CBLL Ceribell
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Executive Summary
Ceribell reported Q1 2026 revenue of $26.5M (+29% YoY), beating the $26.1M consensus, and EPS of -$0.52 (GAAP) vs consensus -$0.39 (miss on GAAP basis, though the Street convention EPS of -$0.36 from the prior quarter suggests the GAAP number is not the tracked metric). The company raised full-year 2026 revenue guidance to $112M-$116M, implying ~26-30% growth. Operating expenses rose 36% YoY, driven by commercial investment and IP litigation costs, widening the net loss to -$19.7M from -$12.8M. The raised guidance and strong revenue growth are positive, but accelerating losses and elevated spending temper the outlook.
Key Financial Metrics
Actionable Insight
The raised revenue guidance signals confidence in commercial momentum, but the widening loss and 36% OpEx growth raise questions about path to profitability. Watch for the August 2026 CMS final rule on NTAP reimbursement for delirium monitoring, which could be a catalyst. The patent litigation against Natus (costing $5.6M this quarter) is an overhang — monitor for resolution or escalation.
Key Facts
- Q1 2026 total revenue $26.5M, +29% YoY from $20.5M, beating $26.1M consensus
- Product revenue $20.2M (+29% YoY); subscription revenue $6.3M (+29% YoY)
- Gross margin 87% vs 88% a year ago; gross profit $23.1M vs $18.0M
- Net loss $19.7M (-$0.52/share) vs $12.8M (-$0.36/share) in Q1 2025
- Adjusted EBITDA loss $11.2M vs $10.9M in Q1 2025
- Raised FY2026 revenue guidance to $112M-$116M (prior not disclosed, implies ~26-30% YoY growth)
- Operating expenses $43.9M, +36% YoY, driven by commercial expansion, headcount, and IP litigation costs
- Cash, equivalents, and marketable securities $141.2M as of March 31, 2026
- Ended quarter with 680 total active accounts; initiated commercial launch of neonate/pediatric products
- Received supportive CMS proposed rule for NTAP reimbursement for delirium monitoring (final rule expected August 2026)
Financial Impact
Revenue beat of ~$0.4M (1.5%) vs consensus; raised FY guidance by undisclosed amount; net loss widened by $6.9M YoY
Risk Factors
- Operating expenses growing faster than revenue (36% vs 29%) may delay profitability
- Patent infringement litigation costs ($5.6M in Q1) could persist or increase
- Dependence on CMS reimbursement decisions for delirium monitoring solution
- Supply chain concentration risk (manufacturing in China and Vietnam)
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292300 |
Filters
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May 26, 2026
19d ago
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Insider Cluster
| $18.70 $17.18 | ▼ −8.13% | ▼ −8.60% | $18.47 (−1.23%) |
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May 11, 2026
4w ago
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Press Release
| $16.75 $16.58 | ▼ −1.01% | ▼ −1.09% | $18.47 (+10.27%) |
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May 1, 2026
6w ago
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Insider Cluster
| $20.50 $20.38 | ▼ −0.59% | ▼ −2.93% | $18.47 (−9.90%) |
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Apr 20, 2026
7w ago
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Press Release
| $20.94 $20.80 | ▼ −0.67% | ▼ −1.75% | $18.47 (−11.80%) |
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Apr 20, 2026
7w ago
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DEFA14A
| $21.13 $21.14 | ▲ +0.05% | ▼ −0.87% | $18.47 (−12.59%) |
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Apr 1, 2026
10w ago
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Insider Cluster
| $18.50 $18.57 | ▼ −0.38% | ▲ +3.39% | $18.47 (+0.16%) |
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Feb 28, 2026
15w ago
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Institutional Cluster
| $18.16 $18.28 | ▲ +0.66% | ▲ +1.87% | $18.47 (+1.71%) |
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Feb 24, 2026
15w ago
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8-K
| $18.95 $17.77 | ▼ −6.23% | ▼ −5.13% | $18.47 (−2.53%) |
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Feb 24, 2026
15w ago
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Insider Cluster
| $19.90 $17.54 | ▼ −11.86% | ▼ −10.83% | $18.47 (−7.19%) |
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Feb 23, 2026
16w ago
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Insider Cluster
| $19.99 $18.16 | ▼ −9.15% | ▼ −9.77% | $18.47 (−7.60%) |
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