CARL
Carlsmed, Inc.
NasdaqGSUSDEQUITY
Healthcare
DELAYED
Buy
+41/100
Last price
14.64
▼ 0.66 (4.31%)
MARKET · —
Price
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Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
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Range —
Vol —
vs
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Open
—
Prev close
15.30
Day high
15.43
Day low
14.56
Volume
116.18K
Market cap
$399.71M
P/E (TTM)
—
52W range
8.50 – 17.23
Trailing performance
Returnvs SPY
1W
+3.90%
+2.0%
1M
-6.15%
-7.3%
3M
+20.89%
+16.4%
6M
+50.31%
+32.1%
YTD
+18.54%
+4.3%
1Y
+12.88%
-3.5%
3Y
—
-82.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
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.
Free account
5 more panels on CARL open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+5.99M
Net buying
Buy transactions
9
5.99M shares
Sell transactions
2
990 shares
Net transactions
+11
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
12.30M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Oct 5, 26 | BERTOLINI JEFFREY Chief Operating Officer |
SELL | 747 | $10.75K | Direct |
| Oct 5, 26 | BERTOLINI JEFFREY Chief Operating Officer |
CONVERSION | 747 | $4.42K | Direct |
| Sep 30, 26 | BERTOLINI JEFFREY Chief Operating Officer |
SELL | 243 | $3.40K | Direct |
| Sep 30, 26 | BERTOLINI JEFFREY Chief Operating Officer |
CONVERSION | 243 | $542 | Direct |
| Sep 28, 26 | HEPPENSTALL RICHARD Chief Financial Officer |
STOCK | 89.29K | $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 |
| Jun 3, 26 | YOUNG PHILIP M Director |
STOCK | 13.70K | $0 | Direct |
| Jun 3, 26 | ROOT JONATHAN D 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 |
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 |
GREENSTEIN LEONARD M |
Chief Financial Officer | 188.35K | Stock Award(Grant) |
HEPPENSTALL RICHARD |
Chief Financial Officer | 89.29K | 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 | — | Purchase |
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) |
Fundamentals
Market cap$399.71M
Enterprise value$332.41M
Revenue (TTM)$63.30M
Gross profit$48.50M
EBITDA$-38.26M
Net income$-36.34M
EPS (TTM)$-1.08
Free cash flow$-26.41M
Total cash$89.22M
Total debt$21.92M
Book value / share$3.09
Shares outstanding27.30M
Float15.59M
Short % of float10.55%
Dividend yield0.00%
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E-10.61
PEG ratio—
Price / sales—
Price / book4.73
EV / revenue5.25
EV / EBITDA-8.69
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 | 2023 | YoY |
|---|---|---|---|---|
| Total revenue | $50.51M | $27.16M | $13.78M | +85.9% |
| Operating revenue | $50.51M | $27.16M | $13.78M | +85.9% |
| Cost of revenue | $12.47M | $7.12M | $3.88M | +75.2% |
| Gross profit | $38.04M | $20.05M | $9.90M | +89.7% |
| Research & development | $17.02M | $14.30M | $7.39M | +19.0% |
| Selling, general & admin | $51.59M | $29.87M | $21.10M | +72.8% |
| Total operating expense | $68.61M | $44.17M | $28.49M | +55.3% |
| Operating income | -$30.57M | -$24.12M | -$18.59M | -26.7% |
| Net interest income | $1.27M | $9.00K | -$307.00K | +13,988.9% |
| Pre-tax income | -$29.63M | -$24.26M | -$18.90M | -22.2% |
| Net income | -$29.63M | -$24.26M | -$18.90M | -22.2% |
| Net income to common | -$30.22M | -$24.85M | -$18.90M | -21.6% |
| Basic EPS | -2.12 | -6.11 | -0.99 | +65.3% |
| Diluted EPS | -2.12 | -6.11 | -0.99 | +65.3% |
| EBIT | -$28.20M | -$22.94M | -$18.26M | -23.0% |
| EBITDA | -$27.92M | -$22.79M | -$18.12M | -22.5% |
| Basic shares | 14.22M | 4.07M | 19.17M | +249.7% |
| Diluted shares | 14.22M | 4.07M | 19.17M | +249.7% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Cash & equivalents | $85.79M | $40.13M | $7.22M | +113.8% |
| Cash & short-term investments | $109.79M | $40.13M | $7.22M | +173.6% |
| Accounts receivable | $11.36M | $6.77M | $3.17M | +67.9% |
| Inventory | $1.84M | $995.00K | $575.00K | +85.4% |
