Financial Performance - Third quarter revenue reached $13.1 million, representing a 98% year-over-year growth compared to $6.6 million in Q3 2024[6] - Gross profit for Q3 2025 was $9.9 million, with a gross margin of 75.9%, up from 72.8% in Q3 2024[6] - The company raised its full-year 2025 revenue guidance to between $49 million and $50 million, indicating an expected growth of 80% to 84% over 2024[7] - Operating expenses for Q3 2025 were $19.0 million, compared to $12.6 million in Q3 2024, with significant increases in sales and marketing expenses[6] - The net loss for Q3 2025 was ($8.5) million, compared to a net loss of ($7.8) million in Q3 2024[6] - Adjusted EBITDA for the three months ended September 30, 2025, was $(8,249,000), reflecting a 7.4% decline from $(7,678,000) in the prior year[23] - EBITDA for the three months ended September 30, 2025, was $(9,018,000), a 16.0% increase in loss compared to $(7,772,000) in the same period of 2024[23] User Adoption and Market Expansion - The number of surgeon users increased by over 70% year-over-year, demonstrating significant user adoption[3] - The CMS New Technology Add-On Payment (NTAP) for cervical procedures became effective on October 1, 2025, with a commercial launch expected in early 2026[6] - Over 50 cervical aprevo procedures have been successfully completed as part of the clinical evaluation program[6] Assets and Liabilities - Cash and equivalents stood at $115.5 million as of September 30, 2025[14] - Total current assets increased to $131,465,000 as of September 30, 2025, compared to $49,351,000 as of December 31, 2024, representing a growth of 167.5%[21] - Total liabilities increased to $28,203,000 as of September 30, 2025, compared to $26,228,000 as of December 31, 2024, marking a rise of 7.5%[21] - Total assets reached $134,863,000 as of September 30, 2025, compared to $51,824,000 as of December 31, 2024, indicating a growth of 160.1%[21] - The accumulated deficit as of September 30, 2025, was $(92,192,000), an increase from $(71,171,000) as of December 31, 2024, indicating a deterioration of 29.6%[21] Inventory and Compensation - Inventory levels rose to $1,340,000 as of September 30, 2025, up from $995,000 as of December 31, 2024, representing a 34.7% increase[21] - Stock-based compensation for the three months ended September 30, 2025, surged to $704,000, a significant increase of 966.7% from $66,000 in the same period of 2024[23] Lead Times - Lead times for aprevo® interbody implants have been reduced to within eight business days, down from 10 business days in Q2 2025[6]

Third quarter revenue of $13.1 million, representing 98% growth YoY  Raising full year 2025 revenue guidance to $49 million - $50 million CARLSBAD, Calif., Nov. 06, 2025 (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 third quarter ended September 30, 2025.  "We delivered another strong quarter with 98% revenue growth year-over-year, expanded gros ...

Core Insights - Carlsmed, Inc. is set to report its third quarter 2025 financial results on November 6, 2025, after market close [1] - A conference call and webcast will be held on the same day at 1:30 PM Pacific Time to discuss the financial results [2] Company Overview - Carlsmed is a medical technology company focused on AI-enabled personalized spine surgery solutions, aiming to enhance healthcare outcomes and reduce costs associated with spine surgery [3]

Core Insights - Carlsmed, Inc. has appointed Jenifer Kamocsay as Chief Legal Officer and Secretary, effective immediately, to enhance its leadership team post-IPO [1][3] - Ms. Kamocsay has over 20 years of corporate legal experience in the life sciences and technology sectors, previously serving in significant legal roles at Akoya Biosciences, Rubius Therapeutics, and Progress Software [2][3] - The company aims to strengthen its corporate governance and legal strategy as it prepares for the launch of its cervical commercial product in 2026 [3][5] Company Overview - Carlsmed is a medical technology company focused on AI-enabled personalized spine surgery solutions, with a mission to improve healthcare outcomes and reduce costs associated with spine surgery [4]

