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Carlsmed reported 4Q25 orthopedic sales of $15.2 million, up 61.2% compared to the fourth quarter of 2024. For the full year, the company generated $50.5 million in orthopedic sales, up 85.9% compared to the prior year.
The company added 101 new surgeons in 2025 while honing its digital production system to improve productivity and reduce lead times. With those improvements, lead time is now six business days, down from eight days in the 4Q24 and 20 days a year prior.
“At Carlsmed, we aim to improve spine surgery through our preoperative, intraoperative and postoperative aprevo digital surgery platform,” said Carlsmed CEO Mike Cordonnier. “We create AI-driven personalized surgical plans and 3D-printed custom-made anatomically designed spine fusion systems. Unlike traditional one-size-fits-all approaches, real-world evidence suggests that our aprevo platform solution has the potential to improve outcomes and reduce the number of revision surgeries. We are fundamentally changing how spine surgery is planned and executed and how patients are treated.”
Two-year data from a retrospective cohort study in the Global Spine Journal showed a 74% reduction in reoperation rates among adult spinal deformity patients receiving aprevo lumbar implants compared to a separately published patient cohort receiving conventional stock implants.
Clinical outcome data and a compelling economic value proposition have helped Carlsmed build a robust reimbursement profile. In October 2025, the company was granted a new technology add-on payment of $21,125 from CMS for aprevo cervical spine fusion.
In 2026, the company expects total sales between $70 million and $75 million, with 44% growth at the midpoint.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $15.2 | $9.4 | $5.8 | 61.2% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $50.5 | $27.2 | $23.3 | 85.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $15.2 | |
| Cost of Sales | $3.6 | 23.5% |
| Sales and Marketing | $5.3 | 34.7% |
| General and Admin | $10.8 | 71.3% |
| R & D | $4.9 | 32% |
| Other | ($0.7) | (4.6%) |
| Net Earnings | ($8.6) | (56.8%) |
Carlsmed reported 4Q25 orthopedic sales of $15.2 million, up 61.2% compared to the fourth quarter of 2024. For the full year, the company generated $50.5 million in orthopedic sales, up 85.9% compared to the prior year.
The company added 101 new surgeons in 2025 while honing its digital production system to improve productivity and reduce...
Carlsmed reported 4Q25 orthopedic sales of $15.2 million, up 61.2% compared to the fourth quarter of 2024. For the full year, the company generated $50.5 million in orthopedic sales, up 85.9% compared to the prior year.
The company added 101 new surgeons in 2025 while honing its digital production system to improve productivity and reduce lead times. With those improvements, lead time is now six business days, down from eight days in the 4Q24 and 20 days a year prior.
“At Carlsmed, we aim to improve spine surgery through our preoperative, intraoperative and postoperative aprevo digital surgery platform,” said Carlsmed CEO Mike Cordonnier. “We create AI-driven personalized surgical plans and 3D-printed custom-made anatomically designed spine fusion systems. Unlike traditional one-size-fits-all approaches, real-world evidence suggests that our aprevo platform solution has the potential to improve outcomes and reduce the number of revision surgeries. We are fundamentally changing how spine surgery is planned and executed and how patients are treated.”
Two-year data from a retrospective cohort study in the Global Spine Journal showed a 74% reduction in reoperation rates among adult spinal deformity patients receiving aprevo lumbar implants compared to a separately published patient cohort receiving conventional stock implants.
Clinical outcome data and a compelling economic value proposition have helped Carlsmed build a robust reimbursement profile. In October 2025, the company was granted a new technology add-on payment of $21,125 from CMS for aprevo cervical spine fusion.
In 2026, the company expects total sales between $70 million and $75 million, with 44% growth at the midpoint.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $15.2 | $9.4 | $5.8 | 61.2% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $50.5 | $27.2 | $23.3 | 85.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $15.2 | |
| Cost of Sales | $3.6 | 23.5% |
| Sales and Marketing | $5.3 | 34.7% |
| General and Admin | $10.8 | 71.3% |
| R & D | $4.9 | 32% |
| Other | ($0.7) | (4.6%) |
| Net Earnings | ($8.6) | (56.8%) |
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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.
