Carlsmed CEO on Cutting-Edge Spinal Care Technology

Summary

Bloomberg Businessweek Podcast Summary

Episode: Carlsmed CEO on Cutting-Edge Spinal Care Technology
Date: March 6, 2026
Hosts: Carol Massar & Tim Stenovec
Featured Guest: Mike Cordonier – Co-founder, CEO & President, CarlsMed

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Episode Overview

This episode features an in-depth interview with Mike Cordonier, CEO of CarlsMed, a leading MedTech company pioneering AI-enabled personalized spine surgery solutions. The discussion explores how CarlsMed’s technology is transforming outcomes for back surgery patients, the company’s approach to hospital adoption and surgeon education, clinical evidence, and future growth pathways.

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Key Discussion Points & Insights

1. CarlsMed’s Approach to Personalized Spine Surgery

• AI-Driven 3D Modeling:

  • CarlsMed collects patient and surgeon data to create a virtual 3D model of the patient’s spinal pathology.
  • An optimal, customized surgical plan is developed and approved by the surgeon.
  • Personalized implants are 3D printed on demand for each case.
  • [02:41] "We take data about patient, data about the surgeon code, create a virtual 3D model of that patient's pathology, and then the optimal three dimensional surgical plan that's given to the surgeon, they approve it, and then we 3D print the devices on demand that are made for surgery." — Mike Cordonier

• Continuous Learning:

  • Post-operative data is collected on all patients to further train the system, refining plans and outcomes over time.
  • [02:41] "...we clot post op data on every patient that continues to train and improve the planning." — Mike Cordonier

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2. Traditional vs. CarlsMed-Enhanced Spine Surgery

• Status Quo Practice:

  • Traditionally, surgeons rely on available, off-the-shelf implants and make intraoperative decisions with limited customization.
  • [03:33] "Typically there may be some pre op planning, but most of the decisions are made in the operating room...do the best they can with what's available in the operating room." — Mike Cordonier

• CarlsMed’s Improvements:

  • Provides surgeons with a customized plan and personalized implant sizes prior to surgery.
  • Allows for limited intraoperative flexibility (slightly larger/smaller implant options).
  • [04:22] "We make a slightly larger size, a slightly smaller size. So if they get in and decide they need to make a slight change to the plan, they have the implants that they can actually do that..." — Mike Cordonier

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3. Clinical Outcomes & Impact

• Major Reduction in Reoperations:
  • Recent publication showed a 74% reduction in reoperation rates at the two-year mark.
  • Customized alignment leads to more predictable and better outcomes.
  • [05:19] "Our recent publication in the Global Spine Journal that showed a 74% reduction in reoperation at the two year time point." — Mike Cordonier
  • [05:19] "Our two year data really shows how this has truly become the new standard of care for spine surgery." — Mike Cordonier

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4. Surgeon & Hospital Adoption

• Surgeon Training & Education:

  • CarlsMed collaborates with academic institutions to integrate their platform into residency and fellowship programs.
  • Focus on educating early and mid-career surgeons, ensuring future adoption.
  • [06:22] "We've really focused on...partner[ing] with a lot of academic institutions in the residents and fellows programs so that we really are training the next generation of surgeons very early on on this whole concept of digital surgery..." — Mike Cordonier

• Hospital Traction:

  • Early but rapid uptake within large health systems and teaching hospitals.
  • Adoption requires passing internal value analysis committees.
  • [07:25] "We've had a ton of traction with large healthcare systems as well as teaching institutions." — Mike Cordonier

• Reimbursement & Incentives:

  • CarlsMed's cervical platform provides a new technology add-on payment, enhancing hospital reimbursement.
  • Lumbar platform received new DRG codes that incentivize personalized approach.
  • [07:38] "For our new cervical platform, we have a new technology add on payment which enhances the reimbursement to the hospitals when they use this. And for the Lumbar platform. We recently got new codes, new DRG codes..." — Mike Cordonier

