CARLSMED INC (CARL)
Health Care · Spine surgery devices and personalized implants · NASDAQ
An AI-powered spine surgery platform delivering patient-specific interbody implants and surgical instruments to enable personalized spinal fusion procedures.
What CARLSMED INC does
Carlsmed develops and commercializes the aprevo Technology Platform, an AI-enabled solution consisting of software, custom-designed interbody implants, and single-use surgical instruments for spine surgery. The platform uses artificial intelligence and patient-specific design to provide personalized surgical solutions. The company operates in the medical device space, focused on spinal fusion and related orthopedic procedures. Carlsmed distributes its products through hospitals and surgeon networks in the United States.
Themes: surgical implants / spine surgery, personalized / patient-specific medicine, AI-enabled medical devices, spinal fusion procedures
Fundamentals
- Price$15.80 as of 2026-08-24 close
- Market cap$431M as of 2026-08-24
- 1-year return+21.2% 2025-08-22 close $13.04 → 2026-08-24 close $15.80
- P/En/a negative earnings
- Net margin-57.8% as of 2026-08-24
- Gross margin+75.9% as of 2026-08-24
- ROE-40.3% as of 2026-08-24
- Debt / equity0.17 as of 2026-08-24
- Revenue growth (YoY)+58.2% as of 2026-08-24
- Beta1.19 as of 2026-08-24
- Last reported earnings2026-08-05 SEC EDGAR Form 8-K (Item 2.02)
How CARL compares in its sector
- net profit marginmiddle range 504 covered Health Care peers, as of 2026-08-24
- operating marginmiddle range 504 covered Health Care peers, as of 2026-08-24
- gross marginmiddle range 384 covered Health Care peers, as of 2026-08-24
- return on equitymiddle range 576 covered Health Care peers, as of 2026-08-24
- free cash flow (absolute dollars, latest fiscal year)middle range 493 covered Health Care peers, as of FY2025
Position among covered Health Care companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
How CARLSMED INC looks technically
CARLSMED INC (CARL) is trading 31.0% above its 200-day average, the long-term trend line — a longer-term uptrend. Its 50-day average crossed above its 200-day average about 4 trading days ago — a "golden cross", a bullish long-term signal. A strong uptrend is in place — ADX, a 0–100 trend-strength gauge, is 42, with buyers in control. Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 69, neither overbought (above 70) nor oversold (below 30). It made a new 20-day high about 3 trading days ago.
Trend
9
| Distance from the 200-day | it is trading 31.0% above its 200-day average, the long-term trend line — a longer-term uptrend | +30.9% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $12.35 | $12.35 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $12.07 | $12.07 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing high 18 calendar days ago — the swings before that are what the structure reading is measured on | 18 sessions |
| Wave structure | its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in the fourth leg, a pullback against that upward direction; the labelling fails if price closes below 13.065. It is the only labelling that fits, though not with textbook proportions, and it describes the swings already printed, not what comes next. | possible upward five-wave sequence, in wave 4 (atypical proportions) |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 4 trading days ago — a "golden cross", a bullish long-term signal | 4 sessions |
| Above the 200-day after a dip | it recently dipped to its 200-day average (the long-term trend line) and has since climbed back above it — now about 31.0% above | +30.9% |
| Trend strength (14-day ADX) | a strong uptrend is in place — ADX, a 0–100 trend-strength gauge, is 42, with buyers in control | 41.8 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 69, neither overbought (above 70) nor oversold (below 30) | 69.1 |
|---|---|---|
| Position in its 14-day range | it is trading in the upper half of its 14-day range ($12.90 to $17.23) — its "stochastic" reading is 67 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 67.0 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in positive territory (momentum leaning bullish) | 19 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $17.23 | $17.23 |
|---|---|---|
| From the 52-week high | it is 8.3% below its 52-week high (its highest price of the past year) | -8.3% |
| Above the 52-week low | it is 85.9% above its 52-week low (its lowest price of the past year) | +85.9% |
| Below the 52-week high | it is 8.3% below its highest point of the past year | 8.3% |
| Since a 20-day breakout | it made a new 20-day high about 3 trading days ago | 3 sessions |
| Since a 55-day breakout | it made a new 55-day high about 3 trading days ago | 3 sessions |
| All-time high | its highest closing price on record is $17.23 (set on 2026-08-21) | $17.23 |
| Given back of the 52-week move | over the past year its closes ranged ($8.83 to $16.99), and it has recovered almost all of its fall from last year’s high — 85% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $13.87 to $14.13. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 85.4% |
| From the all-time high | it is 8.3% below its all-time high | -8.3% |
| Nearest price level | it is trading 3.9% above a support level at $15.18 — a price it turned at twice since 2026-02-27, most recently on 2026-08-06. Since 2025-07-23 it has 10 such levels below the current price and 0 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | -3.9% |
| All-time low | its lowest closing price on record is $8.50 (set on 2026-04-13) | $8.50 |
| Above the all-time low | it is 85.9% above its all-time low | +85.9% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are wider than usual versus its own recent 6-month history (wider than about 72% of it) | 72nd percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.8457 between its high and its low — about 5.4% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.8457 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $11.66 and $16.32 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $11.66 – $13.99 – $16.32 |
