Carlsmed, Inc. (CARL)
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Carlsmed, Inc. (CARL) reported revenue of $19 million for Q2 FY2026, the quarter ended 30 June 2026, up 56.7% on the same quarter a year earlier. Net income was -$11 million, and diluted earnings per share $-0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.
Revenue$19 millionup 56.7%
Net income-$11 million
Diluted EPS$-0.39
QuarterQ2 FY2026ended 30 June 2026
Carlsmed (CARL) in brief
Carlsmed (CARL) reported revenue of $51 million for fiscal 2025, the year ended 31 December 2025, up 85.9% on the year before.
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Net loss was $30 million and the diluted loss per share $2.12. Revenue was $27 million in fiscal 2024. Net income in the same years was a loss of $24 million. Over the twelve months to 30 June 2026, Carlsmed reported revenue of $63 million and net loss of $36 million. Carlsmed had 27 million shares outstanding at the latest filed count. At 30 June 2026 it carried $15 million of debt and $46 million of cash. At the close of 30 October 2026 the market cap of Carlsmed was $407 million.Ratios
From the filings
ROE-43.1%
ROCE-38.8%
Operating margin-61.1%
Net margin-57.4%
FCF margin-54.6%
Interest cover-28.98
Debt to equity0.18
Cash conversionn/a
Share count, last 12 months491.4%
Sales CAGR, 3 yearsn/a
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.43
At the close of 30 October 2026
Price$14.95
Market cap$407 million
Stock P/En/a
Price to book4.83
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales6.43
52-week high$16.99
52-week low$8.83
Price, 1 year17.6%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Carlsmed, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.CARLgreeksoup.ai
Daily prices to 30 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on CARL
| Dividends | no dividend in its filings for fiscal 2024 onward |
| Filings | 17 in twelve months: 8 current reports (8-K), about 5 results of operations; 2 officer or director change; 2 regulation FD disclosure; 1 shareholder vote |
| Planned insider sales | 5 Form 144 notices in twelve months, $2.7 million; latest 30 October 2026 |
| Options tape | no listed options |
| 13F holders | 74 funds reported a position for the quarter to 30 June 2026; largest Jupiter Topco LLC |
| Insider trading | 3 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 1.1 million shares short, 13.55 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked |
Quarterly results, the last 8 quarters
| Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 | 6.6 | 10.2 | 12.1 | 13.1 | 15.2 | 16.1 | 18.9 |
| Cost of revenue | 1.5 | 1.8 | 2.6 | 3.2 | 3.1 | 3.6 | 3.7 | 4.4 |
| Gross profit | 4.6 | 4.8 | 7.6 | 8.9 | 9.9 | 11.6 | 12.4 | 14.5 |
| Gross margin | 75% | 73% | 75% | 73% | 76% | 77% | 77% | 77% |
| R&D | 4.0 | 4.0 | 3.1 | 4.2 | 4.4 | 5.3 | 5.2 | 6.0 |
| Operating income | -6.3 | -7.8 | -5.7 | -6.5 | -9.0 | -9.3 | -9.3 | -11.0 |
| Operating margin | -104% | -118% | -56% | -54% | -69% | -61% | -58% | -58% |
| Interest expense | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 |
| Net income | -6.3 | -7.8 | -5.7 | -6.8 | -8.5 | -8.6 | -8.7 | -10.5 |
| Net margin | -103% | -119% | -56% | -56% | -65% | -57% | -54% | -55% |
| Diluted EPS | -$1.55 | -$2.06 | -$1.47 | -$1.47 | -$0.40 | -$0.32 | -$0.32 | -$0.39 |
