Carlsmed, Inc. announced on September 24, 2026, that Chief Financial Officer Leo Greenstein has departed the company effective September 25, 2026. The company stated that Mr. Greenstein's departure was not the result of any disagreements regarding accounting principles, financial statement disclosure, or internal controls.

On September 29, 2026, the company entered into a Separation and Release Agreement with Mr. Greenstein. Under this agreement, he will receive cash payments totaling $500,000, equal to 12 months of his base salary. He is also eligible for a pro-rated annual incentive award for 2026 and will receive COBRA premiums for up to 12 months. Additionally, Mr. Greenstein received accelerated vesting for 100% of his unvested restricted shares and options, including 32,856 restricted shares and 19,176 options under the 2019 Stock Incentive Plan, as well as 44,643 shares subject to a 2025 Option and 11,244 restricted stock units under the 2025 Equity Incentive Plan. The company also retained Mr. Greenstein under an Advisory Agreement to perform services from September 29, 2026, through December 31, 2026, for a total advisory fee of $60,000.

In connection with the leadership change, the Board of Directors appointed Richard Heppenstall as Chief Financial Officer, effective September 28, 2026. Mr. Heppenstall, age 55, previously served as Executive Vice President, Chief Financial Officer, and Treasurer of ZimVie Inc. until its acquisition by ArchiMed SAS in October 2025. He also previously served as CFO of Breg, Inc. and held senior finance roles at Orthofix Medical Inc., Solera Holdings, Flowserve Corporation, and CooperVision.

Mr. Heppenstall entered into an employment agreement with an initial annual base salary of $500,000. He is eligible for an annual cash incentive award with a target opportunity equal to 60% of his base salary. On the transition date, he was granted stock options with a grant date fair value of $1,400,000 and restricted stock units valued at $1,400,000. The options will vest over four years, and the RSUs will vest over three years. The company also entered into a Relocation and Transition Benefit Agreement, agreeing to reimburse Mr. Heppenstall up to $150,000 for relocation expenses if he establishes a residence in Southern California within 12 months.

The company reaffirmed its full-year 2026 revenue guidance of $74 million to $78 million, representing 50% growth over 2025 at the midpoint.