CARLSMED, INC.
CARLNasdaq
$11.66
↓ -1.4%Jul 17 close · end-of-day
Price
1Y↓ -19.6%
End-of-day closes; the latest point is the live 15-min-delayed price · split & dividend adjusted · chart by TradingView
Key statistics
Market Cap
$312.9M
Enterprise Value
$231.3M
P/E
—
P/S
5.5
P/B
3.4
EV/EBITDA
—
PEG
—
FCF Yield
-11.0%
Dividend Yield
—
Revenue (TTM)
$56.4M
Net Income (TTM)
-$32.6M
Free Cash Flow (TTM)
-$34.5M
Gross Margin
75.9%
Operating Margin
-60.5%
Net Margin
-57.8%
ROE
-35.3%
ROIC
-254.5%
Debt / Equity
0.2
Net Cash
$81.7M
Return 1Y
—
Company profile
We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. Our principal executive offices are located in Carlsbad, CA.
- CEO
- Michael Cordonnier
- Sector
- Manufacturing
- Industry
- Medical Equipment
- Employees
- 100
- Headquarters
- California
- Website
- carlsmed.com/
Management & directors
- Cordonnier MichaelCEO, President
- Casey NiallChief IP Officer, Secretary
- Durall William ScottChief Commercial Officer
- Greenstein Leonard M.CFO, Treasurer
Roles derived from SEC Form 4 filings.
Earnings
CARL Q1 2026 Earnings
Period ends 2026-03-31
MetricActualYoY
Revenue$16.1M↑ +58.2%
Diluted EPS-$0.32↓ -78.2%
Actuals from SEC filings; YoY vs the year-ago quarter. Analyst estimates & surprise require a data feed (coming soon).
Financial statements
| Line item | FY2024 | FY2025 |
|---|---|---|
| Revenue | $27.2M | $50.5M |
| Gross profit | $20.0M | $38.0M |
| Operating income | -$24.1M | -$30.6M |
| Net income | -$24.3M | -$29.6M |
| Diluted EPS | -$6.11 | -$2.12 |
| Operating cash flow | -$25.5M | -$29.0M |
| Free cash flow | -$25.6M | -$29.6M |
| Gross margin | 73.8% | 75.3% |
| Operating margin | -88.8% | -60.5% |
| Net margin | -89.3% | -58.7% |
| Line item | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1M | $6.6M | — | $10.2M | $12.1M | $13.1M | $15.2M | $16.1M |
| Gross profit | $4.6M | $4.8M | — | $7.6M | $8.9M | $9.9M | $11.6M | $12.4M |
| Operating income | -$6.3M | -$7.8M | — | -$5.7M | -$6.5M | -$9.0M | -$9.3M | -$9.3M |
| Net income | -$6.3M | -$7.8M | -$4.7M | -$5.7M | -$6.8M | -$8.5M | -$8.6M | -$8.7M |
| Diluted EPS | -$1.55 | -$2.06 | — | -$1.47 | -$1.47 | -$0.40 | $1.22 | -$0.32 |
| Operating cash flow | — | -$7.6M | — | -$8.2M | -$7.0M | -$8.5M | -$5.3M | -$13.0M |
| Free cash flow | — | -$7.6M | — | -$8.2M | -$7.4M | -$8.6M | -$5.4M | -$13.1M |
| Gross margin | 75.0% | 72.8% | — | 74.9% | 73.4% | 75.9% | 76.5% | 77.1% |
| Operating margin | -103.9% | -118.0% | — | -56.1% | -53.8% | -69.1% | -61.4% | -57.6% |
| Net margin | -103.2% | -118.6% | — | -56.2% | -56.0% | -65.2% | -56.8% | -54.0% |
Company news
May 22, 2026
Analyst estimates
Coming soonConsensus revenue & EPS estimates and price targets will appear here once a forward-estimates data feed is connected.
Insider transactions
BoughtSoldMonthly insider $ volume · trailing 12 months
| Date | Insider | Type | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 2026-06-03 | OBOYLE KEVIN C | Award | 13,698 | $0.00 | $0.00 | filing |
| 2026-06-03 | Sidow Kevin | Award | 13,698 | $0.00 | $0.00 | filing |
| 2026-06-03 | ROOT JONATHAN D | Award | 13,698 | $0.00 | $0.00 | filing |
| 2026-06-03 | YOUNG PHILIP M | Award | 13,698 | $0.00 | $0.00 | filing |
| 2026-03-03 | Cordonnier Michael· CEO, President | Option exercise | 33,264 | $4.35 | $144,764.93 | filing |
| 2026-03-03 | Cordonnier Michael· CEO, President | Option exercise | 160,567 | $0.34 | $53,789.95 | filing |
| 2026-03-02 | Cordonnier Michael· CEO, President | Sale | 197,855 | $13.29 | $2.6M | filing |
| 2026-03-02 | Cordonnier Michael· CEO, President | Option exercise | 197,855 | $0.34 | $66,281.43 | filing |
| 2026-01-28 | Greenstein Leonard M.· CFO, Treasurer | Award | 44,977 | $0.00 | $0.00 | filing |
| 2026-01-28 | Durall William Scott· Chief Commercial Officer | Award | 44,977 | $0.00 | $0.00 | filing |
| 2026-01-28 | Casey Niall· Chief IP Officer | Award | 44,977 | $0.00 | $0.00 | filing |
| 2026-01-28 | Cordonnier Michael· CEO, President | Award | 117,316 | $0.00 | $0.00 | filing |
| 2025-07-24 | B CAPITAL GROUP MANAGEMENT, L.P. | Buy | 1,333,333 | $15.00 | $20.0M | filing |
| 2025-07-24 | Mittendorff Robert | Buy | 1,333,333 | $15.00 | $20.0M | filing |
| 2025-07-24 | ROOT JONATHAN D | Buy | 466,666 | $15.00 | $7.0M | filing |
| 2025-07-24 | YOUNG PHILIP M | Buy | 53,333 | $15.00 | $799,995.00 | filing |
| 2025-07-24 | Sidow Kevin | Buy | 13,333 | $15.00 | $199,995.00 | filing |
| 2025-07-24 | YOUNG PHILIP M | Buy | 6,666 | $15.00 | $99,990.00 | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 825,135 | — | — | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 531,877 | — | — | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 149,655 | — | — | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 41,876 | — | — | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 1,117,743 | — | — | filing |
| 2025-07-24 | YOUNG PHILIP M | C | 28,900 | — | — | filing |
| 2025-07-24 | ROOT JONATHAN D | C | 26,993 | — | — | filing |
Showing the latest 25 transactions — full history in the linked SEC filings.
Fundamentals & filings from SEC EDGAR. Prices adjusted for splits & dividends. Not investment advice.