Ceribell Reports First Quarter 2025 Financial Results
- Revenue grew 42% YoY to $20.5 million
- Strong gross margin of 88%, up from 86% in Q1 2024
- Expanded active account base to 558 accounts
- Received FDA clearance for pediatric Clarity™ algorithm
- First medical device company to receive FedRAMP High authorization
- Raised full-year 2025 revenue guidance to $83-87 million
- Healthy cash position of $182.7 million
- Net loss increased to $12.8 million from $8.5 million YoY
- Operating expenses grew 55% to $32.2 million
- Operating expenses growing faster than revenue growth (55% vs 42%)
Insights
Ceribell reports strong 42% revenue growth to $20.5M with 88% margins, raising guidance despite widening losses as investments drive expansion.
Ceribell delivered impressive Q1 2025 results with
The
Operating expenses increased
Management's confidence is evident in their raised full-year guidance, now projecting
Ceribell secures industry-first regulatory wins for pediatric seizure detection and federal security clearance, expanding addressable markets significantly.
The FDA 510(k) clearance for expanded indication of Ceribell's Clarity™ algorithm represents a significant milestone in neurological monitoring. As the first seizure detection algorithm cleared for patients as young as 1 year old, Ceribell gains important first-mover advantage in pediatric EEG monitoring – a historically underserved patient population where rapid, accurate seizure diagnosis is crucial for preventing long-term neurological damage.
Equally significant is Ceribell's achievement as the first medical device company to receive FedRAMP High authorization from the U.S. federal government. This rigorous cybersecurity certification opens access to federal healthcare facilities including VA hospitals, DoD facilities, and other government healthcare providers – a substantial new market that competitors cannot currently access.
The company's strategic vision of making EEG (electroencephalogram) "a new vital sign" aims to transform neurological monitoring from a specialized, episodic procedure to a routine component of patient assessment, similar to blood pressure or pulse oximetry. This represents potentially massive market expansion beyond their current customer base.
Both regulatory achievements strengthen Ceribell's leadership position in transforming neurological diagnosis and monitoring, creating meaningful barriers for competitors while opening significant new markets for expansion.
SUNNYVALE, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- 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, a42% 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
Gross profit in the first quarter of 2025 was
Operating expenses in the first quarter of 2025 were
Net loss in the first quarter of 2025 was
Cash, cash equivalents, and marketable securities totaled
2025 Financial Outlook
Ceribell is raising its revenue guidance for the full year 2025 to a range of
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, | ||||||||
| 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, | ||||||||
| 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 | ||||
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