Carlsmed (CARL) Registration Filing summary

Company overview and business model

• Commercial-stage medical technology company focused on AI-enabled personalized spine surgery solutions for degenerative disc disease and adult spinal deformity.

• Offers the aprevo Technology Platform, which includes AI-driven software, custom-designed interbody implants, and single-use surgical instruments.

• Currently markets the platform for lumbar spine fusion surgery; plans to commercialize for cervical spine fusion in 2026.

• Business model leverages a direct sales team and independent sales agents to sell to hospitals and surgeons.

• Asset-light, on-demand manufacturing model with implants produced by contract manufacturers and delivered within 10 business days.

Financial performance and metrics

• Revenue grew 97.2% year-over-year to $27.2 million in 2024; $13.8 million in 2023.

• Gross margin was 73.8% in 2024, up from 71.9% in 2023.

• Net loss was $24.3 million in 2024, compared to $18.9 million in 2023; accumulated deficit of $76.9 million as of March 31, 2025.

• Q1 2025 revenue was $10.2 million, up 100.3% from Q1 2024; gross margin 74.9%.

• Cash and cash equivalents of $43.4 million as of March 31, 2025; $15.6 million in debt outstanding.

Use of proceeds and capital allocation

• Net proceeds will support commercialization of the aprevo Technology Platform and expansion of product offerings.

• Funds allocated to increased sales and marketing and to R&D for further development, including cervical spine fusion applications.

• Management retains broad discretion over allocation of proceeds.