Core Insights - Carlsmed, Inc. has been added to the Russell 2000 Index, effective after market close on September 22, 2025, marking a significant milestone following its IPO in July 2025 [1][2] - The inclusion in the Russell 2000 Index is seen as validation of Carlsmed's differentiated business model and growth potential, enhancing its visibility among investors [2] Company Overview - Carlsmed is a medical technology company focused on AI-enabled personalized spine surgery solutions, aiming to improve healthcare outcomes and reduce costs associated with spine surgery [3] Industry Context - The Russell 2000 Index represents approximately 10 percent of the total market capitalization of the broader Russell 3000 Index, which is widely utilized by investment managers and institutional investors for benchmarking [2] - Approximately $9 trillion in assets are benchmarked against Russell's U.S. indexes, indicating the significance of the Russell 2000 Index in the investment landscape [2]

Group 1: Market Overview - The stock market has rebounded strongly from the sharp decline in April, reaching a historical high, with the S&P 500 index up 11% and the Nasdaq index up 13.5% year-to-date, reflecting sustained market optimism [1] - Goldman Sachs' Chief U.S. Equity Strategist David Kostin predicts that the upcoming Federal Reserve interest rate cuts and a projected acceleration in economic growth in 2026 will support further gains in U.S. equities [1] - Kostin's forecast includes three expected interest rate cuts by the Federal Reserve this year and a prediction that the U.S. economy will avoid recession, with the S&P 500 index expected to rise by 2% by year-end and 6% by mid-2026 [1] Group 2: Braze (BRZE.US) - Braze operates a customer engagement platform for multi-channel marketing optimization, focusing on conversation rather than sales, and aims to provide a clear path from information acquisition to comfortable purchasing [2] - The platform is data-driven and AI-enabled, allowing enterprise clients to interact with users and convert sales funnels into information journeys, processing over 3.9 trillion messages last year [2] - For the second quarter of fiscal year 2026, Braze reported revenue of $180.1 million, a 24% year-over-year increase, exceeding expectations by nearly $8.5 million, with a non-GAAP EPS of $0.15, surpassing estimates by $0.12 [3] - Goldman Sachs analysts view Braze as a preferred stock with a target price of $52, indicating a potential upside of 73% over the next year [3] Group 3: Carlsmed (CARL.US) - Carlsmed focuses on AI-driven personalized spinal surgery, aiming to reduce surgical costs while improving patient outcomes, with its aprevo platform supporting precise surgical planning [4] - The company went public on July 22, pricing its IPO at $15 per share and raising approximately $100.5 million [4] - For the second quarter of fiscal year 2025, Carlsmed reported revenue of $12.1 million, a significant 99% increase year-over-year, with guidance for full-year revenue between $45.5 million and $47.5 million [5] - Goldman Sachs analysts highlight Carlsmed's growth potential driven by expected sales team expansion and the launch of cervical indications in 2026, projecting a target price of $19, indicating a 40% upside [5]

Company Overview - Braze utilizes AI technology to enhance its customer engagement platform, creating personalized content and recommendations for optimal marketing results [1][2] - The platform is designed for multi-channel marketing, focusing on customer conversations rather than just sales, facilitating a smoother transition from information to purchase [3] Financial Performance - In fiscal Q2 2026, Braze reported revenues of $180.1 million, a 24% year-over-year increase, exceeding estimates by approximately $8.5 million [8] - The company achieved a non-GAAP EPS of 15 cents, which was 12 cents higher than expected [8] Market Position and Growth Potential - Braze serves 2,422 enterprise customers, reaching 7.4 billion daily active users, and processed over 3.9 trillion messages last year [7] - Analysts view Braze as a strong buying opportunity, with a price target of $52 indicating a 73% upside potential [9] - The stock currently trades at $30.08, with an average price target of $43.07 suggesting a one-year gain of 43% [9]

Core Insights - Carlsmed, Inc. reported a revenue of $12.1 million for Q2 2025, marking a 99% year-over-year growth from $6.1 million in Q2 2024 [1][3] - The company expects full-year revenue for 2025 to be between $45.5 million and $47.5 million, representing a growth of 67% to 75% compared to 2024 [4] Financial Performance - Gross profit for Q2 2025 was $8.9 million, up from $4.6 million in Q2 2024, with a gross margin of 73.4% compared to 75.0% in the prior year [3] - Operating expenses increased to $15.4 million in Q2 2025 from $10.9 million in Q2 2024, driven by higher sales and marketing expenses [3] - The net loss for Q2 2025 was $6.8 million, slightly higher than the $6.3 million loss in Q2 2024 [3] Operational Highlights - The company successfully completed its first personalized cervical spine surgery using the AI-enabled aprevo technology platform in July 2025 [2][3] - The aprevo cervical procedures received CMS New Technology Add-On Payment (NTAP) reimbursement effective October 1, 2025 [3] Market Positioning - Carlsmed's growth is attributed to the adoption of its AI-enabled aprevo technology platform, which is recognized for delivering better patient outcomes compared to traditional devices [2] - The company aims to establish itself as the new standard of care in spine fusion surgery as it enters the second half of 2025 [2]

