First quarter 2026 revenue of $16.1 million, representing 58% growth year-over-year
Full year 2026 revenue guidance raised to $72 million to $77 million
CARLSBAD, Calif., May 05, 2026 (GLOBE NEWSWIRE) -- Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), a medical technology company pioneering AI-enabled personalized spine surgery solutions, today reported financial results for the first quarter ended March 31, 2026.
“We began 2026 with strong momentum, delivering 58% year-over-year revenue growth, publishing meaningful clinical data, and debuting new products to continue to advance our mission of improved patient outcomes and reduced cost of healthcare," said Mike Cordonnier, Chairman and Chief Executive Officer of Carlsmed. "The publication of peer-reviewed data from a retrospective cohort study in Global Spine Journal demonstrates a 74% reduction in revision rates for aprevo®, which represents one of the most significant advancements in reducing reoperations in adult spinal deformity over the past two decades. With our first full commercial quarter for aprevo® Cervical and the anticipated launch of our corra™ patient-specific fixation portfolio later this year, we believe we are well positioned for continued growth and innovation throughout 2026.”
Recent Business Highlights
Study published in Global Spine Journal demonstrated 74% reduction in reoperations in patients treated with aprevo® personalized lumbar implants compared to previously published results for patients treated with traditional implants, reinforcing the durability and clinical differentiation of the aprevo platform.
Performed first procedure using the corra™ personalized cervical plating system in February, marking the debut of the Company’s patient-specific fixation portfolio.
Completed first procedure utilizing aprevo® bi-lateral posterior in February, expanding the personalized lumbar platform for this additional lumbar fusion technique.
First Quarter 2026 Financial Results
Revenue was $16.1 million for the first quarter of 2026, a 58.2% increase compared to $10.2 million for the first quarter of 2025.
Gross profit for the first quarter of 2026 was $12.4 million compared to $7.6 million for the first quarter of 2025. Gross margin was 77.1% for the first quarter of 2026, compared with 74.9% for the first quarter of 2025.
Operating expenses were $21.7 million for the first quarter of 2026, compared with $13.4 million for the first quarter of 2025, which consisted of:
Research and development expenses of $5.2 million for the first quarter of 2026, compared with $3.2 million for the first quarter of 2025.
Sales and marketing expenses of $10.3 million for the first quarter of 2026, compared with $6.7 million for the first quarter of 2025.
General and administrative expenses of $6.2 million for the first quarter of 2026, compared with $3.5 million for the first quarter of 2025.
Net loss was ($8.7) million for the first quarter of 2026, compared to a ($5.7) million net loss for the first quarter of 2025.
Adjusted EBITDA was ($7.5) million for the first quarter of 2026, compared to ($5.5) million for the first quarter of 2025.
Cash and cash equivalents, restricted cash, and short-term investments were $97.1 million as of March 31, 2026.
2026 Financial Outlook
Revenue for the full year 2026 is expected to be in the range of $72 to $77 million, representing growth of 48% at the midpoint of the range over 2025. This compares to prior guidance of $70 to $75 million.
Webcast & Conference Call Details
Carlsmed will host a conference call and concurrent webcast today at 4:30 pm Eastern Time (1:30 pm Pacific Time), to review the Company’s performance. To access the webcast, please use the following link, which will provide you with dial-in details: https://edge.media-server.com/mmc/p/2j9w2c9m/
Non-GAAP Financial Measures
This press release contains certain financial information that is not presented in conformity with U.S. generally accepted accounting principles (“GAAP”), including adjusted EBITDA. The non-GAAP financial measures are provided as supplemental information to Carlsmed’s financial measures presented in this press release that are calculated and presented in accordance with GAAP.
The Company calculates adjusted EBITDA as net income (loss), as adjusted to exclude, as applicable, (i) net interest income (expense), (ii) income tax expense (benefit), (iii) depreciation expense from property and equipment (iv) amortization expense from long-lived assets, (iv) stock-based compensation expense and (v) change in fair value of warrant liabilities.
This non-GAAP measure is presented because management believes it allows investors to view the Company’s performance in a manner similar to the method used by management to evaluate financial performance for both strategic and annual operating planning. Management believes that to properly understand short-term and long-term financial trends, it is helpful for investors to understand the impact of the items excluded from the calculation of adjusted EBITDA, in addition to considering the Company’s GAAP financial measures. The excluded items vary in frequency and/or impact on our results of operations and management believes that the excluded items are not reflective of the Company’s ongoing core business operations and financial condition. Excluding such items allows investors and analysts to compare our operating performance to other companies in our industry and to compare the Company’s period-over-period results.
The non-GAAP financial measures used by Carlsmed may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Carlsmed’s financial results prepared and reported in accordance with GAAP. This non-GAAP measure should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business. A reconciliation of adjusted EBITDA reported in this press release to the most comparable GAAP measure for the respective periods appears in the table captioned “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA” later in this release. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers.
About Carlsmed
Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond.
