Start here if you're new
what it is
Ceribell sells a fast bedside brain-monitoring system that helps hospitals spot seizures without waiting for a full EEG lab.
how it gets paid
Last year Ceribell made $89M in revenue. Disposable EEG headbands was the main engine at $41M, or 46% of sales.
why it's growing
Revenue grew 36.1% last year. $64M matters because it shows demand is arriving fast.
what just happened
Revenue hit $64M, but the real story is that high-margin growth still has not fixed the losses.
At a glance
n/a balance sheet
-$3.39 fy2024 eps est
$2B fy2026 rev est
65.6% operating margin
~$696M market cap
What they do
Ceribell sells a fast bedside brain-monitoring system that helps hospitals spot seizures without waiting for a full EEG lab.
When your patient may be seizing, waiting is the whole problem. Ceribell is already in more than 600 active accounts and has been used on over 200,000 patients, which makes the fast bedside workflow familiar when minutes matter. That edge weakens fast if account growth stalls or gross margin drops well below 88.1%.
How they make money
$89M
annual revenue · their business grew +36.1% last year
Ceribell System hardware
$18M
Disposable EEG headbands
$41M
AI monitoring software
$16M
Service and training
$9M
Accessories and other
$5M
The products that matter
bedside EEG monitoring system
Ceribell System
$71M · 80% of revenue
It drove roughly $71M of the company's $89M revenue last year. That's the installed-base story in one line.
core revenue driver
AI analysis software
Clarity Software
$18M · 20% of revenue
This $18M software and services segment is smaller today, but it sits inside an 88.1% gross margin business. That's where the operating leverage is supposed to come from.
margin story
Key numbers
36.1%
revenue growth
Revenue growth → sales increased from last year → so what: hospitals are buying the story even while profits are missing.
65.6%
operating margin
Operating margin → profit after running the business → so what: Ceribell is still losing heavily despite premium gross margin.
88.1%
gross margin
Gross margin → money left after making the product → so what: the product economics are strong if scale ever absorbs overhead.
$20M
long-term debt
Long-term debt is just 3% of capital, which means the balance sheet is not the main problem. Execution is.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $20M (3% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CBLL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $64M, but the real story is that high-margin growth still has not fixed the losses.
Revenue rose 185% vs. prior year in the latest quarter, while EPS was -$1.10. Gross margin stayed at 88.1%, which tells you the product is not the issue. The cost base is.
$64M
revenue
$1.10
eps
88.1%
gross margin
the number that mattered
$64M matters because it shows demand is arriving fast; now management has to prove growth can outrun a -65.6% operating margin.
source: company earnings report, 2026
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What could go wrong
the #1 risk is hospital adoption not scaling fast enough to absorb a 42% jump in operating expenses.
high
expense growth outruns revenue growth
Operating expenses reached $136.7M while revenue was $89M. Ceribell can afford this for a while. It cannot afford it forever.
If spending stays this elevated, the path to profitability keeps moving out.
high
cash burn turns runway into dilution risk
The company ended with $159M in cash and lost $53.4M last year. That's enough room to execute, but not enough to ignore the burn.
If losses do not narrow, new capital becomes a live possibility.
med
premium valuation leaves little room for a stumble
CBLL trades at 5.6x sales versus a 4.8x peer average. You're paying a premium before the business has proven operating leverage.
If 2026 revenue lands below $111M–$115M, that premium can compress fast.
med
growth still leans on clearance and adoption momentum
Management is still building the category. New FDA clearances and continued clinical adoption matter because this is not a fully mature installed base yet.
Any delay in adoption or evidence-building slows the whole story, not just one segment.
$159M in cash against a $53.4M annual loss gives Ceribell runway. It does not give it unlimited time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidepost
2026 revenue guidance
Management set the bar at $111M–$115M. That is the first test of whether the growth story is still accelerating or just staying loud.
metric
operating expense growth
Expenses rose 42% last year. You want that growth rate coming down before the market loses patience with the loss profile.
trend
software mix
Software and services are $18M, or 20% of revenue. If that share starts climbing faster than device revenue, the business gets better quality.
risk
cash burn versus cash balance
The math is simple: $159M in cash, $53.4M lost last year. Each quarter tells you whether runway is extending or shrinking.
Analyst rankings
chart momentum
top 5%
momentum rank 1 — the highest rating — analysts expect this stock to outperform almost everything.
source: institutional data
Institutional activity
institutional ownership data for CBLL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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