Ceribell Reports Third Quarter 2026 Financial Results
Higher gross margin accompanied a wider quarterly loss as operating expenses increased 36% year over year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Ceribell (CBLL) reported third-quarter 2026 revenue of $29.3 million, up 30% from the same period a year earlier. Product revenue rose 31% to $22.2 million, while subscription revenue increased 28% to $7.1 million. Gross margin reached 90%, versus 88%, but operating expenses increased 36% to $46.9 million. Net loss widened to $21.4 million, or $0.55 per share, from $13.5 million, or $0.37 per share.
Ceribell raised its 2026 revenue outlook to $115 million–$117 million, representing approximately 29%–31% growth. It added 35 net new customers, ending the quarter with 747 active accounts, and launched its delirium monitoring solution. It also received FDA clearance for two EEG analysis tools. Cash, cash equivalents and marketable securities totaled $117.5 million. An August credit facility provides access to up to $60 million in committed capital.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Ceribell raised 2026 revenue guidance to $115 million–$117 million, representing approximately 29%–31% annual growth.
- Moderate pointThird-quarter revenue rose 30% year over year to $29.3 million from $22.6 million.
- Moderate point35 net new customers brought active accounts to 747; same-store utilization posted double-digit year-over-year growth.
- Moderate pointAugust credit facility provides access to up to $60 million committed: $30 million term loan and $30 million revolver. 5.8% of market cap
- Minor pointProduct revenue increased 31% year over year to $22.2 million; subscription revenue increased 28% to $7.1 million.
3 minor points
- Minor pointGross margin reached 90% versus 88%; quarterly gross profit increased to $26.3 million from $19.9 million.
- Minor pointFDA 510(k) clearance received for Quantitative EEG Trending and Amplitude-Integrated EEG Analysis.
- Minor pointNine-month revenue reached $83.933 million versus $64.279 million; gross profit reached $75.400 million versus $56.631 million.
Negative
- Moderate pointQuarterly net loss widened to $21.351 million from $13.465 million; loss per share increased to $0.55 from $0.37.
- Moderate pointQuarterly operating expenses increased 36% year over year to $46.9 million from $34.6 million.
- Moderate pointMarketable securities fell to $75.478 million from $118.785 million at year-end; cash increased to $41.989 million from $40.476 million.
- Minor pointQuarterly adjusted EBITDA loss widened to $12.140 million from $9.230 million; this excludes specified expenses.
- Minor pointNine-month net loss widened to $60.357 million from $39.885 million; loss per share increased to $1.59 from $1.10.
5 minor points
- Minor pointNine-month operating expenses rose to $136.674 million from $100.437 million.
- Minor pointNine-month adjusted EBITDA loss widened to $33.135 million from $30.163 million.
- Minor pointLong-term notes payable totaled $20 million at September 30, 2026, versus $19.811 million at year-end.
- Minor point$1.549 million loss on debt extinguishment was recorded in the third quarter.
- Minor point. Forward-looking: it has not happened yet and may not happen.Additional $25 million credit capacity is uncommitted and available at the lender’s discretion.
News Explained
By September 30, holders whose share counts stayed the same represented a smaller fraction of Ceribell’s outstanding common shares than at year-end.
The company says its August credit facility provides access to
The balance sheet lists 38,820,703 common shares outstanding on
Key Figures
- Third-quarter revenue
- $29.3 million, up 30%
- Third quarter 2026 versus the same period in 2025
- Gross margin
- 90%
- Third quarter 2026, compared to 88% in the same period in 2025
- Operating expenses
- $46.9 million, up 36%
- Third quarter 2026 versus the same period in 2025
- Net loss
- $21.4 million; $0.55 per share
- Third quarter 2026
- Cash, cash equivalents, and marketable securities
- $117.5 million
- As of September 30, 2026
- 2026 revenue guidance
- $115 million to $117 million
- Raised full-year 2026 outlook; 29% to 31% growth over prior-year revenue
- Credit facility
- $60 million committed; $25 million uncommitted
- Facility includes a $30 million term loan and a $30 million revolving credit facility; additional capital is at the lender’s discretion
Previous Earnings Reports
-
Revenue rose 33%; gross margin reached 92%; full-year guidance was raised to $114–117 million.
-
Revenue rose 29%; full-year 2026 guidance was raised to $112–116 million.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
510(k) clearance regulatory
adjusted ebitda financial
credit facility financial
stock-based compensation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SUNNYVALE, Calif., Nov. 03, 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 third quarter ended September 30, 2026.