| Operating cash flow | n/a | -7.6 | -8.2 | -7.0 | -8.5 | -5.3 | -13.0 | -7.4 |
| Capital expenditure | n/a | 0.1 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 |
| Free cash flow | n/a | -7.6 | -8.2 | -7.4 | -8.6 | -5.4 | -13.1 | -7.5 |
| Shares outstanding | 27m | 27m | 27m | 5m | 27m | 27m | 27m | 27m |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss), 2 fiscal years and the trailing twelve months
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 86 peers in Medical Equipment (12.0% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 44 peers in Medical Equipment (26.0). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2024 | FY2025 | TTM | |
|---|---|---|---|
| Revenue | 27.2 | 50.5 | 63.3 |
| Cost of revenue | 7.1 | 12.5 | 14.8 |
| Gross profit | 20.0 | 38.0 | 48.5 |
| Gross margin | 73.8% | 75.3% | 76.6% |
| Research and development | 14.3 | 17.0 | 20.9 |
| Operating income | -24.1 | -30.6 | -38.7 |
| Operating margin | -88.8% | -60.5% | -61.1% |
| Interest expense | 1.3 | 1.4 | 1.3 |
| Income tax | 0.0 | 0.0 | 0.0 |
| Net income | -24.3 | -29.6 | -36.3 |
| Net margin | -89.3% | -58.7% | -57.4% |
| Diluted EPS | -$6.11 | -$2.12 | -$1.43 |
| Filing | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow and capital returned
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 86 peers in Medical Equipment (12.0% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2024 | FY2025 | TTM | |
|---|---|---|---|
| Operating cash flow | -25.5 | -29.0 | -34.1 |
| Capital expenditure | 0.2 | 0.6 | 0.4 |
| Free cash flow | -25.6 | -29.6 | -34.6 |
| Free cash flow margin | -94.4% | -58.6% | -54.6% |
| Cash from investing | -0.2 | -25.5 | -44.4 |
| Cash from financing | 58.5 | 100 | 91.4 |
| Depreciation and amortisation | 0.1 | 0.3 | 0.4 |
| Share-based compensation | 0.3 | 1.9 | 5.4 |
| Diluted shares, weighted | 4m | 14m | 27m |
| Shares outstanding at period end | 4m | 27m | 27m |
| Filing | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet at year end
| FY2024 | FY2025 | TTM | |
|---|---|---|---|
| Funded by | |||
| Shareholders' equity | -70.6 | 98.9 | 84.2 |
| Debt | 15.4 | 15.3 | 15.4 |
| Operating lease liabilities | 1.3 | 1.3 | 5.8 |
| Other liabilities | 106 | 14.6 | 12.7 |
| Total liabilities and equity | 51.8 | 130 | 118 |
| Owned | |||
| Fixed assets | 0.3 | 1.5 | 2.4 |
| Investments | 0.0 | 24.0 | 24.0 |
| Cash and equivalents | 40.1 | 85.8 | 46.2 |
| Receivables | 6.8 | 11.4 | 13.8 |
| Inventory | 1.0 | 1.8 | 2.3 |
| Other assets | 3.7 | 5.6 | 29.5 |
| Total assets | 51.8 | 130 | 118 |
| Filing | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | n/a | n/a | n/a | 81.1% |
| Profit growth, compounded | n/a | n/a | n/a | n/a |
| Return on equity, average | n/a | n/a | n/a | -30.0% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Carlsmed's revenue in fiscal 2025?
Carlsmed (CARL) reported revenue of $51 million for fiscal 2025, the year ended 31 December 2025, up 85.9% on the year before.
How much did Carlsmed earn in fiscal 2025?
Net loss was $30 million for fiscal 2025, and the diluted loss per share $2.12.
What is Carlsmed's market cap?
The market cap of Carlsmed was $407 million at the close of 30 October 2026.
How much debt does Carlsmed have?
At 30 June 2026 Carlsmed carried $15 million of debt and $46 million of cash.
