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

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.

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

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

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

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

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

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

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

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

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

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.

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.