Ceribell Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Ceribell (Nasdaq: CBLL) reported fourth-quarter and full-year 2025 results, delivering $24.8M revenue in Q4 (+34% YoY) and $89.1M for 2025 (+36% YoY). Gross margin was 87% Q4 and 88% FY. FY operating expenses rose 42% to $136.7M and net loss was $53.4M. Ceribell received multiple FDA clearances including a continuous monitoring solution, neonatal Clarity clearance, and Breakthrough Device designation for LVO stroke detection. Cash and marketable securities totaled $159.3M. 2026 revenue guidance is $111M–$115M (≈25%–29% growth).
Positive
- Total revenue +36% year-over-year to $89.1M
- Subscription revenue +41% to $21.7M in 2025
- High gross margin of 88% for full year 2025
- Multiple FDA clearances and Breakthrough Device designation
- Cash and marketable securities of $159.3M at year-end
- 2026 revenue guidance of $111M–$115M (~25%–29% growth)
Negative
- Operating expenses +42% to $136.7M in 2025
- Net loss widened to $53.4M for full year 2025
- Q4 operating expenses $36.2M, exceeding Q4 2024 by 24%
Key Figures
Market Reality Check
Peers on Argus
CBLL was down 1.14% pre-earnings while peers showed mixed moves: TMCI up 8.65%, RXST up 2.19%, BFLY and SRDX modestly positive, and SMLR down 4.75%. This points to stock-specific positioning into results rather than a broad medical devices trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-11-04 | Quarterly earnings | Positive | -3.7% | Reported Q3 2025 revenue growth, high margins, and higher full-year guidance. |
| 2025-08-05 | Quarterly earnings | Positive | -15.3% | Strong Q2 2025 revenue growth and 88% gross margin with raised guidance. |
| 2025-05-08 | Quarterly earnings | Positive | -6.6% | Q1 2025 revenue up 42% and guidance raised despite wider net loss. |
| 2025-02-25 | Annual earnings | Positive | -1.3% | Q4 and 2024 results with 45% revenue growth and strong margins. |
| 2024-11-12 | Quarterly earnings | Positive | -3.4% | Q3 2024 revenue up 48% with improved gross margin post-IPO. |
Past earnings reports paired strong growth and high gross margins with consistently negative next-day price reactions.
Over the past five earnings cycles, Ceribell repeatedly reported robust revenue growth and 87–88% gross margins, while expanding its active account base and raising full-year revenue guidance. Despite these positives, each earnings release saw a negative 24h price reaction, including moves of -15.25% and -6.61%. The current report continues this pattern of high growth and sustained losses, and follows prior guidance ranges such as $81–85M and later $87–89M for 2025.
Historical Comparison
Over the last five earnings releases, CBLL’s average next-day move was -6.05%, despite consistent revenue growth and high gross margins.
Earnings releases show a steady pattern: rising quarterly revenue, durable ~88% gross margins, expanding active accounts, and repeated guidance raises from 2024 into 2025.
Regulatory & Risk Context
Ceribell has an effective universal shelf registration on Form S-3 filed on 2025-11-04 to offer up to $300,000,000 of various securities via future takedowns. The base shelf had reported a last stock price of $11.34 on November 3, 2025 and shows 0 usage events in the supplied context.
Market Pulse Summary
This announcement highlights strong top-line momentum, with Q4 2025 revenue of $24.8M and full-year revenue of $89.1M, alongside robust 87–88% gross margins. At the same time, operating expenses increased and full-year net loss reached $53.4M. Regulatory milestones, including multiple FDA 510(k) clearances and a Breakthrough Device Designation, expand potential market opportunity. Investors may watch execution against $111–115M 2026 revenue guidance and the trajectory of operating costs.
Key Terms
510(k) clearance regulatory
Breakthrough Device Designation regulatory
AI-generated analysis. Not financial advice.
SUNNYVALE, Calif., Feb. 24, 2026 (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 fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 & Recent Highlights
- Reported total revenue of
$24.8 million in the fourth quarter of 2025, a34% increase compared to the same period in 2024 - Delivered total revenue of
$89.1 million for the full year of 2025, a36% increase over the prior year - Ended the year with 647 total active accounts
- Achieved gross margin of
87% in the fourth quarter of 2025 and88% for the full year of 2025 - Received FDA 510(k) clearance for first-of-its-kind continuous monitoring solution for delirium
- Received FDA 510(k) clearance for use of Clarity algorithm for neonates, becoming the first and only FDA-cleared seizure detection algorithm for pre-term neonates through adults
- Received FDA Breakthrough Device Designation for first-in-class large vessel occlusion (LVO) stroke detection and monitoring solution
“2025 was a milestone year for Ceribell,” said co-founder and CEO Jane Chao, Ph.D. “We accelerated adoption across new and existing accounts, broadened the age range of our seizure detection algorithm to include pediatric and neonatal populations, and achieved critical regulatory milestones, unlocking incremental market opportunities that we believe exceed
Fourth Quarter 2025 Financial Results
Total revenue in the fourth quarter of 2025 was
Gross profit in the fourth quarter of 2025 was
Operating expenses in the fourth quarter of 2025 were
Net loss in the fourth quarter of 2025 was
Full Year 2025 Financial Results
Total revenue in the full year of 2025 was
Gross profit in the full year of 2025 was
Operating expenses in the full year of 2025 were
Net loss in the full year of 2025 was
