| Metric | Value ($ M) | vs Q2 FY25 |
|---|---|---|
| Revenue | 13.07 | 8.2% |
| Total Income | 13.07 | 8.2% |
| Expenditure | 22.11 | 18.9% |
| PBT | — | |
| Net Profit | -8.53 | 26.0% |
| OPM | -69.11% | 15.30pp |
| NPM | -65.21% | 9.22pp |
| EPS | -0.40 | 72.8% |
Carlsmed Reports Q3 2025 Revenue $13.1M, Up 98% YoY, and Raises Full-Year Guidance
04 May 2026 · 4 May, 7:50 am
Summary
Carlsmed, Inc. reported a strong third quarter with revenue of $13.1 million, a 98% increase year-over-year. The company's gross margin expanded to 75.9%. Carlsmed is raising its full year 2025 revenue guidance to $49 million - $50 million. The company also reduced lead time for its aprevo® interbody implants and secured NTAP reimbursement for cervical procedures.
Key Highlights
- 1
Carlsmed's third quarter revenue was $13.1 million, representing a 98% increase compared to the third quarter of 2024.
- 2
The company's gross margin for the third quarter of 2025 was 75.9%, compared to 72.8% for the third quarter of 2024.
- 3
Carlsmed is raising its full year 2025 revenue guidance to $49 million - $50 million.
- 4
The company reduced lead time for aprevo® interbody implants to hospitals to within eight business days of surgical plan approval.
- 5
CMS New Technology Add-On Payment (NTAP) went into effect on October 1, 2025 for aprevo® cervical procedures; commercial launch is expected in early 2026.
Management Comments
Mike Cordonnier
We delivered another strong quarter with 98% revenue growth year-over-year, expanded gross margins to 76%, increased surgeon users by more than 70% year-over-year, and reduced lead times to within 8 business days. These achievements demonstrate the incredible momentum and speed at which we are scaling while maintaining operational excellence. With NTAP reimbursement for cervical procedures secured and more than 50 patients treated in our clinical evaluation, we are tracking toward launching our cervical spine platform early next year to bring our transformative digital surgery approach to an even broader patient population.
Informational and educational content only. Not investment advice.