Ceribell Reports Third Quarter 2024 Financial Results
Ceribell (Nasdaq: CBLL), a medical technology company, reported third quarter 2024 financial results, showcasing a 48% increase in total revenue to $17.2 million compared to Q3 2023. Gross margin improved to 87% from 84% in the same period last year. The company ended the quarter with 504 active accounts and completed an IPO, raising $188 million in net proceeds. Product revenue rose by 52% to $13.3 million, while subscription revenue increased by 36% to $3.9 million. Despite these gains, operating expenses surged by 48% to $24.9 million, leading to a net loss of $10.4 million for the quarter, up from $7.1 million in Q3 2023. Cash and cash equivalents stood at $14.1 million as of September 30, 2024. Ceribell projects full-year 2024 revenue between $64.2 million and $64.7 million, marking a growth of 42% to 43% over the prior year.
Ceribell (Nasdaq: CBLL), un'azienda di tecnologia medica, ha reso noti i risultati finanziari del terzo trimestre 2024, evidenziando un incremento del 48% nei ricavi totali a 17,2 milioni di dollari rispetto al terzo trimestre 2023. Il margine lordo è migliorato all'87% rispetto all'84% dello stesso periodo dell'anno scorso. L'azienda ha chiuso il trimestre con 504 conti attivi e ha completato un'IPO, raccogliendo 188 milioni di dollari in proventi netti. I ricavi da prodotto sono aumentati del 52% a 13,3 milioni di dollari, mentre i ricavi da abbonamenti sono cresciuti del 36% a 3,9 milioni di dollari. Nonostante questi guadagni, le spese operative sono aumentate del 48% a 24,9 milioni di dollari, portando a una perdita netta di 10,4 milioni di dollari per il trimestre, rispetto ai 7,1 milioni di dollari del terzo trimestre 2023. Le disponibilità liquide e gli equivalenti ammontavano a 14,1 milioni di dollari al 30 settembre 2024. Ceribell prevede ricavi per l'intero anno 2024 compresi tra 64,2 milioni e 64,7 milioni di dollari, segnando una crescita del 42% al 43% rispetto all'anno precedente.
Ceribell (Nasdaq: CBLL), una empresa de tecnología médica, reportó resultados financieros del tercer trimestre de 2024, mostrando un aumento del 48% en los ingresos totales hasta 17,2 millones de dólares en comparación con el tercer trimestre de 2023. El margen bruto mejoró al 87% desde el 84% en el mismo período del año pasado. La empresa finalizó el trimestre con 504 cuentas activas y completó una IPO, recaudando 188 millones de dólares en ingresos netos. Los ingresos por productos aumentaron un 52% hasta 13,3 millones de dólares, mientras que los ingresos por suscripciones incrementaron un 36% hasta 3,9 millones de dólares. A pesar de estas ganancias, los gastos operativos se dispararon un 48% hasta 24,9 millones de dólares, lo que resultó en una pérdida neta de 10,4 millones de dólares para el trimestre, frente a los 7,1 millones de dólares en el tercer trimestre de 2023. El efectivo y equivalentes de efectivo ascendieron a 14,1 millones de dólares al 30 de septiembre de 2024. Ceribell proyecta ingresos para el año completo 2024 entre 64,2 millones y 64,7 millones de dólares, marcando un crecimiento del 42% al 43% con respecto al año anterior.
Ceribell (Nasdaq: CBLL), 의료 기술 회사, 2024년 3분기 재무 결과를 보고하며, 총 매출이 48% 증가하여 1,720만 달러에 달했다고 발표했습니다. 총 이익률은 지난해 같은 기간의 84%에서 87%로 개선되었습니다. 이 회사는 504개의 활성 계좌로 분기를 마감했으며 1억 8,800만 달러의 순수익을 거두는 IPO를 완료하였습니다. 제품 매출은 52% 증가하여 1,330만 달러에 달하며, 구독 매출은 36% 증가하여 390만 달러에 도달했습니다. 이러한 수익에도 불구하고 운영 비용은 48% 상승하여 2,490만 달러에 이르렀고, 이로 인해 분기 손실이 1,040만 달러로 증가했으며, 이는 2023년 3분기의 710만 달러에서 증가한 것입니다. 2024년 9월 30일 기준으로 현금 및 현금성 자산은 1,410만 달러로 나타났습니다. Ceribell은 2024년 전체 연간 매출을 6,420만 달러에서 6,470만 달러 사이로 예상하며, 이는 전년 대비 42%에서 43% 성장하는 것입니다.
