Carlsmed’s portfolio comprises implantable lumbar and cervical patient-specific interbody fusion devices and accompanying software. Credit: David Tran Photo via Shutterstock.

AI-focused spinal surgery firm Carlsmed is planning to go public, adding to a strong year of medtech initial public offerings (IPOs).

Carlsmed filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) on 26 July, indicating its intention to go public.

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The form neither detailed how many shares the device maker is looking to sell nor the price range at which they will be sold, meaning it is not possible to calculate how much the IPO will raise.

The Form S-1, used by companies when notifying the SEC of their intent to carry out public offerings, only mentioned that the listing would have occurred on the Nasdaq.

Carlsmed has developed a personalised surgery platform called aprevo, which it claims enhances surgical outcomes, lowers the need for revision surgery, and improves long-term outcomes.

The company’s portfolio comprises implantable lumbar and cervical patient-specific interbody fusion devices and accompanying software. The company already has clearance from the US Food and Drug Administration (FDA) for its lumbar and cervical devices. Whilst its lumbar spine fusion surgery products are commercialised in the US, it expects to market the cervical devices next year.

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In its S-1 form, Carlsmed said it will pursue additional clearances for its platform throughout 2025. The California-based company estimates an addressable market of approximately $13.4bn for its aprevo platform in the US.

Carlsmed’s books have had strong growth – the company reported revenue of $27.2m in 2024, up 97.2% from 2023. The IPO will look to add cash resources for the spinal specialist, which already raised $52.5m in Series C financing in March 2024.

Carlsmed is the latest medtech company in 2025 to target an IPO. Although it is notable for its AI-driven spinal surgery devices, the company is part of a broader trend of AI-focused medtechs going public.

Artificial pancreas maker Beta Bionics raised $204m in a Nasdaq listing in January while wearable defibrillator maker Kestra closed an IPO worth $202m before deductions. The public listings reflect a stronger IPO landscape for medtech companies that have previously suffered in recent times.

The first half of 2025 consolidates investor predictions made in December last year, who were optimistic about recovery.

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