$12.11

-0.54 (-4.27%)

Weekly Expected Move ±9.5%

$9 $10 $11 $12 $13

NASDAQ · Healthcare · Medical - Healthcare Information Services · Alpha Radar Buy · Power 68 · $329.2M mcap · 10M float · 1.60% daily turnover · Short 59% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

49.8 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: -186.0%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. CARL shows a Weak competitive edge (49.8/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. Negative ROIC of -186.0% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$18

Avg Target

$20

High

Based on 4 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 3Hold: 0Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$18.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-04-15	Truist Financial	—	Initiated	$18	—	+66.7%	$10.80
2026-01-09	Goldman Sachs	—	Initiated	$20	—	+55.4%	$12.87
2025-12-15	BTIG	Ryan Zimmerman	Initiated	$24	—	+85.3%	$12.95
2025-08-18	Piper Sandler	Matt O'Brien	Initiated	$18	—	+32.5%	$13.58

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. CARL receives an overall rating of C-. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).

Rating Change History

Date	From	To
2026-04-01	C	C-
2026-01-03	C-	C

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 38 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

—

Value

Momentum

—

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. CARL scores highest in Safety (100/100) and lowest in Profitability (20/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

4.39

Safe Zone

Piotroski F-Score

1/9

✗ ✗ ✗ ✗ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

—

Ohlson O-Score

-6.13

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

BBB+

Score: 64.2/100

Earnings Quality

—

OCF/NI: 1.01x

Accruals: 0.3%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. CARL scores 4.39, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. CARL scores 1/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. CARL's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. CARL receives an estimated rating of BBB+ (score: 64.2/100).

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-9.79x

PEG

-0.27x

P/S

5.83x

P/B

3.52x

P/FCF

-9.09x

P/OCF

—

EV/EBITDA

-4.78x

EV/Revenue

3.39x

EV/EBIT

-6.72x

EV/FCF

-5.63x

Earnings Yield

-10.88%

FCF Yield

-11.00%

Shareholder Yield

0.00%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. CARL currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.822

NI / EBT

Interest Burden

1.436

EBT / EBIT

EBIT Margin

-0.505

EBIT / Rev

Asset Turnover

0.341

Rev / Assets

Equity Multiplier

1.316

Assets / Equity

ROE

-26.7%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. CARL's ROE of -26.7% is driven by Asset Turnover (0.341), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Assessment

Overvalued

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 211 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$12.11

Median 1Y

$7.54

5th Pctile

$2.20

95th Pctile

$25.76

Ann. Volatility

72.3%

Analyst Target

$18.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Mike Cordonnier Chief Executive Officer, President and Co-Founder	$480,822	$353,218	$2,789,967
Scott Durall Chief Commercial Officer	$411,260	$—	$1,516,272
Leo Greenstein Chief Financial Officer and Treasurer	$377,863	$—	$1,119,311

CEO Pay Ratio

7:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $2,789,967

Avg Employee Cost (SGA/emp): $406,260

Employees: 127

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

127

Revenue / Employee

$397,724

Rev: $50,511,000

Profit / Employee

$-237,937

NI: $-30,218,000

SGA / Employee

$406,260

Avg labor cost proxy

R&D / Employee

$134,008

Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'25	Q4'25	Q1'26	Current
ROE	12.1%	-17.9%	-26.7%	-26.72%
ROA	-16.5%	-13.6%	-20.3%	-20.30%
ROIC	-7.6%	-73.1%	-1.9%	-1.86%
ROCE	-18.9%	-19.3%	-19.3%	-19.32%
Gross Margin	75.9%	76.5%	77.1%	77.10%
Operating Margin	69.1%	-99.2%	-57.6%	-57.56%
Net Margin	-65.2%	-60.6%	-54.0%	-53.96%
EBITDA Margin	-61.7%	-93.2%	-57.6%	-57.56%
FCF Margin	-67.3%	-48.3%	-60.3%	-60.25%
OCF Margin	-64.7%	-48.8%	-60.4%	-60.39%
ROIC Economic	snapshot only			-10.46%
Cash ROA	snapshot only			-20.59%
Cash ROIC	snapshot only			-4.13%
CROIC	snapshot only			-4.12%
NOPAT Margin	snapshot only			-27.21%
Pretax Margin	snapshot only			-72.48%
R&D / Revenue	snapshot only			33.56%
SGA / Revenue	snapshot only			1.05%
SBC / Revenue	snapshot only			7.04%

Valuation

Metric	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	-33.11	-9.91	-9.19	-9.793
P/S Ratio	21.59	6.22	5.48	5.833
P/B Ratio	-4.00	1.78	2.46	3.523
P/FCF	-32.07	-12.88	-9.09	-9.088
P/OCF	—	—	—	—
EV/EBITDA	-32.16	-3.75	-4.78	-4.780
EV/Revenue	19.84	2.95	3.39	3.393
EV/EBIT	-31.84	-3.72	-6.72	-6.723
EV/FCF	-29.46	-6.11	-5.63	-5.631
Earnings Yield	-3.0%	-10.1%	-10.9%	-10.88%
FCF Yield	-3.1%	-7.8%	-11.0%	-11.00%
Price/Tangible Book	snapshot only			2.456
EV/Gross Profit	snapshot only			4.431
Shareholder Yield	snapshot only			0.00%

