CeriBell (CBLL) investor relations material

Executive summary

• Q1 2026 revenue reached $26.5 million, up 29% year-over-year, driven by record utilization, new account expansion, and increased adoption in existing accounts.

• Net loss widened to $19.7 million ($0.52 per share) from $12.8 million ($0.36 per share) in Q1 2025, reflecting higher operating and legal expenses.

• Gross margin remained strong at 87%, with expectations to maintain high-80s margins throughout 2026.

• Ended Q1 with 680 active hospital accounts, adding 33 net new accounts, the strongest quarter since going public.

• Initiated full commercial launch of neonate and pediatric products and activated the first sites in a delirium pilot, entering a $1 billion market.

Financial highlights

• Product revenue was $20.2 million, up 29% year-over-year; subscription revenue was $6.3 million, also up 29%.

• Gross profit increased to $23.1 million from $18.0 million year-over-year.

• Operating expenses rose 36% to $43.9 million, driven by commercial investments, R&D, and legal costs.

• Adjusted EBITDA loss was $11.2 million, compared to $10.9 million in Q1 2025.

• Cash, equivalents, and marketable securities totaled $141.2 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $112–$116 million, representing 26–30% growth over 2025.

• Guidance increase reflects strong Q1 performance and confidence in new account additions and same-store growth.

• Expect sequential moderation in Q2 and Q3 volumes due to seasonal ICU census trends, but overall annual growth remains robust.

• Full commercial launch of delirium solution expected in Q4 2026 or Q1 2027.

• Management expects continued losses as investments in R&D, sales, and infrastructure persist.