Core Insights - Carlsmed, Inc. reported a third quarter revenue of $13.1 million, reflecting a 98% year-over-year growth [1][6] - The company raised its full year 2025 revenue guidance to a range of $49 million to $50 million, indicating an expected growth of 80% to 84% over 2024 [5][6] Financial Performance - Revenue for Q3 2025 was $13.1 million, up from $6.6 million in Q3 2024, marking a 98% increase [6][17] - Gross profit for Q3 2025 was $9.9 million, compared to $4.8 million in Q3 2024, with a gross margin of 75.9% [6][17] - Operating expenses for Q3 2025 totaled $19.0 million, an increase from $12.6 million in Q3 2024, with specific expenses as follows: - Research and development: $4.4 million [6][17] - Sales and marketing: $9.6 million [6][17] - General and administrative: $4.9 million [6][17] - The net loss for Q3 2025 was ($8.5) million, compared to a net loss of ($7.8) million in Q3 2024 [6][17] - Adjusted EBITDA loss for Q3 2025 was ($8.2) million, compared to ($7.7) million in Q3 2024 [6][17] Business Highlights - The company expanded gross margins to 76% and increased surgeon users by over 70% year-over-year [2] - Lead times for surgical plan approval were reduced to within 8 business days, down from 10 business days in Q2 2025 [6] - 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] - Data presented at the Scoliosis Research Society Annual Meeting indicated a 75% reduction in revision surgery at a two-year time point for aprevo compared to a matched cohort [6] Leadership Changes - Jennifer Kamocsay was appointed as Chief Legal Officer and Secretary, bringing over a decade of corporate legal experience [6]
Carlsmed Reports Third Quarter 2025 Financial Results and Raises Full-Year Guidance