Carlsmed, Inc. CARL R2K
Healthcare · Health Information Services · United States
Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures. Its aprevo platform includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting custom-built, anatomically designed vertebral interbody implants. The company was incorporated in 2018 and is based in Carlsbad, California.
READ MORE ›$11.42
-21.24% 1Y
Market & Price
Market Cap
$310.45M
Current Price
$11.42
High / Low (52W)
$16.99 / $8.83
Beta
-
Valuation
Stock P/E
-
Industry PE
23.65
Forward P/E
-
PEG Ratio
-
Book Value
$3.39
Price to Book
3.36
P/S
5.50
EV/EBITDA
-6.83
Dividend Yield
-
Profitability & Returns
ROCE
-24.35%
ROE
-52.43%
ROA
-24.16%
Profit Margin
-57.76%
Op Margin
-57.56%
EPS (Latest Qtr)
$-0.32
EPS (TTM)
$-0.98
Balance Sheet & Liquidity
Debt/Equity
0.19
Quick Ratio
11.25
Current Ratio
11.88
Debt
$17.25M
Total Assets
$130.12M
Current Assets
$126.67M
Working Capital
$112.39M
Ownership
Promoter Holding
43.53%
Chg in Prom Hold
-
FII / Inst Holding
39.73%
Chg in FII Hold
-
Financial Snapshot
Enterprise Value
$230.69M
Total Revenue (TTM)
$56.44M
EBITDA
$-33.79M
Free Cash Flow
$-26.40M
Operating Cash Flow
$-33.83M
Shares Outstanding
27.18M
Gross Margin
75.89%
Payout Ratio
0.00%
Growth (CAGR)
Revenue 5Y
91.47%
Profit 5Y
-28.41%
Revenue (YoY)
58.20%
Earnings (YoY)
-
PROS
- Compounding revenue at 91.5% over 5 years.
CONS
- Earnings shrank at -28.4% CAGR over 5 years.
- Trading 32.8% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Healthcare).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | CARL Carlsmed, Inc. R2K | 11.42 | - | $310.45M | - | -24.35% | -52.43% | 91.47% | -28.41% |
| 2 | LLY Eli Lilly and Company SPX | 1,105.00 | 39.21 | $985.37B | 0.63% | 38.44% | 107.46% | 31.69% | 48.96% |
| 3 | JNJ Johnson & Johnson SPX | 225.33 | 26.11 | $542.42B | 2.38% | 23.13% | 26.42% | 5.60% | 14.32% |
| 4 | UNH UnitedHealth Group Incorporated SPX | 380.31 | 28.66 | $345.38B | 2.32% | 9.60% | 12.18% | 11.35% | -15.69% |
| 5 | MRK Merck & Co., Inc. SPX | 118.72 | 33.44 | $293.22B | 2.86% | 20.66% | 18.94% | 3.12% | 7.93% |
| 6 | TMO Thermo Fisher Scientific Inc. SPX | 492.51 | 27.11 | $183.03B | 0.38% | 9.17% | 13.52% | -0.27% | -1.19% |
| 7 | AMGN Amgen Inc. NDXSPX | 336.79 | 23.42 | $181.77B | 2.99% | 18.02% | 101.32% | 11.77% | 5.58% |
| 8 | GILD Gilead Sciences, Inc. NDXSPX | 134.43 | 18.29 | $166.90B | 2.44% | 22.92% | 43.36% | 2.57% | 22.83% |
| 9 | ISRG Intuitive Surgical, Inc. NDXSPXAI | 424.64 | 51.53 | $150.39B | - | 15.96% | 17.23% | 17.39% | 29.26% |
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Quarterly Results
Figures in USD.
