NASDAQ : CARL
Carlsmed, Inc. — Financial statements
Healthcare · Health Information Services · United States
Last price 15.0398 USD (Oct 30, 2026, 3:23 PM EDT) · Market cap 410.63M
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Financial statements
Carlsmed, Inc. (CARL) reported revenue of 63.30M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 63.30M | 50.51M | 27.16M | 13.78M |
| Cost of Revenue | 14.79M | 12.47M | 7.12M | 3.88M |
| Gross Profit | 48.50M | 38.04M | 20.05M | 9.90M |
| Selling, General & Admin | 66.24M | 51.59M | 29.87M | 21.10M |
| Research & Development | 20.93M | 17.02M | 14.30M | 7.39M |
| Operating Expenses | 87.17M | 68.61M | 44.17M | 28.49M |
| Operating Income | -38.66M | -30.57M | -24.12M | -18.59M |
| Interest Expense | -1.33M | -1.43M | -1.32M | -641.00K |
| Interest & Investment Income | 3.71M | 2.70M | 1.33M | 334.00K |
| Other Non Operating Income (Expenses) | -58.00K | -328.00K | -144.00K | |
| Pretax Income | -36.34M | -29.63M | -24.26M | -18.90M |
| Net Income | -36.34M | -29.63M | -24.26M | -18.90M |
| Preferred Dividends & Other Adjustments | 584.00K | 592.00K | ||
| Net Income to Common | -36.34M | -30.22M | -24.85M | -18.90M |
| Shares Outstanding (Basic) | 25.50M | 14.22M | 4.07M | 3.89M |
| Shares Outstanding (Diluted) | 25.50M | 14.22M | 4.07M | 3.89M |
| EPS (Basic) | -1.43 | -2.12 | -6.11 | -4.86 |
| EPS (Diluted) | -1.43 | -2.12 | -6.11 | -4.86 |
| Free Cash Flow | -34.58M | -29.62M | -25.65M | -17.61M |
| Free Cash Flow Per Share | -1.36 | -2.08 | -6.31 | -4.53 |
| Gross Margin | 76.63% | 75.31% | 73.80% | 71.88% |
| Operating Margin | -61.09% | -60.53% | -88.80% | -134.93% |
| Profit Margin | -57.42% | -59.82% | -91.47% | -137.16% |
| Free Cash Flow Margin | -54.63% | -58.64% | -94.41% | -127.85% |
| EBITDA | -38.26M | -30.29M | -23.98M | -18.45M |
| EBITDA Margin | -60.44% | -59.97% | -88.26% | -133.94% |
| D&A For EBITDA | 409.00K | 281.00K | 145.00K | 136.00K |
| EBIT | -38.66M | -30.57M | -24.12M | -18.59M |
| EBIT Margin | -61.09% | -60.53% | -88.80% | -134.93% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 46.24M | 85.79M | 40.12M | 7.22M |
| Short-Term Investments | 42.98M | 24.00M | ||
| Cash & Short-Term Investments | 89.22M | 109.79M | 40.12M | 7.22M |
| Receivables | 13.78M | 11.36M | 6.77M | 3.17M |
| Inventory | 2.27M | 1.84M | 995.00K | 575.00K |
| Prepaid Expenses | 4.22M | 3.57M | 1.36M | 653.00K |
| Restricted Cash | 100.00K | 100.00K | 100.00K | 150.00K |
| Total Current Assets | 109.60M | 126.67M | 49.35M | 11.77M |
| Property, Plant & Equipment | 8.35M | 3.31M | 1.90M | 2.24M |
| Long-Term Deferred Charges | 400.00K | |||
| Other Long-Term Assets | 253.00K | 134.00K | 169.00K | 15.00K |
| Total Assets | 118.20M | 130.12M | 51.82M | 14.02M |
| Accounts Payable | 3.70M | 4.48M | 2.41M | 1.69M |
| Accrued Expenses | 7.99M | 9.05M | 5.96M | 3.60M |
| Current Portion of Long-Term Debt | 1.84M | |||
| Current Portion of Leases | 703.00K | 752.00K | 449.00K | 310.00K |
| Total Current Liabilities | 12.40M | 14.28M | 8.82M | 7.44M |
| Long-Term Debt | 15.38M | 15.35M | 15.41M | 7.47M |
| Long-Term Leases | 5.83M | 1.32M | 1.32M | 1.77M |
| Other Long-Term Liabilities | 345.00K | 309.00K | 679.00K | 96.00K |
| Total Liabilities | 33.96M | 31.25M | 26.23M | 16.77M |
| Additional Paid-In Capital | 204.27M | 199.67M | 541.00K | 784.00K |
| Retained Earnings | -120.01M | -100.81M | -71.17M | -46.91M |
| Total Common Equity | 84.25M | 98.87M | -70.63M | -46.13M |
| Shareholders' Equity | 84.25M | 98.87M | 25.60M | -2.75M |
