Carlsmed Reports 2025 Revenue of $50.5 Million, Up 86%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 12 2026
0mins
Should l Buy CARL?
Fourth quarter 2025 revenue was approximately $15.2 million, an approximate 61% increase compared to the fourth quarter 2024. Full year 2025 revenue was approximately $50.5 million, an approximate 86% increase compared to the full year 2024. "Our fourth quarter commercial performance capped a transformational year for Carlsmed and underscores the power of aprevo(R). This platform technology provides surgeons with greater procedural predictability and has the potential to meaningfully improve clinical outcomes in spine fusion and lower the total cost of care for the healthcare system. With growing enthusiasm for aprevo, we added 101 new surgeon users in 2025, representing a 61% increase in our total surgeon user base over the prior year," said Mike Cordonnier, Chairman and CEO. "As we enter 2026, we are focused on executing our strategy for the next phase of growth with operational excellence. We are energized by the momentum in our business and the recent launch of aprevo cervical, with highly encouraging early surgeon feedback for our patient-specific cervical solution. In 2026, we anticipate growing recognition and adoption of aprevo as a platform technology that we believe is capable of transforming surgical standards and patient outcomes in spine fusion."
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Analyst Views on CARL
Wall Street analysts forecast CARL stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CARL is 20.50 USD with a low forecast of 18.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 11.290
Low
18.00
Averages
20.50
High
24.00
Current: 11.290
Low
18.00
Averages
20.50
High
24.00
About CARL
Carlsmed, Inc. is a commercial-stage medical technology company providing AI-enabled personalized spine surgery solutions. Its aprevo technology platform offers solutions for the entire surgical workflow, including pre-operative AI-enabled, surgical planning; intra-operative advanced visualization to support precision placement of aprevo interbody implants, and post-operative data collection and insights intended to improve the digital surgical planning process. Its pre-operative planning software utilizes standard-of-care diagnostic imaging and AI-enabled algorithms to develop personalized digital surgical plans and to design aprevo interbody implants for each patient's pathology and vertebral bone topography. Additionally, the aprevo technology platform supports the collection of real-world, post-operative data to inform its digital surgical planning process. Its platform is commercially available in the United States and is indicated for use in lumbar interbody fusion procedures.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Increased Soft Drink Reliance: In response to declining beer sales, the company is increasingly relying on its soft drink offerings, a shift that may alleviate some pressure in the short term but could affect brand image and market positioning in the long run.
- Changing Market Demand: As consumer preferences shift towards healthier beverage options, the beer industry faces significant challenges, forcing the company to reassess its product portfolio to align with new market trends.
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- Conference Presentation: Carlsmed CEO Mike Cordonnier is scheduled to present at the J.P. Morgan 2026 Healthcare Conference on January 14, 2026, from 4:30 to 5:10 PM PT in San Francisco, which is expected to draw significant investor interest.
- Investor Meetings: During the conference, Carlsmed management will host one-on-one investor meetings aimed at enhancing engagement with potential investors and showcasing the company's innovative capabilities.
- Company Mission: Carlsmed focuses on developing AI-enabled personalized spine surgery solutions, committed to improving surgical outcomes and reducing healthcare costs, reflecting the company's forward-thinking approach in the medical technology sector.
- Market Positioning: By participating in key healthcare conferences, Carlsmed not only enhances brand visibility but also potentially paves the way for future financing and partnership opportunities, further solidifying its leadership position in the spine surgery market.
See More
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Market Impact and Stock Performance: Following the announcement, Carlsmed's shares fell by 27.5%, reflecting a decline of 15.1% since its IPO in July 2025, while the broader S&P 500 index gained 10.7% during the same period.
Regulatory and Reimbursement Support: The platform received New Technology Add-On Payment status from CMS, allowing hospitals to receive additional reimbursement for procedures using aprevo implants, which is expected to enhance adoption and reduce financial barriers.
Technological Advancements in Spine Surgery: Carlsmed's cervical system utilizes AI-driven surgical planning and 3D-printed implants tailored to individual anatomy, aiming to improve surgical outcomes and precision in one of the largest cervical fusion markets in the U.S.
See More
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- Platform Launch: Carlsmed officially launches its aprevo® cervical fusion surgery technology platform in the U.S., integrating AI-driven preoperative planning with 3D-printed personalized implants to enhance surgical outcomes and reduce complication risks.
- Clinical Data Presentation: At the upcoming Cervical Spine Research Society annual meeting, surgeons involved in clinical evaluations will present early clinical data showing positive feedback from over 50 cases, indicating effective alignment outcomes.
- Growing Market Demand: With over 370,000 cervical fusion surgeries performed in the U.S. this year, the demand for technologies that improve anatomical fit for patients with poor bone quality continues to rise, making the aprevo® system timely and relevant.
- Industry Outlook: Carlsmed's CEO states that the aprevo® system has the potential to redefine the standard of care in cervical surgery, and with strong reimbursement support and accelerating demand, it is expected to drive further growth in the medical technology sector.
See More
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- Earnings Decline: The Danish brewer reported a decline in earnings primarily due to a softening consumer appetite for beer, which has negatively impacted overall sales and the company's financial health.
- Increased Soft Drink Reliance: In response to declining beer sales, the company is increasingly relying on its soft drink offerings, a shift that may alleviate some pressure in the short term but could affect brand image and market positioning in the long run.