Ceribell (Nasdaq: CBLL), une entreprise de technologie médicale, a annoncé les résultats financiers du troisième trimestre 2024, affichant une augmentation de 48% du chiffre d'affaires total à 17,2 millions de dollars par rapport au troisième trimestre 2023. La marge brute s'est améliorée à 87% contre 84% au cours de la même période l'année dernière. L'entreprise a terminé le trimestre avec 504 comptes actifs et a réalisé une IPO, levant 188 millions de dollars en produits nets. Les revenus des produits ont augmenté de 52% à 13,3 millions de dollars, tandis que les revenus des abonnements ont progressé de 36% à 3,9 millions de dollars. Malgré ces gains, les charges d'exploitation ont grimpé de 48% à 24,9 millions de dollars, entraînant une perte nette de 10,4 millions de dollars pour le trimestre, contre 7,1 millions de dollars au troisième trimestre 2023. Au 30 septembre 2024, la trésorerie et les équivalents de trésorerie s'élevaient à 14,1 millions de dollars. Ceribell prévoit un chiffre d'affaires pour l'année entière 2024 compris entre 64,2 millions et 64,7 millions de dollars, marquant une croissance de 42% à 43% par rapport à l'année précédente.
Ceribell (Nasdaq: CBLL), ein Medizintechnologieunternehmen, hat die Finanzzahlen des dritten Quartals 2024 vorgelegt und dabei einen Anstieg der Gesamteinnahmen um 48% auf 17,2 Millionen US-Dollar im Vergleich zum dritten Quartal 2023 verzeichnet. Die Bruttomarge verbesserte sich auf 87% gegenüber 84% im gleichen Zeitraum des Vorjahres. Das Unternehmen schloss das Quartal mit 504 aktiven Konten ab und beendete den Börsengang (IPO) mit einem Nettoerlös von 188 Millionen US-Dollar. Der Produktumsatz stieg um 52% auf 13,3 Millionen US-Dollar, während der Abonnementumsatz um 36% auf 3,9 Millionen US-Dollar zunahm. Trotz dieser Gewinne sind die Betriebskosten um 48% auf 24,9 Millionen US-Dollar gestiegen, was zu einem netto Verlust von 10,4 Millionen US-Dollar für das Quartal führte, verglichen mit 7,1 Millionen US-Dollar im dritten Quartal 2023. Die liquiden Mittel und Zahlungsmitteläquivalente beliefen sich zum 30. September 2024 auf 14,1 Millionen US-Dollar. Ceribell prognostiziert für das Gesamtjahr 2024 Einnahmen zwischen 64,2 Millionen und 64,7 Millionen US-Dollar, was einem Wachstum von 42% bis 43% gegenüber dem Vorjahr entspricht.
- 48% increase in total revenue to $17.2 million.
- Gross margin improved to 87%.
- Product revenue rose by 52% to $13.3 million.
- Subscription revenue increased by 36% to $3.9 million.
- Completed IPO raising $188 million in net proceeds.
- Operating expenses increased by 48% to $24.9 million.
- Net loss expanded to $10.4 million, up from $7.1 million in Q3 2023.
SUNNYVALE, Calif., Nov. 12, 2024 (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 September 30, 2024.
Third Quarter 2024 & Recent Highlights
- Reported total revenue of
$17.2 million in the third quarter of 2024, a48% increase compared to the same period in 2023 - Achieved gross margin of
87% compared to84% for the same period in 2023 - Ended the quarter with 504 total active accounts
- Completed initial public offering, raising approximately
$188 million in net proceeds to the company - Published results in Neurocritical Care, the journal of the Neurocritical Care Society, demonstrating a 4.1-day reduction in length of ICU stay and better patient outcomes with Ceribell compared to conventional EEG*
- Received Authority to Operate (ATO) from the U.S. Department of Veterans Affairs for Clarity™ Algorithm
“I am encouraged by our third quarter results, which reflect our sustained commercial momentum as we advance our position as a leader in seizure detection,” said co-founder and CEO Jane Chao, Ph.D. “We continue to see strong adoption trends for our point-of-care rapid EEG system and are pleased with the progress made on key strategic and operational initiatives. Following our initial public offering in October, we believe we are well-positioned financially and operationally to deliver future growth and achieve our goal of becoming the standard of care for the detection and management of seizures in the acute care setting.”
Third Quarter 2024 Financial Results
Total revenue in the third quarter of 2024 was
Gross profit in the third quarter of 2024 was
Operating expenses in the third quarter of 2024 were
Net loss in the third quarter of 2024 was
Cash and cash equivalents totaled
2024 Financial Outlook
Ceribell expects revenue for the full year 2024 to be in the range of
Webcast and Conference Call Details
Ceribell will host a conference call today, November 12, 2024, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2024 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 provide access code 7168007. 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 12, 2024. 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 potentially inaccurate 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 ability to adapt our manufacturing and production capacities to evolving patterns of demand and customer trends; the manufacturing of a substantial number of our product components and their assembly in China; product defects 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, 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 510(k) cleared for indicating 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.
