Carlsmed Reports 58.2% Revenue Growth to $16.1 Million, Net Loss Increases to $8.7 Million

Carlsmed, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $16.1 million for the three months ended March 31, 2026, compared to $10.2 million in the same period last year, marking a 58.2% increase. The company's gross profit also saw a substantial rise, climbing to $12.4 million, up from $7.6 million, resulting in a gross margin of 77.1%, an improvement from 74.9% in the prior year. However, the company recorded a net loss of $8.7 million, which is an increase from a loss of $5.7 million in the previous year, reflecting higher operating expenses driven by increased investments in research and development, sales, and marketing.

In terms of operational metrics, Carlsmed has expanded its customer base significantly, with over 3,700 patients treated using its aprevo Technology Platform since its commercial launch in 2021. The company reported a 60% increase in trained surgeon users who have completed procedures with the platform compared to the previous year. This growth is attributed to the successful launch of new product offerings, including the aprevo cervical interbody implants, which received FDA clearance in November 2024 and began commercial sales in December 2025.

The company has also made strategic advancements, including the completion of its initial public offering (IPO) in July 2025, which raised approximately $93.5 million in net proceeds. This capital is expected to support ongoing product development and market expansion efforts. Additionally, Carlsmed has enhanced its digital production system, reducing manufacturing lead times for surgical plans, which is anticipated to improve operational efficiency and customer satisfaction.

Despite the positive revenue growth, Carlsmed's operating expenses increased significantly, totaling $21.7 million for the quarter, up from $13.4 million a year earlier. This rise was primarily due to higher personnel costs and increased marketing efforts to support the growing sales organization. The company continues to invest heavily in research and development, with expenses in this area rising to $5.2 million, reflecting its commitment to innovation and product enhancement.

Looking ahead, Carlsmed remains optimistic about its growth trajectory, with plans to expand its product portfolio and increase market penetration. The company expects to continue generating operating losses as it scales its operations and invests in future growth. However, it believes that its existing cash reserves, along with anticipated revenue from the aprevo Technology Platform, will be sufficient to meet its operational needs for at least the next 12 months. The company is also focused on navigating the evolving reimbursement landscape, which could significantly impact its financial performance in the coming quarters.