Carlsmed (NASDAQ:CARL) Shares Gap Up Following Strong Earnings

Shares of Carlsmed, Inc. (NASDAQ:CARL) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.71, but opened at $16.00. Carlsmed shares last traded at $18.4330, with a volume of 414,094 shares traded.

The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.08. The firm had revenue of $21.55 million for the quarter. Carlsmed had a negative net margin of 57.42% and a negative return on equity of 38.06%.

Carlsmed News Roundup

Investors following CARL have been watching these news items:

• Positive Sentiment: Third-quarter revenue rose 65% year over year to $21.6 million, while the loss of $0.34 per share was narrower than analysts’ expected $0.42 loss. Carlsmed Q3 results and guidance
• Positive Sentiment: Carlsmed raised its 2026 revenue guidance to $78 million–$80 million, citing new DRG-related tailwinds and product launches planned for the fourth quarter. 2026 outlook and product launches
• Negative Sentiment: The company remains unprofitable, reporting a quarterly loss despite beating the consensus estimate; continued growth and progress toward profitability remain important risks for investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Carlsmed in a research note on Wednesday, November 4th. Wall Street Zen upgraded shares of Carlsmed from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Needham & Company LLC increased their price objective on shares of Carlsmed from $17.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday. BTIG Research raised their target price on shares of Carlsmed from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Truist Financial boosted their target price on shares of Carlsmed from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Hedge Funds Weigh In On Carlsmed

A number of hedge funds have recently modified their holdings of CARL. Boston Partners increased its holdings in Carlsmed by 96.3% in the third quarter. Boston Partners now owns 43,923 shares of the company’s stock valued at $618,000 after purchasing an additional 21,548 shares during the period. Russell Investments Group Ltd. lifted its holdings in Carlsmed by 85.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 257,805 shares of the company’s stock worth $3,627,000 after buying an additional 118,663 shares during the period. Zevenbergen Capital Investments LLC lifted its holdings in Carlsmed by 50.4% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 17,900 shares of the company’s stock worth $252,000 after buying an additional 6,000 shares during the period. Bank of America Corp DE bought a new stake in shares of Carlsmed in the 2nd quarter valued at about $108,000. Finally, Jupiter Topco LLC bought a new stake in shares of Carlsmed in the 2nd quarter valued at about $12,992,000.

Carlsmed Trading Up 25.5%

The company has a market cap of $504.12 million, a price-to-earnings ratio of -12.92 and a beta of 1.97. The firm has a 50 day moving average price of $14.87 and a two-hundred day moving average price of $12.52. The company has a quick ratio of 8.66, a current ratio of 8.84 and a debt-to-equity ratio of 0.18.

Carlsmed Company Profile

Carlsmed, Inc. is a medical technology company focused on personalized solutions for spine surgery. The company combines patient-specific planning, advanced imaging, software and additive manufacturing to develop implants designed to address the anatomical needs of individual patients. Its products include the aprevo® patient-specific interbody implant system, which is designed for use in spinal fusion procedures. Carlsmed’s technology is intended to support surgeons in planning procedures and selecting or creating implants that may help restore spinal alignment and improve surgical precision.