Carlsmed® Reports First Quarter 2026 Financial Results
Carlsmed® Reports First Quarter 2026 Financial Results
May 5, 2026
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.
Highlights
- 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
- 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.
CARLSMED, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31,
| 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.
CONDENSED BALANCE SHEETS
(in thousands, except for share and par value amounts)
(unaudited)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| 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 | 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 |
| 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 TO ADJUSTED EBITDA
(unaudited)
Three Months Ended March 31,
| Three Months Ended March 31, | $ Change | % Change | ||
|---|---|---|---|---|
| 2026 | 2025 | |||
| (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% |