Carlsmed, Inc. (CARL) AI Stock Analysis

• Market Cap: $342.25M
• Dividend Yield: N/A
• Average Volume (3M): 74.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.07
• Revenue Growth: 102.57%
• EPS Growth: -5.76%
• Country: US
• Employees: 100
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.40
• Shares Outstanding: 26,592,909
• 10 Day Avg. Volume: 67,597
• 30 Day Avg. Volume: 74,216
• PEG Ratio: 0.15
• Price to Book (P/B): -3.40
• Price to Sales (P/S): 8.84
• P/FCF Ratio: -9.36
• Enterprise Value/Market Cap: 0.54
• Enterprise Value/Revenue: 4.12
• Enterprise Value/Gross Profit: 5.52
• Enterprise Value/Ebitda: -7.67
• 1Y Price Target: $20.50
• Price Target Upside: 59.29% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.62
• Revenue Forecast (FY): $69.82M

• Rating: 43 Neutral
• Price Target: $12.00 ▼(-6.76% Downside)

Carlsmed, Inc. faces significant financial challenges, with negative equity and ongoing losses impacting its financial performance score. Technical analysis indicates a bearish trend, and the valuation is unattractive due to a negative P/E ratio. The recent credit facility amendment is a positive step, but the overall outlook remains cautious.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust market demand and effective sales strategies, enhancing long-term business sustainability.

Product Innovation

The launch of innovative products like the aprevo platform can drive competitive advantage and expand market share in the orthopedic industry.

Operational Flexibility

The credit facility enhances financial flexibility, supporting strategic initiatives and potential growth opportunities.

Negative Factors

Profitability Challenges

Ongoing profitability issues can hinder reinvestment in business growth and affect long-term financial health.

High Debt Levels

High reliance on debt financing can limit financial flexibility and increase risk, impacting long-term stability.

Negative Cash Flows

Negative cash flows suggest liquidity challenges, potentially constraining the company's ability to fund operations and growth.

Carlsmed, Inc. Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Carlsmed generates revenue primarily through the sale of its surgical products, including customized spinal implants and surgical guides. The company's revenue model is based on direct sales to hospitals and surgical centers, where its products are utilized in orthopedic surgeries. Additionally, Carlsmed may engage in partnerships with healthcare providers and surgical device distributors, which can enhance market reach and facilitate sales. The company could also explore licensing agreements or collaborations for joint product development, contributing to its income streams. Overall, the combination of product sales and strategic partnerships is key to Carlsmed's financial performance.

Carlsmed, Inc. Financial Statement Overview

Summary

Carlsmed, Inc. is experiencing rapid revenue growth, but profitability and financial stability are areas of concern. The company is heavily reliant on debt, with negative equity and ongoing losses. While cash flow generation is improving, the negative cash flows highlight the need for strategic financial management to achieve sustainable growth and profitability.

Income Statement

Carlsmed, Inc. demonstrated significant revenue growth of 434.11% year-over-year, indicating strong market demand or expansion. However, the company is facing profitability challenges, with negative EBIT and EBITDA margins, and a net loss. The gross profit margin is healthy at 73.81%, but the high operating expenses are impacting overall profitability.

Balance Sheet

The balance sheet reveals a concerning financial structure with negative stockholders' equity, indicating potential solvency issues. The debt-to-equity ratio is not calculable due to negative equity, but the company has a high level of debt relative to its assets. The equity ratio is negative, reflecting a reliance on debt financing.

Cash Flow

Carlsmed, Inc. shows a substantial increase in free cash flow, with a growth rate of 243.64%, suggesting improved cash generation capabilities. However, both operating and free cash flows remain negative, indicating ongoing cash burn and potential liquidity challenges. The ratios of cash flow to net income are not favorable due to negative net income.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023
Income Statement
Total Revenue	44.75M	―	27.16M	13.78M
Gross Profit	33.46M	―	20.05M	9.90M
EBITDA	-24.04M	―	-22.79M	-18.12M
Net Income	-25.74M	―	-24.26M	-18.90M
Balance Sheet
Total Assets	134.86M	―	51.82M	14.02M
Cash, Cash Equivalents and Short-Term Investments	115.37M	―	40.13M	7.22M
Total Debt	17.61M	―	17.18M	11.39M
Total Liabilities	28.20M	―	122.45M	60.15M
Stockholders Equity	106.66M	―	-70.63M	-46.13M
Cash Flow
Free Cash Flow	-29.05M	―	-25.65M	-17.61M
Operating Cash Flow	-27.86M	―	-25.47M	-17.48M
Investing Cash Flow	-1.31M	―	-180.00K	-135.00K
Financing Cash Flow	100.11M	―	58.50M	3.18M

Carlsmed, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DOCS	73 Outperform	$8.24B	34.89	24.61%	―	20.21%	44.14%
AMWL	55 Neutral	$84.64M	-0.72	-38.35%	―	4.33%	50.50%
BEAT	52 Neutral	$81.29M	-3.56	-792.01%	―	―	4.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TDOC	47 Neutral	$1.35B	-5.95	-15.42%	―	-2.37%	77.85%
CARL	43 Neutral	$342.25M	-12.87	―	―	102.57%	-5.76%

Carlsmed, Inc. Corporate Events

Carlsmed Secures $60 Million Credit Facility Amendment

On October 29, 2025, Carlsmed, Inc. amended its Loan and Security Agreement with Customers Bank, securing a credit facility that includes a $50 million term loan and a $10 million revolving line of credit. The amendment also modifies warrants previously issued to Customers Bank, reducing the number of shares exercisable under the Series B and Series C Warrants, thereby canceling rights to exercise for 15,831 shares of common stock. This financial restructuring aims to support Carlsmed’s operational flexibility and growth potential, contingent upon achieving certain revenue milestones.

The most recent analyst rating on (CARL) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Carlsmed, Inc. stock, see the CARL Stock Forecast page.