Artificial-intelligence-powered spine surgery developer Carlsmed is showing some backbone as it kicks off its IPO, with plans to raise more than $100 million by going public on the Nasdaq under the ticker "CARL."
The Carlsbad, California-based company is offering at least 6.7 million shares priced between $14 and $16 apiece. Landing in the middle of that range would bestow a market value of $430 million, according to Renaissance Capital.
Carlsmed, first launched in 2018, aims to offer personalized fusion procedures by mapping 3D-printed titanium spinal implants to a particular patient’s anatomy. Its aprevo platform spans preoperative AI surgical planning and manufacturing based on CT scans, plus alignment visualization tech during the surgery and postoperative analysis.
More than 500 patients have received its hardware, according to the company, which said its approach of matching implants to the unique curvature of vertebrae can increase total contact area by 50 times. Carlsmed said it’s observed 94% average graft contact after one year, with a revision surgery rate of less than 2%.
The company claimed an FDA clearance for its aprevo cervical interbody implants last December, following a breakthrough designation from the agency. It previously obtained a green light for lumbar procedures in late 2020, including anterior, lateral and transforaminal approaches.
In March 2024, Carlsmed raised $52.5 million in venture capital funding through a series C round co-led by B Capital and U.S. Venture Partners, and, in November of that year, launched its digital production line—which it said will allow it to deliver sterile, custom-made implants to hospitals within 10 days.