Carlsmed (CARL) Registration filing summary

Company overview and business model

• Pioneers AI-enabled personalized spine surgery solutions to improve outcomes and reduce healthcare costs for spine surgery and related fields.

• Offers the aprevo Technology Platform, providing custom surgical plans, implants, and single-use instruments for spine fusion procedures.

• Commercial operations began in 2021, with sequential quarterly and annual revenue growth driven by rapid adoption.

• Utilizes a digital production system enabling a six-business-day lead time from surgical plan approval to kit delivery.

• Products are marketed to U.S. surgeons, hospitals, and ambulatory surgical centers via a direct sales team and independent agents.

Risk factors and disclosures

• Investment involves risks, including clinical, regulatory, economic, and competitive uncertainties that could materially affect future results.

• Past financial performance is not a reliable indicator of future results; historical trends should not be used to anticipate future outcomes.

• Risks may cause the trading price of securities to decline, potentially resulting in loss of investment.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as specified in the applicable prospectus supplement.