Ceribell — Q3 2026 Earnings Summary

Financial Performance:

• Total revenue reached $29.3 million in Q3 2026, a 30% increase from $22.6 million in Q3 2025.
• Product revenue was $22.2 million (up 31% from $17.0 million), and subscription revenue was $7.1 million (up 28% from $5.6 million).
• Gross profit was $26.3 million, resulting in a gross margin of 90%, compared to 88% in Q3 2025.
• Operating expenses increased 36% to $46.9 million from $34.6 million in the prior year period.
• Net loss was $21.4 million ($0.55 per share), compared to a net loss of $13.5 million ($0.37 per share) in Q3 2025.
• Adjusted EBITDA loss was $12.1 million, compared to $9.2 million in Q3 2025.
• Cash, cash equivalents, and marketable securities totaled $117.5 million as of September 30, 2026.

Guidance and Future Outlook:

• Raised full-year 2026 revenue guidance to $115 million–$117 million, representing 29%–31% growth over 2025.
• The updated guidance excludes material contributions from neonate, pediatric, or delirium products.
• Management anticipates a pivotal 2027 driven by the full launch of the delirium monitoring solution and the introduction of a new hardware platform.

Business Segments and Product Lines:

• Active accounts reached 747 total, with a record addition of 35 net new customers in the quarter.
• Achieved double-digit year-over-year same-store utilization growth.
• Fully launched the delirium monitoring solution following a successful commercial pilot.
• Received FDA 510(k) clearance for Quantitative EEG Trending and Amplitude-Integrated EEG Analysis.
• Manufacturing cost reductions and a fully operational manufacturing line in Vietnam contributed to margin expansion.

Market and Competitive Landscape:

• No specific market share data or competitor market share figures were provided in the release.
• The company cited competitive pressures as a risk factor in its forward-looking statements.

Risks and Challenges:

• Operating expenses increased significantly due to investments in commercial infrastructure, R&D for next-generation hardware, algorithm development, clinical studies, stock-based compensation, and IP enforcement legal costs.
• Risks include reliance on third-party manufacturers in China and Vietnam, potential supply chain disruptions, and the complexity of clinical studies and regulatory compliance.
• The company has a history of net losses and limited operating history.

Management Commentary and Tone:

• CEO Jane Chao stated that results reflect new highs in account additions and utilization, demonstrating the core seizure business as a durable growth engine.
• Management expressed confidence in being well-positioned for 2027 to advance the mission of establishing EEG as a new vital sign.

Other Key Points:

• In August 2026, the Company entered into a new credit facility providing up to $60 million in committed capital ($30 million term loan and $30 million revolving credit facility), plus an additional $25 million of uncommitted capital.
• The company filed a patent infringement action against Natus Medical Incorporated in July 2025, with associated legal costs included in operating expenses.
• The company has no preferred stock issued or outstanding as of September 30, 2026.