CeriBell (CBLL) Q4 2024 earnings summary

Executive summary

• Achieved transformational growth in 2024, with technology used on over 200,000 patients since launch, driving significant clinical impact and commercial expansion.

• Ended 2024 with 529 active accounts and treated over 200,000 patients.

• Focused on expanding commercial organization, R&D pipeline, and market penetration, with a strong foundation as a newly public company.

• Strategic priorities for 2025 include investing in sales force, expanding indications, and leveraging AI for new neurological conditions.

• Completed initial public offering and submitted 510(k) for pediatric Clarity algorithm.

Financial highlights

• Q4 2024 revenue was $18.5M, up 41% year-over-year; full-year 2024 revenue reached $65.4M, up 45% over 2023.

• Q4 product revenue was $14.1M (+41% YoY); subscription revenue was $4.4M (+40% YoY).

• Full-year 2024 product revenue: $50.1M (+45% YoY); subscription revenue: $15.4M (+44% YoY).

• Gross margin was 88% in Q4 (vs. 85% prior year); full-year gross margin was 87% (vs. 84% in 2023).

• Q4 net loss was $12.6M ($0.40/share); full-year net loss was $40.5M ($3.39/share).

Outlook and guidance

• 2025 revenue guidance: $81–$85M, representing 24–30% growth over 2024.

• Gross margins expected to remain in the mid to high 80% range, accounting for increased China tariffs.

• Operating expenses to rise, driven by R&D and commercial investments, with $15M in stock-based compensation expected.

• Targeting 55 territory managers by mid-2025; growth in account acquisition expected to accelerate in 2026.

• Committed to achieving cash flow break-even with current cash on hand.