| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 18.94 | 17.5% | 56.8% |
| Total Income | 18.94 | 17.5% | 56.8% |
| Expenditure | 29.98 | 18.1% | 61.3% |
| PBT | — | ||
| Net Profit | -10.51 | 20.8% | 55.2% |
| OPM | -58.27% | 0.71pp | 4.46pp |
| NPM | -55.49% | 1.53pp | 0.51pp |
| EPS | -0.39 | 21.9% | 73.5% |
Carlsmed Reports Q2 2026 Financial Results and Raises Full-Year Guidance
06 Aug 2026 · 6 Aug, 1:43 am
Summary
Carlsmed, Inc. announced its financial results for the second quarter ended June 30, 2026, reporting revenue of $18.9 million, a 57% increase year-over-year. The company also saw an expansion in gross margin to 76.8% from 73.4% in the prior year's quarter. Management highlighted strong momentum from aprevo® procedures, a 60% growth in trained surgeon users, and the positive impact of a recent CMS ruling for reimbursement. Consequently, Carlsmed raised its full-year 2026 revenue guidance to $74-$78 million, indicating expected growth of over 50% at the midpoint.
Key Highlights
- 1
Carlsmed reported second quarter 2026 revenue of $18.9 million, representing 57% growth year-over-year.
- 2
Gross margin improved to 76.8% for the second quarter of 2026, compared with 73.4% in the second quarter of 2025.
- 3
The company raised its full-year 2026 revenue guidance to a range of $74 million to $78 million, representing over 50% growth at the midpoint versus full-year 2025.
- 4
Trained surgeon users grew by more than 60% over the prior year.
- 5
aprevo® cervical completed its second full quarter of commercialization and now represents approximately 10% of quarterly revenue.
- 6
Net loss for the second quarter of 2026 was ($10.5) million, compared to a ($6.8) million net loss for the second quarter of 2025.
Management Comments
Mike Cordonnier
Our second quarter 2026 results reflect the growing momentum of aprevo® procedures and further progress on our path to profitability. We delivered 57% revenue growth year-over-year, expanded gross margins by 340 basis points, and grew our trained surgeon user base by more than 60% over the prior year. We continue to see strong volume growth across lumbar and cervical aprevo® procedures, with continued advancements in our proprietary digital production system enabling scalability ahead of strong market demand. We believe the recent CMS ruling – which takes effect on October 1, 2026, and provides new and enhanced hospital reimbursement for the aprevo® lumbar procedure – positions us well for ongoing growth in the years to come.
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