Spine medtech company Carlsmed saw $13.1 million in third quarter revenue, according to financial results posted Nov. 6.
Five things to know:
1. Quarterly revenue grew 98% year over year.
2. The company saw an $8.5 million net loss. Operating expenses were $19 million.
3. Carlsmed expects to see full year revenues of $49 million to $50 million.
4. Highlights of the quarter include CMS coverage for cervical aprevo procedures and reduced lead time for aprevo interbody implants to hospitals.
5. Calrsmed CEO Mike Cordonnier said in a news release: “We delivered another strong quarter with 98% revenue growth year-over-year, expanded gross margins to 76%, increased surgeon users by more than 70% year-over-year, and reduced lead times to within 8 business days. These achievements demonstrate the incredible momentum and speed at which we are scaling while maintaining operational excellence. With NTAP reimbursement for cervical procedures secured and more than 50 patients treated in our clinical evaluation, we are tracking toward launching our cervical spine platform early next year to bring our transformative digital surgery approach to an even broader patient population.”
