Needham maintains Carlsmed at Buy, raises price target to $22 from $17

Carlsmed (CARL) reported Q3 revenue of $21.6M, up 65% YoY, exceeding estimates. Loss per share was $0.45. The company raised its fiscal 2026 revenue guidance to $78M–$80M. All five analysts rate CARL Buy, with raised price targets averaging $22.

Biotech and healthcare stocks surged after strong quarterly results. KORU Medical (KRMD) reported 11.2% revenue growth, raising FY26 guidance. Carlsmed (CARL) saw 65% revenue growth, also raising guidance. Azenta (AZTA) reported 5% revenue growth and issued FY27 outlook. Capricor (CAPR) rose on FDA review progress for its DMD therapy.

Xeris Biopharma (XERS) and Carlsmed (CARL) shares hit all-time highs after strong Q3 earnings. Barclays called XERS' Q3 'impressive,' raising its target to $18. XERS expects Recorlev sales to hit $1B earlier. BTIG raised CARL's target to $26, citing strong growth prospects. XERS shares up 3.8%, CARL up 22%.

Carlsmed (CARL) reported 65% revenue growth in Q3 2026, raising full-year guidance to $78M-$80M. The company launched new products and expects 2027 catalysts. Management updates include new COO, CFO, and Chief Product & AI Officer. Clinical data shows reduced reoperation rates, and new reimbursement codes may boost hospital adoption.

Carlsmed (NASDAQ:CARL) plans to enroll patients in a registry for its aprevo Cervical product in Q4. The company expects a change in reimbursement coding to boost lumbar procedure growth. Carlsmed launched its aprevo posterior bilateral procedure in mid-October and plans to launch its corra cervical plating system soon. Q3 gross margin improved to 77.3%, but adjusted EBITDA remained negative at -$7.3M. The company ended Q3 with $80.3M in cash and investments.

CARLSMED, INC. (CARL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Carlsmed ® Reports Third Quarter 2026 Financial Results and Raises Full-Year Guidance Third quarter 2026 revenue of $21.6 million, representing 65% growth year-over-year Full year 2026 revenue guidance raised to $78 million to $80 million CARLSBAD, CALIFORNIA, NOVEMBER 10, 2026 (