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5. Insurance, Coding, and Economics

• Integrating with Existing Codes:
  • Fits within current CPT (surgeon payment) and DRG (hospital payment) codes.
  • Surgeons are reimbursed as with traditional surgeries; hospitals benefit from higher reimbursement when using the personalized platform.
  • [08:25] "From a commercial payer standpoint, we fit inside current CPT codes and DRGs..." — Mike Cordonier

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6. Company Focus and Future Outlook

• Current Pipeline:
  • Deep focus remains on spine surgeries for now, but the technology is adaptable.
  • Recent launch of the cervical platform (in addition to lumbar solutions) broadens patient applicability.
  • [09:04] "We're deeply focused on the spine right now...we launched the cervical platform, which was a big part of our use of proceeds from the IPO...we have a deep pipeline inside of spine and that's where we're going to focus in the near term." — Mike Cordonier

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7. Cost Perspective

• Platform Pricing:
  • The CarlsMed platform is priced at a level comparable to the reimbursed amount, making it cost-effective for hospitals.
  • [09:40] "The platform is priced at a point that's similar to what the reimbursement is. So it provides great economics to the hospital." — Mike Cordonier

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Notable Quotes & Memorable Moments

• [02:41] On CarlsMed’s technology:
  "We take data about patient, data about the surgeon code, create a virtual 3D model of that patient's pathology, and then the optimal three dimensional surgical plan...we 3D print the devices on demand..." — Mike Cordonier

• [05:19] On improved outcomes:
  "Our recent publication...showed a 74% reduction in reoperation at the two year time point." — Mike Cordonier

• [06:22] On education strategy:
  "...we really are training the next generation of surgeons very early on on this whole concept of digital surgery so that they can implement digital workflow into their practice." — Mike Cordonier

• [07:38] On reimbursement incentives:
  "...we have a new technology add on payment which enhances the reimbursement to the hospitals when they use this. And for the Lumbar platform. We recently got new codes, new DRG codes that are specific to the personalized devices which incentivize utilization." — Mike Cordonier

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Important Timestamps

• [01:45] — Earnings update and company profile introduction
• [02:41] — Detailed explanation of CarlsMed’s process
• [03:33] — How spine surgery is done without CarlsMed
• [05:19] — Clinical results and outcomes
• [06:22] — Surgeon education strategy
• [07:25] — Hospital adoption and reimbursement
• [08:25] — Explanation of CPT and DRG codes
• [09:04] — Company’s pipeline and future plans
• [09:40] — Discussion on platform pricing

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Tone and Style

The conversation is straightforward, focused, and technical, bringing out both the real-world clinical impacts of CarlsMed’s work as well as the challenge of adoption in a conservative field. Mike Cordonier explains complex concepts in accessible terms, emphasizing results, the importance of surgeon education, and the straightforward economics for hospitals.

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Takeaways

CarlsMed’s AI-powered, fully personalized approach to spine surgery is showing major improvements in patient outcomes, particularly in reducing repeat operations. The firm is heavily focused on driving adoption through surgeon education and aligning their product with hospital and insurance reimbursement structures. Expansion across further spine conditions is ongoing, but the technology could extend further in the future.

This episode provides valuable insights into the intersection of technology, healthcare delivery, and commercial adoption in the MedTech sector.

Transcript

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[Interviewer (possibly Tim Stanvac)]

Bloomberg Audio Studios Podcasts Radio news.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

You're listening to Bloomberg businessweek with Carol Massar and Tim Stanvac on Bloomberg Radio.

