CARL Carlsmed (CARL) Insider Trading, Ownership & Congress Trades
Medical Devices · Surgical & medical instruments & apparatus · CIK 0001794546
Form 144 · 3
Insider buyers, 180 days
0
House members buying, 1 year
0
STOCK Act, US House only, disclosed up to 45 days after the trade
Funds added, last quarter
58
13F, latest reported quarter
Conversions, 180 days
2
Codes C/M, not in net · $5.0K priced
What the filings say about CARL
Insiders, 180 days
-$14.1K net sold
1 seller · 100% of sales under a 10b5-1 plan
Planned sales (Form 144), 90 days
$72.0K
3 notices
Carlsmed insider trades (Form 4)
Form 4 buys and sells (codes P and S). Grants, option exercises
and conversions excluded.
Over the last 180 days, CARLSMED, INC. insiders sold a net $14.1K of stock across 10 Form 4 purchases and sales, with no insider buying. Source: SEC Form 4 filings, as of 2026-10-28.
Insider
Filed
Shares
Value
Since filing
Context
- 1 earlier Form 4 trade (code P or S) here by this insider (1 sale), the last on Sep 30, 2026.
- The trade is 3.3% of the 22,489 shares held after it.
- No other insider sold within 30 days.
- 58 funds added in the 13F quarter to Jun 30, 2026.
Insider activity: Chief Operating Officer Bertolini Jeffrey sold about $10.7K of CARL under a 10b5-1 plan on Oct 5, 2026; 58 funds added in the latest 13F quarter.Context
- First Form 4 purchase or sale (code P or S) here by this insider on our record.
- The trade is 1.1% of the 22,489 shares held after it.
- No other insider sold within 30 days.
- 58 funds added in the 13F quarter to Jun 30, 2026.
Insider activity: Chief Operating Officer Bertolini Jeffrey sold about $3.4K of CARL under a 10b5-1 plan on Sep 30, 2026; 58 funds added in the latest 13F quarter.Context
- First Form 4 purchase or sale (code P or S) here by this insider on our record.
- The trade is 14.6% of the 1,356,646 shares held after it.
- No other insider sold within 30 days.
- 58 funds added in the 13F quarter to Jun 30, 2026.
Insider activity: CEO, President Cordonnier Michael sold about $2.6M of CARL on Mar 2, 2026, the largest insider sale at the company on our record; 58 funds added in the latest 13F quarter.Context
- First Form 4 purchase or sale (code P or S) here by this insider on our record.
- The trade is 26.6% of the 5,013,839 shares held after it.
- 5 other insiders bought within 30 days.
- 58 funds added in the 13F quarter to Jun 30, 2026.
Insider activity: Insider B Capital Healthcare I, L.P. bought about $20.0M of CARL on Jul 24, 2025, the largest insider purchase at the company on our record; 5 other insiders bought within 30 days and 58 funds added in the latest 13F quarter.Context
- First Form 4 purchase or sale (code P or S) here by this insider on our record.
- The trade is 22.4% of the 59,566 shares held after it.
- 5 other insiders bought within 30 days.
- 58 funds added in the 13F quarter to Jun 30, 2026.
Insider activity: Director Sidow Kevin bought about $200.0K of CARL on Jul 24, 2025, the largest insider purchase at the company on our record; 5 other insiders bought within 30 days and 58 funds added in the latest 13F quarter.10 transactions on record
Since filing: total return from the first close after the filing to the latest close, dividend-adjusted. Not a forecast.
Context lines are counts over the filings above and returns from our own price history, never a price level. Not investment advice.