Third Quarter 2026 & Recent Highlights
- Reported total revenue of
$29.3 million in the third quarter of 2026, a30% increase compared to the same period in 2025 - Ended the quarter with 747 total active accounts, adding a record 35 net new customers in the quarter
- Drove double-digit year-over-year same-store utilization growth
- Achieved gross margin of
90% - Announced the full launch of the Company’s delirium monitoring solution following the conclusion of its successful commercial pilot
- Received U.S. Food and Drug Administration 510(k) clearance for Quantitative EEG Trending and Amplitude-Integrated EEG Analysis
“Our third quarter results reflect new highs in account additions and utilization within our existing account base, demonstrating the strength of our core seizure business as a durable growth engine,” said co-founder and CEO Jane Chao, Ph.D. “With the full launch of our delirium monitoring solution and the coming introduction of our new hardware platform, we are well positioned for a pivotal 2027 as we advance our mission to establish EEG as a new vital sign.”
Third Quarter 2026 Financial Results
Total revenue in the third quarter of 2026 was
Gross profit in the third quarter of 2026 was
Operating expenses in the third quarter of 2026 were
Net loss in the third quarter of 2026 was
Adjusted EBITDA loss (a non-GAAP measure) for the third quarter of 2026 was
Cash, cash equivalents, and marketable securities totaled
2026 Financial Outlook
Ceribell is raising its revenue guidance for the full year 2026 to a range of
Webcast and Conference Call Details
Ceribell will host a conference call today, November 3, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2026 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 1880547. 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 November 3, 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 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. Our 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 manufacturing operations, including our reliance on third-party manufacturers and suppliers in China and Vietnam and our ability to adapt to evolving demand; 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; geopolitical conflicts and related supply chain disruptions; and other risks and uncertainties, including those described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in 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/.
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Ceribell defines EBITDA as GAAP net loss adjusted to exclude (i) provision for income taxes, (ii) depreciation and amortization expense, and (iii) interest income and interest expense, net. EBITDA is then adjusted to exclude (iv) stock-based compensation expense, (v) legal fees and related professional services costs incurred in connection with the patent infringement action we filed against Natus Medical Incorporated and certain of its subsidiaries in July 2025, as further described in Part II, Item 1 — Legal Proceedings of Ceribell's Quarterly Report on Form 10-Q, and (vi) the loss on debt extinguishment to arrive at Adjusted EBITDA. Management uses EBITDA and Adjusted EBITDA to evaluate ongoing operations and for internal planning and forecasting purposes. Ceribell believes EBITDA and Adjusted EBITDA provide investors with meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its business, results of operations, or outlook. EBITDA and Adjusted EBITDA should not be considered in isolation, as a substitute for, or superior to GAAP net loss, and may not be comparable to similarly titled measures used by other companies. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.
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 monitoring delirium in intensive care units and emergency rooms across the U.S. Ceribell is headquartered in Sunnyvale, California. For more information, please visit https://www.ceribell.com or follow the company on LinkedIn.
Investor Contacts
Brian Johnston
Gilmartin Group
Investors@ceribell.com
Media Contact
Laura Hartlieb
Press@ceribell.com
| CeriBell, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| Product revenue | $ | 22,235 | $ | 17,020 | $ | 63,667 | $ | 48,551 | ||||||||
| Subscription revenue | 7,106 | 5,569 | 20,266 | 15,728 | ||||||||||||
| Total revenue | 29,341 | 22,589 | 83,933 | 64,279 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| Product cost of goods sold | 2,658 | 2,461 | 7,557 | 7,172 | ||||||||||||
| Subscription cost of revenue | 343 | 186 | 976 | 476 | ||||||||||||
| Total cost of revenue | 3,001 | 2,647 | 8,533 | 7,648 | ||||||||||||
| Gross profit | 26,340 | 19,942 | 75,400 | 56,631 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 7,403 | 4,983 | 20,311 | 14,081 | ||||||||||||
| Sales and marketing | 25,032 | 18,569 | 71,837 | 54,024 | ||||||||||||
| General and administrative | 14,453 | 11,037 | 44,526 | 32,332 | ||||||||||||
| Total operating expenses | 46,888 | 34,589 | 136,674 | 100,437 | ||||||||||||
