Medical IPOs strike back in the cold! AI spinal surgeon CarlsMed (CARL.US) sprint to US stock IPO to raise US$107.2 million

The Zhitong Finance App learned that Carlsmed Inc. (CARL.US), a medical technology company that uses artificial intelligence (AI) to personalize spinal surgery, plans to raise up to US$107.2 million through an initial public offering (IPO) in the US.

The company, which received investment from B Capital Group, plans to issue 6.7 million shares, priced at $14 to $16 per share, according to documents submitted to the US Securities and Exchange Commission on Tuesday. Based on the upper limit of the issuance range, the market value of the medical technology company will reach approximately US$424.3 million based on the number of tradable shares listed in the filing documents.

Documents show that in the first three months of 2025, Carlsmed achieved revenue of 10.2 million US dollars and net loss of 5.7 million US dollars; revenue of 5.1 million US dollars and net loss of 5.4 million US dollars for the same period last year.

At the time of this IPO, the scale of IPO financing in the healthcare industry continued to be sluggish in 2025 — this sector has always been an important sector in the US capital market. According to compiled data, newly listed companies in the US exchange industry have raised only 2.1 billion US dollars since this year, down more than 40% from the same period in 2024.

The Carlsbad, California-based company was founded in 2018, and its technology platform can provide patients with personalized surgical protocols and customized spinal implants. Its aprevo technology platform has now been approved for lumbar fusion surgery. The company is developing a version suitable for cervical fusion surgery, which is expected to be put into commercial use in 2026. By the end of March 2025, about 177 surgeons had used the platform to complete one or more surgeries, compared to 103 in the same period last year.

According to the documents, the affiliate companies of B Capital and US Venture Partners were Carlsmed's largest investors, holding 35.1% and 28.3% of the shares before the IPO, respectively. Co-founder and CEO Michael Cordonnier held 7.9% of the shares prior to the offering.

The offering was led by Bank of America, Goldman Sachs, and Piper Sandler Cos. The company's stock plans to trade on the NASDAQ Global Select Market under the symbol CARL.