Carlsmed Reports 98.7% Revenue Growth to $12.1 Million in Latest Quarter

Carlsmed, Inc. reported significant financial growth in its latest quarterly results, with revenues reaching $12.1 million for the three months ended June 30, 2025, compared to $6.1 million in the same period last year, marking a 98.7% increase. For the first half of 2025, the company generated $22.3 million in revenue, nearly doubling from $11.2 million in the first half of 2024, reflecting a 99.4% growth. Despite this revenue surge, Carlsmed reported a net loss of $6.8 million for the second quarter, slightly higher than the $6.3 million loss recorded in the same quarter of the previous year. The company’s accumulated deficit increased to $83.7 million as of June 30, 2025.

The company’s operational metrics indicate a growing adoption of its aprevo Technology Platform, which is designed for spine fusion surgeries. As of June 30, 2025, 199 surgeons had utilized the platform, up from 116 a year earlier. This increase in user engagement is attributed to the successful launch of a digital production system that enables faster delivery of custom implants, which is critical for maintaining surgical schedules. The company also reported a gross margin of 73.4% for the second quarter, slightly down from 75.0% in the prior year, primarily due to increased production costs.

In terms of strategic developments, Carlsmed completed its initial public offering (IPO) on July 24, 2025, raising $93.5 million in net proceeds. This capital is expected to support the company’s ongoing expansion efforts, including the development of its cervical spine fusion technology, which is anticipated to be commercialized in 2026. The company has also made significant investments in research and development, with expenses totaling $4.2 million in the second quarter, reflecting a focus on enhancing its product offerings and clinical evidence to support market adoption.

Carlsmed's financial position as of June 30, 2025, included $33.5 million in cash and cash equivalents, down from $40.1 million at the end of 2024. The company has a total of $15.6 million in debt outstanding under its Customers Loan Agreement, which has been amended to provide additional borrowing capacity contingent on achieving certain revenue milestones. The company anticipates that its existing cash and the proceeds from the IPO will be sufficient to fund operations for at least the next 12 months, although it may continue to incur losses as it scales its business.

Looking ahead, Carlsmed aims to expand its market presence and product portfolio while navigating the complexities of reimbursement and regulatory environments. The company is focused on increasing the number of procedures performed using its technology and enhancing its clinical data to support broader adoption among surgeons. As it continues to grow, Carlsmed will need to manage its operational costs and maintain compliance with public company regulations, which are expected to increase its general and administrative expenses.