CARL earnings analysis
What we found in CARL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Carlsmed reported a strong Q1 2026, with revenue increasing by 58.2% year-over-year to $16.1 million, exceeding consensus estimates of $14.9 million. However, despite significant revenue growth, the company recorded a net loss of $8.7 million, reflecting rising operating expenses, and the diluted EPS improved to -$0.32 from a previous estimate of -$0.40. Management raised its guidance for full-year 2026 revenue to a range of $72-$77 million, up from $70-$75 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Growth
- Q1 2026 revenue reached $16.1 million, a 58.2% increase from $10.2 million in Q1 2025.
- EPS Improvement
- Diluted EPS improved to -$0.32 compared to a prior estimate of -$0.40.
- Raised Full-Year Guidance
- Management increased revenue guidance to $72-$77 million for 2026, up from $70-$75 million.
- Gross Margin Enhancement
- Gross margin improved to 77.1%, up from 74.9% in the prior year.
- Increased Operating Expenses
- Operating expenses rose by 62.5% with significant increases in research and development and sales efforts.
- Strong Sales Growth
- The number of trained surgeon users increased by over 60% compared to the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operating Expenses
- Total operating expenses increased by 62.5% year-over-year to $21.7 million.
- Growing Net Loss
- Net loss increased to $8.7 million from $5.7 million in the same period last year.
- Dependence on Payor Reimbursements
- Future revenues depend on reimbursement rates from Medicare and commercial payors for procedures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.32
- Gross margin
- 77.1%
- Operating margin
- -57.6%
What they said about what is next.
Full-year revenue guidance raised to $72 million-$77 million from previous $70 million-$75 million.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Carlsmed reported strong 2025 top-line momentum with revenue of $50.5 million (up 85.9% YoY) and Q4 revenue of $15.2 million (up 61.2% YoY), driven by expanding surgeon adoption and early cervical product launches.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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