Carlsmed Launches Initial Public Offering

Carlsmed launched its initial public offering of 6,700,000 shares of common stock.

Underwriters will have a 30-day option to purchase up to 1,005,000 additional shares of common stock from Carlsmed at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is expected to be between $14.00 and $16.00 per share of common stock. Carlsmed has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol CARL.

A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.

The company markets the aprevo Technology Platform for lumbar spine fusion surgery, and is further developing the platform for use in cervical spine fusion, which it expects to commercialize in 2026.

Carlsmed currently intends to use net proceeds from the offering, together with existing cash and cash equivalents, to support the commercialization of the aprevo Technology Platform and expand and improve product offerings, including:

• approximately $24.7 million to support our increased sales and marketing efforts;
• approximately $45.9 million to fund our research and development activities to advance the aprevo Technology Platform, including the continued development of the aprevo Technology Platform for use in cervical spine fusion surgeries; and
• the remainder for working capital and general corporate purposes.

For the years ended December 31, 2024 and 2023, Carlsmed recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%. For the three months ended March 31, 2025 and 2024, it recognized revenue of $10.2 million and $5.1 million, respectively, representing period-over-period growth of 100.3%.

For the three months ended June 30, 2025, preliminary unaudited revenue is expected to be between $11.9 million and $12.1 million, compared to revenue of $6.1 million for the three months ended June 30, 2024. The estimated increase in revenue was primarily driven by ongoing sales and marketing efforts for new surgeon adoption of the aprevo Technology Platform and deepened penetration with existing surgeons.

Sources: Carlsmed, Renaissance Capital, Form S-1, SEC.gov