Lumida
/CARL
⌘K
CARL

CARL

CARL
$11.66USD↓-1.35%-0.16 today

MARKET CAP

317.0M

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$11 – $12

52W RANGE

$9
$17

AI Summary

Stalk
TrimMedium

CARL remains in a Stage 4 Decline with confirmed lower highs and lower lows. Price trades below all major EMAs, which are sloping down and acting as resistance. The medium-term bias is bearish, reinforced by the absence of any active bullish patterns and persistent distribution pressure. On the short term, price is extended below EMAs without a clear pullback into resistance, creating no immediate entry edge. Execution should be deferred until a retest of falling EMAs or structural resistance offers a better setup for bearish engagement.

  • ↑Q1 revenue jumped 58% YoY to $16.1M, prompting FY26 guidance to $72–77M.
  • ↑Gross margin expanded to 77.1% in Q1, up from 74.9% YoY.
  • ↓Reported net loss widened to $8.7M in Q1, with OPEX up to $21.7M.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Carlsmed (NASDAQ:CARL) is a pioneering medical technology company focused on transforming spine surgery through its innovative Aprivo platform. By leveraging artificial intelligence, the company specializes in personalized surgical solutions, offering tailored implants to enhance surgical outcomes while optimizing costs. Carlsmed operates in a significant addressable market, with over 445,000 lumbar and 370,000 cervical spine procedures performed annually in the U.S. The company aims to establish itself as a leader in the medical technology landscape, particularly as the healthcare system shifts towards more personalized and efficient surgical practices.

Bull says

  • ↑Q1 revenue jumped 58% YoY to $16.1M, prompting FY26 guidance to $72–77M.
  • ↑Gross margin expanded to 77.1% in Q1, up from 74.9% YoY.
  • ↑Surgeon user base increased 60% YoY, driven by AI-personalized implant adoption.
  • ↑Anticipated CMS reimbursement changes may simplify coding and boost premiums.
  • ↑Clinical outcomes show a 74% reduction in re-operations versus traditional devices.
  • ↑Liquidity remains robust with $97.1M cash and manageable debt levels.

Bear says

  • ↓Reported net loss widened to $8.7M in Q1, with OPEX up to $21.7M.
  • ↓Negative earnings yield and profitability scores highlight value-trap risk.
  • ↓Continued surgeon training requirements may slow adoption, especially for cervical cases.
  • ↓Volatility score of 2.6 suggests potential for erratic stock swings.
  • ↓Final CMS reimbursement guidelines remain uncertain, risking premium payments.
  • ↓Elevated short interest and profitability headwinds may pressure the stock further.

Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 05-22-2026bullish

Transcript signals

Bull points

  • Revenue for the second quarter of 2025 was $12.1 million, compared with revenue of $6.1 million in the second quarter of 2024, with our 99% year-on-year quarterly revenue growth primarily driven by increased volume procedures performed by our new and existing surgeons.
  • We believe this provides us with sufficient capital to confidently execute our business strategy and maintain strategic optionality over the next several years.
  • With our 22.3 million sales performance in the first half of 2025, we are providing full-year 2025 revenue guidance of $45.5 million to $47.5 million, representing an annual growth range of 67% to 75% over the full year 2024.

Bear points

  • Our gap net loss was $6.8 million this quarter, compared to a $6.3 million net loss in the second quarter of 2024.
Read full transcript analysis ›