Carlsmed Reports 57% Revenue Growth to $18.9 Million in Latest Quarter

Carlsmed, Inc. reported significant financial growth in its latest quarterly results, with revenues reaching $18.9 million for the three months ended June 30, 2026, a 57% increase from $12.1 million in the same period last year. For the first half of 2026, the company generated $35.1 million in revenue, up 57.4% from $22.3 million in the prior year. The growth is attributed to increased adoption of the company's aprevo Technology Platform for spine surgeries, which includes personalized interbody implants and surgical instruments. Despite the revenue increase, Carlsmed reported a net loss of $10.5 million for the second quarter, compared to a loss of $6.8 million in the same quarter of 2025.

The company's operating expenses also rose significantly, totaling $25.6 million for the second quarter, a 66.4% increase from $15.4 million in the prior year. This increase was driven by higher research and development costs, which rose 45.2% to $6.0 million, and sales and marketing expenses, which increased 51.5% to $11.9 million. General and administrative expenses saw a notable rise of 127.9%, reaching $7.6 million, primarily due to increased personnel costs and professional service fees associated with operating as a public company.

Carlsmed's operational metrics indicate a growing customer base, with over 4,400 patients treated using the aprevo Technology Platform since its launch. The company has also seen a 67% increase in trained surgeon users compared to the previous year. The firm continues to expand its product offerings, having received FDA clearance for its cervical spine fusion products and the corra Cervical Plating System, which is expected to launch commercially by December 2026.

The company ended the quarter with $46.2 million in cash and cash equivalents, down from $85.8 million at the end of 2025, reflecting ongoing investments in growth and development. Carlsmed anticipates continued operating losses as it scales its operations and invests in research and development. The company believes its existing cash reserves will be sufficient to meet its operational needs for at least the next 12 months, although it may seek additional financing in the future to support its growth initiatives.