Carlsmed Names Richard Heppenstall CFO, Reaffirms FY26 Revenue Guidance of $74–78M
CARL sits 66% above its 52-week low of $8.5.
Summary
Carlsmed appointed Richard Heppenstall as CFO effective September 28, 2026, replacing Leo Greenstein, and reaffirmed its FY2026 revenue guidance of $74–78 million.
Key Events · Executive and Board Changes · CARL
-
CFO Transition Completed
Richard Heppenstall, former CFO of ZimVie Inc., was appointed CFO effective September 28, 2026, succeeding Leo Greenstein, who departed September 25, 2026.
-
New CFO Compensation Package
Heppenstall received a $500,000 base salary, 60% target bonus, $1.4M in stock options (180,137 shares at $14.18 exercise price), $1.4M in RSUs (89,286 units), and up to $150,000 in relocation benefits.
-
Outgoing CFO Severance
Greenstein received $500,000 in severance, accelerated vesting of 32,856 restricted shares, 19,176 shares subject to 2023 options, 26,786 shares subject to 2025 options, and 11,244 RSUs, plus a $60,000 advisory agreement through December 31, 2026.
-
FY2026 Guidance Reaffirmed
The company reaffirmed full-year 2026 revenue guidance of $74 to $78 million, representing 50% growth over 2025 at the midpoint.
Analysis · CARL · Industrial Applications And Services
Carlsmed replaced its CFO with a seasoned orthopedic-industry executive and simultaneously reaffirmed its full-year 2026 revenue outlook of $74–78 million, signaling stability during a leadership transition. The outgoing CFO receives a $500,000 severance package plus accelerated equity vesting, while the incoming CFO was granted $2.8 million in inducement equity and up to $150,000 in relocation support. The reaffirmed guidance, combined with the new CFO's deep spine-sector experience, suggests the company is positioning for its upcoming product launches and the October 1 CMS reimbursement change without disruption.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 29.5% of the 1626 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CARL was trading at $14.09 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $384.7M. The 52-week trading range was $8.50 to $17.23. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.