CeriBell, Inc.(CBLL) - 2025 Q1 - Quarterly Results

Ceribell First Quarter 2025 Financial Results First Quarter 2025 & Recent Highlights Ceribell achieved a strong start to 2025 with 42% revenue growth to $20.5 million, expanding its active accounts and securing key regulatory approvals - CEO Jane Chao emphasized a strong start to the year, driven by expanded accounts and accelerated system adoption, with plans for continued growth to establish EEG as a new vital sign[3] - Ending the quarter with 558 total active accounts[9] - Received U.S. FDA 510(k) clearance for the Clarity™ algorithm for patients aged 1 and older[9] - Became the first medical device company to receive FedRAMP High authorization from the U.S. federal government[9] Q1 2025 Key Financial Metrics | Metric | Value ($) | Change (YoY, %) | | :--- | :--- | :--- | | Total Revenue | $20.5 million | +42% | | Gross Margin | 88% | N/A | First Quarter 2025 Financial Results Ceribell's Q1 2025 revenue grew 42% to $20.5 million with an 88% gross margin, but increased operating expenses led to a $12.8 million net loss Q1 2025 vs Q1 2024 Revenue Breakdown | Revenue Type | Q1 2025 ($) | Q1 2024 ($) | Growth (%) | | :--- | :--- | :--- | :--- | | Product Revenue | $15.6 million | $11.0 million | +41% | | Subscription Revenue | $4.9 million | $3.4 million | +45% | | Total Revenue | $20.5 million | $14.4 million | +42% | Q1 2025 vs Q1 2024 Profitability | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross Profit ($) | $18.0 million | $12.3 million | | Gross Margin (%) | 88% | 86% | - Operating expenses increased by 55% to $32.2 million from $20.8 million in Q1 2024, primarily due to investments in the commercial organization, increased headcount, and public company operating costs[6] Q1 2025 Net Loss and Cash Position | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss ($) | $12.8 million | $8.5 million | | Net Loss Per Share ($) | $0.36 | $1.56 | | As of March 31, 2025 | | | | Cash, cash equivalents, and marketable securities ($) | $182.7 million | N/A | 2025 Financial Outlook Ceribell raised its full-year 2025 revenue guidance to $83 million to $87 million, reflecting an anticipated 27% to 33% growth - The company raised its full-year 2025 revenue guidance to a range of $83 million to $87 million[8] - The updated guidance represents an expected revenue growth of approximately 27% to 33% over the prior year[8] Financial Statements Unaudited condensed financial statements for Ceribell, Inc. as of March 31, 2025, detail the quarter's operations and balance sheet position Condensed Statements of Operations and Comprehensive Loss Ceribell's Q1 2025 operations show total revenue of $20.49 million and a net loss of $12.78 million due to increased operating expenses Condensed Statement of Operations (in thousands) | Account | Three months ended March 31, 2025 (in thousands) | Three months ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total revenue | $20,491 | $14,400 | | Gross profit | $18,007 | $12,342 | | Total operating expenses | $32,214 | $20,795 | | Loss from operations | $(14,207) | $(8,453) | | Net loss | $(12,777) | $(8,521) | | Net loss per share | $(0.36) | $(1.56) | Condensed Balance Sheets As of March 31, 2025, Ceribell's balance sheet reflects total assets of $213.47 million and stockholders' equity of $180.88 million Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $153,360 | $194,370 | | Total current assets | $205,420 | $217,272 | | Total assets | $213,471 | $225,412 | | Total liabilities | $32,590 | $34,247 | | Total stockholders' equity | $180,881 | $191,165 | Other Information Logistical and legal information, including investor call details, forward-looking statements, and a corporate overview, are provided Webcast and Conference Call Details A conference call and webcast for Q1 2025 financial results were scheduled for May 8, 2025, at 1:30 p.m. PT - A conference call to discuss Q1 2025 results was scheduled for May 8, 2025, at 1:30 p.m. PT, with access via phone and a webcast available on the company's investor relations website[10] Forward-Looking Statements The release contains forward-looking statements subject to substantial risks and uncertainties, with actual results potentially differing materially - The release contains forward-looking statements concerning financial guidance, business strategy, and product expectations, which are subject to substantial risks and uncertainties[11] - Key risks include limited operating history, market adoption challenges, competitive pressures, manufacturing dependencies in China, and regulatory compliance[11] About CeriBell, Inc. Ceribell is a medical technology company providing an FDA-cleared, AI-powered point-of-care EEG system for rapid neurological diagnosis - Ceribell is a medical technology company that developed the Ceribell System, a point-of-care electroencephalography (EEG) platform for use in acute care settings[12] - The system combines portable hardware with AI-powered algorithms to enable rapid diagnosis and continuous monitoring of patients with suspected seizure activity[12]