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Investor Relations14 Oct 2025
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Carlsmed (CARL) investor relations material
Carlsmed Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Achieved Q2 2025 revenue of $12.1M, up 99% year-over-year, driven by strong adoption of AI-enabled spine surgery technology and successful IPO raising $93.5M–$100.5M in growth capital.
Ended Q2 with 199 active surgeon users, a 72% increase over the prior year, and over 1,500 patients treated since launch.
Personalized digital surgical plans and 3D-printed implants drive improved patient outcomes and lower reoperation rates.
CMS approved new reimbursement codes and NTAP for cervical fusion, effective Q4 2025, enhancing hospital economics.
Successfully completed the first personalized cervical spine surgery, with commercial launch planned for 2026.
Financial highlights
Q2 2025 revenue was $12.1M, up from $6.1M in Q2 2024; H1 2025 revenue reached $22.3M, up 99.4% year-over-year.
Gross margin was 73.4% in Q2 2025, down from 75% a year ago due to expedited production fees and material costs.
Operating expenses rose to $15.4M in Q2 2025, up 41.3% year-over-year, driven by higher R&D, sales, and G&A costs.
Net loss was $6.8M in Q2 2025 and $12.5M for H1 2025; adjusted EBITDA loss was $6.2M, flat year-over-year.
Cash and equivalents at June 30, 2025 were $33.5M, with $93.5M–$100.5M raised in July IPO.
Outlook and guidance
Full-year 2025 revenue guidance is $45.5M–$47.5M, representing 67–75% growth over 2024.
Commercial launch of cervical spine fusion platform in the U.S. expected in 2026, pending regulatory clearances.
Ongoing investments in innovation, commercial expansion, and clinical data collection planned.
Existing cash, IPO proceeds, and available credit expected to fund operations for at least 12 months.
Explain Q2 gross margin decline sustainability.
What is the expected impact of aprevo cervical NTAP?
What was the impact of COMPASS registry completion?
Quantify hospital reimbursement increase from new DRGs.
What derisks the 2026 cervical launch?
What is the surgeon ramp-up to full productivity?
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