Ceribell Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Ceribell (Nasdaq: CBLL) reported first quarter 2026 revenue of $26.5 million, up 29% year over year, with 680 active accounts and 87% gross margin. Product revenue reached $20.2 million and subscription revenue $6.3 million.
Operating expenses rose to $43.9 million, driving a net loss of $19.7 million ($0.52 per share). Cash, cash equivalents, and marketable securities totaled $141.2 million. Ceribell launched neonate and pediatric products, received a supportive CMS proposed rule for NTAP delirium monitoring reimbursement, and raised 2026 revenue guidance to $112–$116 million, implying 26%–30% growth over 2025.
AI-generated analysis. Not financial advice.
Positive
- Total revenue $26.5 million, up 29% year over year
- Product revenue $20.2 million and subscription revenue $6.3 million, both up 29%
- Gross profit $23.1 million with 87% gross margin
- Cash, cash equivalents, and marketable securities of $141.2 million at March 31, 2026
- 680 total active accounts at quarter-end
- 2026 revenue guidance raised to $112–$116 million, 26%–30% growth over prior year
- Commercial launch of neonate and pediatric products completed after pilot
- Supportive CMS proposed rule for NTAP reimbursement for delirium monitoring solution
Negative
- Operating expenses increased 36% year over year to $43.9 million
- Net loss widened to $19.7 million, or $0.52 per share
- Adjusted EBITDA loss was $11.2 million versus $10.9 million a year earlier
- Gross margin edged down from 88% to 87% year over year
News Market Reaction – CBLL
On the day this news was published, CBLL declined 16.50%, reflecting a significant negative market reaction. Argus tracked a trough of -23.8% from its starting point during tracking. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $150M from the company's valuation, bringing the market cap to $759.72M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CBLL slipped 0.88% while close peers showed mixed moves (e.g., BFLY -0.72%, RXST +0.86%, SMLR -4.75%, TMCI -4.74%), suggesting today’s action is company-specific rather than a uniform medical device move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 24 | Q4/FY 2025 earnings | Positive | -4.8% | Reported Q4 and 2025 growth, strong margins, and 2026 guidance. |
| Nov 4 | Q3 2025 earnings | Positive | +7.9% | Q3 2025 revenue and account growth, raised full‑year 2025 guidance. |
| Aug 5 | Q2 2025 earnings | Positive | -15.3% | Strong Q2 2025 revenue growth and guidance raise despite higher losses. |
| May 8 | Q1 2025 earnings | Positive | -6.6% | Q1 2025 revenue growth, higher accounts, raised 2025 revenue guidance. |
| Feb 25 | Q4/FY 2024 earnings | Positive | -1.3% | Strong Q4 and 2024 revenue, high margins, and initial 2025 outlook. |
Earnings releases have often seen negative next-day moves despite strong growth metrics, with only one positive reaction out of five prior earnings events.
Over the last several quarters, Ceribell has repeatedly reported strong revenue growth and high gross margins, alongside widening operating expenses and net losses. Prior earnings on Feb 24, 2026, Nov 4, 2025, Aug 5, 2025, May 8, 2025, and Feb 25, 2025 highlighted expanding active accounts, robust cash balances, and multiple FDA clearances, often paired with raised revenue guidance. Despite these positives, four of the last five earnings events were followed by negative 24-hour price reactions.
Historical Comparison
Across the last five earnings releases, CBLL’s average next‑day move was -4.02%, with most reports showing strong growth but drawing negative price reactions.
Earnings updates have shown consistent double‑digit revenue growth, high ~87–88% gross margins, expanding active accounts, multiple FDA clearances, and recurring guidance raises, balanced against rising operating expenses and net losses.
Regulatory & Risk Context
An effective universal shelf filed on Nov 4, 2025 permits Ceribell to offer up to $300,000,000 of various securities over time. As of the latest data, usage count is 0, so the full registered capacity remained available at that point for potential future capital raises.
Market Pulse Summary
The stock dropped -16.5% in the session following this news. A negative reaction despite solid Q1 growth would fit the historical pattern where earnings with strong revenue and high margins still saw selling pressure. Q1 2026 revenue reached $26.5M with an 87% gross margin, but operating expenses climbed to $43.9M and net loss widened to $19.7M. The company again raised full-year revenue guidance to $112M–$116M, yet the pre-existing $300M shelf and ongoing losses may keep valuation and dilution risk in focus.
Key Terms
ntap reimbursement regulatory
cms proposed rule regulatory
adjusted ebitda financial
non-gaap financial
eeg medical
AI-generated analysis. Not financial advice.
SUNNYVALE, Calif., May 11, 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 first quarter ended March 31, 2026.
First Quarter 2026 & Recent Highlights
- Reported total revenue of
$26.5 million in the first quarter of 2026, a29% increase compared to the same period in 2025 - Ended the quarter with 680 total active accounts
- Achieved gross margin of
87% - Initiated commercial launch of neonate and pediatric products following successful pilot
- Received supportive CMS proposed rule for NTAP reimbursement for delirium monitoring solution, with final rule expected in August 2026
“Our strong first quarter performance reflects solid execution against our commercial plan and the clear and growing demand for our seizure monitoring platform,” said co-founder and CEO Jane Chao, Ph.D. “The launch of our neonate and pediatric offerings represents a major milestone in our commitment to provide critical brain monitoring for patients of all ages. As we work to redefine the standard of care in seizure management, we will continue to invest in innovation and expansion of our clinical indications to advance our mission to make EEG a new vital sign.”
