CeriBell, Inc.

Q2 2026 total revenue was $28.1 million, up 33% from $21.2 million in Q2 2025 and up 6% sequentially. Product revenue was $21.2 million, up 33% from $15.9 million, and subscription revenue was $6.9 million, up 30% from $5.3 million. Gross margin was 92% versus 88% last year; excluding $1.6 million of tariff refunds, gross margin was 89%. Operating expenses were $45.9 million versus $33.6 million a year ago, and net loss was $19.3 million, or $0.51 per share, versus a loss of $13.6 million, or $0.38 per share, last year. Adjusted EBITDA loss was $9.8 million versus a $10 million loss in Q2 2025. Cash, cash equivalents, and marketable securities were $129 million as of 06/30/2026. Full-year 2026 revenue guidance was raised to $114 million-$117 million, implying 28% to 31% growth versus 2025; management said this guidance excludes material contributions from neonate, pediatric, or delirium products.

Jane Chao framed the quarter as evidence that Ceribell’s “repeatable growth engine” is working, citing 33 consecutive quarters of sequential revenue growth and an acceleration in same-store growth. She emphasized a two-pronged strategy: expand clinical utility with new algorithms and expand the hardware platform to support the goal of making EEG a “new vital sign.” Her tone was confident and increasingly ambitious, with repeated references to 2027 as a pivotal year for monetizing neonate/pediatric, delirium, and new hardware.

Scott Blumberg emphasized that the quarter’s operating model continues to pair strong gross profit with reinvestment into sales, R&D, and product expansion. He pointed to 92% gross margin, or 89% excluding tariff refunds, and said he expects gross margins in the high-80s for the remainder of 2026 based on tariff policy and the Vietnam manufacturing shift. He also noted operating expenses of $45.9 million, including $3.9 million tied to ITC litigation, and said the company ended Q2 with $129 million in cash and refinanced its credit facility to access up to $60 million committed capital plus $25 million uncommitted, with the structure expected to reduce interest expense starting in Q4 and extend repayment into 2031.

Analysts focused on what the new FDA clearances and product launches could mean for growth, and management said the algorithm clearances should improve stickiness, utilization, and potentially deal velocity without charging more. Questions also centered on OpEx leverage and when investors should expect it; Scott said spending is being held near a roughly $10 million adjusted EBITDA loss level while the company reinvests gross profit, but he did not give a specific timeline for leverage. On delirium, management said the move to a full commercial launch in Q4 2026 was supported by positive pilot feedback and the new NTAP, and that no separate sales force is needed because the existing clinical account managers can support the rollout. Analysts also pressed on 2027 growth and the new hardware platform; management declined to quantify 2027 but said multiple tailwinds are converging and the new platform will broaden EEG use toward near-conventional functionality.