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Ceribell Reports Fourth Quarter and Full Year 2024 Financial Results

1. Q4 revenue rose 41% to $18.5M. Growth boosts CBLL’s commercial momentum. 2. Full-year revenue increased 45% to $65.4M. Robust product and subscription sales drove gains. 3. Gross margin improved to 88% in Q4. This reflects strong operational efficiency. 4. Filed a 510(k) for the pediatric Clarity algorithm. Leadership promotion to Chief Revenue Officer enhances strategy. 5. 2025 guidance projects 24-30% revenue growth. Investments and market expansion underpin long-term vision.

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Why Bullish?

The strong revenue growth, improved gross margins, and positive forward guidance suggest momentum similar to past medtech turnarounds. Historically, earnings beats and operational milestones in growth companies have spurred investor optimism, as seen in similar early-stage medical tech firms.

How important is it?

The earnings report shows significant top-line growth, strategic regulatory moves, and a compelling forward outlook. These factors suggest a high likelihood of impacting CBLL’s stock trajectory amid the transition to a public company.

Why Long Term?

The strategic investments, technology advancements, and market expansion through new indications indicate benefits accruing over many quarters. Comparable firms in the medical tech sector have seen sustained long-term recovery and growth from such initiatives.

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NTUS
February 25, 2025 16:05 ET  | Source: Ceribell SUNNYVALE, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) -- CeriBell, Inc. (Nasdaq: CBLL) (“Ceribell”), a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions, today reported financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 & Recent Highlights Reported total revenue of $18.5 million in the fourth quarter of 2024, a 41% increase compared to the same period in 2023Delivered total revenue of $65.4 million for the full year of 2024, a 45% increase over the prior yearEnded the year with 529 total active accounts Achieved gross margin of 88% in the fourth quarter of 2024 and 87% for the full year of 2024Submitted 510(k) application for pediatric Clarity™ algorithm to U.S. Food and Drug AdministrationAnnounced that Senior Vice President of Sales, Sean Manni, will be promoted to Chief Revenue OfficerAchieved new milestone in treating over 200,000 patients “2024 was a transformative year for Ceribell, as we advanced our mission to become the standard of care for seizure management while executing key strategic initiatives, including our recent initial public offering.  Our team meaningfully expanded adoption of the Ceribell System across new and existing accounts, raised awareness of seizures in the acute care setting within the medical community, and continued to cement our position as the category leader through clinical innovation and data generation,” said co-founder and CEO Jane Chao, Ph.D. “Looking to 2025, we are committed to enabling better clinical outcomes for a record number of neurology patients while advancing several strategies designed to expand our indications so that we can address the unmet needs of many more patients and achieve our goal of making EEG a vital sign.” Fourth Quarter 2024 Financial Results Total revenue in the fourth quarter of 2024 was $18.5 million, a 41% increase from $13.1 million in the fourth quarter of 2023. The increase was primarily driven by continued commercial traction, resulting from adoption by new accounts and continued expansion within the company’s active account base. Product revenue for the fourth quarter of 2024 was $14.1 million, representing an increase of 41% from $10.0 million in the fourth quarter of 2023. Subscription revenue for the fourth quarter of 2024 was $4.4 million, representing an increase of 40% from $3.1 million in the fourth quarter of 2023. Gross profit in the fourth quarter of 2024 was $16.2 million, compared to $11.1 million for the fourth quarter of 2023. Gross margin for the fourth quarter of 2024 was 88%, compared to 85% for the same period in 2023. Operating expenses in the fourth quarter of 2024 were $29.1 million, compared to $19.5 million for the fourth quarter of 2023, representing an increase of 49%. The increase in operating expenses was primarily attributable to investments in the company’s commercial organization, increased headcount to support the growth of the business, and legal, accounting, and professional service fees related to the transition to becoming a public company.    Net loss in the fourth quarter of 2024 was $12.6 million, or $0.40 net loss per share, compared to a net loss of $8.3 million, or $1.53 net loss per share, for the same period in 2023. Full Year 2024 Financial Results Total revenue in the full year of 2024 was $65.4 million, a 45% increase from $45.2 million in the full year of 2023. The increase was primarily driven by continued commercial traction, resulting from adoption by new accounts and continued expansion within the company’s active account base. Product revenue for the full year of 2024 was $50.1 million, representing an increase of 45% from $34.6 million in the full year of 2023. Subscription revenue for the full year of 2024 was $15.4 million, representing an increase of 44% from $10.7 million in the full year of 2023. Gross profit in the full year of 2024 was $56.8 million, compared to $38.2 million for the full year of 2023. Gross margin for the full year of 2024 was 87% compared to 84% for the same period in 2023. Operating expenses in the full year of 2024 were $96.5 million, compared to $68.2 million for the full year of 2023, representing an increase of 41%. The increase in operating expenses was primarily attributable to investments in the company’s commercial organization, increased headcount to support the growth of the business, and legal, accounting, and professional service fees related to our transition to a public company.    Net loss in the full year of 2024 was $40.5 million, or $3.39 net loss per share, compared to a net loss of $29.5 million, or $5.56 net loss per share, for the same period in 2023. Cash and cash equivalents totaled $194.4 million as of December 31, 2024. 2025 Financial Outlook Ceribell expects revenue for the full year 2025 to be in the range of $81 million to $85 million, representing growth of approximately 24% to 30% over the company’s prior year revenue. Webcast and Conference Call Details Ceribell will host a conference call today, February 25, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fourth quarter and full year 2024 financial results. