CeriBell, Inc. (CBLL) reported fourth‑quarter and full‑year 2025 results that surpassed analyst expectations, with total revenue rising 34% to $24.8 million in Q4 and 36% to $89.1 million for the year. The company’s product revenue grew 33% to $18.8 million and subscription revenue increased 37% to $6.0 million, reflecting deeper penetration of its point‑of‑care EEG platform and expanding use of its AI‑driven Clarity algorithm.
Revenue growth was driven by the launch of FDA‑cleared neonate and pediatric seizure detection and delirium monitoring indications, which broadened the company’s total addressable market from $2 billion to more than $3.5 billion. Jane Chao, CEO, said, "2025 was an outstanding year for CeriBell, Inc. as we further penetrated our core seizure market while significantly expanding our total addressable market, which we believe has grown from $2 billion to over $3.5 billion." The expanded market has translated into higher product sales and a stronger subscription base.
Gross profit for the quarter was $21.6 million, giving a gross margin of 87%, slightly below the 88% margin reported in Q4 2024. The margin dip was attributed to a partial‑quarter impact of transitioning to inventory acquired after increased tariffs on products originating in China. Operating expenses rose 24% to $36.2 million, driven by investments in sales, marketing, legal, and public‑company costs. The company’s CFO, Scott Blumberg, noted, "Our guidance philosophy hasn't changed... there's potential for upside if we operate within the principles that we expect to with the investments we've made."
The company posted a net loss of $13.5 million, or $0.36 per share, a modest improvement over the $12.6 million loss ($0.40 per share) reported in Q4 2024. The EPS beat of $0.04, or 10%, was largely due to disciplined cost management and a favorable revenue mix that increased the contribution of higher‑margin subscription revenue. Blumberg added, "We currently expect to proceed with the full launch of our neonate and pediatric products in Q2 of this year."
CeriBell’s cash, cash equivalents and marketable securities stood at $159.3 million as of December 31, 2025, providing a runway to reach cash‑flow breakeven without additional capital raises. The company reiterated its 2026 revenue guidance of $111 million to $115 million, a 25‑29% year‑over‑year increase, signaling confidence in continued market penetration and the monetization of its expanded product portfolio.
Market reaction to the earnings was neutral, with after‑hours trading showing negligible movement. Analysts noted that the results were largely in line with expectations, and investors are focusing on the company’s ability to convert its expanded addressable market into profitability while managing operating expenses. The guidance and strong revenue beat reinforce management’s confidence in the company’s growth trajectory, but the continued net loss underscores the need for disciplined cost control as the business scales.
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