Management Team
JP Morgan 2026
TRANSFORMING THE PROCESS AND PRODUCTS OF THE MULTI-BILLION DOLLAR SPINE SURGERY MARKET
Our Mission
To improve outcomes and lower the cost of healthcare for spine surgery and beyond.
What We Do
Reduce patient reoperation for spine surgery with an integrated pre-operative, intra-operative and post-operative technology platform.
Business Profile
Rapidly scaling Medtech with high gross margins, early clinical validation, premium reimbursement, and strong customer traction.
Rapid Growth
REVENUE ($Millions)
15.2 # $15.2M
13.1
12.1 EST. Q4 ‘25 REVENUE
10.2
9.4
6.6
6.1
61%
5.1
4.3
3.5
3.8 EST. Q4 ‘25 YoY
2.1 GROWTH
Strong Surgeon Adoption
253 surgeon users as of December 31, 2025
Approx. 4,000 active spine surgeons in the U.S.
Proven Commercial Model
MED ED & TRAINING
253 ACTIVE TRAINED USERS
DIRECT SALES TEAM
INDEPENDENT SALES AGENTS
12 US SALES TERRITORIES
100+ CONTRACTED AGENTS
Large Addressable U.S. Spine Fusion Market
Lumbar
~445,000 lumbar spine fusion procedures in the U.S. annually
~$13B total addressable market for
Cervical
~373,000 cervical fusion procedures in the U.S. annually
~$6B total addressable market for
Technology Platform
**POWERED BY THE:
- Advanced 3D Alignment Planning & Visualization
- Personalized Anatomically Designed Devices
- Postoperative Data Insights & Precision Analytics**
74% Reduction in Revision Rates at 2-years vs. Stock Devices
Journal Reference:
Global Spine Journal 2025, Vol. 001, I-15
Premium MS-DRG Hospital Reimbursement
| MS-DRG | Description | Incremental MS-DRG Reimbursement* |
|---|---|---|
| 426 | Multiple level combined anterior and posterior spinal fusion except cervical with MCC or custom-made anatomically designed interbody fusion device | Δ$39,289 |
| 447 | Multiple level spinal fusion except cervical with MCC or custom-made anatomically designed interbody fusion device | Δ$27,671 |
| 450 | Single level spinal fusion except cervical with MCC or custom-made anatomically designed interbody fusion device | Δ$15,275 |
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.
Technology Platform
POWERED BY THE
- Advanced 3D Alignment Planning & Visualization
- Personalized Anatomically Designed Devices
- Postoperative Data Insights & Precision Analytics
Clinical Data
Initial data demonstrates predictable 3D Intervertebral Alignment of personalized implant levels achieved targeted sagittal alignment within 3°.
Carlsmed’s Comprehensive Personalized Spine Surgery Offerings
aprevo® CAN ADDRESS ALL SPINE FUSION PROCEDURES
- LATERAL
- TRANSFORAMINAL-OBLIQUE
- TRANSFORAMINAL-CURVED
- ACDF
- INTERFIXATED ANTERIOR
Patient-centric Innovation
| Year | FDA Clearance Description |
|---|---|
| 2020 | aprevo® ALIF/LLIF |
| 2021 | aprevo® TLIF |
| 2022 | aprevo® Cervical |
| 2023 | aprevo® TLIF-C |
| 2024 | aprevo® Cervical |
| 2025 | aprevo® Lumbar |
| 2026 | aprevo® AI Digital Segmentation |
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 constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements.