Carlsmed Q2 revenue $12.1M (+99% YoY); raises FY guidance to $45.5M-$47.5M

CARLSMED, INC.

2025-Q2 EPS reported -$2.94 revenue$22,272,000

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.

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