

CARL

CARL fundamentals

CARL Q4 2025 Earnings

Earnings Call

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CARL

CARL fundamentals

CARL Q4 2025 Earnings

Earnings Call

CARL Earnings Call Summary for Q4/20251:30 PM on Feb 25, 2026

CARL Earnings Call Summary for Q3/20254:30 PM on Nov 6, 2025

CARL Earnings Call Summary for Q2/20254:30 PM on Aug 28, 2025

You can ask Aime