| Typical daily range (% of price) | its price moves about 5.4% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 5.3% |
| Stretch from the 200-day average | it is trading 4.4 daily ranges above its 200-day average price (31.0% above it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 4.4 daily ranges above its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.72× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
1
| Since a doji | 8 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 8 sessions ago |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-08-24 0.1% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.1% |
|---|---|---|
| Open gap | it gapped 2.6% above the previous close 15 sessions ago and has not traded back through the level it left behind at 12.59 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | +2.6% |
| Gap filled | a 2.5% gap up opened on 2026-08-06 has been "filled" 12 sessions ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 12 sessions ago |
Price streaks
1
| Closing streak | it has closed lower 2 sessions in a row, a -4.24% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 2 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock beat the market by 43.0 percentage points (the stock gained 46.3% while the market gained 3.3%) | +43.0% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock beat the market by 28.1 percentage points (the stock gained 30.5% while the market gained 2.4%) | +28.1% |
| vs market, 6 months | over the past 6 months this stock beat the market by 9.9 percentage points (the stock gained 21.0% while the market gained 11.1%) | +9.9% |
| vs market, 12 months | over the past 12 months this stock beat the market by 2.9 percentage points (the stock gained 21.2% while the market gained 18.3%) | +2.9% |
Signal agreement
2
| Bullish technical signals | 7 of the 9 technical signals we can compute for it are currently in a bullish state: a strong uptrend, with buyers in control, a "golden cross" — its 50-day average is above its 200-day, trading above its 200-day average, a fresh 20-day high, MACD momentum is positive, outperforming the market over 6 months, trading above the Ichimoku cloud — these describe past price behaviour, not a forecast | 7 of 9 |
|---|---|---|
| Bearish technical signals | 0 of the 9 technical signals we can compute for it are currently in a bearish state — these describe past price behaviour, not a forecast | 0 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 39% above the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-17 and projected forward over today's price, the side traders read as an established uptrend, with the band below acting as the level that would have to give way. The band itself is moderate, spanning 3.8% of the share price. | +38.8% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 32% above the average price paid so far this year, so the typical buyer over that stretch is showing a gain. That average is $12.01 — a volume-weighted average of daily closes over 151 sessions, not a true tick-by-tick VWAP. | +31.6% |
|---|---|---|
| Vs the average paid since it last reported | the price is 7% above the average price paid since it last reported on 2026-08-05 (its 10-Q), so the typical buyer over that stretch is showing a gain. That average is $14.82 — a volume-weighted average of daily closes over 14 sessions, not a true tick-by-tick VWAP. | +6.6% |
Price levels it has turned at before
CARL last closed at $15.80 on 2026-08-24. Since 2025-07-23 it has turned at 10 prices below its last close and 0 above; the 3 nearest below are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $15.18 | Support | 3.9% below the last close | turned there twice · 2026-02-27 to 2026-08-06 |
| $14.84 | Support | 6.1% below the last close | turned there twice · 2025-10-08 to 2026-01-12 |
| $14.52 | Support | 8.1% below the last close | turned there twice · 2025-08-25 to 2025-10-20 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in leg 4 of five, a pullback against that direction.
This labelling fails — stops being a possible reading at all — if it closes below $13.06.
It is the only labelling that fits these swings, though its proportions are not the textbook ones.
On past moves of this shape the leg has usually ended somewhere between $13.06 and $13.93 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
This labelling was already in place when we began recording count changes on 2026-08-13, so how long it has stood is not something we can say yet.
Read from daily closes as of 2026-08-24.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading above the 200-day moving average · Recent golden cross (50-day crossed above 200-day) · Tested and reclaimed 200-day support · Broke out to a new 20-day high · in a strong, established uptrend (ADX) · beating the market | Learn: moving average · golden cross · adx · rsi · breakout
Based on daily closing prices as of 2026-08-24. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.40 mean, 1=Strong Buy…5=Strong Sell) — 5 analysts
- Mean price target$19.20 range $17.00 – $23.00; median $18.00
Analyst estimates, as of 2026-08-18. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for CARL
- Consensus EPS estimate-$0.385 next reporting period, as of 2026-08-18
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Dependence on a limited number of contract manufacturing organizations (CMOs) for production; manufacturing delays could impact product delivery and revenue.","Regulatory approval and reimbursement uncertainty; the company must maintain third-party payor reimbursement strategy and navigate complex healthcare regulatory frameworks in the US and internationally.","Intense competition from large established medical device manufacturers with greater resources, brand recognition, and market presence in the spine surgery sector."]
What changed in the latest 10-Q
AI-assisted comparison of CARL's 10-Q filed 2026-05-05 against the prior one filed 2025-11-06.