| Total current assets | $126.67M | $49.35M | $11.77M | +156.7% |
| Property, plant & equipment | $3.31M | $1.90M | $2.24M | +74.0% |
| Total assets | $130.12M | $51.82M | $14.02M | +151.1% |
| Total current liabilities | $14.28M | $8.82M | $7.44M | +61.9% |
| Current debt | — | — | $1.84M | — |
| Long-term debt | $15.35M | $15.41M | $7.47M | -0.4% |
| Total debt | $17.41M | $17.18M | $11.39M | +1.4% |
| Total liabilities | $31.25M | $122.45M | $60.15M | -74.5% |
| Retained earnings | -$100.81M | -$71.17M | -$46.91M | -41.6% |
| Shareholder equity | $98.87M | -$70.63M | -$46.13M | +240.0% |
| Working capital | $112.39M | $40.53M | $4.33M | +177.3% |
| Net tangible assets | $98.87M | -$70.63M | -$46.13M | +240.0% |
| Shares issued | 26.66M | 26.52M | 26.52M | +0.6% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Net income | -$29.63M | -$24.26M | -$18.90M | -22.2% |
| Depreciation & amortisation | $281.00K | $145.00K | $136.00K | +93.8% |
| Stock-based compensation | $1.93M | $253.00K | $115.00K | +661.7% |
| Change in working capital | -$4.89M | -$4.08M | -$893.00K | -19.9% |
| Operating cash flow | -$28.98M | -$25.47M | -$17.48M | -13.8% |
| Capital expenditure | -$1.36M | -$180.00K | -$135.00K | -653.9% |
| Investing cash flow | -$25.48M | -$180.00K | -$135.00K | -14,057.2% |
| Financing cash flow | $100.13M | $58.50M | $3.18M | +71.2% |
| Free cash flow | -$30.33M | -$25.65M | -$17.61M | -18.3% |
| End cash position | $85.89M | $40.23M | $7.37M | +113.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $18.94M | $16.12M | $15.16M | $13.07M | $12.08M | +17.5% |
| Operating revenue | $18.94M | $16.12M | $15.16M | $13.07M | $12.08M | +17.5% |
| Cost of revenue | $4.40M | $3.69M | $3.56M | $3.15M | $3.21M | +19.2% |
| Gross profit | $14.54M | $12.43M | $11.61M | $9.93M | $8.87M | +17.0% |
| Research & development | $6.04M | $5.18M | $5.26M | $4.45M | $4.16M | +16.6% |
| Selling, general & admin | $19.54M | $16.52M | $15.66M | $14.52M | $11.21M | +18.2% |
| Total operating expense | $25.58M | $21.70M | $20.93M | $18.96M | $15.37M | +17.9% |
| Operating income | -$11.04M | -$9.28M | -$9.32M | -$9.04M | -$6.50M | -19.0% |
| Net interest income | $526.00K | $580.00K | $698.00K | $574.00K | -$27.00K | -9.3% |
| Pre-tax income | -$10.51M | -$8.70M | -$8.61M | -$8.53M | -$6.77M | -20.9% |
| Net income | -$10.51M | -$8.70M | -$8.61M | -$8.53M | -$6.77M | -20.9% |
| Net income to common | -$10.51M | -$8.70M | -$8.61M | -$8.53M | -$6.77M | -20.9% |
| Basic EPS | -0.39 | -0.32 | -0.32 | -0.40 | -0.26 | -21.9% |
| Diluted EPS | -0.39 | -0.32 | -0.32 | -0.40 | -0.26 | -21.9% |
| EBIT | -$10.20M | -$8.38M | -$8.28M | -$8.15M | -$6.40M | -21.6% |
| EBITDA | -$10.07M | -$8.29M | -$8.19M | -$8.06M | -$6.34M | -21.5% |
| Basic shares | 27.19M | 26.84M | 26.60M | 21.08M | 26.52M | +1.3% |
| Diluted shares | 27.19M | 26.84M | 26.60M | 21.08M | 26.52M | +1.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $46.24M | $73.02M | $85.79M | $115.37M | $33.47M | -36.7% |
| Cash & short-term investments | $89.22M | $97.02M | $109.79M | $115.37M | $33.47M | -8.0% |
| Accounts receivable | $13.78M | $12.27M | $11.36M | $11.30M | $9.71M | +12.3% |
| Inventory | $2.27M | $2.06M | $1.84M | $1.34M | $1.07M | +10.3% |
| Total current assets | $109.60M | $115.41M | $126.67M | $131.47M | $46.19M | -5.0% |
| Property, plant & equipment | $8.35M | $3.26M | $3.31M | $3.17M | $3.12M | +156.2% |
| Total assets | $118.20M | $118.77M | $130.12M | $134.86M | $53.27M | -0.5% |
| Total current liabilities | $12.40M | $9.71M | $14.28M | $10.93M | $9.48M | +27.6% |
| Long-term debt | $15.38M | $15.36M | $15.35M | $15.44M | $15.43M | +0.1% |
| Total debt | $21.92M | $17.25M | $17.41M | $17.61M | $17.71M | +27.0% |
| Total liabilities | $33.96M | $26.52M | $31.25M | $28.20M | $136.34M | +28.0% |
| Retained earnings | -$120.03M | -$109.50M | -$100.81M | -$92.19M | -$83.67M | -9.6% |
