CARL · Carlsmed, Inc.
$15.30
+1.03 (+7.22%)
At close · Oct 5
Return incl. dividend (before tax)
Market Cap
$384.70M
Shares
27.30M
Volume · Oct 5
130.64K
Avg daily vol (3M)
131.84K
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$15.30
Open$14.39
Day$14.27–15.40
52W close$8.83–16.99
Avg vol 30d94K
Short int1.1M · 4.0% float · 13.0d
Short vol70%
Last earningsAug 5, 2026
DataJul 2025–Oct 2026
Filing10-Q · Aug 5
Up next
filed Aug 5, 2026
call held Aug 5, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
$63.30M
Trailing 12 months
Net income (TTM)
−$36.34M
Trailing 12 months
Revenue growth YoY
+56.7%
Year over year
Operating margin
-61.1%
Trailing 12 months
P / E (TTM)
129.7
Trailing earnings · reciprocal yield 0.8%
FCF yield
-9.0%
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
$54.86M
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
+492.4%
Year over year · more shares
Price change (1Y)
+7.1%
Trailing year
Short interest
4.0%
Latest settlement · 13.0 days to cover
AI Brief
Q2 FY26 earnings call · Aug 5, 2026
Q2 FY26
TL;DR. Carlsmed reported Q2 2026 revenue of $18.9M, up 57% year-over-year, expanded gross margin by 340bps to 76.8%, and raised full-year 2026 revenue guidance to $74–78M from $72–77M, driven by surgeon adoption growth of over 60% and a favorable CMS IPPS reimbursement ruling effective October 1, 2026.
Bullish
- + Q2 2026 revenue grew 57% year-over-year to $18.9 million.
- + Raised full-year 2026 revenue guidance to $74–78 million from $72–77 million.
- + Gross margin expanded 340 basis points year-over-year to 76.8%.
- + Trained surgeon user base grew over 60% year-over-year.
- + CMS issued FY27 IPPS final rule creating new MS-DRG codes with enhanced reimbursement for aprevo lumbar procedures effective October 1, 2026.
- + Cervical franchise reached approximately 10% of Q2 revenue in just its second full quarter of commercialization.
Bearish
- − Operating expenses grew 66% year-over-year to $25.6 million, well above revenue growth.
- − Adjusted EBITDA loss widened to negative $8.6 million from negative $6.2 million in Q2 2025.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Very Strong
Sentiment
Bullish
Fundamentals
Excellent
Quant / Vol
Very High
Market backdrop
VIX 15.5 · calm
Equity put/call 0.59
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+25%
above
Price vs 50-day avg
+4%
above
RSI (14)
55
neutral
MACD trend
Negative
52-week position
79%
mid-range
Momentum
relative strength
1-month return
−2%
trailing
6-month return
+47%
trailing
YTD return
+24%
this year
Relative strength
+35%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $15 › 200d $12 — 50d above 200d
Institutional flow
Accumulating
+12% holders QoQ · +23 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
3.95% of float · ▼ -2.0% MoM · 13.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
74 holders — near 1-yr high, broad support
Squeeze score
70
high risk · 0–100
Fundamentals
Revenue growth
+86%
Y/Y
Gross margin
75%
expanding
EPS growth
+65%
Y/Y
Free cash flow
$-29.6M
Balance sheet
$70.4M
net cash
Quant / Vol
risk profile
Volatility
72%
annualized · 1-yr
Max drawdown
−48%
past year
ATR
5.2%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Aug 5, 2026
Revenue
· full year 2026
Initiated
$74M – $78M
prior FY $50.51M
midpoint +50.5% Y/Y
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+25%
Bullish
Price vs 50-day avg
+4%
Bullish
RSI (14)
55
Neutral
MACD trend
Negative
Bearish
52-week position
79%
Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross)
No cross
50d $15 › 200d $12 — 50d above 200d
Institutional flow
Accumulating
+12% holders QoQ · +23 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
3.95% of float · ▼ -2.0% MoM · 13.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
74 holders — near 1-yr high, broad support
Price context
position in its 52-week range
Range low $9
Now $15 · 79%
Range high $17
vs 200-day avg +25%
vs 50-day avg +4%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Health Information Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CARL
this stock
Carlsmed, Inc.
|
$384.70M | +23.9% | +85.9% | — | 4.0% |
|
VEEV
Veeva Systems Inc
|
$45.44B | +27.0% | +28.1% | 45.9 | 3.1% |
|
TEM
Tempus AI, Inc.
|
$15.34B | +41.5% | +83.4% | — | 15.6% |
|
PMDIY
Pro Medicus Ltd./ADR
|
$12.20B | -29.7% | — | — | 0.0% |
|
BTSG
BrightSpring Health Services, Inc.
|
$11.02B | +65.6% | +28.2% | 33.8 | 5.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Earnings & Events
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CARL | +7.9% | -1.9% | +46.6% | +8.7% | +23.9% |
| SPY | +1.2% | +0.6% | +11.6% | +1.6% | +13.6% |
| vs SPY | +6.7% | -2.5% | +35.0% | +7.1% | +10.3% |