Management's Discussion & Analysis (MD&A)
- Reworded:
- Page number for 'Management's Discussion and Analysis of Financial Condition and Results of Operations' changed from 22 (2025-11-06) to 21 (2026-05-05)
- Page number for 'Quantitative and Qualitative Disclosures About Market Risk' changed from 33 (2025-11-06) to 32 (2026-05-05)
- Page number for 'Controls and Procedures' changed from 33 (2025-11-06) to 32 (2026-05-05)
- Page number for 'OTHER INFORMATION' changed from 34 (2025-11-06) to 33 (2026-05-05)
- Page number for 'Legal Proceedings' changed from 34 (2025-11-06) to 33 (2026-05-05)
- Notes:
- Changes are limited to page number references in the table of contents; no substantive content changes are visible in this excerpt
Risk Factors
- Added:
- Newer filing references 'Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026' (filed 2026-05-05)
- Newer filing includes 'Short-term investments' of $24,000 on balance sheet as of March 31, 2026 (filed 2026-05-05)
- Newer bullet point added: 'our ability to attract and retain customers and surgeon users' (filed 2026-05-05)
- Newer bullet point added: 'the scope of protection we are able to establish, maintain and enforce intellectual property rights covering our products' with added language 'maintain and enforce' (filed 2026-05-05)
- Newer bullet point added: 'and achieve profitability' to end of bullet about estimates of expenses and capital requirements (filed 2026-05-05)
- Removed:
- Older filing references 'prospectus dated July 22, 2025 (File No. 333-288339) (the "IPO Prospectus"), as filed with the Securities and Exchange Commission (the "SEC") on July 24, 2025 pursuant to Rule 424(b)(4)' (filed 2025-11-06)
- Older filing references convertible preferred stock on balance sheet (Series A, B, C) and warrant liabilities (filed 2025-11-06)
- Older bullet point: 'our ability to attract and retain hospitals and surgeons' (filed 2025-11-06)
- Older bullet point: 'the scope of protection we are able to establish and maintain for intellectual property rights covering our products' without 'enforce' (filed 2025-11-06)
- Older bullet point ended with 'and our ability to obtain additional capital' without 'achieve profitability' (filed 2025-11-06)
- Older trademark disclaimer text referred to 'this prospectus' instead of 'this Quarterly Report on Form 10-Q' (filed 2025-11-06)
- Reworded:
- Forward-looking statements bullet changed from 'our ability to maintain or reduce the manufacturing times of our contract manufacturing organizations ("CMOs")' to 'our ability to maintain or reduce the manufacturing times of our contract manufacturing organizations ("CMOs")' - CMO definition moved from parenthetical to full expansion (filed 2026-05-05 vs 2025-11-06)
- Trademark disclaimer: 'This Quarterly Report on Form 10-Q may also contain trademarks...in this Quarterly Report on Form 10-Q' replaced references to 'this prospectus' (filed 2026-05-05 vs 2025-11-06)
- Notes:
- Balance sheet dates differ between filings (March 31, 2026 vs September 30, 2025), making direct balance sheet comparison of different reporting periods
- Risk Factors section header page number changed from 34 to 33 between filings, but actual Risk Factors content not provided in either excerpt
- Older filing excerpt appears truncated at the end of preferred stock section and may be incomplete for full comparison
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days.
- Last 180 days0 buys · 1 sell ($3M) — 1 selling insider
Most recent open-market transaction: 2026-03-02. As of 2026-08-25.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about CARL's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding CARL as of 2026-03-31 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 616,900
- Reported value $5,582,947
reported quarterly holdings change (2025-12-31 → 2026-03-31): 1 new, 3 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Short interest (FINRA)
CARL had 1,376,188 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
CARL had 5.04% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 15.19 days to cover at the same settlement.
- Reported short interest (shares) 1,376,188
- Short interest (% of shares outstanding) 5.04%
- Prior settlement (shares) 1,357,636
- Reported change 1.37%
- Days to cover (reported) 15.19
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Medtronic (MDT)
- Stryker (SYK)
- Zimmer Biomet (ZBH)
- NuVasive (NUVA)
- Orthofix International (OFIX)
- LivaNova (LIVN)
- Spinal fusion devices and implants
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare CARL vs…
Frequently asked questions
What does CARLSMED INC (CARL) do?
Carlsmed develops and commercializes the aprevo Technology Platform, an AI-enabled solution consisting of software, custom-designed interbody implants, and single-use surgical instruments for spine surgery. The platform uses artificial intelligence and patient-specific design to provide personalized surgical solutions. The company operates in the medical device space, focused on spinal fusion and related orthopedic procedures.
What sector is CARLSMED INC (CARL) in?
CARLSMED INC (CARL) is classified in the Health Care sector. Its industry is Spine surgery devices and personalized implants. It trades on NASDAQ.
Who are CARLSMED INC's (CARL) competitors?
Notable peers of CARLSMED INC (CARL) include Medtronic, Stryker, Zimmer Biomet, NuVasive and Orthofix International. This peer set is informational only — not financial advice.
Is CARLSMED INC (CARL) overbought or oversold right now?
CARLSMED INC (CARL) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 69, in the neutral middle (as of 2026-08-24). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on CARL come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-24.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.