Cash, cash equivalents, and marketable securities totaled
2026 Financial Outlook
Ceribell expects revenue for the full year 2026 to be in the range of
Webcast and Conference Call Details
Ceribell will host a conference call today, February 24, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fourth quarter and full year 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 9394689. 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 February 24, 2026. 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, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products. 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 and Vietnam; product defects or complaints and related liability; the complexity, timing, expense, and outcomes of clinical studies, legal matters and regulatory compliance; 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 use in detecting seizure and delirium 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
Brian Price
Press@ceribell.com
| Ceribell, Inc. | ||||||||||||||||
| Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | ||||||||||||||||
| Product revenue | $ | 18,784 | $ | 14,147 | $ | 67,335 | $ | 50,079 | ||||||||
| Subscription revenue | 6,000 | 4,387 | 21,728 | 15,365 | ||||||||||||
| Total revenue | 24,784 | 18,534 | 89,063 | 65,444 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| Product cost of goods sold | 2,956 | 2,136 | 10,128 | 8,209 | ||||||||||||
| Subscription cost of revenue | 185 | 160 | 661 | 485 | ||||||||||||
| Total cost of revenue | 3,141 | 2,296 | 10,789 | 8,694 | ||||||||||||
| Gross profit | 21,643 | 16,238 | 78,274 | 56,750 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 5,062 | 3,913 | 19,143 | 13,562 | ||||||||||||
| Sales and marketing | 19,058 | 15,243 | 73,082 | 49,055 | ||||||||||||
| General and administrative | 12,119 | 9,966 | 44,451 | 33,842 | ||||||||||||
| Total operating expenses | 36,239 | 29,122 | 136,676 | 96,459 | ||||||||||||
| Loss from operations | (14,596 | ) | (12,884 | ) | (58,402 | ) | (39,709 | ) | ||||||||
| Interest expense | (462 | ) | (499 | ) | (1,890 | ) | (1,992 | ) | ||||||||
| Change in fair value of warrant liability | — | (1,079 | ) | — | (1,496 | ) | ||||||||||
| Other income, net | 1,531 | 1,886 | 6,880 | 2,742 | ||||||||||||
| Loss, before provision for income taxes | (13,527 | ) | (12,576 | ) | (53,412 | ) | (40,455 | ) | ||||||||
| Provision for income tax expense | — | — | — | — | ||||||||||||
| Net loss | $ | (13,527 | ) | $ | (12,576 | ) | $ | (53,412 | ) | $ | (40,455 | ) | ||||
| Net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | (0.36 | ) | (0.40 | ) | (1.46 | ) | (3.39 | ) | ||||||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | 37,218,830 | 31,205,891 | 36,542,048 | 11,949,973 | ||||||||||||
| Ceribell, Inc. | ||||||||
| Balance Sheets | ||||||||
| (in thousands, except share and per share data) | ||||||||
| (unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 40,476 | $ | 194,370 | ||||
| Marketable securities | 118,785 | — | ||||||
| Accounts receivable, net | 15,053 | 10,878 | ||||||
| Inventory | 7,288 | 6,937 | ||||||
| Contract costs, current | 2,210 | 1,837 | ||||||
| Prepaid expenses and other current assets | 2,906 | 3,250 | ||||||
| Total current assets | 186,718 | 217,272 | ||||||
| Property and equipment, net | 2,030 | 2,313 | ||||||
| Operating lease right-of-use assets | 2,296 | 2,132 | ||||||
| Contract costs, long-term | 1,847 | 1,507 | ||||||
| Other non-current assets | 2,912 | 2,188 | ||||||
| Total assets | $ | 195,803 | $ | 225,412 | ||||
| Liabilities, redeemable convertible preferred stock and stockholders’ deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,838 | $ | 1,143 | ||||
| Accrued liabilities | 14,328 | 10,052 | ||||||
| Contract liabilities, current | 101 | 97 | ||||||
| Operating lease liability, current | 1,105 | 1,088 | ||||||
| Other current liabilities | 818 | 609 | ||||||
| Total current liabilities | 19,190 | 12,989 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, long-term | 19,811 | 19,558 | ||||||
| Contract liabilities, long-term | — | 30 | ||||||
| Other liabilities, long-term | 106 | 356 | ||||||
| Operating lease liability, long-term | 1,360 | 1,314 | ||||||
| Total long-term liabilities | 21,277 | 21,258 | ||||||
| Total liabilities | $ | 40,467 | $ | 34,247 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit | ||||||||
| Preferred stock, | ||||||||
| Authorized shares: 10,000,000 and none shares as of December 31, 2025 and December 31, 2024, respectively | ||||||||
| Issued and outstanding shares: none as of December 31, 2025 and December 31, 2024, respectively | — | — | ||||||
| Common stock, | ||||||||
| Authorized shares: 500,000,000 as of December 31, 2025 and December 31, 2024, respectively | ||||||||
| Issued and outstanding shares: 37,485,124 and 35,850,606 as of December 31, 2025 and December 31, 2024, respectively | 38 | 36 | ||||||
| Additional paid-in capital | 375,495 | 358,073 | ||||||
| Accumulated other comprehensive income | 159 | — | ||||||
| Accumulated deficit | (220,356 | ) | (166,944 | ) | ||||
| Total stockholders’ deficit | 155,336 | 191,165 | ||||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | $ | 195,803 | $ | 225,412 | ||||
FAQ
What were Ceribell's (CBLL) Q4 2025 revenue and growth rate?
How much revenue did CBLL generate for full year 2025 and how fast did it grow?
What guidance did Ceribell (CBLL) provide for 2026 revenue?
What FDA regulatory milestones did Ceribell (CBLL) announce in February 2026?
What was Ceribell's profitability and cash position at year-end 2025?
How did Ceribell's operating expenses change in 2025 and why does that matter for CBLL investors?
