Carlsmed (CARL) Registration Filing summary

Company overview and business model

• Commercial-stage medical technology company focused on AI-enabled personalized spine surgery solutions for spine fusion procedures.

• Offers the aprevo Technology Platform, integrating AI-driven pre-op planning, custom 3D-printed implants, and post-op analytics.

• Targets degenerative disc disease (DDD) and adult spinal deformity (ASD), initially in lumbar fusion, with plans to expand to cervical fusion in 2026.

• Business model leverages a direct sales force and independent agents to sell to hospitals, with an asset-light, on-demand manufacturing approach.

Financial performance and metrics

• Revenue grew 97.2% year-over-year to $27.2M in 2024; Q1 2025 revenue was $10.2M, up 100.3% from Q1 2024.

• Gross margin improved to 73.8% in 2024 and 74.9% in Q1 2025.

• Net loss was $24.3M in 2024 and $5.7M in Q1 2025; accumulated deficit reached $76.9M as of March 31, 2025.

• Cash and cash equivalents were $43.4M as of March 31, 2025; outstanding debt was $15.6M.

Use of proceeds and capital allocation

• Net proceeds of ~$88.3M (or $103.3M if underwriters' option exercised) expected, assuming $15.00/share IPO price.

• Planned allocation: $24.7M for sales/marketing, $45.9M for R&D (including cervical platform), remainder for working capital and general purposes.