Peers: Medical Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Stryker Corp. SYK | $110.9 billion | 31.03 | 15.4% | 20.7% | 7.9% | 0.64 | 1.2% |
| 3M Co. MMM | $90.1 billion | 25.98 | 85.7% | 18.8% | 1.7% | 3.63 | 1.8% |
| Boston Scientific Corp. BSX | $60.8 billion | 16.99 | 14.7% | 19.8% | 13.5% | 0.51 | n/a |
| Becton Dickinson & Co. BDX | $53.9 billion | 59.58 | 3.9% | 9.6% | -2.6% | 0.69 | 2.1% |
| Medline Inc. MDLN | $42.2 billion | n/a | n/a | n/a | n/a | 1.09 | n/a |
| Resmed Inc. RMD | $32.3 billion | 20.93 | 26.8% | 33.0% | 9.0% | 0.07 | 1.1% |
| Dexcom Inc. DXCM | $30.7 billion | 32.27 | 39.1% | 24.0% | 13.0% | 0.49 | n/a |
| West Pharmaceutical Services Inc. WST | $28.8 billion | 46.30 | 21.5% | 23.0% | 12.6% | 0.07 | 0.2% |
| Glaukos Corp. GKOS | $14.1 billion | n/a | -23.7% | -25.5% | 46.9% | 0.00 | n/a |
| Solventum Corp. SOLV | $13.8 billion | 9.94 | 29.9% | 25.0% | -0.9% | 1.06 | n/a |
| Penumbra Inc. PEN | $12.6 billion | 80.45 | 9.9% | 12.1% | 17.0% | 0.00 | n/a |
| Baxter International Inc. BAX | $11.9 billion | n/a | -11.1% | -1.9% | 5.3% | 1.32 | 2.3% |
All 110 in Medical Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Intuitive Surgical Inc. ISRG | $149.8 billion | 52.25 | 18.5% | 28.4% | 20.5% | 0.00 | n/a |
| Medtronic plc MDT | $123.6 billion | 23.78 | 10.4% | 18.1% | 9.8% | 0.56 | 3.0% |
| Stryker Corp. SYK | $110.9 billion | 31.03 | 15.4% | 20.7% | 7.9% | 0.64 | 1.2% |
| 3M Co. MMM | $90.1 billion | 25.98 | 85.7% | 18.8% | 1.7% | 3.63 | 1.8% |
| Boston Scientific Corp. BSX | $60.8 billion | 16.99 | 14.7% | 19.8% | 13.5% | 0.51 | n/a |
| Becton Dickinson & Co. BDX | $53.9 billion | 59.58 | 3.9% | 9.6% | -2.6% | 0.69 | 2.1% |
| Edwards Lifesciences Corp. EW | $53.1 billion | 52.88 | 9.5% | 22.3% | 14.6% | 0.06 | n/a |
| Medline Inc. MDLN | $42.2 billion | n/a | n/a | n/a | n/a | 1.09 | n/a |
| GE HealthCare Technologies Inc. GEHC | $34.6 billion | 16.16 | 18.5% | 13.3% | 6.9% | 0.86 | 0.2% |
| Resmed Inc. RMD | $32.3 billion | 20.93 | 26.8% | 33.0% | 9.0% | 0.07 | 1.1% |
| Dexcom Inc. DXCM | $30.7 billion | 32.27 | 39.1% | 24.0% | 13.0% | 0.49 | n/a |
| West Pharmaceutical Services Inc. WST | $28.8 billion | 46.30 | 21.5% | 23.0% | 12.6% | 0.07 | 0.2% |
| Koninklijke Philips N.V. PHG * | $25.9 billion | 25.86 | 8.2% | 8.0% | -1.0% | 0.74 | 1.4% |
| Steris plc STE | $22.1 billion | 27.77 | 11.2% | 18.9% | 8.4% | 0.26 | 1.1% |
| Zimmer Biomet Holdings, Inc. ZBH | $18.0 billion | 22.99 | 6.4% | 14.2% | 8.6% | 0.59 | 1.0% |
| Glaukos Corp. GKOS | $14.1 billion | n/a | -23.7% | -25.5% | 46.9% | 0.00 | n/a |
| Solventum Corp. SOLV | $13.8 billion | 9.94 | 29.9% | 25.0% | -0.9% | 1.06 | n/a |
| Smith & Nephew plc SNN * | $13.0 billion | 20.75 | 11.8% | 12.9% | 6.1% | 0.59 | 2.5% |
