CARLSMED, INC. (CARL) Stock

CARLSMED, INC. (CARL) is a Healthcare stock trading at $16.50 (as of 2026-08-20), with a market capitalization of $370.23M and a trailing P/E of 123.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Carlsmed, Inc. develops and operates a surgical platform for the treatment of complex adult spinal deformities that enables surgeons to harness clinical intelligence, advanced image recognition, and 3D printing technologies. Its product includes aprevo, a medical platform that makes surgical plans and devices tailored to the precise medical situation of every individual patient. It provides New Technology Add-On Payment (NTAP) reimbursement. The company was incorporated in 2018 and is based in Carlsbad, California.

Understand CARLSMED, INC.: how it makes money

Carlsmed develops and operates a surgical platform called aprevo for treating complex adult spinal deformities, using clinical intelligence, advanced image recognition, and 3D printing to create patient-specific surgical plans and devices, and it also supports New Technology Add-On Payment (NTAP) reimbursement.

Carlsmed's profit model is centered on monetizing its aprevo platform that tailors surgical plans and devices to each patient’s precise situation, with NTAP reimbursement as part of the commercial framework.

Business quality (Weak): Differentiated platform description and NTAP reimbursement are clear, but the latest reported results show a very negative operating margin, and no reportable segments or operating KPI metrics were provided here.

Bull case

  • Platform-driven, patient-specific treatment: aprevo uses clinical intelligence, advanced image recognition, and 3D printing to generate surgical plans and devices tailored to each individual patient.
  • Reimbursement support via NTAP: The company provides New Technology Add-On Payment (NTAP) reimbursement as part of its offering.

Bear case

  • Loss-making at the operating level (latest quarter provided): For the period ended 2026-03-31, operating margin was -57.6%, indicating substantial operating losses.
  • Key operating metrics and segment detail not provided here: No operational KPI candidates or reportable segments were included in the provided facts, making it harder to track the day-to-day drivers of performance.
Valuation — source: SEC EDGAR (first-party)
Price$16.50
Market Cap$370.23M
P/E Ratio123.3
EV / EBITDA-8.9
Price / Book4.39
Price / Sales5.85
FCF Yield-9.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$50.51M
Net Margin-58.7%
Return on Equity-43.1%
Debt / Equity0.18
Current Ratio8.84
Revenue Growth (YoY)85.9%
EPS Growth (YoY)-65.3%
FCF Growth (YoY)15.5%
Financial Health — source: SEC EDGAR
Altman Z-Score8.03 (safe)
Valuation vs Sector & Industry
Stock P/E123.3
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
vs Sector470.8%
vs Industry275.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderJupiter Topco LLC ($12.99M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOMichael John Cordonnier
Employees100
CountryUS
IPO Date2018-04-05

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CARL earnings history · CARL institutional & insider holders · CARL KPIs & operating metrics · CARL financials · CARL investor presentations & press releases · CARL SEC filings · CARL peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.