CeriBell, Inc. Q4 FY2025 earnings call

2025 was an outstanding year with further penetration of core seizure market and expansion of total addressable market to over $3.5 billion. Achieved robust financial results with rapid revenue growth and strong gross margin profile. Expanded commercial infrastructure to ~55 territories, got FedRAMP High authorization, FDA clearance for pediatric and neonatal seizure detection, FDA 510(k) clearance for delirium algorithm, and FDA Breakthrough Device designation for LVO stroke monitoring. In 2026, plan to launch pediatric and neonate products fully in Q2, pursue delirium pilot and NTAP, and advance LVO stroke clinical data generation.

Revenue for Q4 2025 was $24.8 million, reflecting 34% growth over the same period last year. For the full year, revenue totaled $89.1 million, representing 36% growth over 2024. Gross margins were 87% and 88% for the fourth quarter and full year, respectively. We finished the year with 647 active accounts as of December 31, which translates to 32 net new accounts added during the fourth quarter and 118 throughout 2025.

Expect full year 2026 total revenue to be in the range of $111 million to $115 million, representing annual growth of 25% to 29% over 2025. Anticipate full launch of pediatric and neonate products in Q2 2026, but impact on 2026 revenue will likely be modest. Plan to selectively deploy capital in incremental R&D and commercial infrastructure investments.

Risks associated with the business include regulatory uncertainties, market competition, tariff impacts, and potential litigation risks as detailed in SEC filings.

Q: Travis Steed from Bank of America asks about 2026 guidance and moving parts.

A: Scott Blumberg responds on guidance philosophy and pipeline kick-in.

Q: Robert Marcus with J.P. Morgan asks about main levers of growth in 2026.

A: Scott and Xingjuan discuss account adds, utilization, and leveraging commercial infrastructure.

Q: Brandon Vazquez with William Blair asks about neonate launch timeline and modeling.

A: Xingjuan and Scott discuss sales cycle for neonate expansion and modeling of revenue and OpEx.

Q: Josh Jennings with D.D. Cohen asks about VA expansion in sales projections and tariff assumptions.

A: Scott Blumberg responds on VA inclusion and tariff mitigations.

Q: William John Plovanic with Canaccord Genuity asks about operating losses and delirium implementation.

A: Scott and Xingjuan discuss operating loss trend and delirium implementation.

Q: Marie Yoko Thibault with BTIG asks about account adds acceleration and enterprise-wide sales approach.

A: Scott and Xingjuan discuss rep productivity and system-level sales strategy.

Q: Jeffrey Scott Cohen with Ladenburg Thalmann asks about patent case update and LVO indication.

A: Xingjuan and Scott discuss patent case discovery phase and LVO monitoring.

Q: Elaine for Jason Bedford with Raymond James asks about delirium pilot progress and headband pricing.

A: Xingjuan and Scott discuss delirium pilot discussions and pricing discipline.