Carlsmed is in the middle of a steep growth climb, and the second quarter showed the shape of the journey. The medical technology company, which makes AI-enabled personalized spine surgery implants through its aprevo platform, grew revenue fifty-seven percent year over year, expanded gross margin by more than three hundred basis points, and raised its full-year guidance for the second consecutive quarter. The trade-off is a widening operating loss, as the company invests in sales, marketing, and development ahead of the reimbursement expansion that management believes unlocks the next phase of growth.
The numbers describe a business scaling deliberately. Revenue reached eighteen point nine million dollars in the quarter, gross margin climbed to nearly seventy-seven percent, and the trained surgeon base grew more than sixty percent year over year. Against that, operating expenses more than doubled to twenty-five point six million, the net loss widened to ten and a half million, and the company still holds a healthy eighty-nine million dollars in cash and investments to fund the push.
The open question is whether the new Medicare reimbursement rules, effective October first, convert the surgeon adoption curve into hospital volume at the pace the guidance implies. The company's digital production system and its expanding cervical program give it the capacity story, but the market is waiting for the quarter where revenue growth and expense discipline meet on the path to profitability.