- Changing Market Demand: As consumer preferences shift towards healthier beverage options, the beer industry faces significant challenges, forcing the company to reassess its product portfolio to align with new market trends.
- Need for Strategic Adjustment: Given the earnings decline, the Danish brewer must develop new strategies to enhance its competitiveness in the soft drink market while also seeking effective ways to revive beer sales.
See More
Novo Nordisk Warns of Sales Decline Amid Price Pressures
- Sales Warning: Novo Nordisk released its earnings report early, projecting a decline in sales and profit growth this year primarily due to lower prices in the U.S. and the loss of exclusivity for its weight loss drugs Wegovy and Ozempic in China, Brazil, and Canada, which may dampen market confidence.
- Stock Reaction: Following the warning, Novo Nordisk's share price tumbled significantly, reflecting investor concerns about future performance, which could impact the company's competitiveness and investor confidence in global markets.
- Market Impact: European stocks are expected to open flat to higher, with the FTSE and DAX slightly up, and the CAC 40 rising by 0.24%, indicating a cautiously optimistic market sentiment ahead of upcoming earnings reports, despite overall sentiment being affected by a short-lived sell-off in cryptocurrencies and precious metals.
- Earnings Focus: On Wednesday, several companies including Novo Nordisk, Banco Santander, and GSK are set to report earnings, with the market closely monitoring these reports for their implications on overall economic and industry trends, especially amid increasing economic uncertainty.
See More
Trump Reaches Greenland Framework Agreement, European Stocks Rise
- Market Rebound: Following Trump's announcement of a framework agreement with NATO Secretary General, European stocks are expected to open higher, with the UK's FTSE up 0.8%, Germany's DAX up 1.3%, France's CAC 40 up 1.2%, and Italy's FTSE MIB up 1.5%, reflecting positive market sentiment amid easing trade tensions.
- Framework Agreement Details: During the World Economic Forum in Davos, Trump indicated that the framework would involve U.S.-European collaboration on a proposed Golden Dome missile defense system and access to mineral resources in Greenland, although he acknowledged that specific details are still to be clarified.
- Trade Agreement Uncertainty: Despite the framework agreement, European lawmakers have suspended the approval of last year's EU-U.S. trade deal, introducing uncertainty into future trade relations and potentially impacting market confidence.
- Global Economic Impact: Trump's address and the agreement may influence global economic trends, particularly regarding trade policies and international cooperation, likely prompting further discussions among business leaders and political figures at the World Economic Forum.
See More
Carlsmed CEO Mike Cordonnier to Present at J.P. Morgan 2026 Healthcare Conference
- Conference Presentation: Carlsmed CEO Mike Cordonnier is scheduled to present at the J.P. Morgan 2026 Healthcare Conference on January 14, 2026, from 4:30 to 5:10 PM PT in San Francisco, which is expected to draw significant investor interest.
- Investor Meetings: During the conference, Carlsmed management will host one-on-one investor meetings aimed at enhancing engagement with potential investors and showcasing the company's innovative capabilities.
- Company Mission: Carlsmed focuses on developing AI-enabled personalized spine surgery solutions, committed to improving surgical outcomes and reducing healthcare costs, reflecting the company's forward-thinking approach in the medical technology sector.
- Market Positioning: By participating in key healthcare conferences, Carlsmed not only enhances brand visibility but also potentially paves the way for future financing and partnership opportunities, further solidifying its leadership position in the spine surgery market.
See More
CARL Introduces Aprevo Cervical Platform for Customized Spine Surgery
Launch of Aprevo Technology Platform: Carlsmed announced the U.S. commercial launch of its aprevo Technology Platform for cervical fusion procedures, marking a significant expansion of its patient-specific surgical ecosystem, with over 50 cases completed and positive early clinical findings shared at the CSRS meeting.
Market Impact and Stock Performance: Following the announcement, Carlsmed's shares fell by 27.5%, reflecting a decline of 15.1% since its IPO in July 2025, while the broader S&P 500 index gained 10.7% during the same period.
Regulatory and Reimbursement Support: The platform received New Technology Add-On Payment status from CMS, allowing hospitals to receive additional reimbursement for procedures using aprevo implants, which is expected to enhance adoption and reduce financial barriers.
Technological Advancements in Spine Surgery: Carlsmed's cervical system utilizes AI-driven surgical planning and 3D-printed implants tailored to individual anatomy, aiming to improve surgical outcomes and precision in one of the largest cervical fusion markets in the U.S.
See More
Carlsmed Launches aprevo® Technology Platform for Cervical Fusion Surgeries
- Platform Launch: Carlsmed officially launches its aprevo® cervical fusion surgery technology platform in the U.S., integrating AI-driven preoperative planning with 3D-printed personalized implants to enhance surgical outcomes and reduce complication risks.
- Clinical Data Presentation: At the upcoming Cervical Spine Research Society annual meeting, surgeons involved in clinical evaluations will present early clinical data showing positive feedback from over 50 cases, indicating effective alignment outcomes.
- Growing Market Demand: With over 370,000 cervical fusion surgeries performed in the U.S. this year, the demand for technologies that improve anatomical fit for patients with poor bone quality continues to rise, making the aprevo® system timely and relevant.
- Industry Outlook: Carlsmed's CEO states that the aprevo® system has the potential to redefine the standard of care in cervical surgery, and with strong reimbursement support and accelerating demand, it is expected to drive further growth in the medical technology sector.
See More
