Financial Performance - Total revenue for Q3 2024 was $17.2 million, a 48% increase from $11.6 million in Q3 2023[3] - Product revenue in Q3 2024 was $13.3 million, up 52% from $8.8 million in Q3 2023[3] - Subscription revenue for Q3 2024 was $3.9 million, representing a 36% increase from $2.8 million in Q3 2023[3] - Gross profit for Q3 2024 was $15.0 million, with a gross margin of 87%, compared to $9.7 million and 84% in Q3 2023[4] - Net loss for Q3 2024 was $10.4 million, or $1.85 per share, compared to a net loss of $7.1 million, or $1.32 per share, in Q3 2023[6] - The company expects full-year 2024 revenue to be in the range of $64.2 million to $64.7 million, representing growth of 42% to 43% over the previous year[6] Operating Expenses - Operating expenses in Q3 2024 were $24.9 million, an increase of 48% from $16.9 million in Q3 2023[5] Cash and Assets - Cash and cash equivalents totaled $14.1 million as of September 30, 2024, following an IPO that raised approximately $188 million in net proceeds[6] - Total current assets decreased from $51,963 thousand as of December 31, 2023, to $34,960 thousand as of September 30, 2024, a decline of approximately 32.7%[12] - Cash and cash equivalents dropped significantly from $34,495 thousand to $14,110 thousand, representing a decrease of about 59.1%[12] - Total assets decreased from $58,922 thousand to $47,059 thousand, a decline of about 20.0%[12] Liabilities - Total liabilities increased from $23,762 thousand to $35,629 thousand, an increase of approximately 50.0%[12] - Accounts payable rose sharply from $732 thousand to $2,776 thousand, marking an increase of about 278.5%[12] - Long-term liabilities surged from $2,162 thousand to $22,540 thousand, an increase of approximately 943.5%[12] Equity and Deficit - The accumulated deficit widened from $(126,489) thousand to $(154,368) thousand, reflecting a deterioration of approximately 22.0%[12] - Additional paid-in capital increased from $14,232 thousand to $18,380 thousand, a rise of about 29.9%[12] Inventory and Assets Management - Inventory increased from $5,868 thousand to $6,910 thousand, representing an increase of approximately 17.7%[12] - Operating lease right-of-use assets grew from $2,160 thousand to $2,365 thousand, an increase of about 9.5%[12] Market Position - The ClarityTM Algorithm received Authority to Operate (ATO) from the U.S. Department of Veterans Affairs, enhancing the company's market position[2] - The company ended Q3 2024 with 504 total active accounts, indicating strong adoption trends[2]
CeriBell, Inc.(CBLL) - 2024 Q3 - Quarterly Results