Forward Looking Statement
Any statements in this press release about future expectations, plans and prospects, including statements about Carlsmed’s growth prospects, the potential of its products to improve patient outcomes, anticipated product launch dates, the revenue ranges presented in our 2026 Financial Outlook, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including such important factors as are set forth under the caption “Risk Factors” in the Carlsmed’s Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent Carlsmed’s views as of the date of this press release. Carlsmed anticipates that subsequent events and developments will cause its views to change. However, while Carlsmed may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Carlsmed’s views as of any date subsequent to the date of this press release.
Investor Relations
Stephanie Zhadkevich
Vice President, Head of Investor Relations
IR@Carlsmed.com
Media
LeAnn Burton
Senior Director, Brand Marketing
LBurton@Carlsmed.com
CARLSMED, INC. | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
Revenue | $ | 16,116 | $ | 10,189 | ||||
Cost of sales | 3,691 | 2,553 | ||||||
Gross profit | 12,425 | 7,636 | ||||||
Operating expenses: | ||||||||
Research and development | 5,178 | 3,150 | ||||||
Sales and marketing | 10,297 | 6,739 | ||||||
General and administrative | 6,226 | 3,466 | ||||||
Total operating expenses | 21,701 | 13,355 | ||||||
Loss from operations | (9,276 | ) | (5,719 | ) | ||||
Other income (expense): | ||||||||
Interest expense | (311 | ) | (357 | ) | ||||
Interest income | 891 | 380 | ||||||
Change in fair value of warrant liabilities | — | (33 | ) | |||||
Total other income (expense), net | 580 | (10 | ) | |||||
Net loss and comprehensive loss | (8,696 | ) | (5,729 | ) | ||||
Deemed dividend to preferred stockholders | — | (584 | ) | |||||
Net loss attributable to common stockholders | $ | (8,696 | ) | $ | (6,313 | ) | ||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.32 | ) | $ | (1.47 | ) | ||
Weighted-average number of common shares used to compute basic and diluted net loss per share | 26,835,841 | 4,299,492 | ||||||
CARLSMED, INC. | ||||||||
March 31, | December 31, | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 73,016 | $ | 85,793 | ||||
Restricted cash | 100 | 100 | ||||||
Short-term investments | 24,000 | 24,000 | ||||||
Accounts receivable, net of allowances of $2,055 and $1,653, as of March 31, 2026 and December 31, 2025, respectively | 12,268 | 11,362 | ||||||
Inventory | 2,063 | 1,845 | ||||||
Prepaid expenses and other current assets | 3,959 | 3,573 | ||||||
Total current assets | 115,406 | 126,673 | ||||||
Property and equipment, net | 1,597 | 1,487 | ||||||
Operating lease right-of-use assets | 1,663 | 1,826 | ||||||
Other assets | 103 | 134 | ||||||
Total assets | $ | 118,769 | $ | 130,120 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,952 | $ | 4,481 | ||||
Accrued liabilities | 3,202 | 3,287 | ||||||
Accrued compensation | 2,785 | 5,760 | ||||||
Short-term operating lease liabilities | 776 | 752 | ||||||
Total current liabilities | 9,715 | 14,280 | ||||||
Long-term portion of term loan, net | 15,364 | 15,346 | ||||||
Long-term operating lease liabilities | 1,115 | 1,316 | ||||||
Other long-term liabilities | 327 | 309 | ||||||
Total liabilities | 26,521 | 31,251 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and zero shares issued and outstanding as of March 31, 2026 and December 31, 2025 | — | — | ||||||
Common stock, $0.00001 par value; 600,000,000 shares authorized, 27,232,278 shares issued, and 27,181,501 shares outstanding as of March 31, 2026; 600,000,000 shares authorized, 26,664,243 shares issued, and 26,604,505 shares outstanding as of December 31, 2025 | — | — | ||||||
Additional paid-in capital | 201,749 | 199,674 | ||||||
Accumulated deficit | (109,501 | ) | (100,805 | ) | ||||
Total stockholders’ equity | 92,248 | 98,869 | ||||||
Total liabilities and stockholders’ equity | $ | 118,769 | $ | 130,120 | ||||
RECONCILIATION OF GAAP NET LOSS | ||||||||||||||||
Three Months Ended | $ | % | ||||||||||||||
2026 | 2025 | Change | Change | |||||||||||||
(in thousands, except percentages) | ||||||||||||||||
Net loss | $ | (8,696 | ) | $ | (5,729 | ) | $ | (2,967 | ) | 51.8 | % | |||||
Interest (income) expense | (580 | ) | (23 | ) | (557 | ) | 2,421.7 | % | ||||||||
Income taxes | — | — | — | — | ||||||||||||
Depreciation and amortization | 99 | 40 | 59 | 147.5 | % | |||||||||||
EBITDA | (9,177 | ) | (5,712 | ) | (3,465 | ) | 60.7 | % | ||||||||
Stock-based compensation | 1,629 | 175 | 1,454 | 830.9 | % | |||||||||||
Change in fair value of warrant liabilities | — | 33 | (33 | ) | (100.0 | ) | % | |||||||||
Adjusted EBITDA | $ | (7,548 | ) | $ | (5,504 | ) | $ | (2,044 | ) | 37.1 | % | |||||