Carlsmed Stock Down 6% Since IPO But Goldman Bullish And Predicts 35% Upside Potential — Retail Traders Stay Bearish

The company’s July IPO raised $100.5 million but shares have slipped since, closing Friday at $13.58 before edging up in after-hours trade.

Goldman Sachs has started coverage of Carlsmed with a ‘Buy’ rating and a $19 price target, suggesting about 35% upside from recent levels.

The research firm’s analyst David Roman said the firm sees “meaningful upside” for the stock thanks to Carlsmed’s differentiated technology platform and asset-light business model, the Fly reported.

He pointed to the company’s salesforce expansion, its planned 2026 launch in cervical spine procedures, and a steady flow of new clinical data as important revenue drivers.

The call comes after several recent milestones. Earlier this month, the Centers for Medicare & Medicaid Services (CMS) granted New Technology Add-On Payment (NTAP) reimbursement for cervical fusion procedures using Carlsmed’s aprevo implants. 

Starting in October, through the NTAP program, hospitals performing these procedures will be eligible for up to an additional $21,125 in reimbursement on top of standard payments.

Carlsmed also reported the first cervical procedure with its aprevo device in July at UC San Diego Health, showing progress toward a U.S. launch targeted for 2026. The company’s technology is already approved for lumbar fusion surgery and uses AI-driven planning tools to design personalized implants for patients.

The company had its initial public offering on July 23, raising $100.5 million at an IPO price of $15 per share. The shares dropped 3.3% on the first day of trading, closing at $14.50, valuing the company at about $384 million. 

Since then, Carlsmed’s shares have fallen 6.3% year-to-date. On Friday, the stock closed 2.7% lower at $13.58 before ticking up 0.5% after hours to $13.65.

Carlsmed, founded in 2018, has drawn backing from B Capital Group and US Venture Partners, which together own nearly half the company. Co-founder and Chief Executive Michael Cordonnier holds a smaller stake. 

In the first quarter of 2025, the company lost $5.7 million on $10.2 million in revenue, compared with a loss of $5.4 million on $5.1 million in revenue a year earlier.

On Stocktwits, retail sentiment for Carlsmed was ‘bearish’ by late Sunday, worsening from the ‘neutral’ mood seen a day ago, amid ‘normal’ message volume.

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