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 3782735. A live and archived webcast of the event will be available on the “Investor Relations” section of the Ceribell website at https://investors.ceribell.com/.     Forward-Looking Statements Except where otherwise noted, the information contained in this earnings release and the related attachments is as of February 25, 2025. We assume no obligation to update any forward-looking statements contained in this earnings release and the related attachments as a result of new information or future events or developments. This earnings release and the related attachments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products.  Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions, and we cannot ensure that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning. Ceribell’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market acceptance and adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand, governmental actions and customer trends; the manufacturing of a substantial number of our product components and their assembly in China; product defects or complaints and related liability; the complexity, timing, expense, and outcomes of clinical studies; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; and other risks and uncertainties, including those described under the heading “Risk Factors” in our Registration Statement on Form S-1, Quarterly Report on Form 10-Q, and other reports filed with the U.S. Securities and Exchange Commission (“SEC”). These filings, when made, are available on the Investor Relations section of our website at https://investors.ceribell.com/ and on the SEC’s website at https://sec.gov/. About CeriBell, Inc.  Ceribell is a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. Ceribell has developed the Ceribell System, a novel, point-of-care electroencephalography (“EEG”) platform specifically designed to address the unmet needs of patients in the acute care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (“AI”)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. The Ceribell System is FDA-cleared (510(k)) for indicating suspected seizure activity and currently utilized in intensive care units and emergency rooms across the U.S. Ceribell is headquartered in Sunnyvale, California. For more information, please visit www.ceribell.com or follow the company on LinkedIn.  Investor Contacts Brian Johnston or Laine Morgan Gilmartin Group Investors@ceribell.com Media Contact Corrie Rose Press@ceribell.com    Ceribell, Inc.Statements of Operations and Comprehensive Loss(in thousands, except share and per share data)(unaudited)  Three months ended December 31,  Year ended December 31,  2024  2023  2024  2023 Revenue           Product revenue$14,147  $10,007  $50,079  $34,568 Subscription revenue 4,387   3,124   15,365   10,657 Total revenue 18,534   13,131   65,444   45,225 Cost of revenue           Product cost of goods sold 2,136   1,868   8,209   6,630 Subscription cost of revenue 160   147   485   432 Total cost of revenue 2,296   2,015   8,694   7,062 Gross profit 16,238   11,116   56,750   38,163 Operating expenses           Research and development 3,913   2,688   13,562   8,995 Sales and marketing 15,243   10,815   49,055   38,922 General and administrative 9,966   5,994   33,842   20,287 Total operating expenses 29,122   19,497   96,459   68,204 Loss from operations (12,884)  (8,381)  (39,709)  (30,041)Interest expense (499)  (513)  (1,992)  (2,098)Change in fair value of warrant liability (1,079)  48   (1,496)  48 Other income, net 1,886   572   2,742   2,638 Loss, before provision for income taxes (12,576)  (8,274)  (40,455)  (29,453)Provision for income tax expense —   —   —   (11)Net loss and comprehensive loss$(12,576) $(8,274) $(40,455) $(29,464)Net loss per share attributable to common stockholders:           Basic and diluted (0.40)  (1.53)  (3.39)  (5.56)Weighted-average shares used in computing net loss per share attributable to common stockholders:           Basic and diluted 31,205,891   5,395,748   11,949,973   5,303,715                  Ceribell, Inc.Balance Sheets(in thousands, except share and per share data)(unaudited)  December 31,  December 31,  2024  2023 Assets     Current assets     Cash and cash equivalents$194,370  $34,495 Accounts receivable, net 10,878   7,955 Inventory 6,937   5,868 Contract costs, current 1,837   1,515 Prepaid expenses and other current assets 3,250   2,130 Total current assets 217,272   51,963 Property and equipment, net 2,313   1,577 Operating lease right-of-use assets 2,132   2,160 Contract costs, long-term 1,507   1,238 Other non-current assets 2,188   1,984 Total assets$225,412  $58,922 Liabilities, redeemable convertible preferred stock and stockholders’ deficit     Current liabilities     Accounts payable$1,143  $732 Accrued liabilities 10,052   7,540 Contract liabilities, current 97  206 Notes payable, current —   11,833 Operating lease liability, current 1,088  694 Other current liabilities 609  595 Total current liabilities 12,989   21,600 Long-term liabilities     Notes payable, long-term 19,558   — Contract liabilities, long-term 30  44 Other liabilities, long-term 356  441 Operating lease liability, long-term 1,314   1,677 Total long-term liabilities 21,258   2,162 Total liabilities$34,247  $23,762 Commitments and contingencies     Redeemable convertible preferred stock, $0.001 par value;     Authorized shares: none and 46,624,838 shares as of December 31, 2024 and December 31, 2023, respectively     Issued and outstanding shares: none and 17,817,643 shares as of December 31, 2024 and December 31, 2023, respectively     Aggregate liquidation preference of none and $152,590 as of December 31, 2024 and December 31, 2023, respectively —   147,412 Stockholders’ deficit     Preferred stock, $0.001 par value;     Authorized shares: 10,000,000 and none shares as of December 31, 2024 and December 31, 2023, respectively     Issued and outstanding shares: none as of December 31, 2024 and December 31, 2023, respectively —   — Common stock, $0.001 par value;     Authorized shares: 500,000,000 and 76,046,350 as of December 31, 2024 and December 31, 2023, respectively     Issued and outstanding shares: 35,850,606 and 5,430,298 as of December 31, 2024 and December 31, 2023, respectively 36   5 Additional paid-in capital 358,073   14,232 Accumulated deficit (166,944)  (126,489)Total stockholders’ deficit 191,165   (112,252)Total liabilities, redeemable convertible preferred stock and stockholders’ deficit$225,412  $58,922 

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