CARL
Carlsmed, Inc.
NasdaqGSUSDEQUITY
Healthcare
DELAYED
Last price
16.00
▼ 0.50 (3.03%)
MARKET · —
Price
Open
16.80
Prev close
16.50
Day high
17.23
Day low
16.01
Volume
239.96K
Market cap
$438.21M
P/E (TTM)
—
52W range
8.50 – 17.23
Trailing performance
Returnvs SPY
1W
+12.08%
+13.4%
1M
+45.91%
+42.2%
3M
+26.88%
+23.8%
6M
+25.69%
+14.6%
YTD
+29.96%
+17.7%
1Y
+32.97%
+13.0%
3Y
—
-74.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$438.21M
Enterprise value$370.90M
Revenue (TTM)$63.30M
Gross profit$48.50M
EBITDA$-38.26M
Net income$-36.34M
EPS (TTM)$-2.34
Free cash flow$-26.41M
Total cash$89.22M
Total debt$21.92M
Book value / share$3.09
Shares outstanding27.30M
Float15.67M
Short % of float13.50%
Dividend yield—
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E-11.63
PEG ratio—
Price / sales—
Price / book5.19
EV / revenue5.86
EV / EBITDA-9.70
Gross margin76.63%
Operating margin-58.27%
Profit margin-57.42%
Return on equity-66.14%
Return on assets-28.19%
Debt / equity26.02
Current ratio8.84
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 |
|---|---|---|
| Total revenue | $50.51M | $0 |
| Cost of revenue | $0 | $0 |
| Gross profit | $0 | $0 |
| R&D | — | — |
| SG&A | — | — |
| Operating income | — | — |
| Pre-tax income | — | — |
| Tax provision | $0 | $0 |
| Net income | -$30.22M | -$24.26M |
| EBIT | $0 | $0 |
| Line item | 2025 | 2024 |
|---|---|---|
| Cash & equivalents | — | — |
| Short-term investments | — | — |
| Net receivables | — | — |
| Inventory | — | — |
| Total current assets | — | — |
| Total assets | — | — |
| Total current liabilities | — | — |
| Long-term debt | — | — |
| Total liabilities | — | — |
| Retained earnings | — | — |
| Shareholder equity | — | — |
| Line item | 2025 | 2024 |
|---|---|---|
| Net income | -$30.22M | -$24.26M |
| Depreciation | — | — |
| Change in working capital | — | — |
| Operating cash flow | — | — |
| Capital expenditure | — | — |
| Investing cash flow | — | — |
| Dividends paid | — | — |
| Buybacks | — | — |
| Financing cash flow | — | — |
| Net change in cash | — | — |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.40 | -0.39 | +1.3% |
| Mar 2026 | -0.40 | -0.26 | +33.3% |
| Dec 2025 | -0.43 | -0.29 | +31.5% |
| Sep 2025 | -0.49 | -0.37 | +24.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.39 | 2 | $19.17M | +46.6% |
| Next quarter | -0.34 | 2 | $22.48M | +48.2% |
| Current year | -1.41 | 2 | $76.71M | +51.9% |
| Next year | -1.38 | 2 | $108.11M | +40.9% |
Analyst targets & ownership
Mean target$19.20
High target$23.00
Low target$17.00
Implied upside20.00%
Analyst count5
ConsensusSTRONG BUY
Strong buy / Buy2 / 3
Hold0
Sell / Strong sell0 / 0
Held by insiders44.42%
Held by institutions40.30%
Institutions holding104
Price targets, consensus spread, insider and institutional ownership.
