Carlsmed (CARL) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of $12.1 million, a 99% year-over-year increase, driven by strong surgeon adoption and AI-enabled spine surgery technology.

• Completed IPO in July 2025, raising $93.5 million in net proceeds and $100.5 million in gross proceeds to support growth, commercialization, and R&D.

• Expanded surgeon user base to 199, up 72% year-over-year, with over 1,500 patients treated since launch and continued investments in education and training.

• Advanced personalized spine surgery technology with compelling clinical data, new reimbursement approvals, and the first personalized cervical fusion completed.

• Entered the second half of 2025 positioned for continued scale and market leadership in personalized spine fusion surgery.

Financial highlights

• Q2 2025 revenue reached $12.1 million, up from $6.1 million in Q2 2024; H1 2025 revenue was $22.3 million, up 99.4% year-over-year.

• Gross margin was 73.4% in Q2 2025, slightly down from 75% in Q2 2024 due to expedite production fees.

• Operating expenses rose to $15.4 million in Q2 2025, up 41.3% year-over-year, mainly from higher sales, marketing, and G&A costs.

• GAAP net loss was $6.8 million for Q2 2025, with adjusted EBITDA at negative $6.2 million, unchanged from prior year.

• Cash and equivalents at June 30, 2025, totaled $33.5 million, with post-IPO cash position strengthened by $93.5 million net and $100.5 million gross proceeds.

Outlook and guidance

• Full-year 2025 revenue guidance set at $45.5–$47.5 million, representing 67–75% annual growth.

• Commercial launch of personalized cervical fusion platform planned for first half of 2026, pending regulatory clearances.

• Average revenue per procedure expected to remain at $30,000, with growth driven by increased procedure volume.

• Existing cash, IPO proceeds, and available credit expected to fund operations for at least 12 months.

• Continued investment in R&D and sales infrastructure to drive growth.