Carlsmed Reports 98.4% Revenue Growth to $13.1 Million in Latest Quarter

Carlsmed, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $13.1 million for the three months ended September 30, 2025, a 98.4% increase from $6.6 million in the same period last year. For the nine months ending September 30, 2025, the company generated $35.3 million in revenue, up 99.1% from $17.8 million in the prior year. Despite this growth, Carlsmed recorded a net loss of $8.5 million for the third quarter, slightly higher than the $7.8 million loss reported in the same quarter of 2024. The company’s accumulated deficit now stands at $92.2 million.

The substantial revenue increase is attributed to a higher volume of surgical procedures utilizing Carlsmed's aprevo Technology Platform, which includes AI-enabled surgical planning software and custom-designed interbody implants. The company has successfully treated over 2,600 patients since its commercial launch in 2021. Additionally, Carlsmed's gross profit for the third quarter was $9.9 million, reflecting a gross margin of 75.9%, an improvement from 72.8% in the previous year, primarily due to reduced production costs.

In terms of operational developments, Carlsmed has expanded its sales and marketing efforts, resulting in increased personnel costs and commissions. Sales and marketing expenses rose to $9.6 million for the third quarter, a 45.1% increase from the previous year. General and administrative expenses also surged by 155.8% to $4.9 million, driven by higher professional service fees and costs associated with being a publicly traded company following its IPO in July 2025, which raised $93.5 million in net proceeds.

The company has also made strides in regulatory approvals, receiving FDA clearance for its cervical spine fusion products, which it plans to commercialize in early 2026. This expansion is expected to enhance Carlsmed's market presence and product adoption rates. As of September 30, 2025, the company had $115.4 million in cash and cash equivalents, bolstered by the IPO, which positions it well for future growth and operational needs.

Looking ahead, Carlsmed anticipates continued operating losses as it invests in expanding its commercial operations and product portfolio. The company is focused on increasing market adoption of its technology and enhancing clinical evidence to support reimbursement strategies. With a robust cash position and ongoing product development, Carlsmed aims to solidify its standing in the spine surgery market while navigating the challenges of scaling its operations.