| Total Liabilities & Equity | 118.20M | 130.12M | 51.82M | 14.02M |
| Total Debt | 21.92M | 17.41M | 17.18M | 11.39M |
| Net Cash (Debt) | 67.31M | 92.38M | 22.95M | -4.17M |
| Net Cash Per Share | 2.64 | 6.50 | 5.64 | -1.07 |
| Filing Date Shares Outstanding | 27.30M | 26.73M | 4.23M | 3.89M |
| Total Common Shares Outstanding | 27.23M | 26.60M | 4.23M | 3.89M |
| Working Capital | 97.20M | 112.39M | 40.53M | 4.33M |
| Book Value Per Share | 3.09 | 3.72 | -16.68 | -11.87 |
| Tangible Book Value | 84.25M | 98.87M | -70.63M | -46.13M |
| Tangible Book Value Per Share | 3.09 | 3.72 | -16.68 | -11.87 |
| Machinery | 1.21M | 815.00K | 579.00K | 399.00K |
| Construction In Progress | 1.05M | 524.00K | ||
| Leasehold Improvements | 324.00K | 355.00K | 80.00K | 80.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | -36.34M | -29.63M | -24.26M | -18.90M |
| Depreciation & Amortization | 409.00K | 281.00K | 145.00K | 136.00K |
| Stock-Based Compensation | 5.39M | 1.93M | 253.00K | 115.00K |
| Provision & Write-off of Bad Debts | 1.22M | 414.00K | 368.00K | 871.00K |
| Other Operating Activities | 3.04M | 2.93M | 2.10M | 1.19M |
| Change in Accounts Receivable | -5.28M | -5.01M | -3.97M | -2.43M |
| Change in Inventory | -3.32M | -2.69M | -1.80M | -914.00K |
| Change in Accounts Payable | 1.46M | 2.32M | 297.00K | 943.00K |
| Change in Other Net Operating Assets | -633.00K | 485.00K | 1.39M | 1.51M |
| Operating Cash Flow | -34.15M | -28.98M | -25.47M | -17.48M |
| Capital Expenditures | -432.00K | -642.00K | -180.00K | -135.00K |
| Sale (Purchase) of Intangibles | -1.10M | -715.00K | ||
| Investment in Securities | -42.91M | -24.00M | ||
| Other Investing Activities | -126.00K | |||
| Investing Cash Flow | -44.44M | -25.48M | -180.00K | -135.00K |
| Long-Term Debt Issued | 6.21M | 3.12M | ||
| Net Debt Issued (Repaid) | 6.21M | 3.12M | ||
| Issuance of Common Stock | 94.17M | 93.67M | 34.00K | 55.00K |
| Other Financing Activities | -2.81M | -5.46M | ||
| Financing Cash Flow | 91.35M | 100.13M | 58.50M | 3.18M |
| Net Cash Flow | 12.77M | 45.67M | 32.85M | -14.44M |
| Free Cash Flow | -34.58M | -29.62M | -25.65M | -17.61M |
| Free Cash Flow Margin | -54.63% | -58.64% | -94.41% | -127.85% |
| Free Cash Flow Per Share | -1.36 | -2.08 | -6.31 | -4.53 |
| Levered Free Cash Flow | -26.41M | -21.65M | -17.29M | |
| Unlevered Free Cash Flow | -25.57M | -20.75M | -16.46M | |
| Cash Interest Paid | 1.20M | 1.20M | 1.11M | 515.00K |
| Change in Working Capital | -7.77M | -4.89M | -4.08M | -893.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 408.18M | 328.31M | ||
| Enterprise Value | 340.87M | 230.55M | ||
| Last Close Price | 14.95 | 12.35 | ||
| PS Ratio | 6.45 | 6.50 | ||
| PB Ratio | 4.83 | 3.32 | ||
| P/TBV Ratio | 4.85 | 3.32 | ||
| EV/Sales Ratio | 5.39 | 4.56 | ||
| Debt / Equity Ratio | 0.26 | 0.18 | 0.67 | -4.14 |
| Net Debt / Equity Ratio | -0.80 | -0.93 | -0.90 | -1.51 |
| Net Debt / EBITDA Ratio | 1.76 | 3.05 | 0.96 | -0.23 |
| Net Debt / FCF Ratio | 1.95 | 3.12 | 0.90 | -0.24 |
| Asset Turnover | 0.74 | 0.56 | 0.82 | |
| Inventory Turnover | 8.85 | 8.78 | 9.07 | |
| Quick Ratio | 8.31 | 8.48 | 5.32 | 1.40 |
| Current Ratio | 8.84 | 8.87 | 5.60 | 1.58 |
| Return on Equity (ROE) | -66.14% | -47.62% | -212.36% | |
| Return on Assets (ROA) | -28.19% | -21.00% | -45.79% | |
| Return on Capital Employed (ROCE) | -36.50% | -26.40% | -56.10% | -282.40% |
| Earnings Yield | -9.53% | -9.03% | ||
| FCF Yield | -8.47% | -9.02% | ||
| Buyback Yield / Dilution | -496.29% | -249.74% | -4.62% |