* Based on Modified Rankin Scale (mRS) score
Investor Contacts
Brian Johnston
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 September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Product revenue | $ | 13,321 | $ | 8,764 | $ | 35,932 | $ | 24,561 | ||||||||
| Subscription revenue | 3,874 | 2,847 | 10,978 | 7,533 | ||||||||||||
| Total revenue | 17,195 | 11,611 | 46,910 | 32,094 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| Product cost of goods sold | 2,096 | 1,777 | 6,073 | 4,762 | ||||||||||||
| Subscription cost of revenue | 88 | 108 | 325 | 285 | ||||||||||||
| Total cost of revenue | 2,184 | 1,885 | 6,398 | 5,047 | ||||||||||||
| Gross profit | 15,011 | 9,726 | 40,512 | 27,047 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 3,395 | 2,308 | 9,649 | 6,307 | ||||||||||||
| Sales and marketing | 12,524 | 9,592 | 33,812 | 28,107 | ||||||||||||
| General and administrative | 9,029 | 4,990 | 23,876 | 14,293 | ||||||||||||
| Total operating expenses | 24,948 | 16,890 | 67,337 | 48,707 | ||||||||||||
| Loss from operations | (9,937 | ) | (7,164 | ) | (26,825 | ) | (21,660 | ) | ||||||||
| Interest expense | (530 | ) | (532 | ) | (1,493 | ) | (1,585 | ) | ||||||||
| Change in fair value of warrant liability | (173 | ) | (3 | ) | (417 | ) | — | |||||||||
| Other income, net | 223 | 645 | 856 | 2,066 | ||||||||||||
| Loss, before provision for income taxes | (10,417 | ) | (7,054 | ) | (27,879 | ) | (21,179 | ) | ||||||||
| Provision for income tax expense | — | — | — | (11 | ) | |||||||||||
| Net loss and comprehensive loss | $ | (10,417 | ) | $ | (7,054 | ) | $ | (27,879 | ) | $ | (21,190 | ) | ||||
| Net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | (1.85 | ) | (1.32 | ) | (5.02 | ) | (4.02 | ) | ||||||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | 5,634,583 | 5,343,337 | 5,549,570 | 5,274,151 | ||||||||||||
| Ceribell, Inc. Condensed Balance Sheets (in thousands, except share and per share data) (unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 14,110 | $ | 34,495 | ||||
| Accounts receivable, net | 9,973 | 7,955 | ||||||
| Inventory | 6,910 | 5,868 | ||||||
| Contract costs, current | 1,701 | 1,515 | ||||||
| Prepaid expenses and other current assets | 2,266 | 2,130 | ||||||
| Total current assets | 34,960 | 51,963 | ||||||
| Property and equipment, net | 2,268 | 1,577 | ||||||
| Operating lease right-of-use assets | 2,365 | 2,160 | ||||||
| Contract costs, long-term | 1,349 | 1,238 | ||||||
| Other non-current assets | 6,117 | 1,984 | ||||||
| Total assets | $ | 47,059 | $ | 58,922 | ||||
| Liabilities, redeemable convertible preferred stock and stockholders’ deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,776 | $ | 732 | ||||
| Accrued liabilities | 8,574 | 7,540 | ||||||
| Contract liabilities, current | 105 | 206 | ||||||
| Notes payable, current | — | 11,833 | ||||||
| Operating lease liability, current | 1,029 | 694 | ||||||
| Other current liabilities | 605 | 595 | ||||||
| Total current liabilities | 13,089 | 21,600 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, long-term | 19,497 | — | ||||||
| Contract liabilities, long-term | 33 | 44 | ||||||
| Other liabilities, long-term | 1,411 | 441 | ||||||
| Operating lease liability, long-term | 1,599 | 1,677 | ||||||
| Total long-term liabilities | 22,540 | 2,162 | ||||||
| Total liabilities | $ | 35,629 | $ | 23,762 | ||||
| Commitments and contingencies | ||||||||
| Redeemable convertible preferred stock, | ||||||||
| Authorized shares: 46,831,773 and 46,624,838 shares as of September 30, 2024 and December 31, 2023, respectively | ||||||||
| Issued and outstanding shares: 17,817,643 shares as of September 30, 2024 and December 31, 2023 | ||||||||
| Aggregate liquidation preference of | 147,412 | 147,412 | ||||||
| Stockholders’ deficit | ||||||||
| Common stock, | ||||||||
| Authorized shares: 76,879,683 and 76,672,748 as of September 30, 2024 and December 31, 2023, respectively | ||||||||
| Issued and outstanding shares: 5,779,191 and 5,430,298 as of September 30, 2024 and December 31, 2023, respectively. | 6 | 5 | ||||||
| Additional paid-in capital | 18,380 | 14,232 | ||||||
| Accumulated deficit | (154,368 | ) | (126,489 | ) | ||||
| Total stockholders’ deficit | (135,982 | ) | (112,252 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | $ | 47,059 | $ | 58,922 | ||||
FAQ
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