Carlsmed Plans $100M Nasdaq IPO for AI Spine Surgery

Carlsmed, a medical technology company specializing in AI-powered personalized spine surgery, has launched an initial public offering to raise over $100 million by selling 6.7 million shares priced between $14 and $16 each on the Nasdaq under the ticker symbol CARL. The company, based in Carlsbad, California, offers customized 3D-printed titanium spinal implants tailored to patients' anatomy, supported by its aprevo platform that integrates pre-operative planning, manufacturing, surgical visualization, and post-operative analysis. Carlsmed has treated more than 500 patients and reported a high graft contact rate of 94% after one year with a revision surgery rate under 2%, benefiting from FDA clearances for cervical and lumbar implants. Following a $52.5 million Series C funding round earlier in 2024, the firm recently launched a digital production line enabling delivery of sterile, custom implants within 10 days. Underwriters of the IPO include BofA Securities, Goldman Sachs, Piper Sandler, Truist Securities, and BTIG, with an option to purchase an additional 1.01 million shares to cover overallotments. The offering is expected to give Carlsmed a market valuation around $413 to $430 million depending on the pricing within the proposed range.