Let's talk about some earnings. Carl's Med shares closed higher by 16%. That was on Thursday. It was the first day of trading after the MedTech company reported EPS and sales above estimates as far as the numbers looked. A loss of 32 cents a share on a comp basis for the latest quarter versus the estimated loss of $0.43. So that came in above estimates. Also, sales came in at $15.2 million, versus the estimate of 14 and a half million dollars. That was what analysts thought they would see. We've got Michael Cordonier back with us, co founder, CEO and president of CarlsMed. It's the $350 million market cap company. He joins us here in the Bloomberg Interactive Brokers studio. Welcome back. It's good to see you. It's been a few months since the ipo. That's when you were last here. Just to remind everybody the company works on AI enabled personal spine surgery solutions for back surgery. We always know that back. We know that back surgery does not always have great outcomes. Just remind Everybody what your company can do.

[Mike Cordonier, CEO of CarlsMed]

Yeah. First of all, great being back here. Thanks, Tim and Carol. So what we do is we take data about patient, data about the surgeon code, create a virtual 3D model of that patient's pathology, and then the optimal three dimensional surgical plan that's given to the surgeon, they approve it, and then we 3D print the devices on demand that are made for surgery. In surgery, the surgeons place the device, do the surgical correction for a spine fusion, and then we clot post op data on every patient that continues to train and improve the planning.

[Interviewer (possibly Tim Stanvac)]

So.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

So we are not doctors. You're not?

[Interviewer (possibly Tim Stanvac)]

I'm not.

[Cincinnati Insurance Narrator]

I'm not.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

Okay.

[Interviewer (possibly Tim Stanvac)]

I don't put it on tv. I thought about it though.

[Mike Cordonier, CEO of CarlsMed]

I thought about it. I did.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

But how is spine surgery done if you're not using Carlsmed technology?

[Mike Cordonier, CEO of CarlsMed]

Yeah. Typically there may be some pre op planning, but most of the decisions are made in the operating room. And when the surgeon goes to perform the procedure, they will get access to the spinal disc, remove the disc, and then they'll look at what's available in the operating room for various sizes of fusion devices that go into where the disk was and ultimately do the best they can with what's available in the operating room.

[Interviewer (possibly Tim Stanvac)]

Having said that, Mike, you know that too. When a surgeon opens up somebody, things can look a little different.

[Cincinnati Insurance Narrator]

Right.

[Interviewer (possibly Tim Stanvac)]

And that's just the way it goes. So how, if you are using your system and you've got kind of a game plan, if you will, what's the movement for physicians to say, well, wait a minute, this doesn't actually align up. And how often does that happen?

[Mike Cordonier, CEO of CarlsMed]

Yes, we do allow for some intraoperative flexibility. While we do a really great job working with the surgeon prior to surgery to digitally model both the patient and the procedure and create the precise implants, we also give them some flexibility. We make a slightly larger size, a slightly smaller size. So if they get in and decide they need to make a slight change to the plan, they have the implants that they can actually do that, but

[Interviewer (possibly Tim Stanvac)]

they've got to work it off of the parameters that you've given them.

[Mike Cordonier, CEO of CarlsMed]

Yeah.

[Interviewer (possibly Tim Stanvac)]

So I mean, is there, I would assume that there are times where the surgeon's like, wait, something's different.

[Cincinnati Insurance Narrator]

Yeah, it doesn't happen.

[Mike Cordonier, CEO of CarlsMed]

Yeah. Very, very rarely does that happen. Where something that was pre op planned cannot be achieved intraoperatively.

[Interviewer (possibly Tim Stanvac)]

What can you tell us about outcomes? Tell us a little bit about patients afterwards and how things are. Because back surgery can be a pretty difficult thing. Having known people Who've done it.

[Mike Cordonier, CEO of CarlsMed]

Yeah. And one of the things we're really proud of is our recent publication in the Global Spine Journal that showed a 74% reduction in reoperation at the two year time point. Because the challenge like we talked about with spine surgery is you're limited to what's available in the operating room for how to achieve the alignment and when you can really customize the plan, customize the devices to the plan, can achieve a very predictable alignment, which is what drives the best outcomes. And our two year data really shows how this has truly become the new standard of care for spine surgery.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

Well, to that point, if it's become the standard of care, how do you make sure that doctors are educated on it? Because if, if you're not learning this in med school or if you're not learning this in residency, I imagine you're going to conferences to learn about new techniques. It's not an easy thing to do to convince a doctor to do something different than she or he has been doing during their career.

