Carlsmed (CARL) Operating Expenses (2024 - 2026)

Carlsmed (CARL) reported Operating Expenses of $21.7 million for Q1 2026, up 62.49% on a YoY basis from $13.4 million in Q1 2025, and up 3.7% quarter-over-quarter from $20.9 million in Q4 2025.

Carlsmed (CARL) Operating Expenses (2024 - 2026) Analysis & Trends

Carlsmed has reported Operating Expenses for 3 years, with the latest figure at $21.7 million in Q1 2026.

  • For the quarter ending Q1 2026, Operating Expenses rose 62.49% year-over-year to $21.7 million; the trailing twelve-month figure through Mar 2026 stood at $77.0 million (up 58.58% YoY), and the FY2025 full-year result was $68.6 million, up 55.34% from the prior year.
  • Operating Expenses for Q1 2026 stood at $21.7 million, up from $20.9 million in the prior quarter.
  • The five-year high for Operating Expenses was $21.7 million in Q1 2026, with the low at $10.9 million in Q2 2024.
  • Historically, Operating Expenses has averaged $15.7 million across 3 years, with a median of $14.4 million in 2025.
  • The largest YoY upside for Operating Expenses was 78.53% in 2025 against a maximum downside of 41.26% in 2025.
  • Carlsmed's Operating Expenses stood at $11.7 million in 2024, then soared by 78.53% to $20.9 million in 2025, then rose by 3.7% to $21.7 million in 2026.
  • The last three Operating Expenses figures came in at $21.7 million (Q1 2026), $20.9 million (Q4 2025), and $19.0 million (Q3 2025), per Business Quant data.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Veeva Systems 24.83 Bn 17.52 Bn 662.02 Mn 388.91 Mn
2 BrightSpring Health Services 13.57 Bn 12.69 Bn 482.22 Mn 360.77 Mn
3 Healthequity 7.20 Bn 6.93 Bn 256.31 Mn 153.36 Mn
4 Hinge Health 5.42 Bn 5.11 Bn 154.23 Mn 122.16 Mn
5 10x Genomics 4.46 Bn 3.92 Bn 106.18 Mn 123.22 Mn
6 Doximity 3.81 Bn 3.06 Bn 125.97 Mn 101.14 Mn
7 Waystar Holding 3.52 Bn 3.36 Bn 268.04 Mn 233.41 Mn
8 Privia Health 2.94 Bn 2.57 Bn 595.71 Mn 596.43 Mn
9 Omnicell 1.76 Bn 1.59 Bn 140.36 Mn 123.51 Mn
10 Carlsmed 265.54 Mn 168.34 Mn 12.43 Mn 21.70 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 21.70 Mn
Dec 31, 2025 20.93 Mn
Sep 30, 2025 18.96 Mn
Jun 30, 2025 15.37 Mn
Mar 31, 2025 13.36 Mn
Dec 31, 2024 11.72 Mn
Sep 30, 2024 12.58 Mn
Jun 30, 2024 10.88 Mn