**Carlsmed, Inc. Reports Strong Revenue Growth in 2025, Expands Cervical Platform**
Carlsmed, Inc., a medical technology company specializing in AI-enabled personalized spine surgery solutions, announced its financial results for the year ended December 31, 2025. The company reported revenue of $50.5 million, an 85.9% increase compared to $27.2 million in 2024. This growth was primarily driven by increased sales of its aprevo interbody implants, while the average revenue per procedure remained substantially constant. The company's gross margin also improved to 75.3% in 2025 from 73.8% in the previous year, attributed to enhanced manufacturing efficiencies and process improvements.
Despite the significant revenue growth, Carlsmed reported a net loss of $29.6 million for 2025, compared to a net loss of $24.3 million in 2024. The increased loss was primarily due to higher operating expenses, including research and development, sales and marketing, and general and administrative costs. Research and development expenses increased by 19.0% to $17.0 million, driven by personnel costs to support product development and AI initiatives. Sales and marketing expenses rose by 63.1% to $35.0 million, reflecting investments in commercial infrastructure and marketing activities. General and administrative expenses nearly doubled to $16.6 million, primarily due to professional service fees related to the company's IPO and increased personnel costs.
A key strategic development for Carlsmed in 2025 was the expansion of its aprevo Technology Platform to include cervical spine fusion surgeries. The company received FDA 510(k) clearance for its cervical interbody implants in November 2024 and commenced commercialization in December 2025. Additionally, the company received FDA 510(k) clearance for its personalized cervical plating solutions in December 2025 and plans to commercially launch its corra Cervical Plating System in 2026. As of December 31, 2025, 253 surgeon users had completed one or more procedures using the aprevo Technology Platform, compared to 152 surgeon users as of December 31, 2024.
Operationally, Carlsmed continues to focus on driving adoption of its aprevo Technology Platform and expanding its surgeon user base. The company estimates a total addressable market of approximately $13.4 billion for aprevo lumbar devices and $6 billion for aprevo cervical devices in the United States. As of December 31, 2025, Carlsmed estimates that it has used approximately four million de-identified radiographic images to train its AI models, analyzed more than one million radiographic images of patients who have undertaken a procedure using the aprevo Technology Platform, and created more than 40,000 3D patient specific models of patients’ anatomies. The company is also investing in research and development initiatives to further improve its AI-enabled algorithms and software, as well as to address additional indications and disease states within the spine. As of December 31, 2025, the company had 127 full-time and part-time employees.
About CARLSMED, INC.
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