Carlsmed Inc. reported third quarter 2025 revenue of $13.1 million, a 98% increase from $6.6 million in the same period last year. Gross profit reached $9.9 million with a gross margin of 75.9%, compared to $4.8 million and 72.8% in the third quarter of 2024. Operating expenses rose to $19.0 million from $12.6 million, with research and development expenses at $4.4 million and sales and marketing expenses at $9.6 million. The company raised its full-year 2025 revenue guidance to $49 million-$50 million. Recent business developments include a reduction in lead time for aprevo interbody implants to eight business days and securing NTAP reimbursement for cervical procedures, with more than 50 patients treated in a clinical evaluation. Carlsmed plans to launch its cervical spine platform early next year.