Carlsmed to Go Public in $101 Million Bid to Scale 3D Printed Backbone Implants – 3DPrint.com

July 18, 2025

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Carlsmed is getting ready to go public. The med-tech firm, based mostly in Carlsbad, California, plans to supply 6.7 million shares at a worth vary of $14 to $16 per share, which may increase $101 million. Carlsmed will commerce on the Nasdaq beneath the ticker image “CARL.”

Based in 2018, Carlsmed has grown within the aggressive med-tech house. Over the 12 months ending March 31, 2025, the corporate booked $32 million in income, pointing to a momentum in personalised backbone surgical procedure. To construct on that progress, Carlsmed is now getting ready to go public. BofA Securities, Goldman Sachs, and Piper Sandler are main the preliminary public providing (IPO), with Truist and BTIG as co-underwriters. This transfer comes as Carlsmed appears to be like to speed up its development and produce its personalised spinal surgical procedure options to extra sufferers throughout the nation.

3D printed titanium implants for spinal fusion. Picture courtesy of Carlsmed.

Carlsmed has developed a know-how known as aprevo, which mixes synthetic intelligence (AI) and 3D printing to create customized titanium implants for spinal fusion surgical procedures. As a substitute of utilizing generic, off-the-shelf implants, many surgeons are turning to Carlsmed for personalised implants designed particularly for every affected person.

The method begins with a CT scan of the affected person’s backbone, which is uploaded to Carlsmed’s planning platform. Its software program analyzes the information and designs a novel implant based mostly on the affected person’s anatomy. The design is reviewed and authorized by the surgeon, then 3D printed in titanium, sterilized, and shipped, prepared to be used in surgical procedure. The entire course of takes lower than 10 days.

The outcomes have been promising, with over 500 sufferers receiving these implants. Most achieved robust bone-to-implant contact, generally known as graft contact, which is crucial for profitable spinal fusion. What’s extra, the revision charge has been beneath 2%, that means only a few sufferers required a second surgical procedure.

3D printed titanium implants for spinal fusion. Picture courtesy of Carlsmed.

Acknowledged by the U.S. Meals and Drug Administration (FDA) as a promising innovation, aprevo has been cleared to be used in each lumbar and cervical backbone procedures. It was additionally granted Breakthrough Gadget designation, a standing reserved for applied sciences which will provide essential benefits over present therapies for severe or debilitating circumstances. Between 2015 (when this system started) and 2024, the FDA had granted over 1,000 Breakthrough Gadget designations throughout all medical specialties.

This designation exhibits that aprevo may make an actual distinction for sufferers. It additionally offers Carlsmed a quicker and smoother path to market, with precedence evaluate and additional help from the FDA. Since solely a small variety of units get this standing annually, it’s a powerful vote of confidence within the know-how.

A CT scan of the affected person’s backbone is uploaded to Carlsmed’s planning platform. Picture courtesy of Carlsmed.

In March 2024, Carlsmed raised $52.5 million in a Collection C funding spherical, bringing its whole personal funding to roughly $110 million. The funds had been used to broaden its digital manufacturing line, permitting the corporate to shortly produce and ship customized implants at scale. Now, with its IPO, Carlsmed hopes to broaden additional, persevering with to roll out cervical implants and gather extra scientific information by means of its COMPASS registry.

In line with Renaissance Capital, “insiders intend to buy $31 million value of shares within the providing, that’s 31% of the deal. On the midpoint of the proposed vary, Carlsmed would command a completely diluted market worth of $430 million.”

Carlsmed is a powerful instance of how 3D printing, AI, and personalised medication are coming collectively in real-world medical functions. From scan to surgical procedure, they use superior know-how to enhance affected person outcomes and make backbone surgical procedure simpler.