Carlsmed, Inc. (CARL)
Nasdaq · Surgical & Medical Instruments & Apparatus · Manufacturing · CIK 1794546 · fiscal year ends in Dec
Closing price $14.95 on 30 Oct 2026; 52-week range $8.83 to $16.99.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $63.3M
- Net income, last twelve months
- -$36.3M
- Earnings per share
- -$1.43
- Gross margin
- 76.6%
- Operating margin
- -61.1%
- Net margin
- -57.4%
- Free cash flow
- -$34.6M
- Return on equity
- -43.1%
- Market value
- $407.0M
- Cash
- $46.2M
- Debt
- $15.4M
- Debt to equity
- 0.18
- Shares outstanding
- 27.2M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 31 Dec 2025 | $50.5M | -$30.6M | -$29.6M | -$2.12 | -$29.6M | 10-K filed 25 Feb 2026 |
| FY2024 | 31 Dec 2024 | $27.2M | -$24.1M | -$24.3M | -$6.11 | -$25.6M | 10-K filed 25 Feb 2026 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 30 Jun 2026 | $18.9M | -$10.5M | -$0.39 |
| Q1 FY2026 | 31 Mar 2026 | $16.1M | -$8.7M | -$0.32 |
| Q4 FY2025 | 31 Dec 2025 | $15.2M | -$8.6M | -$0.32 |
| Q3 FY2025 | 30 Sep 2025 | $13.1M | -$8.5M | -$0.40 |
| Q2 FY2025 | 30 Jun 2025 | $12.1M | -$6.8M | -$1.47 |
| Q1 FY2025 | 31 Mar 2025 | $10.2M | -$5.7M | -$1.47 |
| Q3 FY2024 | 30 Sep 2024 | $6.6M | -$7.8M | -$2.06 |
| Q2 FY2024 | 30 Jun 2024 | $6.1M | -$6.3M | -$1.55 |
Company events
The newest 8-K filings of 11 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 30 Sep 2026 | 8-K | Leadership change, Investor update | 5.02, 7.01, 9.01 |
| 8 Sep 2026 | 8-K | Leadership change, Investor update | 5.02, 7.01, 9.01 |
| 5 Aug 2026 | 8-K | Results | 2.02, 9.01 |
| 3 Jun 2026 | 8-K | Shareholder vote | 5.07 |
| 5 May 2026 | 8-K | Results | 2.02, 9.01 |
| 25 Feb 2026 | 8-K | Results | 2.02, 9.01 |
| 12 Jan 2026 | 8-K | Results | 2.02, 9.01 |
| 6 Nov 2025 | 8-K | Results | 2.02, 9.01 |
| 30 Oct 2025 | 8-K | Material agreement, New debt | 1.01, 2.03, 9.01 |
| 28 Aug 2025 | 8-K | Results | 2.02, 9.01 |
| 24 Jul 2025 | 8-K | Bylaws or fiscal year change, Other events | 5.03, 8.01, 9.01 |
Every filing
The newest filings with the SEC of 46 held.
| Filed | Form | Period |
|---|---|---|
| 1 Oct 2026 | S-8 | – |
| 30 Sep 2026 | 8-K | 24 Sep 2026 |
| 8 Sep 2026 | 8-K | 4 Sep 2026 |
| 21 Aug 2026 | EFFECT | – |
| 14 Aug 2026 | S-3 | – |
| 5 Aug 2026 | 10-Q | 30 Jun 2026 |
| 5 Aug 2026 | 8-K | 5 Aug 2026 |
| 3 Jun 2026 | 8-K | 3 Jun 2026 |
| 5 May 2026 | 10-Q | 31 Mar 2026 |
| 5 May 2026 | 8-K | 5 May 2026 |
| 22 Apr 2026 | ARS | 31 Dec 2025 |
| 22 Apr 2026 | DEFA14A | – |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 5 Oct 2026 | Bertolini Jeffrey, Chief Operating Officer | Sale under a trading plan | 747 | $14.39 | $10.7K | 22,489 | 6 Oct 2026 |
| 30 Sep 2026 | Bertolini Jeffrey, Chief Operating Officer | Sale under a trading plan | 243 | $13.99 | $3.4K | 22,489 | 1 Oct 2026 |
| 2 Mar 2026 | Cordonnier Michael, CEO, President | Sale outside a trading plan | 197,855 | $13.29 | $2.6M | 1,356,646 | 4 Mar 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| Filed | Seller | Shares | Value | Planned sale |
|---|---|---|---|---|
| 30 Oct 2026 | Bertolini Jeffrey, Officer | 243 | $3.8K | 30 Oct 2026 |
| 14 Oct 2026 | Greenstein Leonard M., Former Officer | 4,136 | $57.9K | 14 Oct 2026 |
| 5 Oct 2026 | Bertolini Jeffrey, Officer | 747 | $10.7K | 5 Oct 2026 |
| 30 Sep 2026 | Bertolini Jeffrey, Officer | 243 | $3.4K | 30 Sep 2026 |
| 2 Mar 2026 | Cordonnier Michael, Officer, Director | 197,855 | $2.6M | 2 Mar 2026 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 14 Nov 2025 | B Capital Global Growth III, L.P. | 13G | 27.8% | 7.4M |
| 13 Nov 2025 | U.S. Venture Partners XII, L.P. | 13G | 22% | 5.8M |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 1.1M | +3.88% | 13.55 |
| 30 Sep 2026 | 1.1M | -2.28% | 14.28 |
| 15 Sep 2026 | 1.1M | -1.98% | 12.98 |
| 31 Aug 2026 | 1.1M | -16.39% | 6 |
| 14 Aug 2026 | 1.3M | -4.37% | 8.51 |
| 31 Jul 2026 | 1.4M | +1.37% | 15.19 |
| 15 Jul 2026 | 1.4M | +3.37% | 6.58 |
| 30 Jun 2026 | 1.3M | +0.14% | 8.47 |
Funds that hold it
From each fund's latest Form 13F.
87 funds held it at 30 Jun 2026: 54 added and 12 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| Jupiter Topco LLC | 1,251,616 | $13.0M | – |
| Parkman Healthcare Partners LLC | 597,318 | $6.2M | +76,195 |
| BlackRock, Inc. | 532,593 | $5.5M | +85,701 |
| KCM Capital Inc | 440,000 | $4.6M | +240,000 |
| Pier Capital, LLC | 373,677 | $3.9M | +373,677 |
| Millennium Management LLC | 295,907 | $3.1M | +295,907 |
| Palumbo Wealth Management LLC | 267,298 | $2.8M | +267,298 |
| Vanguard Capital Management LLC | 238,727 | $2.5M | -37,404 |
| Schonfeld Strategic Advisors LLC | 224,804 | $2.3M | -58,376 |
| Geode Capital Management, LLC | 204,655 | $2.1M | +11,482 |
Peers
Companies in the same industry.
- Stryker Corp. (SYK): revenue $26.3B, market value $110.9B
- 3M Co. (MMM): revenue $25.2B, market value $90.1B
- Boston Scientific Corp. (BSX): revenue $21.0B, market value $60.8B
- Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.9B
- Medline Inc. (MDLN): revenue –, market value $42.2B
- Resmed Inc. (RMD): revenue $5.7B, market value $32.3B
- Dexcom Inc. (DXCM): revenue $5.1B, market value $30.7B
- West Pharmaceutical Services Inc. (WST): revenue $3.4B, market value $28.8B
- Glaukos Corp. (GKOS): revenue $690.3M, market value $14.1B
- Solventum Corp. (SOLV): revenue $8.3B, market value $13.8B