Carlsmed Q3 revenue $13.1M (up 98% YoY); raises FY2025 guidance to $49M-$50M

CARLSMED, INC.

2025-Q3 EPS reported -$2.15 revenue$35,346,000

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.

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