Carlsmed, Inc. (NASDAQ: CARL), a commercial-stage medical technology company specializing in AI-driven personalized spine surgery solutions, has filed to go public on the NASDAQ Global Select Market. The company is expected to offer 6.7 million shares at a proposed price range of $14.00 to $16.00 per share, aiming to raise up to $123.3 million before over-allotments. The offering includes an additional 1,005,000 shares available for over-allotment.
Company Overview
Founded in 2018 and headquartered in Carlsbad, California, Carlsmed is transforming the landscape of spine fusion surgeries through its proprietary aprevo™ Technology Platform. This FDA-cleared platform combines AI-enabled surgical planning software, custom 3D-printed interbody implants, and single-use instruments to deliver patient-specific solutions. Carlsmed aims to address the limitations of traditional spine fusion procedures, which often rely on stock implants and outdated planning techniques.
Financials & IPO Details
Carlsmed has filed its IPO under the ticker symbol CARL. The company has approximately 26.5 million shares outstanding and plans a 180-day lockup period following the offering. Total offering expenses are estimated at $5.2 million. The offering is currently in the “Filed” stage with no expiration date yet set for the quiet period.
Market Opportunity
Carlsmed’s primary commercial product targets the lumbar spine fusion market, projected to reach over 445,000 procedures in the U.S. in 2025 alone. With the average selling price of its customized implants, the company estimates a total addressable U.S. market of $13.4 billion. The company also completed its first human cervical fusion case using aprevo in July 2025 and plans broader commercialization in 2026.
Clinical & Strategic Growth
With over 199 surgeons using the aprevo platform as of mid-2025, Carlsmed is expanding its sales infrastructure and developing new indications. The company’s ongoing COMPASS Registry study further validates clinical outcomes, showing reduced revision surgery rates compared to traditional methods.
Leadership
Carlsmed is led by CEO Michael Cordonnier and is incorporated in Delaware. Its main offices are located at 1800 Aston Avenue, Suite 100, Carlsbad, CA 92008.
As the healthcare sector increasingly embraces personalized and AI-powered treatments, Carlsmed’s IPO positions it to scale its innovative platform and potentially redefine the standard of care in spine surgery.