| Shareholder equity | $84.25M | $92.25M | $98.87M | $106.66M | -$83.07M | -8.7% |
| Working capital | $97.20M | $105.69M | $112.39M | $120.54M | $36.71M | -8.0% |
| Net tangible assets | $84.25M | $92.25M | $98.87M | $106.66M | -$83.07M | -8.7% |
| Shares issued | 27.27M | 27.23M | 26.66M | 26.65M | 26.52M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$10.51M | -$8.70M | -$8.61M | -$8.53M | -$6.77M | -20.9% |
| Depreciation & amortisation | $130.00K | $99.00K | $98.00K | $82.00K | $61.00K | +31.3% |
| Stock-based compensation | $2.27M | $1.63M | $790.00K | $704.00K | $258.00K | +39.4% |
| Change in working capital | -$732.00K | -$7.19M | $1.65M | -$1.50M | -$1.85M | +89.8% |
| Operating cash flow | -$7.36M | -$13.01M | -$5.32M | -$8.46M | -$7.04M | +43.4% |
| Capital expenditure | -$749.00K | -$206.00K | -$230.00K | -$343.00K | -$546.00K | -263.6% |
| Investing cash flow | -$19.66M | -$206.00K | -$24.23M | -$343.00K | -$672.00K | -9,442.2% |
| Financing cash flow | $243.00K | $436.00K | -$29.00K | $90.70M | -$2.25M | -44.3% |
| Free cash flow | -$8.11M | -$13.21M | -$5.55M | -$8.80M | -$7.59M | +38.6% |
| End cash position | $46.34M | $73.12M | $85.89M | $115.47M | $33.57M | -36.6% |
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.
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 | $19.16M | +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 upside31.15%
Analyst count5
ConsensusSTRONG BUY
Strong buy / Buy2 / 3
Hold0
Sell / Strong sell0 / 0
Held by insiders45.04%
Held by institutions40.42%
Institutions holding104
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
14.50
+0.97% from price
SMA 20
14.87
-1.53% from price
SMA 50
14.77
-0.86% from price
SMA 100
13.03
+12.38% from price
SMA 200
12.27
+19.31% from price
EMA 12
14.67
-0.24% from price
EMA 26
14.80
-1.08% from price
EMA 50
14.41
+1.59% from price
RSI (14)
48.4
Neutral
MACD (12,26,9)
-0.12
Hist -0.08
ATR (14)
0.78
5.32% of price
Realised vol 30D
44.3%
Annualised
Bollinger upper
15.95
20, 2σ
Bollinger lower
13.79
20, 2σ
50 / 200 cross
Golden
14.77 vs 12.27
Trend bias
Above 200
+19.31%
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.
Risk profile
Beta vs SPY
1.08
More volatile than market
Correlation to SPY
0.20
Largely independent
Realised vol 30D
44.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-48.0%
Peak to trough
Max drawdown 5Y
-48.0%
Peak to trough
ATR 14
0.78
5.32% of price
Beta (reported)
—
5Y monthly, from filing
Short interest
Shares short
1.08M
Prior 1.32M
Change vs prior
-18.0%
Shorts covering
% of float
10.55%
Elevated
% of shares out
3.95%
Against total outstanding
Days to cover
7.8
Crowded exit
Float
15.59M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 28, 26 | BTIG | MAINTAINED | Buy | Buy |
| Aug 6, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Jul 1, 26 | Needham | INITIATED | — | Buy |
| May 6, 26 | BTIG | MAINTAINED | Buy | Buy |
| Apr 15, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Apr 9, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Dec 15, 25 | BTIG | MAINTAINED | Buy | Buy |
| Nov 7, 25 | Truist Securities | MAINTAINED | Buy | Buy |
| Nov 7, 25 | BTIG | MAINTAINED | Buy | Buy |
| Aug 18, 25 | Truist Securities | INITIATED | — | Buy |
| Aug 18, 25 | Goldman Sachs | INITIATED | — | Buy |
| Aug 18, 25 | Piper Sandler | INITIATED | — | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Offering Registrations
S-8 · 2026-10-01
Corporate Changes & Voting Matters
8-K · 2026-09-30
Corporate Changes & Voting Matters
8-K · 2026-09-08
Offering Registrations
S-3 · 2026-08-14
Corporate Changes & Voting Matters
8-K · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-06-03
Corporate Changes & Voting Matters
8-K · 2026-05-05
Proxy Statements
DEF 14A · 2026-04-22
PRIVATE STRATEGY · BY QUALIFICATION
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