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Ceribell Reports First Quarter 2025 Financial Results

 

SUNNYVALE, Calif., May 8, 2025 – CeriBell, Inc. (Nasdaq: CBLL) (“Ceribell”), a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions, today reported financial results for the quarter ended March 31, 2025.

First Quarter 2025 & Recent Highlights

•
Reported total revenue of $20.5 million in the first quarter of 2025, a 42% increase compared to the same period in 2024
•
Ended the quarter with 558 total active accounts
•
Achieved gross margin of 88% in the first quarter of 2025
•
Received U.S. Food and Drug Administration 510(k) clearance for expansion of Clarity™ algorithm indication, becoming the first seizure detection algorithm indicated for patients ages 1 and older
•
Became the first medical device company to receive FedRAMP High authorization from the U.S. federal government

“We are pleased with our strong start to the year as we further expanded our account base while benefiting from accelerated adoption of the Ceribell system,” said co-founder and CEO Jane Chao, Ph.D. “Looking ahead, we see 2025 as another momentous year of growth for Ceribell as we execute our proven playbook to drive adoption through physician education and continued investment in our commercial organization. We also look forward to offering our pediatric Clarity algorithm to customers while continuing to invest in our product development pipeline with the goal of ultimately making EEG a new vital sign.”

First Quarter 2025 Financial Results

Total revenue in the first quarter of 2025 was $20.5 million, a 42% increase from $14.4 million in the first quarter of 2024. The increase was primarily driven by continued commercial traction, resulting from adoption by new accounts and continued expansion within the company’s active account base. Product revenue for the first quarter of 2025 was $15.6 million, representing an increase of 41% from $11.0 million in the first quarter of 2024. Subscription revenue for the first quarter of 2025 was $4.9 million, representing an increase of 45% from $3.4 million in the first quarter of 2024.

Gross profit in the first quarter of 2025 was $18.0 million, compared to $12.3 million for the first quarter of 2024. Gross margin for the first quarter of 2025 was 88%, compared to 86% for the same period in 2024.

Operating expenses in the first quarter of 2025 were $32.2 million, compared to $20.8 million for the first quarter of 2024, representing an increase of 55%. The increase in operating expenses was primarily attributable to investments in the company’s commercial organization, increased headcount to support the growth of the business, and expenses related to operating as a public company.

Net loss in the first quarter of 2025 was $12.8 million, or $0.36 net loss per share, compared to a net loss of $8.5 million, or $1.56 net loss per share, for the same period in 2024.

Cash, cash equivalents, and marketable securities totaled $182.7 million as of March 31, 2025.

2025 Financial Outlook

Ceribell is raising its revenue guidance for the full year 2025 to a range of $83 million to $87 million, representing growth of approximately 27% to 33% over the company’s prior year revenue.

 

 

Webcast and Conference Call Details

Ceribell will host a conference call today, May 8, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter 2025 financial results. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 7370458. A live and archived webcast of the event will be available on the “Investor Relations” section of the Ceribell website at https://investors.ceribell.com/.

Forward-Looking Statements

Except where otherwise noted, the information contained in this earnings release and the related attachments is as of May 8, 2025. We assume no obligation to update any forward-looking statements contained in this earnings release and the related attachments as a result of new information or future events or developments. This earnings release and the related attachments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, the anticipated rate and impact of tariffs on our estimated gross margins; our finished goods headband product inventory and the duration of supply of finished goods; revenue associated with subscription products; our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; expectations for our products and other statements that are not statements of historical fact. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions, and we cannot ensure that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning. Ceribell’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market acceptance and adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand, governmental actions and customer trends; the manufacturing of a substantial number of our product components and their assembly in China; product defects or complaints and related liability; the complexity, timing, expense, and outcomes of clinical studies; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; and other risks and uncertainties, including those described under the heading “Risk Factors” in our Registration Statement on Form S-1, Annual Report on Form 10-K, and other reports filed with the U.S. Securities and Exchange Commission (“SEC”). These filings, when made, are available on the Investor Relations section of our website at https://investors.ceribell.com/ and on the SEC’s website at https://sec.gov/.

About CeriBell, Inc.

Ceribell is a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. Ceribell has developed the Ceribell System, a novel, point-of-care electroencephalography (“EEG”) platform specifically designed to address the unmet needs of patients in the acute care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (“AI”)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. The Ceribell System is FDA-cleared for detecting suspected seizure activity and currently utilized in intensive care units and emergency rooms across the U.S. Ceribell is headquartered in Sunnyvale, California. For more information, please visit www.ceribell.com or follow the company on LinkedIn.