| Loss from operations | (20,548 | ) | (14,647 | ) | (61,274 | ) | (43,806 | ) | ||||||||
| Interest expense | (267 | ) | (480 | ) | (1,139 | ) | (1,428 | ) | ||||||||
| Other income (expense), net | (536 | ) | 1,662 | 2,056 | 5,349 | |||||||||||
| Loss before provision for income taxes | (21,351 | ) | (13,465 | ) | (60,357 | ) | (39,885 | ) | ||||||||
| Provision for income tax expense | — | — | — | — | ||||||||||||
| Net loss | $ | (21,351 | ) | $ | (13,465 | ) | $ | (60,357 | ) | $ | (39,885 | ) | ||||
| Net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | (0.55 | ) | (0.37 | ) | (1.59 | ) | (1.10 | ) | ||||||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | 38,500,027 | 36,806,918 | 38,068,145 | 36,326,792 | ||||||||||||
| Other comprehensive loss | ||||||||||||||||
| Net unrealized gain (loss) on marketable securities | $ | (51 | ) | $ | 134 | $ | (302 | ) | $ | 139 | ||||||
| Comprehensive loss | $ | (21,402 | ) | $ | (13,331 | ) | $ | (60,659 | ) | $ | (39,746 | ) | ||||
| CeriBell, Inc. Condensed Balance Sheets (in thousands, except share and per share data) (unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 41,989 | $ | 40,476 | ||||
| Marketable securities | 75,478 | 118,785 | ||||||
| Accounts receivable, net | 17,792 | 15,053 | ||||||
| Inventory | 6,955 | 7,288 | ||||||
| Contract costs, current | 2,232 | 2,210 | ||||||
| Prepaid expenses and other current assets | 2,991 | 2,906 | ||||||
| Total current assets | 147,437 | 186,718 | ||||||
| Property and equipment, net | 1,774 | 2,030 | ||||||
| Operating lease right-of-use assets | 1,516 | 2,296 | ||||||
| Contract costs, long-term | 1,503 | 1,847 | ||||||
| Other non-current assets | 4,140 | 2,912 | ||||||
| Total assets | $ | 156,370 | $ | 195,803 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,334 | $ | 2,838 | ||||
| Accrued liabilities | 14,059 | 14,328 | ||||||
| Deferred revenue | 230 | — | ||||||
| Contract liabilities, current | — | 101 | ||||||
| Operating lease liability, current | 1,218 | 1,105 | ||||||
| Other current liabilities | 193 | 818 | ||||||
| Total current liabilities | 18,034 | 19,190 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, long-term | 20,000 | 19,811 | ||||||
| Other liabilities, long-term | 367 | 106 | ||||||
| Operating lease liability, long-term | 432 | 1,360 | ||||||
| Total long-term liabilities | 20,799 | 21,277 | ||||||
| Total liabilities | $ | 38,833 | $ | 40,467 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | ||||||||
| Authorized shares: 10,000,000 as of September 30, 2026 and December 31, 2025 | ||||||||
| Issued and outstanding shares: none as of September 30, 2026 and December 31, 2025 | — | — | ||||||
| Common stock, | ||||||||
| Authorized shares: 500,000,000 as of September 30, 2026 and December 31, 2025 | ||||||||
| Issued and outstanding shares: 38,820,703 and 37,485,124 as of September 30, 2026 and December 31, 2025, respectively | 39 | 38 | ||||||
| Additional paid-in capital | 398,353 | 375,495 | ||||||
| Accumulated other comprehensive income (loss) | (143 | ) | 159 | |||||
| Accumulated deficit | (280,712 | ) | (220,356 | ) | ||||
| Total stockholders’ equity | 117,537 | 155,336 | ||||||
| Total liabilities and stockholders’ equity | $ | 156,370 | $ | 195,803 | ||||
| CeriBell, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in thousands) (unaudited) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Loss (GAAP) | $ | (21,351 | ) | $ | (13,465 | ) | $ | (60,357 | ) | $ | (39,885 | ) | ||||
| Non-GAAP Adjustments: | ||||||||||||||||
| Interest (income) and expense, net | (759 | ) | (1,208 | ) | (2,460 | ) | (3,948 | ) | ||||||||
| Depreciation and amortization | 249 | 391 | 733 | 1,050 | ||||||||||||
| EBITDA (Non-GAAP) | (21,861 | ) | (14,282 | ) | (62,084 | ) | (42,783 | ) | ||||||||
| Stock-based compensation | 7,099 | 3,349 | 16,820 | 8,864 | ||||||||||||
| IP litigation matter | 1,073 | 1,703 | 10,580 | 3,756 | ||||||||||||
| Loss on debt extinguishment | 1,549 | — | 1,549 | — | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (12,140 | ) | $ | (9,230 | ) | $ | (33,135 | ) | $ | (30,163 | ) | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Ceribell perform in the third quarter of 2026?
Ceribell generated $29.3 million in revenue, up 30% year over year, while its net loss widened to $21.4 million from $13.5 million. Gross margin increased to 90% from 88%, but operating expenses rose 36% to $46.9 million.
What is Ceribell’s updated 2026 revenue guidance?
Ceribell raised its full-year 2026 revenue guidance to $115 million–$117 million, representing approximately 29%–31% growth over the prior year.
Does Ceribell’s 2026 revenue guidance include its newer products?
The updated guidance does not include material contributions from Ceribell’s neonate, pediatric or delirium products. Ceribell attributes the updated outlook to its core business, including new account additions and increased utilization within existing accounts.