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Aurora Spine, Carlsmed and Shoulder Innovations are innovative companies with exciting growth opportunities as the orthopedic market evolves toward efficient, personalized care delivery. Each had total revenues of $32 million or less in 2024, but are trending toward significant growth in 2025 and beyond.
Below is an overview of each company’s position, its sales performance over the last 18 months and a selection of recent developments.
Aurora Spine
Aurora Spine is focused on minimally invasive technologies that are designed to match the patient’s anatomy. The company generated $17.9 million in 2024 sales.
“We are positioned to take advantage of the minimally invasive procedures in spine health with many of our new proprietary products,” said Aurora Spine Founder and CEO Trent Northcutt. “We remain focused on penetrating these markets further in this year through continued training sessions, industry conferences and sharing the updates on the clinical data of our products that we are currently in treating patients.”
Minimally invasive surgery (MIS) could be the future of spine care, given its better clinical outcomes, reduced patient morbidity and suitability to alternative sites of care. According to industry estimates, MIS accounts for between 20% and 30% of all spine cases in the United States.
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Aurora Spine completed its first cases with the AERO Lumbar Fusion system, a novel, patent-pending device designed to provide a minimally invasive solution for patients suffering from facet joint-related pain or instability.
- June 2025 – The company marked the 1,500th successful use of its DEXA-C system, the world’s first spinal implant platform intentionally engineered to match a patient’s bone density across the entire BMD continuum, including normal, osteopenic and osteoporotic bone.
- July 2022 – Aurora Spine announced FDA clearance of a new lumbar spinal stenosis indication for its ZIP family of MIS implants. The ZIP series features various bone anchors, Aurora Spine’s patented one-step locking mechanism with no set screw and a large graft space designed for biologic materials.
2025 Outlook
According to our estimates, Aurora Spine will generate $19.9 million in sales for 2025, up 11.5% over 2024 sales.
Carlsmed
Using patient-specific surgical plans combined with 3D-printed devices, Carlsmed hopes to reduce the malalignment and revision rates in spine surgery. The company generated $27.1 million in 2024.
Carlsmed Founder and CEO Mike Cordonnier said, “With our superior healthcare economics, we’re delivering value to hospitals. In many cases, we’re decreasing their cost of care directly for every patient as well as developing value for the payors. Our unique business model can provide this technology at high gross margins and continue to drive the growth of this personalized technology model.”
According to the company, 46% of adults with spinal deformity surgery have complications, and 26% require revision surgery. Only 51% of procedures achieve the pre-operative plan for alignment.
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Carlsmed announced the successful completion of the first aprevo cervical procedure, with an expected U.S. commercial launch in 2026.
- July 2025 – Carlsmed launched its IPO and raised approximately $100.5 million.
- December 2020 – The aprevo interbody gained FDA clearance and third-largest New Technology Add-On Payment ever.
- July 2019 – Carlsmed merged with Precisive Surgical to develop an end-to-end personalized surgical workflow platform.
2025 Outlook
Carlsmed provided revenue guidance in the range between $45.5 million and $47.5 million for 2025, representing growth between 67% and 75%.
Shoulder Innovations
Shoulder Innovations makes advanced implant systems and planning software for shoulder arthroplasty. Its InSet glenoid technology provides the potential for a greater amount of mechanical stability between the implant and the bone. Shoulder Innovations generated $31.6 million in 2024.
The company identified the emergence of ASCs as a key competitive advantage, as its ecosystem is tailor-made for efficiency. Shoulder Innovations CEO Rob Ball previously spoke at OMTEC® and reflected on that advantage.
“The reality is for most implants out in the market, it’s very difficult to change the surgical techniques,” he said. “Sitting down with about eight trays of instruments and seeing which ones we can chuck out of the box and make this smaller footprint tends to be somewhat impossible; you have to go back and reconceive how the implant and the surgical technique are executed.”
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Shoulder Innovations filed for $100 million IPO.
- August 2021 – The company gained FDA clearance for the InSet Reverse Shoulder, which includes AI-enabled 3D PreView Software Planning for more precise implant selection and placement.
- May 2021 – Shoulder Innovations entered a license agreement with Genesis Software Innovation for use of its PreView Shoulder Software.
2025 Outlook
According to our estimates, Shoulder Innovations will generate $43.6 million in sales for 2025, representing 38% growth over 2024 sales.
Aurora Spine, Carlsmed and Shoulder Innovations are innovative companies with exciting growth opportunities as the orthopedic market evolves toward efficient, personalized care delivery. Each had total revenues of $32 million or less in 2024, but are trending toward significant growth in 2025 and beyond.
