Name: Richard Heppenstall
New title: CFO, Carlsmed
Carlsmed said Monday that Richard Heppenstall has joined as CFO, effective immediately, to replace Leo Greenstein.
Former CFO Greenstein is leaving Carlsmed to pursue other professional interests, ending a three-year tenure that included the initial public offering of the spine surgery company. Although surprised by Greenstein’s departure, BTIG analysts said in a note to investors that they “expect little to zero change in [Carlsmed’s] strategy and continue to view it as a compelling asset in small-cap spine.”
Heppenstall has a strong background, the analysts said, noting that he held the CFO role at ZimVie before its $730 million acquisition by healthcare investment firm Archimed in 2025. ZimVie hired Heppenstall in 2021. Heppenstall previously worked at companies including Breg and Orthofix Medical.
The new CFO is “a proven leader with the deep Orthopedic and Tech expertise crucial to driving our strategy,” Carlsmed CEO Mike Cordonnier said in a statement. Cordonnier added that Heppenstall’s “deep financial and operational experience will be invaluable as we build upon our momentum, scale the organization and execute against the substantial opportunity in front of us.”
Carlsmed reaffirmed its full-year guidance alongside news of Heppenstall’s appointment. The company continues to expect full-year sales in a range of $74 million to $78 million. Carlsmed set the target when it raised its full-year guidance last month. The midpoint of the forecast represents 50% growth over Carlsmed’s sales in 2025.
On an August earnings call, Cordonnier said Carlsmed grew in the second quarter by “rapidly onboarding new surgeons, deepening utilization within our existing customer base and building upon our recent launch of Aprevo cervical.” The Aprevo platform, which is used in cervical and lumbar surgeries, includes procedure planning software and patient-specific implants.
The Centers for Medicare and Medicaid Services will implement a new reimbursement policy for Aprevo lumbar procedures on Oct. 1. Carlsmed called the policy “favorable” when CMS finalized it last month. Cordonnier named the policy and upcoming launches of the Aprevo lumbar bi-lateral procedure and Corra cervical procedure as developments that will position Carlsmed for its next phase of growth.