First Quarter 2026 Financial Results
Total revenue in the first quarter of 2026 was
Gross profit in the first quarter of 2026 was
Operating expenses in the first quarter of 2026 were
Net loss in the first quarter of 2026 was
Adjusted EBITDA loss (a non-GAAP measure) for the first 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, May 11, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first 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 May 11, 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. 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 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 and (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, to arrive at Adjusted EBITDA. Management uses EBITDA and Adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. Ceribell believes EBITDA and Adjusted EBITDA provide investors with meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our 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 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
Gilmartin Group
Investors@ceribell.com
Media Contact
Brian Price
Press@ceribell.com
Ceribell, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Product revenue | $ | 20,190 | $ | 15,608 | ||||
| Subscription revenue | 6,304 | 4,883 | ||||||
| Total revenue | 26,494 | 20,491 | ||||||
| Cost of revenue | ||||||||
| Product cost of goods sold | 3,068 | 2,360 | ||||||
| Subscription cost of revenue | 304 | 124 | ||||||
| Total cost of revenue | 3,372 | 2,484 | ||||||
| Gross profit | 23,122 | 18,007 | ||||||
| Operating expenses | ||||||||
| Research and development | 6,161 | 4,246 | ||||||
| Sales and marketing | 22,390 | 18,033 | ||||||
| General and administrative | 15,316 | 9,935 | ||||||
| Total operating expenses | 43,867 | 32,214 | ||||||
| Loss from operations | (20,745 | ) | (14,207 | ) | ||||
| Interest expense | (434 | ) | (471 | ) | ||||
| Other income, net | 1,442 | 1,901 | ||||||
| Loss, before provision for income taxes | (19,737 | ) | (12,777 | ) | ||||
| Provision for income tax expense | — | — | ||||||
| Net loss | $ | (19,737 | ) | $ | (12,777 | ) | ||
| Net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted | (0.52 | ) | (0.36 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted | 37,663,285 | 35,881,029 | ||||||
| Other comprehensive loss | ||||||||
| Net unrealized loss on marketable securities | $ | (141 | ) | $ | (6 | ) | ||
| Comprehensive loss | $ | (19,878 | ) | $ | (12,783 | ) | ||
Ceribell, Inc.
Condensed Balance Sheets
(in thousands, except share and per share data)
(unaudited)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 45,252 | $ | 40,476 | ||||
| Marketable securities | 95,932 | 118,785 | ||||||
| Accounts receivable, net | 15,712 | 15,053 | ||||||
| Inventory | 6,902 | 7,288 | ||||||
| Contract costs, current | 2,231 | 2,210 | ||||||
| Prepaid expenses and other current assets | 2,882 | 2,906 | ||||||
| Total current assets | 168,911 | 186,718 | ||||||
| Property and equipment, net | 1,926 | 2,030 | ||||||
| Operating lease right-of-use assets | 2,041 | 2,296 | ||||||
| Contract costs, long-term | 1,742 | 1,847 | ||||||
| Other non-current assets | 3,458 | 2,912 | ||||||
| Total assets | $ | 178,078 | $ | 195,803 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,981 | $ | 2,838 | ||||
| Accrued liabilities | 12,561 | 14,328 | ||||||
| Contract liabilities, current | 88 | 101 | ||||||
| Operating lease liability, current | 1,141 | 1,105 | ||||||
| Other current liabilities | 413 | 818 | ||||||
| Total current liabilities | 16,184 | 19,190 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, long-term | 19,917 | 19,811 | ||||||
| Other liabilities, long-term | 106 | 106 | ||||||
| Operating lease liability, long-term | 1,058 | 1,360 | ||||||
| Total long-term liabilities | 21,081 | 21,277 | ||||||
| Total liabilities | $ | 37,265 | $ | 40,467 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | ||||||||
| Authorized shares: 10,000,000 as of March 31, 2026 and December 31, 2025, respectively | ||||||||
| Issued and outstanding shares: none as of March 31, 2026 and December 31, 2025, respectively | — | — | ||||||
| Common stock, | ||||||||
| Authorized shares: 500,000,000 as of March 31, 2026 and December 31, 2025, respectively | ||||||||
| Issued and outstanding shares: 37,859,680 and 37,485,124 as of March 31, 2026 and December 31, 2025, respectively | 38 | 38 | ||||||
| Additional paid-in capital | 380,850 | 375,495 | ||||||
| Accumulated other comprehensive income | 18 | 159 | ||||||
| Accumulated deficit | (240,093 | ) | (220,356 | ) | ||||
| Total stockholders’ equity | 140,813 | 155,336 | ||||||
| Total liabilities and stockholders’ equity | $ | 178,078 | $ | 195,803 | ||||
Ceribell, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in thousands)
(unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net Loss (GAAP) | $ | (19,737 | ) | $ | (12,777 | ) | ||
| Non-GAAP Adjustments: | ||||||||
| Interest (income) and expense, net | (989 | ) | (1,431 | ) | ||||
| Depreciation and amortization | 239 | 335 | ||||||
| EBITDA (Non-GAAP) | (20,487 | ) | (13,873 | ) | ||||
| Stock-based compensation | 3,723 | 2,348 | ||||||
| IP litigation matter | 5,594 | 624 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | (11,170 | ) | $ | (10,901 | ) | ||