Below is an overview of each company’s...
Aurora Spine, Carlsmed and Shoulder Innovations are innovative companies with exciting growth opportunities as the orthopedic market evolves toward efficient, personalized care delivery. Each had total revenues of $32 million or less in 2024, but are trending toward significant growth in 2025 and beyond.
Below is an overview of each company’s position, its sales performance over the last 18 months and a selection of recent developments.
Aurora Spine
Aurora Spine is focused on minimally invasive technologies that are designed to match the patient’s anatomy. The company generated $17.9 million in 2024 sales.
“We are positioned to take advantage of the minimally invasive procedures in spine health with many of our new proprietary products,” said Aurora Spine Founder and CEO Trent Northcutt. “We remain focused on penetrating these markets further in this year through continued training sessions, industry conferences and sharing the updates on the clinical data of our products that we are currently in treating patients.”
Minimally invasive surgery (MIS) could be the future of spine care, given its better clinical outcomes, reduced patient morbidity and suitability to alternative sites of care. According to industry estimates, MIS accounts for between 20% and 30% of all spine cases in the United States.
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Aurora Spine completed its first cases with the AERO Lumbar Fusion system, a novel, patent-pending device designed to provide a minimally invasive solution for patients suffering from facet joint-related pain or instability.
- June 2025 – The company marked the 1,500th successful use of its DEXA-C system, the world’s first spinal implant platform intentionally engineered to match a patient’s bone density across the entire BMD continuum, including normal, osteopenic and osteoporotic bone.
- July 2022 – Aurora Spine announced FDA clearance of a new lumbar spinal stenosis indication for its ZIP family of MIS implants. The ZIP series features various bone anchors, Aurora Spine’s patented one-step locking mechanism with no set screw and a large graft space designed for biologic materials.
2025 Outlook
According to our estimates, Aurora Spine will generate $19.9 million in sales for 2025, up 11.5% over 2024 sales.
Carlsmed
Using patient-specific surgical plans combined with 3D-printed devices, Carlsmed hopes to reduce the malalignment and revision rates in spine surgery. The company generated $27.1 million in 2024.
Carlsmed Founder and CEO Mike Cordonnier said, “With our superior healthcare economics, we’re delivering value to hospitals. In many cases, we’re decreasing their cost of care directly for every patient as well as developing value for the payors. Our unique business model can provide this technology at high gross margins and continue to drive the growth of this personalized technology model.”
According to the company, 46% of adults with spinal deformity surgery have complications, and 26% require revision surgery. Only 51% of procedures achieve the pre-operative plan for alignment.
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Carlsmed announced the successful completion of the first aprevo cervical procedure, with an expected U.S. commercial launch in 2026.
- July 2025 – Carlsmed launched its IPO and raised approximately $100.5 million.
- December 2020 – The aprevo interbody gained FDA clearance and third-largest New Technology Add-On Payment ever.
- July 2019 – Carlsmed merged with Precisive Surgical to develop an end-to-end personalized surgical workflow platform.
2025 Outlook
Carlsmed provided revenue guidance in the range between $45.5 million and $47.5 million for 2025, representing growth between 67% and 75%.
Shoulder Innovations
Shoulder Innovations makes advanced implant systems and planning software for shoulder arthroplasty. Its InSet glenoid technology provides the potential for a greater amount of mechanical stability between the implant and the bone. Shoulder Innovations generated $31.6 million in 2024.
The company identified the emergence of ASCs as a key competitive advantage, as its ecosystem is tailor-made for efficiency. Shoulder Innovations CEO Rob Ball previously spoke at OMTEC® and reflected on that advantage.
“The reality is for most implants out in the market, it’s very difficult to change the surgical techniques,” he said. “Sitting down with about eight trays of instruments and seeing which ones we can chuck out of the box and make this smaller footprint tends to be somewhat impossible; you have to go back and reconceive how the implant and the surgical technique are executed.”
Last 18 Months Sales Performance
Recent Developments
- July 2025 – Shoulder Innovations filed for $100 million IPO.
- August 2021 – The company gained FDA clearance for the InSet Reverse Shoulder, which includes AI-enabled 3D PreView Software Planning for more precise implant selection and placement.
- May 2021 – Shoulder Innovations entered a license agreement with Genesis Software Innovation for use of its PreView Shoulder Software.
2025 Outlook
According to our estimates, Shoulder Innovations will generate $43.6 million in sales for 2025, representing 38% growth over 2024 sales.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
