Ceribell Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Ceribell (NASDAQ:CBLL) reported strong Q2 2025 financial results, with total revenue reaching $21.2 million, up 38% year-over-year. The medical technology company achieved an 88% gross margin and expanded to 584 total active accounts.

The company's performance was driven by product revenue of $15.9 million (up 38%) and subscription revenue of $5.3 million (up 41%). Despite these gains, Ceribell reported a net loss of $13.6 million ($0.38 per share) due to increased operating expenses. The company maintains a strong financial position with $177.4 million in cash and equivalents.

Following these results, Ceribell raised its full-year 2025 revenue guidance to $85-88 million, projecting 30-34% growth over 2024.

Positive

• Revenue growth of 38% year-over-year to $21.2 million
• Strong gross margin of 88%, improved from 86% in Q2 2024
• Subscription revenue increased 41% to $5.3 million
• Raised full-year revenue guidance to $85-88 million
• Solid cash position of $177.4 million
• Expanded to 584 total active accounts

Negative

• Net loss increased to $13.6 million from $8.9 million year-over-year
• Operating expenses grew 56% to $33.6 million
• Significant dependence on components manufactured in China poses supply chain risks

Insights

Financial Analyst

Ceribell shows strong 38% revenue growth with 88% gross margins, but widening losses as operating expenses grew 56%.

Ceribell's Q2 results demonstrate robust commercial momentum with total revenue reaching $21.2 million, a 38% year-over-year increase. This growth is well-balanced between product revenue ($15.9 million, up 38%) and subscription revenue ($5.3 million, up 41%), suggesting healthy adoption of their neurological diagnostic platform.

The gross margin of 88% (improved from 86% last year) is particularly impressive for a medical device company, indicating a scalable business model with substantial pricing power. This margin profile resembles high-end software companies rather than traditional medical hardware manufacturers.

However, the company's operating expenses surged 56% to $33.6 million, significantly outpacing revenue growth. This resulted in a widened net loss of $13.6 million compared to $8.9 million in Q2 2024. The increased spending reflects aggressive commercial expansion and public company costs, but investors should monitor the pace of expense growth relative to revenue.

The strong cash position of $177.4 million provides substantial runway to fund operations despite the operating losses. At the current quarterly burn rate, this represents over 3 years of funding, assuming no improvement in profitability.

Management's decision to raise full-year revenue guidance to $85-88 million (30-34% growth) signals confidence in continued commercial execution for the remainder of 2025. With 584 active accounts and growing, the company appears to be successfully establishing EEG as a "new vital sign" in neurological care.

SUNNYVALE, Calif., Aug. 05, 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 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

FAQ

What was Ceribell's (CBLL) revenue in Q2 2025?

Ceribell reported total revenue of $21.2 million in Q2 2025, representing a 38% increase compared to Q2 2024.

How much did Ceribell (CBLL) lose in Q2 2025?

Ceribell reported a net loss of $13.6 million, or $0.38 per share, compared to a net loss of $8.9 million in Q2 2024.

What is Ceribell's revenue guidance for 2025?

Ceribell raised its full-year 2025 revenue guidance to $85-88 million, representing growth of 30-34% over 2024.

What was Ceribell's gross margin in Q2 2025?

Ceribell achieved a gross margin of 88% in Q2 2025, an improvement from 86% in the same period of 2024.

How many active accounts does Ceribell have?

Ceribell reported 584 total active accounts at the end of Q2 2025.

What is Ceribell's cash position?

As of June 30, 2025, Ceribell had $177.4 million in cash, cash equivalents, and marketable securities.