Carlsmed, Inc. · NASDAQ:CARL
Carlsmed — Investor Presentation (2026)
20 slides from Carlsmed's investor presentation, 2026
Slide 1: Corporate Presentation 2026
Corporate Presentation 2026
Slide 2: Our Mission, What We Do, Business Profile
TRANSFORMING THE PROCESS AND PRODUCTS OF THE MULTI-BILLION DOLLAR SPINE SURGERY MARKET To improve outcomes and lower the cost of Our Mission healthcare for spine surgery and beyond. AI-enabled integrated pre-operative, intra- What We Do operative and post-operative technology platform designed to re
Slide 3: Large Addressable U.S. Spine Fusion Market
Large Addressable U.S. Spine Fusion Market 1 Lumbar Cervical ~445,000 lumbar spine ~800,000 ~373,000 cervical fusion fusion procedures in the U.S. spine fusion procedures in the U.S. U.S. annually procedures annually annually ~$13B total addressable ~$6B total addressable market for market for 1. U.
Slide 4: Technology Platform
Technology Platform POWERED BY THE PRE-OP INTRA-OP POST-OP Advanced 3D Alignment Personalized Anatomically Postoperative Data Insights & Planning & Visualization Designed Devices Precision Analytics © 2026 ALL RIGHTS RESERVED | 4
Slide 5: 74% Reduction in Revision Rates at 2-years vs. Stock Devices
74% Reduction in Revision Rates at 2-years vs. Stock Devices 1 PEER REVIEWED DATA IN THE GLOBAL SPINE JOURNAL OF 115 PATIENTS OBSERVED stock 2-year revision rate resulting Revision rate from mechanical complications with stock in ASD patients 2 devices 2-year revision rate for Revision rate aprevo®
Slide 6: Reimbursement that Aligns with Reduced Reoperations
Reimbursement that Aligns with Reduced Reoperations 100% OF aprevo® lumbar PROCEDURES HAVE INCREMENTAL HOSPITAL REIMBURSMENT COMPARED TO STOCK PROCEDURES Average national MS-DRG MS-DRG Description Reimbursement* 523 Extensive or Complex Spinal Fusion Procedures Except Cervical with MCC ~$99k 524 Ext
Slide 7: Challenges in Cervical Fusion Today
Challenges in Cervical Fusion Today HIGH VARIABILITY IN OUTCOMES ACROSS ACDF PROCEDURES, PARTICULARLY IN PATIENTS WITH POOR BONE QUALITY, LONG-CONSTRUCT FUSIONS, AND CERVICAL DEFORMITY. POOR BONE QUALITY MALALIGNMENT LONG-CONSTRUCT REVISION ACDF patients have high rates of 32.2% of cervical deformit
Slide 8: Technology Platform
Technology Platform POWERED BY THE PRE-OP INTRA-OP POST-OP Advanced 3D Alignment Personalized Anatomically Postoperative Data Insights & Planning & Visualization Designed Devices Precision Analytics © 2026 ALL RIGHTS RESERVED | 8
Slide 9: aprevo cervical Eligible for $21,125 Incremental Payment
aprevo® cervical Eligible for $21,125 Incremental Payment aprevo® cervical PROCEDURES ARE ELIGIBLE FOR NEW TECHNOLOGY ADD-ON PAYMENT (NTAP) ICD-10-PCS Codes for aprevo® Cervical Custom-Made Anatomically Designed Interbody Fusion Devices Applicable Cervical MS-DRGs May Include: FDA Designated Breakth
Slide 10: Personalized Surgery Powered by AI-Enabled Planning & Analytics
Personalized Surgery Powered by AI-Enabled Planning & Analytics Procedures Enabled Post-Op XRs Analyzed with AI Segmentation by AI Technologies © 2026 ALL RIGHTS RESERVED | 10
Slide 11: Carlsmed's Patient-Specific Product Portfolio
Carlsmed’s Patient-Specific Product Portfolio • Lordosis from 0˚ to 30˚ • Coronal angulation up to 15˚ ACDF Interfixated • Lordosis from 0˚ to 30˚ • Coronal angulation up to 5˚ bi-lateral • ML width up to 30mm • Lordosis from 0˚ to 15˚ • Lordosis from 0˚ to 15˚ • Coronal angulation up to 15˚ • Coron
Slide 12: Carlsmed's Patient-Specific Product Portfolio
Carlsmed’s Patient-Specific Product Portfolio Cervical Plating System multilevel plating system • Precision plate sizing and contouring • Pre-planned screw hole position and trajectories • 4.0 & 4.3 variable screws segmental plating system • 2-, 3-, or 4-hole plate configurations • Integrated single
Slide 13: aprevo Bi-lateral Posterior
aprevo® Bi-lateral Posterior EXTENDING PERSONALIZATION TO BILATERAL POSTERIOR LUMBAR INTERBODY FUSION PROCEDURES ~30,000 bi-lateral procedures annually in the U.S. (8.0% of total TL IBD procedural volume)* Powered by the aprevo® Technology Platform, extends 3D-planning and personalization to bi- lat
Slide 14: Personalized Cervical Plating
Personalized Cervical Plating POWERED BY THE PRE-OP INTRA-OP POST-OP © 2026 ALL RIGHTS RESERVED CONFIDENTIAL | 14
Slide 15: Patient-centric Innovation
Patient-centric Innovation aprevo® ALIF/LLIF aprevo® TLIF aprevo® Cervical aprevo® TLIF-C aprevo® aprevo® FDA 510(k) Clearance FDA 510(k) Clearance FDA Breakthrough Articulating Cervical Lumbar Device Designation FDA 510(k) Clearance Interbody First In-person First In-person aprevo® Bi-lateral aprev
Slide 16: Financial Highlights
Financial Highlights Revenue (USD, millions)1 18.9 16.1 15.2 12.1 13.1 $18.9M 76.8% 9.4 10.2 2Q26 REVENUE1 2Q26 GROSS MARGIN1 6.6 6.1 5.1 ($8.6M) $123.7M 2Q26 ADJUSTED EBITDA2 CASH & ACCESS TO CASH3 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $74M – $78M 2026 Full Year Revenue Guidance 50% YOY
Slide 17: Carlsmed
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Slide 18: Forward Looking Statements
Forward Looking Statements Any statements in this presentation about future expectations, plans and prospects, including statements about Carlsmed’s ability to advance its personalized spine surgery platform to transform patient outcomes and drive long-term growth, Carlsmed’s estimates regarding tot
Slide 19: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA (UNAUDITED) Three Months Ended June 30, $ % 2026 2025 Change Change (in thousands, except percentages) Net loss $ (10,510) $ (6,766) $ (3,744) 55.3 % Interest (income) expense (526) 27 (553) Income taxes — — — — Depreciation and amortization 130 61
Slide 20: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA (UNAUDITED) Six Months Ended June 30, $ % 2026 2025 Change Change (in thousands, except percentages) Net loss $ (19,206) $ (12,495) $ (6,711) 53.7 % Interest (income) expense (1,106) 4 (1,110) ** Income taxes — — — — Depreciation and amortization 22