| Penumbra Inc. PEN | $12.6 billion | 80.45 | 9.9% | 12.1% | 17.0% | 0.00 | n/a |
| Baxter International Inc. BAX | $11.9 billion | n/a | -11.1% | -1.9% | 5.3% | 1.32 | 2.3% |
| Cooper Companies, Inc. COO | $11.3 billion | 20.32 | 6.8% | 12.8% | 4.7% | 0.31 | n/a |
| Align Technology Inc. ALGN | $10.7 billion | 26.08 | 9.8% | 13.2% | 4.4% | 0.00 | n/a |
| Globus Medical Inc. GMED | $10.5 billion | 19.96 | 11.2% | 20.3% | 19.7% | 0.00 | n/a |
| Insulet Corp. PODD | $10.4 billion | 28.00 | 26.4% | 16.9% | 29.4% | 0.67 | n/a |
| Bausch & Lomb Corp. BLCO | $7.1 billion | n/a | -1.7% | 7.1% | 8.9% | 0.79 | n/a |
| MSA Safety Inc. MSA | $6.9 billion | 22.21 | 22.4% | 21.2% | 6.5% | 0.43 | 1.2% |
| Teleflex Inc. TFX | $5.9 billion | n/a | -35.5% | 2.0% | 30.7% | 0.97 | 1.0% |
| Haemonetics Corp. HAE | $5.4 billion | 58.69 | 11.5% | 11.9% | 0.4% | 1.42 | n/a |
| Merit Medical Systems Inc. MMSI | $5.2 billion | 32.36 | 9.2% | 13.5% | 9.1% | 0.42 | n/a |
| MiniMed Group, Inc. MMED | $5.1 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Heartflow, Inc. HTFL | $5.1 billion | n/a | -42.3% | -37.8% | n/a | 0.00 | n/a |
| LivaNova plc LIVN | $4.3 billion | 23.36 | 14.2% | 12.7% | 12.4% | 0.22 | n/a |
| Integer Holdings Corp. ITGR | $4.3 billion | 42.49 | 6.0% | 8.2% | -0.3% | 0.71 | n/a |
| ICU Medical Inc. ICUI | $4.1 billion | 139.01 | 1.4% | 3.3% | -9.0% | 0.57 | n/a |
| iRhythm Holdings, Inc. IRTC | $4.1 billion | n/a | -7.5% | -3.0% | 25.6% | 3.50 | n/a |
| Envista Holdings Corp. NVST | $3.8 billion | 40.47 | 3.1% | 9.6% | 11.9% | 0.47 | n/a |
| Pulse Biosciences, Inc. PLSE | $3.7 billion | n/a | -80.5% | -7,007.8% | n/a | 0.00 | n/a |
| AtriCure, Inc. ATRC | $3.1 billion | 291.38 | 2.0% | 2.3% | 13.9% | 0.12 | n/a |
| Axogen, Inc. AXGN | $2.9 billion | n/a | -6.4% | -5.2% | 24.3% | 0.00 | n/a |
| Warby Parker Inc. WRBY | $2.7 billion | 351.50 | 2.0% | 0.2% | 11.0% | 0.00 | n/a |
| TransMedics Group, Inc. TMDX | $2.3 billion | 16.95 | 29.3% | 12.2% | 25.8% | 0.99 | 0.0% |
| UFP Technologies Inc. UFPT | $2.2 billion | 30.61 | 15.6% | 15.3% | 7.3% | 0.25 | n/a |
| Inspire Medical Systems, Inc. INSP | $2.0 billion | 14.73 | 16.4% | 6.0% | 4.3% | 0.00 | n/a |
| Dentsply Sirona Inc. XRAY | $1.9 billion | n/a | -40.4% | -8.5% | -0.8% | 1.65 | 6.7% |
| Establishment Labs Holdings Inc. ESTA | $1.9 billion | n/a | -180.0% | -7.6% | 38.6% | 12.11 | n/a |
| Lemaitre Vascular Inc. LMAT | $1.9 billion | 28.40 | 15.6% | 29.5% | 11.8% | 0.40 | 1.1% |
| Kestra Medical Technologies, Ltd. KMTS | $1.8 billion | n/a | -67.4% | -134.5% | 60.7% | 0.33 | n/a |
| Butterfly Network, Inc. BFLY | $1.7 billion | n/a | -29.1% | -46.9% | 39.3% | 0.00 | 0.0% |
| NovoCure Ltd. NVCR | $1.5 billion | n/a | -34.7% | -17.2% | 12.9% | 0.56 | n/a |