Insider net activity
Net shares
+248.62K
Net buying
Buy transactions
5
446.48K shares
Sell transactions
1
197.85K shares
Net transactions
+6
Buys less sells
Sell : buy shares
0.4 : 1
Mixed
Insider-held shares
12.13M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 3, 26 | YOUNG PHILIP M Director |
STOCK | 13.70K | $0 | Direct |
| Jun 3, 26 | ROOT JONATHAN D Director |
STOCK | 13.70K | $0 | Direct |
| Jun 3, 26 | SIDOW KEVIN Director |
STOCK | 13.70K | $0 | Direct |
| Jun 3, 26 | O'BOYLE KEVIN C Director |
STOCK | 13.70K | $0 | Direct |
| Mar 3, 26 | CORDONNIER MICHAEL Chief Executive Officer |
CONVERSION | 391.69K | $264.84K | Direct |
| Mar 2, 26 | CORDONNIER MICHAEL Chief Executive Officer |
SELL | 197.85K | $2.63M | Direct |
| Jan 28, 26 | GREENSTEIN LEONARD M Chief Financial Officer |
STOCK | 44.98K | $0 | Direct |
| Jan 28, 26 | DURALL WILLIAM SCOTT Officer |
STOCK | 44.98K | $0 | Direct |
| Jan 28, 26 | CASEY NIALL Officer and Director |
STOCK | 44.98K | $0 | Direct |
| Jan 28, 26 | CORDONNIER MICHAEL Chief Executive Officer |
STOCK | 117.32K | $0 | Direct |
| Jul 24, 25 | YOUNG PHILIP M Director |
BUY | 60.00K | $899.99K | Indirect |
| Jul 24, 25 | ROOT JONATHAN D Director |
BUY | 466.67K | $7.00M | Direct |
| Jul 24, 25 | SIDOW KEVIN Director |
BUY | 13.33K | $200.00K | Direct |
| Jul 24, 25 | MITTENDORFF ROBERT E. II Director |
BUY | 1.33M | $20.00M | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
B CAPITAL FUND II, L.P. |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
CASEY NIALL |
Officer and Director | 982.56K | Stock Award(Grant) |
CORDONNIER MICHAEL |
Chief Executive Officer | 1.55M | Conversion of Exercise of derivative security |
DURALL WILLIAM SCOTT |
Officer | 44.98K | Stock Award(Grant) |
GREENSTEIN LEONARD M |
Chief Financial Officer | 188.35K | Stock Award(Grant) |
MITTENDORFF ROBERT E. II |
Director | — | Purchase |
PRESIDIO MANAGEMENT GROUP XII L.L.C. |
Beneficial Owner of more than 10% of a Class of Security | — | Conversion of Exercise of derivative security |
ROOT JONATHAN D |
Director | 6.14M | Stock Award(Grant) |
SIDOW KEVIN |
Director | 73.26K | Stock Award(Grant) |
YOUNG PHILIP M |
Director | 119.93K | Stock Award(Grant) |
Moving averages & technicals
SMA 10
14.62
+9.42% from price
SMA 20
13.77
+16.54% from price
SMA 50
12.27
+30.80% from price
SMA 100
11.33
+41.16% from price
SMA 200
11.96
+34.23% from price
EMA 12
14.64
+9.25% from price
EMA 26
13.63
+17.37% from price
EMA 50
12.75
+25.46% from price
RSI (14)
72.3
Overbought
MACD (12,26,9)
1.01
Hist 0.24
ATR (14)
0.86
5.36% of price
Realised vol 30D
62.1%
Annualised
Bollinger upper
16.19
20, 2σ
Bollinger lower
11.35
20, 2σ
50 / 200 cross
Golden
12.27 vs 11.96
Trend bias
Above 200
+34.23%
Risk profile
Beta vs SPY
1.04
More volatile than market
Correlation to SPY
0.18
Largely independent
Realised vol 30D
62.1%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-48.0%
Peak to trough
Max drawdown 5Y
-48.0%
Peak to trough
ATR 14
0.86
5.36% of price
Beta (reported)
—
5Y monthly, from filing
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Headlines
Carlsmed Eyes Growth as Cervical Launch, Medicare Shift Boost Spine Platform
MarketBeat · 10d ago
Truist Adjusts Price Target on Carlsmed to $20 From $18, Maintains Buy Rating
MT Newswires · 17d ago
Carlsmed Inc (CARL) (Q2 2026) Earnings Call Highlights: Revenue Surges 57% to $18. ...
GuruFocus.com · 17d ago
Carlsmed Q2 Earnings Call Highlights
MarketBeat · 17d ago
Carlsmed, Inc. (CARL) Reports Q2 Loss, Beats Revenue Estimates
Zacks · 17d ago
Carlsmed® Reports Second Quarter 2026 Financial Results and Raises Full-Year Guidance
GlobeNewswire · 17d ago
Carlsmed Announces Favorable Reimbursement for aprevo® lumbar Procedures
GlobeNewswire · 19d ago
Fulgent Genetics, Inc. (FLGT) Reports Q2 Loss, Misses Revenue Estimates
Zacks · 23d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.