CBLL · CeriBell, Inc.

CeriBell delivered strong Q1 2026 results with total revenue reaching $26.5 million, up 29% from $20.5 million in the prior year, driven by expansion into new accounts and increased adoption within its existing base of 680 active accounts. Both product revenue ($20.2 million) and subscription revenue ($6.3 million) grew at the same robust 29% rate, reflecting balanced execution across its business model. Gross profit was $23.1 million with an 87% margin, slightly down from 88% last year due to scaling production, but still indicative of healthy unit economics in its point-of-care EEG platform. Operating expenses rose 36% to $43.9 million, primarily from investments in commercial organization, headcount growth, and legal costs tied to a patent infringement suit against Natus Medical initiated in July 2025. This led to a wider net loss of $19.7 million ($0.52 per share) versus $12.8 million ($0.36 per share) in Q1 2025, with Adjusted EBITDA loss narrowing slightly to $11.2 million from $10.9 million. CEO Jane Chao highlighted solid commercial execution and growing demand for the seizure monitoring platform, marking the neonate and pediatric product launch as a major milestone after a successful pilot. Supportive CMS proposed rule for NTAP reimbursement further bolsters prospects. The company raised its full-year 2026 revenue outlook to $112-116 million (26-30% growth), signaling confidence amid investments. Balance sheet remains solid with $141.2 million in cash, cash equivalents, and marketable securities as of quarter-end, providing ample runway for expansion.