Recent Updates — CARL
Carlsmed, Inc. announced the departure of Chief Financial Officer Leo Greenstein effective September 25, 2026, and appointed Richard Heppenstall as his successor effective September 28, 2026. Mr. Greenstein receives $500,000 in severance, accelerated vesting of approximately 90,000 equity awards, and COBRA premiums for up to 12 months under a separation agreement. He will also serve as an advisor through December 31, 2026, for a fee of $60,000. Mr. Heppenstall’s employment package includes a $500,000 annual base salary, target incentives equal to 60% of base, and inducement grants of stock options and restricted stock units valued at $1,400,000 each. The company also provided up to $150,000 in relocation benefits. Carlsmed reaffirmed its full-year 2026 revenue guidance of $74 million to $78 million. Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions.
On September 4, 2026, Carlsmed, Inc.'s Board appointed Jeffrey Bertolini as Chief Operating Officer, effective September 8, 2026. Mr. Bertolini, age 60, previously served as Senior Vice President of Operational Excellence and Vice President of Advanced Manufacturing Technologies at the company. His annual base salary increased to $475,000 with a target cash incentive opportunity of 60% of his base salary. He was also granted 50,000 stock options on September 8, 2026. Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions.
Carlsmed, Inc. reported second quarter 2026 financial results on August 5, 2026, announcing revenue of $18.9 million, a 57% increase year-over-year from $12.1 million. The company raised its full-year 2026 revenue guidance to $74–$78 million, up from the previous range of $72–$77 million. Gross profit reached $14.5 million with a gross margin of 76.8%, while operating expenses increased to $25.6 million due to higher sales and marketing costs. Net loss widened to ($10.5) million compared to ($6.8) million in the prior year period, and adjusted EBITDA was ($8.6) million. The company highlighted a recent CMS ruling effective October 1, 2026, providing enhanced reimbursement for aprevo® lumbar procedures, and noted that surgeon adoption grew over 60% year-over-year. Carlsmed operates in the medical technology industry, pioneering AI-enabled personalized spine surgery solutions.