Carlsmed: Vegas Takes

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Carlsmed: Vegas Takes

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Carlsmed

Vegas Takes

Reiterate Rating: BUY | PO: 17.00 USD | Price: 9.83 USD

Fireside chat with CARL CEO 13 May 2026

We hosted CARL CEO Mike Cordonnier at our Healthcare conference in Vegas. Key Equity

topics included the cervical and fixation product roadmap, reimbursement tailwinds,

Travis Steed

early launch dynamics, and the path to profitability. Research Analyst

BofAS

Still early days but clinical evidence building +1travis.steed@bofa.com404 607 3251

CARL said that the story remains in the early innings but pointed to its recently Stephanie Elghazi

published two-year lumbar data showing a ~74% reduction in revision rates, reinforcing Research Analyst BofAS

its ability to drive meaningful improvements in patient outcomes. Reduced revision rates stephanie.elghazi@bofa.com

are a key differentiator in a patient population that is typically costly to treat, supporting Gracia Mahoney

CARL’s broader value proposition of reducing total cost of care. CARL also tied this data ResearchBofAS Analyst

to ongoing efforts to expand access, particularly as reimbursement pathways (IPPS gracia.mahoney@bofa.com

proposal) better align to the economic benefit. Aidan Lahey

Research Analyst

DRG bump driving access, greater impact over time BofASaidan.lahey@bofa.com

The preliminary IPPS rule and new DRG dynamics are an important step in expanding Enjia Cao

access rather than a pricing lever, particularly for hospitals that haven’t adopted the ResearchBofAS Analyst

technology. CARL noted that lumbar and cervical procedures are mainly inpatient today. enjia.cao@bofa.com

If the proposal goes through, CARL views the changes as a more meaningful driver in Rei Tan

2027+ as hospitals gain comfort with the economics and access barriers are reduced.