Carlsmed, Inc.
CARLHealthcareNASDAQHealth Information Services
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Daily timeframeHeadquartered within the healthcare sector, Carlsmed, Inc. focuses on Health Information Services services and products. Carlsmed, Inc., a commercial-stage medical technology company, designs, manufactures, and markets AI-enabled personalized spine surgery solutions. The $310.5M market capitalization puts CARL squarely in small-cap range for its industry. The company develops aprevo, a comprehensive technology platform for spine fusion surgery procedures.
Market Cap
$310.5M
Beta
—
P/E (TTM)
—
P/E (Fwd)
-7.96
EPS (TTM)
$-0.98
EPS (Fwd)
$-1.44
ROE
-52.4%
ROA
-24.2%
Cash
$97.0M
Total Debt
$17.3M
Free CF
-$26.4M
52W Change
-21.2%
Annual Financials
Cash vs Debt
With $97.0M in cash and $17.3M in debt, CARL maintains more liquidity than leverage. This favorable balance sheet position can be an asset when capital markets become less accommodating. Free cash flow is running at -$26.4M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. Return on equity stands at -52.4%, which is negative for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. Revenue has grown from $13.8M (2023) to $50.5M (2025), reflecting a 267% increase over the period.
The strong cash position relative to debt provides a financial cushion that reduces balance sheet risk. Negative free cash flow means the company is currently spending more than it generates, which may require future fundraising or debt if the trend continues. Understanding these risk dimensions helps frame what to watch going forward as conditions evolve for Carlsmed, Inc. and its sector.