Carlsmed Reports 85.9% Revenue Growth in FY2025, Driven by Product Expansion and Strong Surgeon Adoption

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Carlsmed, Inc.'s annual report highlights significant progress in its commercialization strategy and product pipeline. The company achieved substantial revenue growth in 2025, fueled by increasing adoption of its AI-enabled spine surgery platform and successful expansion into new indications. While net losses increased, this is characteristic of a high-growth medical technology company investing heavily in R&D and market penetration. Key regulatory clearances and favorable reimbursement decisions for its cervical spine fusion technology are expected to further drive future growth. The successful IPO in July 2025 significantly bolstered its cash position, providing runway for continued operations and strategic initiatives. Investors should monitor continued surgeon adoption, the commercial launch of new products, and progress towards profitability.

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• Strong Revenue Growth in FY2025

  Carlsmed reported revenue of $50.5 million for the fiscal year ended December 31, 2025, an 85.9% increase from $27.2 million in 2024. Q4 2025 revenue was $15.2 million, up 61.2% year-over-year.

• Successful Initial Public Offering (IPO)

  The company completed its IPO on July 24, 2025, raising $93.5 million in net proceeds, significantly strengthening its liquidity position to $109.9 million in cash and investments as of year-end.

• Expanded Product Portfolio and Regulatory Clearances

  Carlsmed received FDA 510(k) clearance for its aprevo cervical interbody implants in November 2024 and a cervical plating system in December 2025. The first personalized cervical procedure was completed in July 2025, with commercial launch in December 2025. The aprevo Lumbar Bi-lateral Posterior System (PLIF) also saw its first surgery in February 2026, with commercial launch expected in H1 2026.

• Favorable Reimbursement for Cervical Spine Fusion

  CMS finalized X-codes and established a New Technology Add-on Payment (NTAP) of up to $21,125 for qualifying inpatient cervical spine fusion procedures using aprevo, effective October 1, 2025.

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Carlsmed, Inc.'s annual report highlights significant progress in its commercialization strategy and product pipeline. The company achieved substantial revenue growth in 2025, fueled by increasing adoption of its AI-enabled spine surgery platform and successful expansion into new indications. While net losses increased, this is characteristic of a high-growth medical technology company investing heavily in R&D and market penetration. Key regulatory clearances and favorable reimbursement decisions for its cervical spine fusion technology are expected to further drive future growth. The successful IPO in July 2025 significantly bolstered its cash position, providing runway for continued operations and strategic initiatives. Investors should monitor continued surgeon adoption, the commercial launch of new products, and progress towards profitability.