 

Investor Contacts

Brian Johnston or Laine Morgan

Gilmartin Group

Investors@ceribell.com

 

 

Media Contact

Corrie Rose

Press@ceribell.com

 

 

 

Ceribell, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

Product revenue

 

$

15,608

 

 

$

11,035

 

Subscription revenue

 

 

4,883

 

 

 

3,365

 

Total revenue

 

 

20,491

 

 

 

14,400

 

Cost of revenue

 

 

 

 

 

 

Product cost of goods sold

 

 

2,360

 

 

 

1,944

 

Subscription cost of revenue

 

 

124

 

 

 

114

 

Total cost of revenue

 

 

2,484

 

 

 

2,058

 

Gross profit

 

 

18,007

 

 

 

12,342

 

Operating expenses

 

 

 

 

 

 

Research and development

 

 

4,246

 

 

 

2,984

 

Sales and marketing

 

 

18,033

 

 

 

10,576

 

General and administrative

 

 

9,935

 

 

 

7,235

 

Total operating expenses

 

 

32,214

 

 

 

20,795

 

Loss from operations

 

 

(14,207

)

 

 

(8,453

)

Interest expense

 

 

(471

)

 

 

(435

)

Change in fair value of warrant liability

 

 

—

 

 

 

(2

)

Other income, net

 

 

1,901

 

 

 

369

 

Loss, before provision for income taxes

 

 

(12,777

)

 

 

(8,521

)

Provision for income tax expense

 

 

—

 

 

 

—

 

Net loss

 

$

(12,777

)

 

$

(8,521

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

Basic and diluted

 

 

(0.36

)

 

 

(1.56

)

Weighted-average shares used in computing net loss per share attributable to common stockholders:

 

 

 

 

 

 

Basic and diluted

 

 

35,881,029

 

 

 

5,457,366

 

Other comprehensive loss

 

 

 

 

 

 

Unrealized loss on marketable securities

 

$

(6

)

 

 

—

 

Comprehensive loss

 

$

(12,783

)

 

$

(8,521

)

 

 

 

Ceribell, Inc.

Condensed Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

153,360

 

 

$

194,370

 

Marketable securities

 

 

29,340

 

 

 

—

 

Accounts receivable, net

 

 

11,299

 

 

 

10,878

 

Inventory

 

 

6,553

 

 

 

6,937

 

Contract costs, current

 

 

2,021

 

 

 

1,837

 

Prepaid expenses and other current assets

 

 

2,847

 

 

 

3,250

 

Total current assets

 

 

205,420

 

 

 

217,272

 

Property and equipment, net

 

 

2,125

 

 

 

2,313

 

Operating lease right-of-use assets

 

 

1,894

 

 

 

2,132

 

Contract costs, long-term

 

 

1,751

 

 

 

1,507

 

Other non-current assets

 

 

2,281

 

 

 

2,188

 

Total assets

 

$

213,471

 

 

$

225,412

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

1,370

 

 

$

1,143

 

Accrued liabilities

 

 

8,301

 

 

 

10,052

 

Contract liabilities, current

 

 

202

 

 

97

 

Operating lease liability, current

 

 

1,117

 

 

 

1,088

 

Other current liabilities

 

 

841

 

 

609

 

Total current liabilities

 

 

11,831

 

 

 

12,989

 

Long-term liabilities

 

 

 

 

 

 

Notes payable, long-term

 

 

19,618

 

 

 

19,558

 

Contract liabilities, long-term

 

 

12

 

 

30

 

Other liabilities, long-term

 

 

106

 

 

356

 

Operating lease liability, long-term

 

 

1,023

 

 

 

1,314

 

Total long-term liabilities

 

 

20,759

 

 

 

21,258

 

Total liabilities

 

$

32,590

 

 

$

34,247

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.001 par value;

 

 

 

 

 

 

Authorized shares: 10,000,000 as of both March 31, 2025 and December 31, 2024

 

 

 

 

 

 

Issued and outstanding shares: none as of both March 31, 2025 and December 31, 2024

 

 

—

 

 

 

—

 

Common stock, $0.001 par value;

 

 

 

 

 

 

Authorized shares: 500,000,000 as of both March 31, 2025 and December 31, 2024

 

 

 

 

 

 

Issued and outstanding shares: 35,897,062 and 35,850,606 as of March 31, 2025 and December 31, 2024, respectively

 

 

36

 

 

 

36

 

Additional paid-in capital

 

 

360,572

 

 

 

358,073

 

Accumulated other comprehensive loss

 

 

(6

)

 

 

—

 

Accumulated deficit

 

 

(179,721

)

 

 

(166,944

)

Total stockholders’ equity

 

 

180,881

 

 

 

191,165

 

Total liabilities and stockholders’ equity

 

$

213,471

 

 

$

225,412