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Ceribell Reports Second Quarter 2025 Financial Results

 

SUNNYVALE, Calif., August 5, 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 June 30, 2025.

Second Quarter 2025 & Recent Highlights

•
Reported total revenue of $21.2 million in the second quarter of 2025, a 38% increase compared to the same period in 2024
•
Achieved gross margin of 88% in the second quarter of 2025
•
Ended the quarter with 584 total active accounts

“We are pleased with our second quarter results, which reflect our successful commercial execution as we accelerate adoption of the Ceribell System across new and existing accounts,” said co-founder and CEO Jane Chao, Ph.D. “As we look to the second half of 2025, we believe we are well-positioned to drive continued growth and propel key strategies to reach more patients, advance our pipeline, and reinforce our category leadership while establishing EEG as a new vital sign.”

Second Quarter 2025 Financial Results

Total revenue in the second quarter of 2025 was $21.2 million, a 38% increase from $15.3 million in the second quarter of 2024. The increase was primarily driven by continued commercial traction within our core market, resulting from adoption by new accounts and continued expansion within the company’s active account base. Product revenue for the second quarter of 2025 was $15.9 million, representing an increase of 38% from $11.6 million in the second quarter of 2024. Subscription revenue for the second quarter of 2025 was $5.3 million, representing an increase of 41% from $3.7 million in the second quarter of 2024.

Gross profit in the second quarter of 2025 was $18.7 million, compared to $13.2 million for the second quarter of 2024. Gross margin for the second quarter of 2025 was 88%, compared to 86% for the same period in 2024.

Operating expenses in the second quarter of 2025 were $33.6 million, compared to $21.6 million for the second quarter of 2024, representing an increase of 56%. 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, legal expenses, and expenses related to operating as a public company.

Net loss in the second quarter of 2025 was $13.6 million, or $0.38 net loss per share, compared to a net loss of $8.9 million, or $1.61 net loss per share, for the same period in 2024.

Cash, cash equivalents, and marketable securities totaled $177.4 million as of June 30, 2025.

2025 Financial Outlook

Ceribell is raising its revenue guidance for the full year 2025 to a range of $85 million to $88 million, representing growth of approximately 30% to 34% over the company’s prior year revenue.

Webcast and Conference Call Details

Ceribell will host a conference call today, August 5, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second 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 7468193. 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 August 5, 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 potential 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 refer to 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 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, Quarterly Report on Form 10-Q, 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 June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

15,923

 

 

$

11,576

 

 

$

31,531

 

 

$

22,611

 

Subscription revenue

 

 

5,276

 

 

 

3,739

 

 

 

10,159

 

 

 

7,104

 

Total revenue

 

 

21,199

 

 

 

15,315

 

 

 

41,690

 

 

 

29,715

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Product cost of goods sold

 

 

2,351

 

 

 

2,033

 

 

 

4,711

 

 

 

3,977

 

Subscription cost of revenue

 

 

166

 

 

 

123

 

 

 

290

 

 

 

237

 

Total cost of revenue

 

 

2,517

 

 

 

2,156

 

 

 

5,001

 

 

 

4,214

 

Gross profit

 

 

18,682

 

 

 

13,159

 

 

 

36,689

 

 

 

25,501

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,852

 

 

 

3,270

 

 

 

9,098

 

 

 

6,254

 

Sales and marketing

 

 

17,422

 

 

 

10,712

 

 

 

35,455

 

 

 

21,288

 

General and administrative

 

 

11,360

 

 

 

7,612

 

 

 

21,295

 

 

 

14,847

 

Total operating expenses

 

 

33,634

 

 

 

21,594

 

 

 

65,848

 

 

 

42,389

 

Loss from operations

 

 

(14,952

)

 

 

(8,435

)

 

 

(29,159

)

 

 

(16,888

)

Interest expense

 

 

(477

)

 

 

(528

)

 

 

(948

)

 

 

(963

)

Change in fair value of warrant liability

 

 

—

 

 

 

(242

)

 

 

—

 

 

 

(244

)

Other income, net

 

 

1,786

 

 

 

264

 

 

 

3,687

 

 

 

633

 

Loss, before provision for income taxes

 

 

(13,643

)

 

 

(8,941

)

 

 

(26,420

)

 

 

(17,462

)

Provision for income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net loss

 

$

(13,643

)

 

$

(8,941

)

 

$

(26,420

)

 

$

(17,462

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

(0.38

)

 

 

(1.61

)

 

 

(0.73

)

 

 

(3.17

)

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

36,293,559

 

 

 

5,559,718

 

 

 

36,088,433

 

 

 

5,506,597

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities

 

$

11

 

 

$

—

 

 

$

5

 

 

$

—

 

Comprehensive loss

 

$

(13,632

)

 

$

(8,941

)

 

$

(26,415

)

 

$

(17,462

)

 

 

 

Ceribell, Inc.

Condensed Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,141

 

 

$

194,370

 

Marketable securities

 

 

137,287

 

 

 

—

 

Accounts receivable, net

 

 

12,312

 

 

 

10,878

 

Inventory

 

 

6,000

 

 

 

6,937

 

Contract costs, current

 

 

2,024

 

 

 

1,837

 

Prepaid expenses and other current assets

 

 

2,022

 

 

 

3,250

 

Total current assets

 

 

199,786

 

 

 

217,272

 

Property and equipment, net

 

 

2,105

 

 

 

2,313

 

Operating lease right-of-use assets

 

 

1,652

 

 

 

2,132

 

Contract costs, long-term

 

 

1,671

 

 

 

1,507

 

Other non-current assets

 

 

2,475

 

 

 

2,188

 

Total assets

 

$

207,689

 

 

$

225,412

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

2,441

 

 

$

1,143

 

Accrued liabilities

 

 

10,426

 

 

 

10,052

 

Contract liabilities, current

 

 

216

 

 

97

 

Operating lease liability, current

 

 

1,146

 

 

 

1,088

 

Other current liabilities

 

 

785

 

 

609

 

Total current liabilities

 

 

15,014

 

 

 

12,989

 

Long-term liabilities

 

 

 

 

 

 

Notes payable, long-term

 

 

19,681

 

 

 

19,558

 

Contract liabilities, long-term

 

 

7

 

 

30

 

Other liabilities, long-term

 

 

106

 

 

356

 

Operating lease liability, long-term

 

 

726

 

 

 

1,314

 

Total long-term liabilities

 

 

20,520

 

 

 

21,258

 

Total liabilities

 

$

35,534

 

 

$

34,247

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.001 par value;

 

 

 

 

 

 

Authorized shares: 10,000,000 as of both June 30, 2025 and December 31, 2024

 

 

 

 

 

 

Issued and outstanding shares: none as of both June 30, 2025 and December 31, 2024

 

 

—

 

 

 

—

 

Common stock, $0.001 par value;

 

 

 

 

 

 

Authorized shares: 500,000,000 as of both June 30, 2025 and December 31, 2024

 

 

 

 

 

 

Issued and outstanding shares: 36,599,663 and 35,850,606 as of June 30, 2025 and December 31, 2024, respectively

 

 

37

 

 

 

36

 

Additional paid-in capital

 

 

365,477

 

 

 

358,073

 

Accumulated other comprehensive loss

 

 

5

 

 

 

—

 

Accumulated deficit

 

 

(193,364

)

 

 

(166,944

)

Total stockholders’ equity

 

 

172,155

 

 

 

191,165

 

Total liabilities and stockholders’ equity

 

$

207,689

 

 

$

225,412