Seven facts, ranked against the sector ·
Rank is not a forecast
Insiders
net -$14.1K over 180 days
-$14.1K over 90 days
more than 61% of Medical Devices
Congress
no House purchase disclosed in the last 12 months
Funds
58 funds bought in last quarter
below 54% of Medical Devices
Revenue
+85.9% year over year
more than 91% of Medical Devices
Margin
-58.7% net margin
below 69% of Medical Devices
Buybacks
no share repurchases reported
Short interest
7.0% of the float short (float per yahoo 2026-10-27) · 13.6 days to cover · settled 2026-10-15
more than 56% of Medical Devices
What changed in the last 30 days
Oct 14Former Officer Greenstein Leonard M. filed to sell $57.9K by Oct 14 (Form 144)
Why it matters
A Form 144 is a notice of intent to sell; the sale may not happen, and it says nothing about the price.
Oct 6Chief Operating Officer Bertolini Jeffrey sold $14.1K under a 10b5-1 plan (2 trades, Sep 30 to Oct 5)
Why it matters
A 10b5-1 plan schedules trades months ahead, so this says little about what the insider thinks today.
Oct 5Officer Bertolini Jeffrey filed to sell $10.7K by Oct 5 (Form 144)
Why it matters
A Form 144 is a notice of intent to sell; the sale may not happen, and it says nothing about the price.
Sep 30Officer Bertolini Jeffrey filed to sell $3.4K by Sep 30 (Form 144)
Why it matters
A Form 144 is a notice of intent to sell; the sale may not happen, and it says nothing about the price.
Watch CARL
A free account keeps a watchlist and can send one email a day when insiders, funds or Congress file on the names in it. No password and no card.
The year, with the filings on it
Total return over 12 months. Each marker is a filing; hover or tap one for the detail.
+18.5%12M
Insider sellForm 144 (planned sale)
Indexed to 100, dividend-adjusted, not a price chart.
When a name files heavily, the largest trades are drawn first.
Who owns CARL: institutional holders (13F)
13F holdings, latest reported quarter
1,251,616 sh
$13.0M
597,318 sh
$6.2M
532,593 sh
$5.5M
440,000 sh
$4.6M
373,677 sh
$3.9M
Congress trades in CARL
No Congress trades reported
No House member has disclosed a trade in this stock. See what Congress is buying.
Activist and 5% holders (13D/13G)
No 5%+ ownership filings
Nobody has filed for crossing 5%. That is a fact, not missing data.
CARL planned insider sales (Form 144)
Notice of intent to sell, filed before any sale
Greenstein Leonard M.
Filed 2026-10-14
$57.9K
Bertolini Jeffrey
Filed 2026-10-05
$10.7K
Bertolini Jeffrey
Filed 2026-09-30
$3.4K
CARL mutual fund holders (N-PORT)
Funds ranked by the share of their own portfolio in this stock (N-PORT).
Dunham Small Cap Growth Fund
$652.4K position · as of 2026-07-31
0.8%
Janus Henderson Small-Mid Cap Value Fund
$568.6K position · as of 2026-06-30
0.8%
Buffalo Early Stage Growth Fund
$534.1K position · as of 2026-06-30
0.7%
Dunham Small Cap Value Fund
$553.0K position · as of 2026-07-31
0.6%
Janus Henderson Small Cap Value Fund
$3.6M position · as of 2026-06-30
0.3%
Ultra-Small Company Market Fund
$259.5K position · as of 2026-06-30
0.2%
SEC N-PORT, monthly, about 60 days late · funds ≥ $10M ·
% is the share of the fund's own portfolio
Live price
Daily candles from TradingView, under their licence. No filings marked.
Why this name is on the desk
Insiders have filed to sell, before selling.
The record shows a net $14.1K sold by insiders over 180 days, 58 funds added last quarter, $72.0K in planned Form 144 sales. Each figure is a federal filing, dated the day it went public.
