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Earnings analysis · 10-Q

CARL earnings analysis

Filed May 5, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $23 Operating expenses $135 Left as operating profit $-58

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$-0.32

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

Full-year revenue guidance raised to $72 million-$77 million from previous $70 million-$75 million.

Earlier filings 1

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 itself. Analysis can contain errors; check the source document for full context.