[Mike Cordonier, CEO of CarlsMed]

One of the things that we've really focused on is education. And so the great thing about the platform is it uses the same surgical techniques that they are taught in med school, in their residency, in their fellowship. However, it adds the preoperative planning. What we've done is really partner with a lot of academic institutions in the residents and fellows programs so that we really are training the next generation of surgeons very early on on this whole concept of digital surgery so that they can implement digital workflow into their practice. And that's really where we see, you know, the mass adoption in the early and mid career surgeons that are looking to really implement digital workflows.

[Interviewer (possibly Tim Stanvac)]

I'm assuming what you look for is the big buy in from hospitals.

[Cincinnati Insurance Narrator]

Right.

[Interviewer (possibly Tim Stanvac)]

So tell us about the uptake in that, you know, where you're seeing growth in that business. Because that to me sounds like that's where you guys really want to, what you want to happen.

[Mike Cordonier, CEO of CarlsMed]

Yeah, so we're still very early days and but we've had a ton of traction with large healthcare systems as well as teaching institutions.

[Interviewer (possibly Tim Stanvac)]

What does traction mean?

[Mike Cordonier, CEO of CarlsMed]

Yeah, so meaning that, you know, to get on contract, it is a process. So typically go through a value analysis committee. One of the great things with our platform, our technology is first, we've got great clinical data. Second, we've got a really great economic proposition because for our new cervical platform, we have a new technology add on payment which enhances the reimbursement to the hospitals when they use this. And for the Lumbar platform. We recently got new codes, new DRG codes that are specific to the personalized devices which incentivize utilization.

[Interviewer (possibly Tim Stanvac)]

I mean, this goes to. You want insurance coverage of this, right?

[Mike Cordonier, CEO of CarlsMed]

Yeah.

[Interviewer (possibly Tim Stanvac)]

Okay.

[Mike Cordonier, CEO of CarlsMed]

Yeah. So from a, from a commercial payer standpoint, we fit inside current CPT codes and DRGs.

[LifeMD Narrator]

What's CPT?

[Mike Cordonier, CEO of CarlsMed]

So that is the code that a surgeon is paid on, the provider code.

[Interviewer (possibly Tim Stanvac)]

Okay.

[Mike Cordonier, CEO of CarlsMed]

The DRG codes are the codes that the hospitals are paid on. So for the DRGs, for the hospital, we have elevated reimbursement. So it's great for the hospitals, for the surgeons, they're compensated the same way they would be with traditional spine surgery, but have the opportunity to use the personalized platform.

[Bloomberg Radio Host (Carol Massar or Tim Stanvac)]

Carlsmith focused on spine surgery, is that just for now. Do you have a pipeline? Do you have ideas that you could extend this to other parts of the body?

[Mike Cordonier, CEO of CarlsMed]

Yeah, lots of ideas. We're deeply focused on the spine right now. And, you know, since we last spoke and we announced this in December that we launched the cervical platform, which was a big part of our use of proceeds from the ipo. We're now we can not only treat patients with lumbar degenerative disc disease and deformity, but also a cervical disc disease and deformity. And we have a deep pipeline inside of spine and that's where we're going to focus in the near term.

[Interviewer (possibly Tim Stanvac)]

Just 20 seconds. What does this program cost?

[Mike Cordonier, CEO of CarlsMed]

The program or the platform? Yeah, so the platform is priced at a point that's similar to what the reimbursement is. So it provides great economics to the hospital.

[Interviewer (possibly Tim Stanvac)]

All right, gonna leave it there. Thank you so much. Mike Cordonier. He is co founder, CEO and president of CarlsMed, joining us right here in our studio.

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