Carlsmed, Inc. (CARL) AI Stock Analysis

Carlsmed, Inc. is a commercial-stage medical technology company that designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The company develops aprevo, a comprehensive technology platform designed for spine fusion surgery procedures. Its aprevo platform features proprietary surgical planning software that utilizes outcomes-based algorithms aided by artificial intelligence. These algorithms help generate custom-built, anatomically designed vertebral interbody implants tailored to individual patients. Incorporated in 2018 and headquartered in Carlsbad, California, the company operated with 127 employees as of 2026.

Carlsmed has expanded revenue rapidly, growing from $13.8M in FY2023 to $27.2M in FY2024, up 97.2%, and reaching $50.5M in FY2025, up 85.9%. This trajectory represents a two-year revenue CAGR of 91.5%. Gross margin widened from 71.9% in FY2023 to 73.8% in FY2024 and 75.3% in FY2025. In the latest quarter ended June 30, 2026, quarterly revenue grew 56.7% year-over-year, bringing trailing twelve-month revenue to $63.3M. Operating losses have moderated relative to revenue, with operating margin moving from -134.9% in FY2023 to -88.8% in FY2024 and -60.5% in FY2025, while TTM operating margin stood at -58.3%. Annual net losses widened from -$18.9M in FY2023 to -$24.3M in FY2024 and -$29.6M in FY2025, resulting in FY2025 EPS of -$2.32 and TTM EPS of -$1.08.

As of June 30, 2026, Carlsmed held $89.2M in cash and short-term investments against total debt of $21.9M, leaving net cash of $67.3M. Total assets stood at $118.2M and shareholders' equity was $84.2M, with a current ratio of 8.84 and a debt-to-equity ratio of 0.26. The business remains cash-flow negative, generating operating cash flow of -$29.0M and free cash flow of -$29.6M in FY2025. Capital expenditures totaled $642,000 in FY2025.

With a market cap of $366.1M and an enterprise value of $336.2M, Carlsmed trades at a price-to-sales multiple of 5.8x and an enterprise value-to-revenue multiple of 5.3x. Its price-to-sales multiple trades above the 4.1x median of its US-listed Healthcare peers. Carlsmed also carries a price-to-book ratio of 4.8x. Over the past year, the stock returned -1.6%, trailing the S&P 500 (SPY) return of 16.8%. Year-to-date, the stock has gained 8.6%, and its October 16, 2026 close of $13.41 sits 9.0% above its 200-day average.

Wall Street coverage consists of 3 Strong Buy and 2 Buy ratings, with 0 Hold, 0 Sell, and 0 Strong Sell ratings. The mean price target of $19.40 stands 44.7% above the last closing price of $13.41. For FY2026 ending December 31, 2026, consensus estimates project revenue of $76.7M and an EPS of -$1.41. For the following fiscal year, 2 analysts project revenue of $108.1M, representing 40.9% revenue growth, alongside an EPS estimate of -$1.38. Carlsmed beat EPS estimates in each of its last 4 quarters, and its next earnings report is scheduled for November 5, 2026.

This page is an AI-written research summary of Carlsmed, Inc. (CARL). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: CARL income statement, CARL balance sheet, CARL key metrics, CARL analyst forecast, CARL chart. See the CARL stock overview for the latest quote and news.