The raised revenue guidance signals confidence in commercial momentum, but the widening loss and 36% OpEx growth raise questions about path to profitability. Watch for the August 2026 CMS final rule on NTAP reimbursement for delirium monitoring, which could be a catalyst. The patent litigation against Natus (costing $5.6M this quarter) is an overhang — monitor for resolution or escalation.
Price Chart
Executive Summary
Ceribell reported Q1 2026 revenue of $26.5M (+29% YoY), beating the $26.1M consensus, and EPS of -$0.52 (GAAP) vs consensus -$0.39 (miss on GAAP basis, though the Street convention EPS of -$0.36 from the prior quarter suggests the GAAP number is not the tracked metric). The company raised full-year 2026 revenue guidance to $112M-$116M, implying ~26-30% growth. Operating expenses rose 36% YoY, driven by commercial investment and IP litigation costs, widening the net loss to -$19.7M from -$12.8M. The raised guidance and strong revenue growth are positive, but accelerating losses and elevated spending temper the outlook.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $26.5M, +29% YoY from $20.5M, beating $26.1M consensus
- Product revenue $20.2M (+29% YoY); subscription revenue $6.3M (+29% YoY)
- Gross margin 87% vs 88% a year ago; gross profit $23.1M vs $18.0M
- Net loss $19.7M (-$0.52/share) vs $12.8M (-$0.36/share) in Q1 2025
- Adjusted EBITDA loss $11.2M vs $10.9M in Q1 2025
- Raised FY2026 revenue guidance to $112M-$116M (prior not disclosed, implies ~26-30% YoY growth)
- Operating expenses $43.9M, +36% YoY, driven by commercial expansion, headcount, and IP litigation costs
- Cash, equivalents, and marketable securities $141.2M as of March 31, 2026
- Ended quarter with 680 total active accounts; initiated commercial launch of neonate/pediatric products
- Received supportive CMS proposed rule for NTAP reimbursement for delirium monitoring (final rule expected August 2026)
Financial Impact
Revenue beat of ~$0.4M (1.5%) vs consensus; raised FY guidance by undisclosed amount; net loss widened by $6.9M YoY
Risk Factors
- Operating expenses growing faster than revenue (36% vs 29%) may delay profitability
- Patent infringement litigation costs ($5.6M in Q1) could persist or increase
- Dependence on CMS reimbursement decisions for delirium monitoring solution
- Supply chain concentration risk (manufacturing in China and Vietnam)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292300 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Press Release | $27.14 $27.40 | ▲ +0.96% | ▲ +2.14% | $27.03 (−0.41%) |
Sep 17, 2026 5w ago | Insider Cluster | $24.37 $24.25 | ▼ −0.49% | ