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CeriBell, Inc.

CBLL

CeriBell, Inc. • NASDAQ
$16.97 ▲ 0.35% (+0.06)
Market Cap $629.51 M
52w High $32.75
52w Low $10.01
Dividend Yield 0%
P/E -4.62
Volume 200.68K
Outstanding Shares 37.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.589M ▲ $34.589M ▲ $-13.465M ▲ -59.609% ▲ $-0.37 ▲ $-12.594M ▲
Q2-2025 $21.199M ▲ $33.634M ▲ $-13.643M ▼ -64.357% ▼ $-0.38 ▼ $-12.842M ▼
Q1-2025 $20.491M ▲ $32.214M ▲ $-12.777M ▼ -62.354% ▲ $-0.36 ▲ $-11.971M ▼
Q4-2024 $18.534M ▲ $29.122M ▲ $-12.576M ▼ -67.854% ▼ $-0.4 ▼ $-11.713M ▼
Q3-2024 $17.195M $24.948M $-10.417M -60.582% $-0.31 $-9.644M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $168.542M ▼ $199.525M ▼ $35.444M ▼ $164.081M ▼
Q2-2025 $177.428M ▼ $207.689M ▼ $35.534M ▲ $172.155M ▼
Q1-2025 $182.7M ▼ $213.471M ▼ $32.59M ▼ $180.881M ▼
Q4-2024 $194.37M ▲ $225.412M ▲ $34.247M ▼ $191.165M ▲
Q3-2024 $14.11M $47.059M $183.041M $-135.982M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.465M ▲ $-11.248M ▼ $-6.944M ▲ $1.79M ▼ $-16.402M ▲ $-11.617M ▼
Q2-2025 $-13.643M ▼ $-7.533M ▲ $-107.692M ▼ $2.006M ▲ $-113.219M ▼ $-7.604M ▲
Q1-2025 $-12.777M ▼ $-11.403M ▼ $-29.609M ▼ $2K ▼ $-41.01M ▼ $-11.682M ▼
Q4-2024 $-12.576M ▼ $-9.975M ▼ $-493K ▼ $190.728M ▲ $180.26M ▲ $-10.332M ▼
Q3-2024 $-10.417M $-8.542M $183K $-1.888M $-10.247M $-9.109M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Product
Product
 $20.00M ▲$20.00M ▲$20.00M ▲
Subscription
Subscription
 $0 ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement CeriBell is in the early, scaling-up phase: revenue is still quite small but has been rising steadily each year. The company already earns a healthy margin on what it sells, which is a good sign for the underlying business model. However, operating costs for sales, marketing, research, and overhead are much larger than current revenue, so the company continues to post meaningful losses. Those losses have not yet started to narrow in a visible way, which is typical for a young medical device company still building out its commercial footprint but remains a key risk to watch.

Balance Sheet

Balance Sheet The balance sheet has strengthened recently, mainly because of a large increase in total assets and cash tied to its public listing and capital raises. Debt is relatively modest compared with the size of the business, which gives CeriBell some financial flexibility. A notable shift is that shareholder equity has moved from negative to clearly positive, indicating the company has repaired past balance sheet weakness. Overall, it now looks more resilient on paper, but it is still dependent on using this capital wisely to reach a more self-sustaining scale.

Cash Flow

Cash Flow CeriBell is consistently using more cash than it brings in, as operating activities remain firmly cash-flow negative. Free cash flow is also negative, reflecting ongoing investment to grow the business. Capital spending on equipment and facilities is modest, so most of the cash burn is tied to operating costs rather than big one-time projects. This pattern is normal for an emerging medtech company, but it means the business still relies on external funding and must eventually narrow its cash losses to reduce financing risk over time.

Competitive Edge

Competitive Edge CeriBell has carved out a strong niche in rapid, point-of-care brain monitoring, supported by an easy-to-use device, AI-driven analysis, and a cloud platform. Its first-mover position in emergency and intensive care settings, combined with growing clinical evidence and FDA clearances across age groups, gives it a meaningful lead. The recurring model from disposable headbands and software subscriptions can create sticky customer relationships and repeat revenue. At the same time, it faces competition from established neurodiagnostic players and newer EEG innovators, as well as uncertainty around how quickly hospitals will adopt and standardize this type of technology. Ongoing patent litigation adds an extra layer of competitive and legal risk.

Innovation and R&D

Innovation and R&D Innovation is at the center of CeriBell’s story. The company has built an AI-enhanced EEG system that can be deployed quickly by non-specialists, which directly targets long-standing pain points in neurological care. It has expanded its algorithms from adults to newborns and children, and holds an FDA Breakthrough designation for delirium detection, signaling regulatory support for its pipeline. The large and growing EEG dataset it collects can feed continuous algorithm improvements and new applications, including potential uses in stroke and other acute conditions. This creates a strong technology and data engine, but also requires sustained R&D spending and successful clinical validation to convert ideas into commercial products.

Summary

CeriBell is an early-stage, high-innovation medical device company with a promising technology platform and a more solid balance sheet than in prior years, but with ongoing losses and cash burn typical of its stage. On the positive side, it shows rising revenue, strong underlying margins, clear product differentiation, regulatory traction, and a recurring revenue model that could scale if hospital adoption continues. On the risk side, it is still far from profitability, depends on external capital, faces intense competition and litigation, and must navigate hospital purchasing cycles and reimbursement dynamics. Overall, the story is about a company trading near-term financial pressure for long-term growth potential in a specialized, evolving area of neurological care.

NEWS

November 24, 2025 · 8:00 AM UTC

Ceribell Receives FDA 510(k) Clearance for Use of ClarityⓇ Algorithm for Neonates

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November 19, 2025 · 4:05 PM UTC

Ceribell to Participate in the Piper Sandler 37th Annual Healthcare Conference

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November 6, 2025 · 4:05 PM UTC

Ceribell to Participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

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November 4, 2025 · 4:05 PM UTC

Ceribell Reports Third Quarter 2025 Financial Results

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October 21, 2025 · 4:05 PM UTC

Ceribell to Report Third Quarter 2025 Financial Results on November 4, 2025

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