Carlsmed (CARL) Q2 2025 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsCaroline Corner - Partner - Medical TechnologyMike Cordonnier - Co-Founder, President, CEO & DirectorLeo Greenstein - CFOGracia Mahoney - AssociateDavid Roman - Managing DirectorRichard Newitter - Managing DirectorConference Call ParticipantsRyan Zimmerman - MD & Medical Technology AnalystAnna Andreeva - MD & Senior Research AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Carlsbad Second ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $12.1 million, representing a year-over-year growth of 99% compared to $6.1 million in Q2 2024 [5][11] - Gross margin decreased to 73.4% in Q2 2025 from 75% in Q2 2024, primarily due to expedite production fees and material costs [11][12] - Operating expenses increased to $15.4 million in Q2 2025 from $10.9 million in Q2 2024, with R&D expenses slightly rising to $4.2 million [12][13] - GAAP net loss was $6.8 million in Q2 2025 compared to a net loss of $6.3 million in Q2 2024 [13] Business Line Data and Key Metrics Changes - The company reported 199 surgeon users who completed more than one procedure using the Aprivo technology platform, a 72% increase from the previous year [6] - The average revenue per procedure remained constant at approximately $30,000 [16][39] Market Data and Key Metrics Changes - The total addressable market for Aprivo lumbar spine fusions is estimated to exceed $13 billion, with nearly 4,000 spine surgeons in the U.S. [6] - Recent CMS decisions have enhanced hospital reimbursement for Aprivo procedures, translating to an incremental reimbursement of $20,000 to $50,000 depending on procedure complexity [8] Company Strategy and Development Direction - The company aims to establish a new architecture of surgery to improve patient outcomes and reduce healthcare costs [5] - Plans for a commercial launch of the personalized cervical fusion technology using the Aprivo platform are set for 2026 [10][42] - The company is focused on innovation, including a digital production system that reduces turnaround time for implants from over four weeks to ten business days [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth due to strong surgeon adoption and compelling clinical data supporting the Aprivo technology [11][16] - The company expects to achieve full-year 2025 revenue guidance of $45.5 million to $47.5 million, representing a growth of 67% to 75% over 2024 [16][51] Other Important Information - The company raised $100.5 million in gross proceeds from its IPO, providing sufficient capital to execute its business strategy [14][15] - Cash used in operating activities for the first half of 2025 was $15.2 million, with a monthly average cash burn of $2.5 million [15] Q&A Session Summary Question: Utilization trends in the quarter - Management noted strong uptake in utilization and new surgeon adoption, exceeding internal plans [20][21] Question: Guidance as a new public company - Management highlighted key growth drivers including recent CMS decisions and ongoing innovation [22][23] Question: Procedure adoption and segmentation - The company has seen growth in short construct fusion procedures, expanding from initial targeting of complex procedures [26][27] Question: Seasonality in revenue guidance - Management acknowledged seasonality in procedure volume but did not provide specific Q3 guidance [29][32] Question: Surgeon training and productivity - The company added 47 new surgeons, reaching a total of 199, and plans to continue investing in education programs [34][35] Question: Pricing and revenue guidance - Average revenue per procedure is expected to remain constant, with growth driven by procedure volume [38][39] Question: Cervical launch preparations - The company is preparing for the cervical launch with recent Medicare announcements and technology advancements [42][43] Question: Artificial intelligence costs - Investments in AI are expected to enhance scalability without disproportionately affecting the P&L [44][45] Question: Revenue outlook and surgeon adds - New surgeon additions are expected to drive revenue growth in subsequent quarters [58][60]