| Metric | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | 6.08M | - | - | 10.19M | 12.08M | 13.07M | 15.16M | 16.12M |
| Cost of Revenue | - | - | - | - | 2.55M | 3.21M | 3.15M | 3.56M | 3.69M |
| Gross Profit | - | 4.56M | - | - | 7.64M | 8.87M | 9.93M | 11.61M | 12.43M |
| Operating Expenses | - | - | - | - | 13.36M | 15.37M | 18.96M | 20.93M | 21.70M |
| Operating Income | - | -6.32M | - | - | -5.72M | -6.50M | -9.04M | -9.32M | -9.28M |
| EBITDA | - | - | - | - | -5.33M | -6.34M | -8.06M | -8.19M | -8.29M |
| Interest Expense | - | - | - | - | 357.00K | 363.00K | 380.00K | 330.00K | 311.00K |
| Pretax Income | - | - | - | - | -5.73M | -6.77M | -8.53M | -8.61M | -8.70M |
| Tax Provision | - | - | - | - | - | - | - | - | - |
| Net Income | -5.45M | -6.28M | - | - | -5.73M | -6.77M | -8.53M | -8.61M | -8.70M |
| Diluted EPS | - | -1.55 | - | - | -1.47 | -1.47 | -0.40 | -0.32 | -0.32 |
| R&D Expense | - | 4.00M | 4.04M | - | 3.15M | 4.16M | 4.45M | - | 5.18M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 13.78M | 27.16M | 50.51M |
| Cost of Revenue | 3.88M | 7.12M | 12.47M |
| Gross Profit | 9.90M | 20.05M | 38.04M |
| Operating Expenses | 28.49M | 44.17M | 68.61M |
| Operating Income | -18.59M | -24.12M | -30.57M |
| EBITDA | -18.12M | -22.79M | -27.92M |
| Interest Expense | 641.00K | 1.32M | 1.43M |
| Pretax Income | -18.90M | -24.26M | -29.63M |
| Tax Provision | - | - | - |
| Net Income | -18.90M | -24.26M | -29.63M |
| Diluted EPS | -4.25 | -6.11 | -2.12 |
| R&D Expense | - | 14.30M | 17.02M |
Compounded Sales Growth
| 5 Years: | 91.47% |
| 1 Year: | 58.20% |
Compounded Profit Growth
| 5 Years: | -28.41% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | -21.24% |
| 6 Months: | -22.58% |
| 3 Months: | -21.62% |
| 1 Month: | +29.33% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Total Assets | 14.02M | 51.82M | 130.12M |
| Current Assets | 11.77M | 49.35M | 126.67M |
| Cash & Equivalents | 7.22M | 40.12M | 85.79M |
| Inventory | 575.00K | 995.00K | 1.84M |
| Receivables | 3.17M | 6.77M | 11.36M |
| Total Liabilities | 60.15M | 122.45M | 31.25M |
| Current Liabilities | 7.44M | 8.82M | 14.28M |
| Long Term Debt | 7.47M | 15.41M | 15.35M |
| Total Debt | 11.39M | 17.18M | 17.41M |
| Total Equity | -46.13M | -70.63M | 98.87M |
| Shares Outstanding | 26.52M | 26.52M | 26.66M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating Cash Flow | -17.48M | -25.47M | -28.98M |
| Investing Cash Flow | -135.00K | -180.00K | -25.48M |
| Financing Cash Flow | 3.18M | 58.50M | 100.13M |
| Capital Expenditure | -135.00K | -180.00K | -1.36M |
| Free Cash Flow | -17.61M | -25.65M | -30.33M |
| Net Change in Cash | -14.44M | 32.85M | 45.67M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Gross Margin % | 71.9% | 73.8% | 75.3% |
| Operating Margin % | -134.9% | -88.8% | -60.5% |
| Net Margin % | -137.2% | -89.3% | -58.7% |
| ROE % | 41.0% | 34.3% | -30.0% |
| ROCE % | -282.4% | -56.1% | -26.4% |
Shareholding Pattern
Insiders
43.53%
Institutions
39.73%
Public Float
70.36%
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Orbimed Advisors LLC. | 4.61% | 1.25M | $14.30M |
| 2 | Janus Henderson Group PLC | 4.52% | 1.23M | $14.02M |
| 3 | Parkman Healthcare Partners LLC | 1.92% | 521.12K | $5.95M |
| 4 | Blackrock Inc. | 1.64% | 446.89K | $5.10M |
| 5 | Schonfeld Strategic Advisors Llc | 1.04% | 283.18K | $3.23M |
| 6 | Vanguard Capital Management LLC | 1.02% | 276.13K | $3.15M |
| 7 | KCM Capital Inc | 0.74% | 200.00K | $2.28M |
| 8 | Geode Capital Management, LLC | 0.71% | 193.17K | $2.21M |
| 9 | Russell Investments Group, Ltd. | 0.59% | 159.29K | $1.82M |
| 10 | State Street Corporation | 0.42% | 113.72K | $1.30M |
Analyst View
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Analyst aggregate. Targets and ratings update periodically; not investment advice.
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