CARL financials
Revenue growth
+85.9%
XBRL, annual
Net margin
-58.7%
Ratios from the company's XBRL filings, latest filings
Revenue, TTM
$63.3M
four quarters, 2025-07-01 to 2026-06-30
Revenue, TTM CARL
| FY Dec 2025 | $50.5M |
| FY Dec 2024 | n/a |
| Jun 2026 | $18.9M |
| Mar 2026 | $16.1M |
| Dec 2025 | $15.2M |
| Sep 2025 | $13.1M |
| Jun 2025 | $12.1M |
| Mar 2025 | $10.2M |
| Dec 2024 | $9.4M |
| Sep 2024 | $6.6M |
At each fiscal year end
Single quarter
Net margin, TTM
-57.4%
net income over revenue, 2025-07-01 to 2026-06-30
Net margin, TTM CARL
| FY Dec 2025 | -58.7% |
| FY Dec 2024 | n/a |
| Jun 2026 | -55.5% |
| Mar 2026 | -54.0% |
| Dec 2025 | -56.8% |
| Sep 2025 | -65.2% |
| Jun 2025 | -56.0% |
| Mar 2025 | -56.2% |
| Dec 2024 | -50.2% |
| Sep 2024 | -118.6% |
At each fiscal year end
Single quarter
Free cash flow, TTM
-$34.6M
operating cash flow minus capex, 2025-07-01 to 2026-06-30
Free cash flow, TTM CARL
| FY Dec 2025 | -$29.6M |
| FY Dec 2024 | n/a |
| Jun 2026 | -$7.5M |
| Mar 2026 | -$13.1M |
| Dec 2025 | -$5.4M |
| Sep 2025 | -$8.6M |
| Jun 2025 | -$7.4M |
| Mar 2025 | -$8.2M |
| Dec 2024 | -$4.3M |
| Sep 2024 | -$7.6M |
At each fiscal year end
Single quarter
Debt to equity
0.18x
long-term debt only, 2026-06-30; equity 2026-06-30
Debt to equity CARL
| FY Dec 2025 | 0.16x |
| FY Dec 2024 | n/a |
| Jun 2026 | 0.18x |
| Mar 2026 | 0.17x |
| Dec 2025 | 0.16x |
| Sep 2025 | 0.14x |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Cash flow to debt
-2.22x
TTM operating cash flow over long-term debt only, 2026-06-30
Cash flow to debt CARL
| FY Dec 2025 | -1.89x |
| FY Dec 2024 | n/a |
| Jun 2026 | -2.22x |
| Mar 2026 | -2.20x |
| Dec 2025 | -1.89x |
| Sep 2025 | -1.80x |
| Jun 2025 | -1.75x |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Return on equity
-6,197%
TTM net income over average of 2025-06-30 and 2026-06-30
Return on equity CARL
| FY Dec 2025 | -209.9% |
| FY Dec 2024 | n/a |
| Jun 2026 | -6,197% |
| Mar 2026 | -416.9% |
| Dec 2025 | -209.9% |
| Sep 2025 | -126.7% |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Return on assets
-42.4%
TTM net income over average of 2025-06-30 and 2026-06-30
Return on assets CARL
| FY Dec 2025 | -32.6% |
| FY Dec 2024 | -46.8% |
| Jun 2026 | -42.4% |
| Mar 2026 | -27.4% |
| Dec 2025 | -32.6% |
| Sep 2025 | -19.1% |
| Jun 2025 | -47.0% |
| Mar 2025 | -47.4% |
| Dec 2024 | -46.8% |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Return on invested capital
n/a
tax provision or pre-tax income not filed for the four quarters
Return on invested capital CARL
| FY Dec 2025 | n/a |
| FY Dec 2024 | n/a |
| Jun 2026 | n/a |
| Mar 2026 | n/a |
| Dec 2025 | n/a |
| Sep 2025 | n/a |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Return on capital employed
-51.7%
operating income (EBIT proxy) over average of 2025-06-30 and 2026-06-30 minus current liabilities
Return on capital employed CARL
| FY Dec 2025 | -38.5% |
| FY Dec 2024 | n/a |
| Jun 2026 | -51.7% |
| Mar 2026 | -31.3% |
| Dec 2025 | -38.5% |
| Sep 2025 | -20.9% |
| Jun 2025 | -56.4% |
| Mar 2025 | -57.0% |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
P/E, trailing
n/a
trailing loss, a multiple of a loss is not meaningful
P/E, trailing CARL
