CeriBell, Inc.(CBLL) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights Ceribell achieved strong Q2 2025 results with 584 active accounts and an 88% gross margin, anticipating continued growth in H2 2025 Second Quarter 2025 & Recent Highlights Ceribell reported strong Q2 2025 results with 584 active accounts and 88% gross margin, projecting continued growth through H2 2025 - Ceribell reported strong second quarter results, reflecting successful commercial execution and accelerated adoption of the Ceribell System across new and existing accounts, aiming for continued growth in H2 2025 by reaching more patients, advancing its pipeline, reinforcing category leadership, and establishing EEG as a new vital sign[2] | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :----- | :-------------------- | :-------------------- | :----------- | | Total Revenue | $21.2 | $15.3 | +38% | | Gross Margin | 88% | 86% | +2 ppts | | Total Active Accounts | 584 | N/A | N/A | Second Quarter 2025 Financial Results Ceribell saw significant Q2 2025 financial growth with 38% revenue increase and 88% gross margin, despite a 56% rise in operating expenses leading to a higher net loss Revenue Performance Q2 2025 total revenue grew 38% to $21.2 million, driven by strong product and subscription revenue from new and existing accounts | Revenue Type | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Growth | | :----------- | :-------------------- | :-------------------- | :--------- | | Total Revenue | $21.2 | $15.3 | 38% | | Product Revenue | $15.9 | $11.6 | 38% | | Subscription Revenue | $5.3 | $3.7 | 41% | Gross Profit and Margin Q2 2025 gross profit rose to $18.7 million, with gross margin improving by 2 percentage points to 88% | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change (in millions) | | :----- | :-------------------- | :-------------------- | :----------------------- | | Gross Profit | $18.7 | $13.2 | +$5.5 | | Gross Margin | 88% | 86% | +2 ppts | Operating Expenses Operating expenses surged 56% to $33.6 million in Q2 2025, driven by commercial investments, headcount growth, legal costs, and public company operations | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change | | :----- | :-------------------- | :-------------------- | :--------- | | Operating Expenses | $33.6 | $21.6 | +56% | - The increase in operating expenses was primarily driven by investments in the commercial organization, increased headcount to support business growth, legal expenses, and costs related to operating as a public company[5] Net Loss and Cash Position Ceribell's Q2 2025 net loss increased to $13.6 million, while maintaining a strong liquidity position of $177.4 million in cash and equivalents | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :----- | :-------------------- | :-------------------- | | Net Loss | $(13.6) | $(8.9) | | Net Loss per Share | $(0.38) | $(1.61) | | Metric | As of June 30, 2025 (in millions) | | :----- | :-------------------------------- | | Cash, Cash Equivalents, and Marketable Securities | $177.4 | 2025 Financial Outlook Ceribell raised its full-year 2025 revenue guidance to $85 million - $88 million, projecting 30% to 34% year-over-year growth | Metric | Full Year 2025 Guidance (in millions) | YoY Growth | | :----- | :------------------------------------ | :--------- | | Total Revenue | $85 - $88 | 30% - 34% | Webcast and Conference Call Details Ceribell held a conference call on August 5, 2025, to discuss Q2 2025 results, with webcast and call-in details provided - Ceribell hosted a conference call on August 5, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss Q2 2025 financial results, with access provided via dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) with access code 7468193, and a webcast available on the investor relations section of their website[8][9] About Ceribell, Inc. Ceribell is a medical technology company transforming neurological condition diagnosis and management with its FDA-cleared, AI-powered Ceribell System - Ceribell is a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions[11] - The company developed the Ceribell System, a novel, point-of-care EEG platform combining proprietary, highly portable, and rapidly deployable hardware with sophisticated AI-powered algorithms, FDA-cleared for detecting suspected seizure activity and utilized in ICUs and emergency rooms across the U.S[11] Forward-Looking Statements This section contains forward-looking statements subject to risks and uncertainties, where actual results may differ materially from projections - The earnings release contains forward-looking statements regarding anticipated financial performance, business plans, and product expectations, which are subject to substantial risks, uncertainties, and potentially inaccurate assumptions, with factors such as limited operating history, market acceptance, competitive pressures, and regulatory compliance potentially causing actual results to differ, as detailed in SEC filings[10] Investor and Media Contacts Contact information is provided for investor relations via Gilmartin Group and for media inquiries through Corrie Rose - For investor inquiries, contact Brian Johnston or Laine Morgan at Gilmartin Group via Investors@ceribell.com; for media inquiries, contact Corrie Rose via Press@ceribell.com[12] Financial Statements This section presents Ceribell's unaudited condensed financial statements, including Statements of Operations and Balance Sheets for specified periods Condensed Statements of Operations and Comprehensive Loss Unaudited statements show a Q2 2025 net loss of $13.6 million and a six-month net loss of $26.4 million, driven by higher revenue and operating expenses | Metric (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Revenue | $21,199 | $15,315 | $41,690 | $29,715 | | Gross Profit | $18,682 | $13,159 | $36,689 | $25,501 | | Total Operating Expenses | $33,634 | $21,594 | $65,848 | $42,389 | | Loss from Operations | $(14,952) | $(8,435) | $(29,159) | $(16,888) | | Net Loss | $(13,643) | $(8,941) | $(26,420) | $(17,462) | | Basic and Diluted Net Loss per Share | $(0.38) | $(1.61) | $(0.73) | $(3.17) | Condensed Balance Sheets Unaudited balance sheets show total assets of $207.7 million as of June 30, 2025, a decrease from year-end 2024, with reduced cash and increased marketable securities | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and Cash Equivalents | $40,141 | $194,370 | | Marketable Securities | $137,287 | $0 | | Total Current Assets | $199,786 | $217,272 | | Total Assets | $207,689 | $225,412 | | Total Current Liabilities | $15,014 | $12,989 | | Total Liabilities | $35,534 | $34,247 | | Total Stockholders' Equity | $172,155 | $191,165 |