| Tandem Diabetes Care Inc. TNDM | $1.3 billion | n/a | -48.6% | -4.4% | 4.0% | 4.62 | n/a |
| Conmed Corp. CNMD | $1.3 billion | 18.30 | 6.9% | 9.9% | 1.6% | 0.77 | 1.4% |
| National Vision Holdings, Inc. EYE | $1.3 billion | 27.20 | 5.6% | 4.1% | 7.8% | 0.26 | n/a |
| Cadre Holdings, Inc. CDRE | $1.3 billion | 35.68 | 10.4% | 10.1% | 19.7% | 1.08 | 1.3% |
| SkinHealth Systems Inc. SKIN | $1.3 billion | n/a | -51.2% | -1.5% | -6.5% | 6.21 | n/a |
| Staar Surgical Co. STAA | $1.2 billion | 350.71 | 1.1% | 4.0% | 51.3% | 0.00 | n/a |
| Enovis Corp. ENOV | $1.1 billion | n/a | -74.6% | -45.1% | 4.9% | 0.87 | n/a |
| Bioventus Inc. BVS | $1.1 billion | n/a | n/a | n/a | 3.1% | 1.09 | n/a |
| Artivion, Inc. AORT | $1.1 billion | n/a | -0.7% | 4.4% | 16.4% | 0.82 | n/a |
| Procept BioRobotics Corp. PRCT | $1.1 billion | n/a | -32.3% | -33.9% | 22.7% | 0.15 | n/a |
| Alphatec Holdings, Inc. ATEC | $1.1 billion | n/a | n/a | -3.6% | 15.3% | n/a | n/a |
| Ceribell, Inc. CBLL | $1.0 billion | n/a | -51.4% | -68.6% | 31.7% | 0.16 | n/a |
| Integra LifeSciences Holdings Corp. IART | $992 million | 75.00 | 1.2% | 4.4% | 0.8% | 1.71 | n/a |
| Iradimed Corp. IRMD | $981 million | 41.03 | 22.5% | 32.3% | 11.0% | 0.00 | n/a |
| Si-Bone, Inc. SIBN | $950 million | n/a | -8.0% | -8.3% | 15.3% | 0.20 | 0.0% |
| Beta Bionics, Inc. BBNX | $909 million | n/a | -20.7% | -72.7% | 43.7% | 0.00 | n/a |
| Orthopediatrics Corp. KIDS | $806 million | n/a | -10.0% | -9.4% | 16.1% | 0.31 | n/a |
| Anteris Technologies Global Corp. AVR | $615 million | n/a | -41.2% | -4,738.4% | -9.6% | 0.00 | n/a |
| Mimedx Group, Inc. MDXG | $568 million | n/a | -9.1% | -8.3% | -22.8% | 0.00 | n/a |
| Tactile Systems Technology Inc. TCMD | $523 million | 21.35 | 11.1% | 10.0% | 17.2% | 0.00 | n/a |
| Sight Sciences, Inc. SGHT | $511 million | n/a | -56.3% | -33.4% | 9.3% | 0.77 | n/a |
| Angiodynamics Inc. ANGO | $509 million | n/a | -20.1% | -11.2% | 8.2% | 0.00 | n/a |
| Delcath Systems, Inc. DCTH | $486 million | 1,403.00 | 0.4% | -1.9% | 35.8% | 0.00 | n/a |
| Avita Medical, Inc. RCEL | $484 million | n/a | n/a | -46.6% | 1.0% | n/a | n/a |
| SS Innovations International, Inc. SSII | $469 million | n/a | -23.3% | -15.8% | 89.7% | 0.00 | n/a |
| Cerus Corp. CERS | $460 million | n/a | n/a | n/a | n/a | 0.93 | n/a |
| NeuroPace Inc. NPCE | $420 million | n/a | -160.9% | -15.3% | 11.6% | 4.97 | 0.0% |
| Carlsmed, Inc. CARL | $407 million | n/a | -43.1% | -61.1% | n/a | 0.18 | n/a |
| Shoulder Innovations, Inc. SI | $398 million | n/a | -28.2% | -58.5% | n/a | 0.12 | n/a |
| Orthofix Medical Inc. OFIX | $370 million | n/a | -14.4% | -4.7% | 3.0% | 0.52 | n/a |
