Carlsmed, Inc. (NASDAQ: CARL)

Sector: Healthcare Industry: Health Information Services CIK: 0001794546
Market Cap 322.36 Mn
P/B 3.02
P/E -12.97
P/S 11.87
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 98.39
Total Debt (Qtr) 17.61 Mn
Debt/Equity (Qtr) 0.17

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 115.47M provide 174.69x coverage of short-term debt 661000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 134.86M provides 7.66x coverage of total debt 17.61M, indicating robust asset backing and low credit risk.
  • Tangible assets of 134.86M provide robust 17.76x coverage of other current liabilities 7.59M, indicating strong asset backing.
  • Cash reserves of 115.47M provide solid 358.61x coverage of other non-current liabilities 322000, indicating strong liquidity.
  • Cash reserves of 115.47M provide robust 10.57x coverage of current liabilities 10.93M, indicating strong short-term solvency.

Bear case

  • High receivables of 11.30M relative to inventory of 1.34M (8.43 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Tangible assets of 134.86M provide limited backing for working capital of 120.54M, which is 1.12x, suggesting increased operational risk in market downturns.
  • Other non-current assets of 225000 provide minimal coverage for long-term debt of 16.95M, which is 0.01x, indicating potential asset-liability mismatch.

Peer comparison

Companies in the Health Information Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TEM Tempus AI, Inc. 45.63 Bn -223.83 41.29 1.34 Bn
2 GEHC GE HealthCare Technologies Inc. 38.75 Bn 19.85 2.19 10.28 Bn
3 VEEV Veeva Systems Inc 37.30 Bn 43.36 12.11 0.09 Bn
4 DOCS Doximity, Inc. 7.81 Bn 30.87 12.57 0.01 Bn
5 BTSG BrightSpring Health Services, Inc. 7.70 Bn 59.42 0.62 2.70 Bn
6 HQY Healthequity, Inc. 7.32 Bn 38.14 5.67 1.03 Bn
7 WAY Waystar Holding Corp. 5.00 Bn 44.97 4.81 1.25 Bn
8 PRVA Privia Health Group, Inc. 2.79 Bn 153.67 1.37 0.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 2.77
EV to Cash from Ops. EV to Cash from Ops. 0.00 -10.86
EV to Debt EV to Debt 0.00 161.93
EV to EBIT EV to EBIT 0.00 -106.48
EV to EBITDA EV to EBITDA 0.00 4.22
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 7.46
EV to Market Cap EV to Market Cap 0.00 -14.93
EV to Revenue EV to Revenue 0.00 1.76
Price to Book Value [P/B] P/B 3.02 10.57
Price to Earnings [P/E] P/E -12.97 147.14
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -8.65
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 5.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.04
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 4.57
Interest Coverage Int. cover (Qtr) 0.00 -584.72
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -24.09
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 172.48
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -1.05
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -17.73
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 39.85
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -38.83
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -4.52
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 2.60
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -48.57
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 5.49
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.66
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 10.57 1.87
Current Ratio Curr Ratio (Qtr) 12.03 3.27
Debt to Equity Ratio Debt/Equity (Qtr) 0.17 -0.43
Interest Cover Ratio Int Coverage (Qtr) 0.00 -584.72
Times Interest Earned Times Interest Earned (Qtr) 0.00 -584.72
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -435.80
EBIT Margin % EBIT Margin % (Qtr) 0.00 -464.70
EBT Margin % EBT Margin % (Qtr) 0.00 -461.74
Gross Margin % Gross Margin % (Qtr) 0.00 44.03
Net Profit Margin % Net Margin % (Qtr) 0.00 -468.01