Middle of the road:Carlsmed(CARL) priced its small IPO at $15.00 – the mid-point of its $14.00-to-$16.00 price range – and sold 6.7 million shares – the number of shares in the prospectus – to raise $100.5 million on Tuesday night, July 22, 2025. Carlsmed’s stock opened flat – at $15.00 – at 12:04 p.m. EDT on Wednesday, July 23, 2025, on the NASDAQ. (Editor’s Note: This column, published Tuesday night, was updated at midday on Wednesday, July 23, 2025, with news on Carlsmed’s NASDAQ debut.)
BofA Securities, Goldman Sachs and Piper Sandler were the joint book-runners.
Principal shareholders B Capital Group and US Venture Partners had indicated an interest in buying up to $31 million combined – or nearly a third of the IPO – at the IPO price, according to the prospectus.
Carlsmed (CARL)offers AI-enabled software solutions, customized lumbar spine implants – cleared by the FDA – and single-use surgical instruments that make up its aprevo technology platform.
In the prospectus, Carlsmed said “the aprevo Technology Platform supports surgeons in achieving proper spinal alignment for patients with degenerative disc disease (“DDD”), which can improve clinical outcomes and reduce the likelihood of revision surgeries.”
Carlsmed, based in the San Diego suburb of Carlsbad, California, also said in the prospectus:
“We currently market the aprevo Technology Platform for lumbar spine fusion surgery, and we are further developing the aprevo Technology Platform for use in cervical spine fusion surgeries, which we expect to commercialize in 2026.”
Carlsmed is not profitable, according to the prospectus. For the 12 months that ended March 31, 2025, Carlsmed reported a net loss of $25.12 million on revenue of $32.3 million.
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