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]
Carlsmed Inc(CARL) - 2025 Q3 - Quarterly Results