| FY Dec 2025 | n/a |
| FY Dec 2024 | n/a |
| Jun 2026 | n/a |
| Mar 2026 | n/a |
| Dec 2025 | n/a |
| Sep 2025 | n/a |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Enterprise value
$390.1M
market value at close 2026-10-27 on 2026-08-03 shares, plus long-term debt only, 2026-06-30, minus cash 2026-06-30
Enterprise value CARL
| FY Dec 2025 | $258.0M |
| FY Dec 2024 | n/a |
| Jun 2026 | $251.3M |
| Mar 2026 | $184.3M |
| Dec 2025 | $258.0M |
| Sep 2025 | $256.0M |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
FCF yield
-8.2%
TTM free cash flow over market value at close 2026-10-27
FCF yield CARL
| FY Dec 2025 | -9.0% |
| FY Dec 2024 | n/a |
| Jun 2026 | -12.3% |
| Mar 2026 | -14.2% |
| Dec 2025 | -9.0% |
| Sep 2025 | -8.0% |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
PEG, trailing
n/a
trailing loss, a multiple of a loss is not meaningful
PEG, trailing CARL
| FY Dec 2025 | n/a |
| FY Dec 2024 | n/a |
| Jun 2026 | n/a |
| Mar 2026 | n/a |
| Dec 2025 | n/a |
| Sep 2025 | n/a |
| Jun 2025 | n/a |
| Mar 2025 | n/a |
| Dec 2024 | n/a |
| Sep 2024 | n/a |
At each fiscal year end
Trailing four quarters at each quarter end
Price as of 2026-10-27. Hover or tap a tile for its yearly and quarterly history.
Method
TTM is four consecutive fiscal quarters; Q4 is the year minus nine months when not filed. Returns use the average of opening and closing balances. EBIT is approximated by operating income. PEG uses trailing EPS growth.
Fundamentals
Annual figures from XBRL filings. Pick a past date to see them as known then.
| 2025-12 | 2024-12 | 2023-12 | |
|---|---|---|---|
| Revenue | $50.5M | $27.2M | n/a |
| Gross profit | $38.0M | $20.0M | n/a |
| Operating income | -$30.6M | -$24.1M | n/a |
| Net income | -$29.6M | -$24.3M | n/a |
| EPS (diluted) | -2.12 | -6.11 | n/a |
| Operating cash flow | -$29.0M | -$25.5M | n/a |
| Cash | $85.8M | $40.1M | $7.2M |
| Long-term debt | $15.3M | $15.4M | n/a |
SEC XBRL, fiscal years, as known on 2026-10-28
CARL Stock Sonar score 6/7 axes
Find similar shapesCompareCARL ranks highest on growth (91st percentile) and risk and compliance (67th), and lowest on insider conviction (1st), among Medical Devices peers.
6 of 7 axes scored. Each is a percentile against sector peers (all companies when the sector is thin); higher is better. An unscored axis is unmeasured, not low. How it is scored
CARL filings, in plain words
Are Carlsmed insiders buying or selling CARL?
In the 180 days to 2026-10-28, Carlsmed insiders were net sellers, a net $14.1K across purchases and sales reported on Form 4, by 1 seller.
Are there planned insider sales of CARL?
Yes. 3 Form 144 notices of planned insider sales were filed in the 90 days to 2026-10-28, covering $72.0K of stock; the latest, by Greenstein Leonard M., was filed 2026-10-14.
Read the full summary
In the 180 days to 2026-10-28, Carlsmed insiders were net sellers of CARL, a net $14.1K across purchases and sales reported on Form 4 by 1 seller. Insiders filed 3 Form 144 notices of intent to sell in the 90 days to 2026-10-28, covering $72.0K of stock. Each figure is counted from SEC and House filings as of 2026-10-28, dated the day the filing was made public.
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