{"filings":[{"id":3164037,"accession_number":"0001794546-26-000020","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-09-30T13:15:14+00:00","items":["5.02","7.01","9.01"],"status":"ready","headline":"Carlsmed names Richard Heppenstall CFO as Leo Greenstein departs; FY2026 revenue guidance of $74-$78 million reaffirmed","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Carlsmed appointed Richard Heppenstall, 55, as CFO effective September 28, 2026; he was previously CFO of ZimVie Inc. until its October 2025 acquisition by ArchiMed SAS.","Leo Greenstein departed as CFO effective September 25, 2026, receiving $500,000 in cash severance (12 months of base salary), a pro-rated 2026 bonus, and up to 12 months of COBRA premiums.","Greenstein also received accelerated vesting of 32,856 restricted shares, 19,176 option shares, 26,786 shares of the 2025 Option (44,643 vested total), and 11,244 RSUs.","Heppenstall's employment agreement sets a $500,000 base salary, a 60% target bonus, and $1,400,000 each in inducement stock options and RSUs; relocation reimbursement is capped at $150,000.","Carlsmed reaffirmed full-year 2026 revenue guidance of $74 to $78 million, representing 50% growth over 2025 at the midpoint, and noted aprevo Lumbar CMS reimbursement starting October 1."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":2741877,"accession_number":"0001794546-26-000018","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-09-08T20:06:16+00:00","items":["5.02","7.01","9.01"],"status":"ready","headline":"Carlsmed names Jeffrey Bertolini COO; salary $475k, 50k options granted","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Jeffrey Bertolini, 60, promoted to COO effective September 8, 2026; previously SVP Operational Excellence since March 2025.","New salary set at $475,000/year with target cash incentive raised to 60% of base salary; 50,000 stock options granted on September 8.","Prior roles include SVP Operations & Technology at SI-BONE (2022-2024) and VP Global Planning at NuVasive (2020-2022).","Employment agreement dated July 10, 2025 provides severance on termination without cause: 12 months salary, prorated incentive, COBRA."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":2078756,"accession_number":"0001794546-26-000015","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-08-05T20:05:16+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed Q2 revenue $18.9M (+57% YoY); raises FY2026 guidance to $74-78M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Revenue $18.9M, up 57% YoY from $12.1M; gross margin 76.8% vs 73.4%.","Net loss ($10.5M) vs ($6.8M) prior year; adjusted EBITDA ($8.6M).","Full-year 2026 revenue guidance raised to $74-78M (prior $72-77M), >50% growth at midpoint.","Trained surgeon users up >60% YoY; aprevo cervical now ~10% of quarterly revenue.","CMS IPPS final rule includes new MS-DRG codes for inpatient aprevo lumbar, effective Oct 1, 2026."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":833612,"accession_number":"0001193125-26-255404","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-06-03T20:05:15+00:00","items":["5.07"],"status":"ready","headline":"Carlsmed shareholders elect two Class I directors, ratify Ernst & Young as auditor","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["Niall Casey elected with 19,627,716 votes for (1,352,117 withheld); broker non-votes 4,628,080.","Philip Young elected with 19,510,686 votes for (1,469,147 withheld); broker non-votes 4,628,080.","Ernst & Young ratified as independent auditor for FY2026: 25,571,065 for, 5,858 against, 30,990 abstain.","Meeting held June 3, 2026; all proposals passed as recommended by the board."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.1,"calibrated_materiality_score":0.1,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":95507,"accession_number":"0001794546-26-000010","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-05-05T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed Q1 revenue $16.1M (+58% YoY); raises FY2026 guidance to $72-77M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Revenue $16.1M, up 58% YoY from $10.2M; gross margin 77.1% vs 74.9%.","Net loss ($8.7M) vs ($5.7M); adjusted EBITDA ($7.5M) vs ($5.5M).","FY2026 revenue guidance raised to $72-$77M from prior $70-$75M.","Study in Global Spine Journal shows 74% reduction in reoperations with aprevo implants.","First procedures completed with corra cervical plating system and aprevo bi-lateral posterior in Feb."],"consensus_eps_estimate":null,"consensus_eps_actual":-0.32,"consensus_revenue_estimate":null,"consensus_revenue_actual":16116000.0,"consensus_period":"2026-Q1","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":108625,"accession_number":"0001193125-26-071512","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-02-25T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed Q4 revenue $15.2M (+61% YoY); FY rev $50.5M (+86%); guides FY2026 $70-75M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q4 rev $15.2M (+61% YoY), FY rev $50.5M (+86% YoY). Gross margin 76.5% Q4, 75.3% FY.","Net loss Q4 ($8.6M), FY ($29.6M); adj. EBITDA loss Q4 ($8.4M), FY ($28.4M).","Cash, cash equivalents, restricted cash, and ST investments $109.9M at Dec 31, 2025.","FY2026 revenue guidance $70-75M, representing ~44% growth at midpoint over 2025.","2-year data showed 74% reduction in revision rates for aprevo® lumbar vs non-aprevo."],"consensus_eps_estimate":null,"consensus_eps_actual":-2.12,"consensus_revenue_estimate":null,"consensus_revenue_actual":50511000.0,"consensus_period":"2025-FY","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":108624,"accession_number":"0001193125-26-009828","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2026-01-12T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed reports Q4 revenue ~$15.2M (+61% YoY); FY2025 ~$50.5M (+86% YoY)","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Preliminary Q4 2025 revenue of ~$15.2M, 61% increase over Q4 2024.","Full-year 2025 revenue of ~$50.5M, 86% increase over 2024.","Added 101 new surgeon users in 2025, a 61% increase in user base.","Launched aprevo® cervical; early surgeon feedback encouraging.","CEO cites transformational year; company focused on operational excellence for 2026."],"consensus_eps_estimate":null,"consensus_eps_actual":-2.12,"consensus_revenue_estimate":null,"consensus_revenue_actual":50511000.0,"consensus_period":"2025-FY","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":125080,"accession_number":"0001193125-25-269469","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2025-11-06T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed Q3 revenue $13.1M (up 98% YoY); raises FY2025 guidance to $49M-$50M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Gross margin expanded to 75.9% from 72.8%; net loss of $8.5M vs $7.8M a year ago.","Cash $115.5M; amended debt facility to $50M with extended maturity and interest-only period.","CMS NTAP for cervical aprevo procedures effective Oct. 1, 2025; commercial launch expected early 2026.","Lead time for aprevo interbody implants reduced to 8 business days from 10 in Q2 2025.","Appointed Jennifer Kamocsay as Chief Legal Officer and Secretary."],"consensus_eps_estimate":null,"consensus_eps_actual":-2.15,"consensus_revenue_estimate":null,"consensus_revenue_actual":35346000.0,"consensus_period":"2025-Q3","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":125079,"accession_number":"0001193125-25-258525","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2025-10-30T23:59:59+00:00","items":["1.01","2.03","9.01"],"status":"ready","headline":"Carlsmed secures up to $50M credit facility from Customers Bank; $17.5M contingent on revenue milestones","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Term loan of up to $50M ($32.5M immediate, plus $7.5M and $10M upon achieving $60M and $90M trailing revenue milestones) with interest at Prime+0.25% (floor 5.25%).","$10M non-formula revolving line fully available immediately; aggregate borrowing limit $50M.","Term loan matures Oct 2030 with interest-only through Oct 2027 (extendable to Oct 2028 if milestones met).","Company must maintain at least $20M cash at Bank at all times; additional minimum revenue covenants if cash < outstanding debt.","Warrants modified: Series B reduced from 58,420 to 52,776 shares; Series C from 20,375 to 10,188 shares; 15,831 contingent shares cancelled."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":141773,"accession_number":"0000950170-25-111947","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2025-08-28T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Carlsmed Q2 revenue $12.1M (+99% YoY); raises FY guidance to $45.5M-$47.5M","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q2 revenue $12.1M, up 99% YoY; gross margin 73.4%; net loss $6.8M.","Cash $33.5M at June 30; $93.5M net from July 2025 IPO to fund growth.","First personalized cervical spine surgery using aprevo completed; CMS NTAP reimbursement begins Oct 1, 2025.","FY 2025 revenue guidance raised to $45.5M-$47.5M, representing 67-75% growth YoY.","Adjusted EBITDA loss unchanged at $6.2M; operating expenses rose to $15.4M."],"consensus_eps_estimate":null,"consensus_eps_actual":-2.94,"consensus_revenue_estimate":null,"consensus_revenue_actual":22272000.0,"consensus_period":"2025-Q2","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":141772,"accession_number":"0000950170-25-098327","cik":1794546,"company_name":"CARLSMED, INC.","ticker":"CARL","form_type":"8-K","filed_at":"2025-07-24T23:59:59+00:00","items":["5.03","9.01"],"status":"ready","headline":"Carlsmed closes IPO, adopts amended charter and bylaws effective July 24, 2025","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["IPO closed on July 24, 2025; amended and restated certificate of incorporation and bylaws effective immediately prior to closing.","Governance provisions include classified board, supermajority voting, and exclusive forum as described in final prospectus filed July 22, 2025.","Company qualifies as an emerging growth company and elected extended transition period for new accounting standards."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":1.0,"calibrated_materiality_score":1.0,"market_cap_usd":326898823.6753413,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}