Carlsmed is a commercial-stage medical technology company that develops AI-enabled personalized spine surgery solutions through its aprevo Technology Platform, an integrated digital system that combines pre-operative 3D surgical planning software, patient-specific interbody implants, single-use surgical instruments, and post-operative data analysis. The company generates revenue by invoicing hospitals and ambulatory surgical centers directly for customized implant kits and instruments on a per-procedure basis, with reimbursement advantages through Medicare, Medicare Advantage, commercial insurers, and a New Technology Add-on Payment for cervical procedures. As the only commercially available personalized interbody implant platform in the United States for lumbar and cervical spine fusion, Carlsmed holds a first-mover advantage supported by a strong intellectual property portfolio, proprietary training data for its AI algorithms, and published clinical evidence demonstrating improved surgical alignment and reduced revision rates compared to traditional stock implants.