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olivLaw · US equity research

Ceribell, Inc. CBLL

Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)

27.39USD−3.11% · 1 dayClose 04 Nov 2026

Ceribell is a medical technology company that develops a portable point-of-care EEG system with AI-powered algorithms for detecting seizures and delirium in intensive care and emergency settings. In the second quarter of 2026 the company reported 33% revenue growth and raised its fiscal 2026 revenue guidance to a range of 114 to 117 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ceribell, Inc. (CBLL) stock was 27.39 USD (−3.11% on the day), with market capitalisation 1.1 bn USD, beta 1.45, 52-week range 11.56–28.27 USD. Latest reported quarter (Q3 2026): revenue of 29.3 m USD (+29.9% YoY), net income of -21.4 m USD, diluted EPS -0.55 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.1 bn USD
shares as of 30 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.94 · TTM to 30 Sept 2026
E/P (TTM)
-7.10%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.45
Volatility (1y) 52%
52-week range
11.5628.27

Price history

Loading chart…

Technical reading

RSI (14)
56.4
strong (55–70)
Bollinger (20, 2)
23.91 – 29.20
in the upper half of the band · %B 0.66 · band width 19.9%
SMA 50 / 200
25.13 / 20.86
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.81 / 0.82
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+10.2%−2.0%+12.2 pp—
3 months+49.8%−2.2%+51.9 pp—
6 months+35.9%+4.3%+31.7 pp—
Year to date+24.9%+10.6%+14.3 pp—
1 year+150.8%+10.5%+140.4 pp−2.6%
3 yearsunavailable+73.7%unavailable−18.0%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−30.5%
12 Jan 2026 → 23 Jul 2026
Max drawdown (5y)
−63.9%
06 Dec 2024 → 04 Nov 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
29.3 m USD
+29.9% YoY
Net income
-21.4 m USD
unavailable YoY
Diluted EPS
-0.55
unavailable YoY
net / operating
-72.8% / -70.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue18.5 m20.5 m21.2 m22.6 m24.8 m26.5 m28.1 m29.3 m
Cost of revenue2.3 m2.5 m2.5 m2.6 m3.1 m3.4 m2.2 m3.0 m
Gross profit16.2 m18.0 m18.7 m19.9 m21.6 m23.1 m25.9 m26.3 m
Research & development3.9 m4.2 m4.9 m5.0 m5.1 m6.2 m6.7 m7.4 m
Operating income-12.9 m-14.2 m-15.0 m-14.6 m-14.6 m-20.7 m-20.0 m-20.5 m
Depreciation & amortisation364.0 k335.0 k200.0 k300.0 k291.0 k239.0 k200.0 k200.0 k
Interest expense499.0 k471.0 k477.0 k480.0 k462.0 k434.0 k438.0 k267.0 k
Pre-tax income-12.6 m-12.8 m-13.6 m-13.5 m-13.5 m-19.7 m-19.3 m-21.4 m
Income tax——000—00
Net income-12.6 m-12.8 m-13.6 m-13.5 m-13.5 m-19.7 m-19.3 m-21.4 m
Diluted EPS-0.41 ≈-0.36-0.38-0.37-0.36 ≈-0.52-0.51-0.55
Operating cash flow-10.0 m-11.4 m-7.5 m ≈-11.1 m ≈-10.8 m-19.3 m-12.9 m ≈-13.1 m ≈
Capex357.0 k148.0 k71.0 k ≈369.0 k ≈179.0 k125.0 k17.0 k ≈100.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue45.2 m65.4 m89.1 m
Revenue YoYunavailable+44.7%+36.1%
Net income-29.5 m-40.5 m-53.4 m
Net income YoYunavailableunavailableunavailable
Diluted EPS-5.56-3.39-1.46
Diluted EPS YoYunavailableunavailableunavailable
net %-65.1%-61.8%-60.0%
Free cash flow-30.1 m-36.4 m-41.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
40.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
155.3 m USD
Total assets
195.8 m USD
Debt / equity
unavailable
Current ratio
9.73x
ROE
-30.8%
ROA
-25.4%
FCF margin
-46.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
45.2 m
2024
65.4 m
2025
89.1 m

SEC (XBRL)· 24 Feb 2026verified

Cost of revenue
2023
7.1 m
2024
8.7 m
2025
10.8 m

SEC (XBRL)· 24 Feb 2026verified

Gross profit
2023
38.2 m
2024
56.8 m
2025
78.3 m

SEC (XBRL)· 24 Feb 2026verified

Research & development
2023
9.0 m
2024
13.6 m
2025
19.1 m

SEC (XBRL)· 24 Feb 2026verified

Operating income
2023
-30.0 m
2024
-39.7 m
2025
-58.4 m

SEC (XBRL)· 24 Feb 2026verified

Depreciation & amortisation
2023
847.0 k
2024
1.1 m
2025
1.3 m

SEC (XBRL)· 24 Feb 2026verified

EBITDA
2023
-29.2 m ≈
2024
-38.6 m ≈
2025
-57.1 m ≈

SEC (XBRL)· 24 Feb 2026derived

Interest expense
2023
2.1 m
2024
2.0 m
2025
1.9 m

SEC (XBRL)· 24 Feb 2026verified

Pre-tax income
2023
-29.5 m
2024
-40.5 m
2025
-53.4 m

SEC (XBRL)· 24 Feb 2026verified

Income tax
2023
11.0 k
2024
0
2025
0

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
-29.5 m
2024
-40.5 m
2025
-53.4 m

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
-5.56
2024
-3.39
2025
-1.46

SEC (XBRL)· 24 Feb 2026verified

Weighted average diluted shares
2023
5.3 m
2024
11.9 m
2025
36.5 m

SEC (XBRL)· 24 Feb 2026verified

Balance sheet · USD

Cash
2023
34.5 m
2024
194.4 m
2025
40.5 m

SEC (XBRL)· 24 Feb 2026verified

Receivables
2023
8.0 m
2024
10.9 m
2025
15.1 m

SEC (XBRL)· 24 Feb 2026verified

Inventories
2023
5.9 m
2024
6.9 m
2025
7.3 m

SEC (XBRL)· 24 Feb 2026verified

Current assets
2023
52.0 m
2024
217.3 m
2025
186.7 m

SEC (XBRL)· 24 Feb 2026verified

Property, plant & equipment, net
2023
1.6 m
2024
2.3 m
2025
2.0 m

SEC (XBRL)· 24 Feb 2026verified

Total assets
2023
58.9 m
2024
225.4 m
2025
195.8 m

SEC (XBRL)· 24 Feb 2026verified

Accounts payable
2023
732.0 k
2024
1.1 m
2025
2.8 m

SEC (XBRL)· 24 Feb 2026verified

Current liabilities
2023
21.6 m
2024
13.0 m
2025
19.2 m

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
23.8 m
2024
34.2 m
2025
40.5 m

SEC (XBRL)· 24 Feb 2026verified

Equity
2023
-112.3 m †
2024
191.2 m †
2025
155.3 m †

SEC (XBRL)· 24 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-29.2 m
2024
-35.0 m
2025
-40.8 m

SEC (XBRL)· 24 Feb 2026verified

Capex
2023
983.0 k
2024
1.3 m
2025
767.0 k

SEC (XBRL)· 24 Feb 2026verified

Free cash flow
2023
-30.1 m ≈
2024
-36.4 m ≈
2025
-41.6 m ≈

SEC (XBRL)· 24 Feb 2026derived

Investing cash flow
2023
-1.8 m
2024
-1.6 m
2025
-118.1 m

SEC (XBRL)· 24 Feb 2026verified

Financing cash flow
2023
-2.8 m
2024
196.5 m
2025
5.1 m

SEC (XBRL)· 24 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
36.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
89.3%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
-68.9%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-69.8%
computed by olivLawTTM to 30 Sept 2026
Net margin
-68.0%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-51.9%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-52.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-41.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
-54.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-47.4x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
8.2x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
7.8x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
2.3x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
-56.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
421.0 k USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-56.4 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
50 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
203 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
71 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
183 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
1.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-7.1%
computed by olivLawTTM to 30 Sept 2026
P/B
9.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
9.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-5.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

27.39 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.1 bn USD

Key indicators

Market capitalisation
1.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
9.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-52.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-68.0%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
36.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Oct 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 445derived 41

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-68.0%36 (vs peers)25%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-47.4x0 (on a fixed band)25%
Current ratio · Balance sheet8.2x100 (on a fixed band)17%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-5.3%0 (on a fixed band)33%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial36/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CeriBell, Inc. (CBLL). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 89.1 m USD in 2025; YoY growth 36.1%; net margin -68.0%; ROE -52.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 8.2x

What contradicts it

  • Interest coverage: -47.4x
  • FCF yield: -5.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies

Multiples and returns vs the median

P/E
—
vertical median 23.0x
EV/EBITDA
—
vertical median 18.2x
P/S
9.8x
vertical median 2.4x
above median (+302.9%)
P/B
9.0x
vertical median 4.1x
above median (+119.2%)
ROE
-52.5%
vertical median -59.2%
above median
Net margin
-68.0%
vertical median -26.0%
below median
EBIT margin
-69.8%
vertical median -18.0%
below median
Revenue YoY
36.1%
vertical median 15.3%
above median (+136.0%)
Net debt/EBITDA
—
vertical median -2.0x
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MDTMedtronic plc126.5 bn24.310.7%13.9%+8.4%−6% / +25%
LIVNLivaNova PLC5.2 bn27.815.4%12.8%+10.7%+48% / +110%
ITGRInteger Holdings Corporation4.3 bn42.56.0%5.7%+8.0%+75% / +45%
AXGNAxogen, Inc.3.1 bn—-10.3%-12.0%+20.2%+79% / +684%
TMDXTransMedics Group, Inc.2.5 bn18.936.3%22.7%+37.1%−50% / −4%
BLFSBioLife Solutions, Inc.1.9 bn33.515.1%56.4%+28.9%unavailable / unavailable
CNMDConmed Corporation1.6 bn21.87.1%5.4%+5.2%+24% / −50%
CBLLCeriBell, Inc.1.1 bn—-52.5%-68.0%+36.1%+151% / unavailable
INMDInMode Ltd.899.7 m9.913.5%25.3%−6.2%−0% / −40%
CVCapsoVision, Inc342.8 m——-214.7%+15.3%+23% / unavailable
ELMDElectromed, Inc.234.3 m21.523.3%15.3%+15.3%+5% / +172%
FOCLEdap Tms SA162.9 m—-321.7%-49.1%+1.6%+81% / −17%
VANIVivani Medical, Inc.96.5 m—-220.4%—unavailable−21% / +13%
STXSStereotaxis, Inc.95.9 m—-325.9%-74.2%+20.3%−61% / −42%
NRXSNeuraxis, Inc.86.1 m—-139.8%-144.4%+32.9%+147% / +117%
OMOutset Medical, Inc.83.5 m—-59.2%-63.1%+5.1%−3% / −94%
ECORelectroCore, Inc.75.7 m——-40.0%+27.2%+66% / +49%
POCIPrecision Optics Corporation, Inc.53.1 m—-22.3%-11.5%+65.2%+3% / −18%
NXLNexalin Technology, Inc.34.4 m—-240.3%-4,139.4%+78.8%−95% / −87%
QTIQt Imaging Holdings, Inc.32.1 m—-2,125.0%-77.3%+287.9%−64% / −99%
NUWENuwellis, Inc.19.2 m——-125.6%−5.4%−94% / −100%
IRIXIridex Corp12.6 m—-73.1%-6.9%unavailable−26% / −72%
NDRAEndra Life Sciences Inc.7.4 m—-152.0%—unavailable−16% / −100%
ITOCiTonic Holdings Ltd——-82.8%-974.7%+16.7%−80% / unavailable
HYPRHyperfine, Inc.0—-97.0%-210.8%+5.2%−30% / −41%

1- and 3-year price returns: for CBLL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

    In brief

    Ceribell is a medical technology company that develops a portable point-of-care EEG system with AI-powered algorithms for detecting seizures and delirium in intensive care and emergency settings. In the second quarter of 2026 the company reported 33% revenue growth and raised its fiscal 2026 revenue guidance to a range of 114 to 117 million USD 3.

    SWOT

    Strengths

    • A portable platform that non-specialized staff can apply, backed by proprietary algorithms and an extensive base of peer-reviewed publications 1.
    • Steady growth in active accounts and utilization within existing hospitals supports subscription revenue 3.
    • A proprietary patent portfolio and multiple FDA clearances strengthen the competitive position 1.

    Weaknesses

    • A history of net losses and accumulated deficits, with operating expenses rising quickly.
    • Dependence on sales of the Ceribell System with no substantial revenue diversification.
    • Reliance on third-party manufacturers in Asia exposes the company to supply chain disruptions.

    Opportunities

    • Expansion into new indications such as stroke detection could open additional markets.
    • If NTAP reimbursement for delirium monitoring takes effect, hospital adoption could accelerate.
    • International expansion, particularly in Europe where the company holds a CE Mark, could add revenue.

    Threats

    • Staff resistance to new technology and loyalty to conventional EEG could slow adoption.
    • Clinical studies reporting algorithm limitations could damage the brand's reputation.
    • Changes in reimbursement or hospital budgets could reduce demand for new subscriptions.

    Risks

    • Persistent net losseshigh

      The company has incurred losses since inception and expects future losses, which could require additional capital if revenue does not cover expenses.

    • Dependence on hospital adoptionhigh

      Revenue depends almost entirely on hospital use of the system, and customers can terminate subscriptions on short notice.

    • International supply chainmedium

      Headband assembly takes place in China and Vietnam, so tariffs or geopolitical tensions could disrupt production.

    • Patent litigationmedium

      The suit against Natus Medical and other disputes could generate large legal costs with uncertain outcomes.

    • Regulation and reimbursementmedium

      Changes in FDA requirements or CMS reimbursement could alter market access and revenue.

    Investment thesis

    What would need to be true (bull case)

    • Rapid growth in accounts and utilization, combined with raised guidance, suggests adoption could continue over several years.
    • High gross margins and a growing set of FDA clearances could support long-term revenue growth.
    • If new indications and international markets develop, the company could extend beyond its current U.S. hospital base.

    What would break the thesis

    • Net losses and rapidly rising expenses could prolong the path to profitability and reduce cash reserves.
    • Dependence on a single product and on hospitals keeping subscriptions could expose revenue to fluctuations.
    • Second-quarter margin benefited from one-time tariff refunds, so future margins could be lower.

    What to watch

    • Progress of fiscal 2026 revenue guidance against the 114 to 117 million USD rangeQ3 2026
    • Number of active accounts and the pace of new account additionsQ3 2026
    • Effect of the delirium NTAP reimbursement effective October 20262027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

    The business

    Ceribell, Inc. is a medical technology company focused on diagnosing and managing patients with serious neurological conditions through the Ceribell System, a portable EEG platform with disposable headbands, a rechargeable recorder and proprietary AI-based detection algorithms 1. It earns revenue from two recurring sources: sales of single-use Wearables and monthly subscription fees paid by hospitals for Clarity, recorders and the portal 1. As of June 30, 2026 the system had been adopted by more than 700 hospitals 2.

    Segments

    New indications

    Beyond seizure detection, the company received FDA clearance for delirium monitoring and a Breakthrough Device Designation for a large vessel occlusion stroke solution still in development 1.

    Market context

    The company estimates that approximately 6,000 acute care facilities in the United States could benefit from the system, and that its annual addressable market has grown to over 3.5 billion USD after the delirium indication 1. According to the company, over three million acute care patients should be monitored with EEG each year because of high seizure risk 1.

    Trends

    • Rising hospital adoptiontailwind

      The number of active accounts kept growing and utilization within existing accounts increased even during the seasonally lower ICU census of summer, which could support revenue growth if the pattern holds.

    • New FDA clearancestailwind

      Clearances for new algorithms and the next-generation hardware platform could open additional indications and application areas, provided reimbursement follows.

    • Tariffs and supply chainmixed

      Manufacturing depends on contract manufacturers in China and Vietnam, and tariffs could weigh on margins; refunds of previously paid tariffs gave a one-time benefit to the second quarter of 2026.

    • Pressure on operating expensesheadwind

      Sales, marketing and general expenses are growing faster than revenue and the net loss persists, which could prolong the time to profitability.

    Competitive position

    The main alternative named in the sources is conventional EEG, used for decades, which requires specialized technicians and neurologists and is the standard hospitals already know 1. The filings also point to intense competition in the industry and to a patent infringement suit against Natus Medical Incorporated filed in July 2025 3.

    • Conventional EEG in neurophysiology laboratories

      Traditional systems require specialized technicians and neurologist interpretation, which creates delays in acute care.

    • Natus Medical Incorporated

      Company against which Ceribell filed a patent infringement action in July 2025, indicating direct rivalry in the EEG market.

    • Existing EEG equipment vendors with hospital relationships

      Established EEG suppliers with entrenched hospital ties may present a barrier to winning new accounts.

    • Other neurological monitoring solutions for intensive care

      Other brain monitoring systems may compete for hospital budgets earmarked for monitoring critically ill patients.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ceribell, Inc. · 24 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ceribell, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ceribell, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.