Revenue for the quarter was $21.6 million, up from $13.1 million a year earlier and above the $19.1 million expected by analysts polled by FactSet. Carlsmed reported a loss of $12.2 million, or 45 cents a share, compared with a loss of $8.5 million, or 40 cents a share, in the year-ago quarter. Analysts had forecast a loss of $10.9 million, or 42 cents a share.

The company raised its 2026 revenue guidance to $78 million to $80 million, from its previous range of $74 million to $78 million. Analysts forecast revenue of $79.3 million for 2026. As of Sept. 30, Carlsmed reported $80.3 million in cash and cash equivalents, restricted cash, short-term investments and marketable securities.