Carlsmed Posts 86% Revenue Growth in 2025, Expands Gross Margins
Event summary
- Fourth quarter revenue of $15.2 million, up 61% YoY; full-year revenue reached $50.5 million, an 86% YoY increase.
- Gross margin expanded to 76.5% in Q4 2025, up from 74.7% in Q4 2024.
- Net loss widened to $8.6 million in Q4 2025, compared to $4.7 million in Q4 2024.
- Launched aprevo® cervical system and myaprevo® ecosystem in 2025.
- First in-human procedures for aprevo® bi-lateral posterior fusion and corra™ cervical plating performed in February 2026.
The big picture
Carlsmed's strong revenue growth and gross margin expansion reflect its successful scaling in the AI-enabled personalized spine surgery market. The company's strategic focus on improving patient outcomes and reducing healthcare costs positions it well in a competitive medical technology landscape. However, its widening net loss and increasing operating expenses present challenges as it aims to maintain momentum in 2026.
What we're watching
- Revenue Growth
- Whether Carlsmed can sustain its 44% projected revenue growth in 2026 amid increasing operating expenses.
- Operational Efficiency
- How the company will manage its widening net loss while scaling its business.
- Product Adoption
- The pace at which new products like the aprevo® cervical system and corra™ cervical plating gain market traction.