Carlsmed, Inc. (Nasdaq: CARL) is a commercial-stage medical technology company incorporated in Delaware in June 2018 and headquartered at 1800 Aston Avenue, Carlsbad, California. It was co-founded by Mike Cordonnier, who serves as Chairman and CEO, and Niall Casey. The company completed an IPO on the Nasdaq Global Select Market on July 23, 2025, pricing 6.7 million shares at $15.00. It is a standalone public company, not a subsidiary. Reported headcount is roughly 127–145 employees; FY2025 revenue was $50.5 million, and recent market capitalization has been reported in the $300–400 million range. It was added to the Russell 2000 in September 2025.
Carlsmed designs, manufactures, and markets the aprevo Technology Platform for spine fusion surgery performed at hospitals and ambulatory surgical centers. The platform combines proprietary AI- and algorithm-driven surgical planning software, image analysis, and custom 3D-printed vertebral interbody implants tailored to each patient's anatomy, plus single-use instruments. The company launched its aprevo cervical platform in late 2025 alongside its existing lumbar offerings, and holds FDA Breakthrough Device Designation and CMS New Technology Add-On Payment (NTAP) coverage, with new FY2027 MS-DRG coding for custom-made interbody devices.
Litigation posture: Carlsmed is an operating company enforcing its own patents, not a non-practicing entity. In the tracked data it appears only as a plaintiff (1 case, 0 as defendant), asserting its own implant, method, and system patents against a competitor rather than a broadly acquired portfolio.
Notable case: Carlsmed, Inc. v. DeGen Medical, Inc., filed September 15, 2026, in the U.S. District Court for the District of South Carolina, Florence Division. The complaint asserts eight Carlsmed patents relating to implants, methods, and systems and seeks injunctive relief and damages. Venue reflects DeGen Medical's headquarters in Florence, South Carolina, rather than a plaintiff-friendly venue such as the Eastern District of Texas; DeGen is a private patient-specific spinal implant maker founded in 2011.