Leverage & Solvency

Metric	Q3'25	Q4'25	Q1'26	Current
Current Ratio	5.60	8.87	8.87	8.871
Quick Ratio	5.48	8.74	8.74	8.741
Debt/Equity	-0.24	0.18	0.18	0.176
Net Debt/Equity	—	-0.93	-0.93	-0.934
Debt/Assets	0.33	0.13	0.13	0.134
Debt/EBITDA	-2.13	-0.78	-0.55	-0.553
Net Debt/EBITDA	2.85	4.16	2.93	2.934
Interest Coverage	-21.44	-20.98	-29.61	-29.610
Equity Multiplier	-0.73	1.32	1.32	1.316
Cash Ratio	snapshot only			7.689
Debt Service Coverage	snapshot only			-41.642
Cash to Debt	snapshot only			6.305
FCF to Debt	snapshot only			-1.535
Defensive Interval	snapshot only			657.0 days

Efficiency & Turnover

Metric	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.25	0.22	0.34	0.341
Inventory Turnover	3.16	3.63	5.63	5.634
Receivables Turnover	1.93	2.49	3.90	3.904
Payables Turnover	1.30	1.50	2.32	2.320
DSO	189	147	93	93.5 days
DIO	115	100	65	64.8 days
DPO	280	244	157	157.3 days
Cash Conversion Cycle	25	3	1	0.9 days
Fixed Asset Turnover	snapshot only			13.388
Operating Cycle	snapshot only			158.3 days
Cash Velocity	snapshot only			0.404
Capital Intensity	snapshot only			2.934

Growth Quality

Metric	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	—	—	—	—
Earnings Stability	—	—	—	—
Margin Stability	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0
Earnings Persistence	—	—	—	—
Earnings Smoothness	—	—	—	—
ROE Trend	—	—	—	—
Gross Margin Trend	—	—	—	—
FCF Margin Trend	—	—	—	—
Sustainable Growth Rate	—	—	—	—
Internal Growth Rate	—	—	—	—

Cash Flow Quality

Metric	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	0.99	0.78	1.01	1.014
FCF/OCF	1.04	0.99	1.00	0.998
FCF/Net Income	snapshot only			1.012
CapEx/Revenue	2.6%	0.5%	0.1%	0.14%
CapEx/Depreciation	snapshot only			0.350
Accruals Ratio	-0.00	-0.03	0.00	0.003
Sloan Accruals	snapshot only			0.024
Cash Flow Adequacy	snapshot only			-425.190

Dividends & Buybacks

Metric	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—
FCF Payout Ratio	—	—	—	—
Total Payout Ratio	—	—	—	—
Div. Increase Streak	—	—	—	—
Chowder Number	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-33.1%	-0.1%	-0.1%	-0.08%
Total Shareholder Return	-33.1%	-0.1%	-0.1%	-0.08%

DuPont Factors

Metric	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.00	0.76	0.82	0.822
Interest Burden (EBT/EBIT)	1.05	1.05	1.44	1.436
EBIT Margin	-0.62	-0.79	-0.50	-0.505
Asset Turnover	0.25	0.22	0.34	0.341
Equity Multiplier	-0.73	1.32	1.32	1.316

Per Share

Metric	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$-0.40	$-1.25	$-0.98	$-0.98
Book Value/Share	$-3.35	$6.95	$3.68	$3.44
Tangible Book/Share	$-3.35	$6.95	$3.68	$3.68
Revenue/Share	$0.62	$1.99	$1.65	$2.10
FCF/Share	$-0.42	$-0.96	$-1.00	$-1.28
OCF/Share	$-0.40	$-0.97	$-1.00	$-1.26
Cash/Share	$1.90	$7.72	$4.09	$3.62
EBITDA/Share	$-0.38	$-1.56	$-1.17	$-1.17
Debt/Share	$0.81	$1.22	$0.65	$0.65
Net Debt/Share	$-1.09	$-6.50	$-3.44	$-3.44

Academic Models

Metric	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	4.388
Altman Z-Prime	snapshot only			10.145
Piotroski F-Score	2	2	1	1
Beneish M-Score	—	—	—	—
Ohlson O-Score	snapshot only			-6.132
ROIC (Greenblatt)	snapshot only			-19.35%
Net-Net WC	snapshot only			$3.56
EVA	snapshot only			$-12718620.00

Credit

Metric	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only			BBB+
Credit Score	20.00	53.14	64.15	64.154
Credit Grade	snapshot only			8
Implied Spread (bps)	snapshot only			225.000
Industry Credit Rank	snapshot only			60
Sector Credit Rank	snapshot only			57

CARL NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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