| Orchestra BioMed Holdings, Inc. OBIO | $356 million | n/a | -305.5% | -181.4% | 986.1% | 1.80 | n/a |
| Embecta Corp. EMBC | $354 million | 4.22 | n/a | 21.9% | -7.6% | n/a | 7.4% |
| Mobia Medical, Inc. MOBI | $351 million | n/a | n/a | n/a | n/a | 0.04 | n/a |
| ClearPoint Neuro, Inc. CLPT | $342 million | n/a | -132.5% | -70.6% | 32.5% | 1.86 | n/a |
| CapsoVision, Inc. CV | $342 million | n/a | -226.6% | -217.1% | n/a | 0.00 | n/a |
| Sanara MedTech Inc. SMTI | $302 million | n/a | -403.0% | n/a | 12.9% | 5.85 | n/a |
| Cytosorbents Corp. CTSO | $290 million | n/a | n/a | -34.7% | 3.1% | n/a | n/a |
| Treace Medical Concepts, Inc. TMCI | $287 million | n/a | -87.9% | -26.2% | -4.0% | 0.83 | n/a |
| Anika Therapeutics, Inc. ANIK | $280 million | n/a | -2.8% | -4.2% | 5.3% | 0.00 | n/a |
| InfuSystem Holdings, Inc. INFU | $279 million | 34.17 | 14.4% | 9.3% | 2.5% | 0.35 | n/a |
| Orasure Technologies Inc. OSUR | $272 million | n/a | -15.5% | -48.1% | -18.9% | 0.00 | n/a |
| Profound Medical Corp. PROF | $239 million | 14.23 | -65.7% | -185.3% | 61.2% | 0.09 | n/a |
| TriSalus Life Sciences, Inc. TLSI | $227 million | n/a | -430.7% | -67.7% | 25.2% | 5.05 | n/a |
| Electromed, Inc. ELMD | $225 million | 20.53 | 20.9% | 18.8% | 15.3% | 0.00 | n/a |
| Utah Medical Products Inc. UTMD | $217 million | 20.83 | 8.6% | 28.4% | -7.0% | 0.00 | n/a |
| RxSight, Inc. RXST | $202 million | n/a | -17.8% | -45.5% | -17.7% | 0.00 | n/a |
| PRO DEX Inc. PDEX | $186 million | 15.95 | 24.4% | 16.8% | 13.3% | 0.33 | n/a |
| Inogen Inc. INGN | $184 million | n/a | -14.1% | -8.7% | 3.2% | 0.00 | n/a |
| Edap TMS SA FOCL | $158 million | n/a | n/a | n/a | n/a | n/a | n/a |
| Koru Medical Systems, Inc. KRMD | $138 million | n/a | -10.1% | -3.7% | 22.4% | 0.00 | n/a |
| Pulmonx Corp. LUNG | $129 million | n/a | -122.8% | -53.0% | -3.4% | 0.96 | n/a |
| Apyx Medical Corp. APYX | $108 million | n/a | -81.0% | -6.1% | 25.6% | 3.52 | n/a |
| Neuraxis, Inc. NRXS | $89 million | n/a | -114.0% | -144.5% | 65.2% | 0.01 | n/a |
| Lakeland Industries Inc. LAKE | $88 million | n/a | -21.4% | -4.1% | -0.4% | 0.23 | n/a |
| Stereotaxis, Inc. STXS | $86 million | n/a | -182.3% | -75.7% | -5.5% | 0.00 | n/a |
| Lucid Diagnostics Inc. LUCD | $77 million | n/a | -478.3% | -930.8% | 24.9% | 2.15 | n/a |
| Outset Medical, Inc. OM | $76 million | n/a | -77.1% | -56.1% | -1.3% | 1.01 | n/a |
| NutriBand Inc. NTRB | $76 million | n/a | -130.7% | -435.6% | -37.3% | 0.00 | n/a |
| Lensar, Inc. LNSR | $72 million | n/a | 232.8% | -13.5% | 3.3% | 0.25 | n/a |
| RenovoRx, Inc. RNXT | $60 million | n/a | -136.8% | -685.2% | n/a | 0.00 | n/a |
| PAVmed Inc. PAVM | $12 million | n/a | -34.5% | -23,841.1% | -89.0% | 0.43 | n/a |
70 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.