AI healthcare company Carlsmed (CARL.US) prices IPO at $15 per share exceeding the upper end of the range.

Medical technology company Carlsmed (CARL.US) has completed a $100.5 million IPO, with terms indicating that the personalized spine surgery medical technology company using artificial intelligence technology issued 6.7 million shares at $15 per share, raising a total of $100.5 million. According to documents previously submitted to the U.S. Securities and Exchange Commission, the company originally planned to price its shares in the range of $14 to $16 per share. Based on the offering price, Carlsmed, headquartered in Carlsbad, California, now has a market value of $397.7 million (based on the disclosed number of outstanding shares in the filing). B Capital Group and the U.S. venture capital firm USVP are the main institutional investors in Carlsmed. Following this offering, their ownership will be diluted to 26.3% and 21.2%, respectively. Co-founder and CEO Michael Cordonnier is expected to own 5.9% of the company after the IPO. Founded in 2018, this medical technology company provides personalized surgical solutions and customized spine implants for patients through its technology platform. Its aprevo technology platform is currently approved for lumbar fusion surgery, and the company is developing a solution for cervical fusion surgery, with commercialization expected by 2026. Carlsmed's IPO comes at a time when IPO financing for the U.S. healthcare sector is persistently low. Bloomberg data shows that U.S. healthcare industry new listings have raised only $2.1 billion in funds so far in 2025, nearly half the amount raised during the same period in 2024. According to the filing, the company generated revenue of $10.2 million and a net loss of $5.7 million in the first three months of 2025, compared to revenue of $5.1 million and a net loss of $5.4 million in the same period last year. As of the end of March 2025, approximately 177 surgeons have used its platform to complete one or more surgeries, a significant increase from the 103 users in the same period last year. This IPO is underwritten by Bank of America Corp, Goldman Sachs Group, Inc., and Piper Sandler, with the company's stock trading on the Nasdaq Global Select Market under the ticker symbol CARL.