Carlsmed Management
Management criteria checks 3/4
Carlsmed's CEO is Mike Cordonnier, appointed in Jun 2018, has a tenure of 8.17 years. total yearly compensation is $2.79M, comprised of 17.2% salary and 82.8% bonuses, including company stock and options. directly owns 5.25% of the company’s shares, worth $21.33M. The average tenure of the management team and the board of directors is 2.3 years and 5.7 years respectively.
Key information
Mike Cordonnier
Chief executive officer
US$2.8m
Total compensation
| CEO salary percentage | 17.23% |
| CEO tenure | 8.2yrs |
| CEO ownership | 5.2% |
| Management average tenure | 2.3yrs |
| Board average tenure | 5.7yrs |
Recent management updates
Recent updates
Personalized Spine Surgery Will Reshape A US$13b Market Over The Long Term
Catalysts About Carlsmed Carlsmed provides a digital surgery platform and patient specific 3D printed spine implants for lumbar and cervical fusion procedures. What are the underlying business or industry changes driving this perspective?
AI Spine Surgery And Personalized Implants Will Transform Long-Term Earnings Potential
Catalysts About Carlsmed Carlsmed provides a digital surgery platform and patient specific spine implants designed to improve alignment and reduce revision procedures. What are the underlying business or industry changes driving this perspective?Carlsmed: Back To Where We Started
Summary Carlsmed offers AI-enabled personalized spine surgery solutions, showing strong revenue growth and expanding its addressable market. Carlsmed´s sales nearly doubled year-over-year, with 2025 revenue guidance raised to $49.5 million, but operating losses have also increased substantially. Despite sequential revenue growth and conservative guidance, Carlsmed´s lack of operating leverage and reliance on a single product remain concerns. I remain cautious and prefer to watch progress from the sidelines, given ongoing operating losses, but curious to update my take. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | -US$36m |
| Mar 31 2026 | n/a | n/a | -US$33m |
| Dec 31 2025 | US$3m | US$481k | -US$30m |
| Sep 30 2025 | n/a | n/a | -US$26m |
| Jun 30 2025 | n/a | n/a | -US$26m |
| Mar 31 2025 | n/a | n/a | -US$26m |
| Dec 31 2024 | US$521k | US$363k | -US$25m |
Compensation vs Market: Mike's total compensation ($USD2.79M) is about average for companies of similar size in the US market ($USD2.41M).
Compensation vs Earnings: Mike's compensation has increased whilst the company is unprofitable.
CEO
Mike Cordonnier (49 yo)
Mr. Michael John Cordonnier, also known as Mike, is Co-Founder, Chief Executive Officer, President and Chairman at Carlsmed, Inc. since June 2018 and served as its Treasurer from November 2022 to August 20...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 8.2yrs | US$2.79m | 5.25% $ 21.3m | |
| Co-Founder | 8.2yrs | US$1.15m | 3.43% $ 14.0m | |
| CFO & Treasurer | 3yrs | US$1.12m | 0.53% $ 2.1m | |
| Chief Commercial Officer | 1.7yrs | US$1.52m | no data | |
| Chief Technology Officer | no data | no data | no data | |
| VP & Head of Investor Relations | no data | no data | no data | |
| Chief Legal Officer & Secretary | less than a year | no data | no data | |
| Senior Vice President of People & Culture | no data | no data | no data | |
| Chief Clinical & Market Access Officer | no data | no data | no data | |
| Senior Vice President of Operational Excellence | no data | no data | no data | |
| Senior Vice President of Quality & Regulatory Affairs | less than a year | no data | no data |
Experienced Management: CARL's management team is considered experienced (2.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder | 8.2yrs | US$2.79m | 5.25% $ 21.3m | |
| Co-Founder | 8.2yrs | US$1.15m | 3.43% $ 14.0m | |
| Independent Director | 5.7yrs | US$287.50k | 1.71% $ 6.9m | |
| Independent Director | 5.7yrs | US$287.50k | 0.33% $ 1.3m | |
| Independent Director | 1.9yrs | US$308.75k | no data | |
| Independent Director | 5.7yrs | US$341.70k | 0.15% $ 628.4k | |
| Independent Director | 4.3yrs | US$28.75k | no data |
Experienced Board: CARL's board of directors are considered experienced (5.7 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/19 22:44 |
| End of Day Share Price | 2026/08/19 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Carlsmed, Inc. is covered by 6 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Travis Steed | BofA Global Research |
| Michael Gorman | BTIG |
| David Roman | Goldman Sachs |