Carlsmed COO Jeffrey Bertolini sells $11,317 in company stock

Jeffrey Bertolini, the COO of Carlsmed Inc., sold 747 shares of the company's stock on November 3, 2026, for a total of $11,317. This sale occurred on the same day he bought an equal number of shares through the exercise of stock options. The shares were sold at $15.15 each, under a pre-approved trading plan established by Mr. Bertolini on March 12, 2026.

The sale comes as Carlsmed's shares are trading close to their 52-week high of $17.23, currently priced at $16.09. Despite being overvalued according to InvestingPro analysis, the stock has still delivered an 80% return over the last six months.

Prior to the sale, Mr. Bertolini purchased 747 shares for $4,418 by exercising stock options at $5.915 per share on the same date. After these transactions, he now directly owns 22,489 shares of Carlsmed common stock, in addition to holding 20,908 stock options, with 25% of which vested on March 3, 2026, and the remaining 75% set to vest in monthly installments over the next year, contingent on his continued service.

This information was documented and signed by Michael Cordonnier, acting as attorney-in-fact for Mr. Bertolini, on November 4, 2026.

In related news, Carlsmed reported a 57% increase in second-quarter revenue to $18.9 million, boosted by a surge in procedure volume. The company also expanded its gross margin and has revised its full-year revenue outlook upwards, indicating robust demand for its personalized spine surgery platform. Truist Securities responded positively to these results by raising their price target for Carlsmed from $18 to $20, maintaining a Buy rating.

They cited the company's strong second-quarter performance and increased full-year outlook as the reasons behind their decision. Furthermore, Carlsmed experienced a more than 60% growth in trained surgeons during the quarter, adding to their growth prospects. These developments emphasize Carlsmed's solid performance and optimistic future outlook as perceived by Truist.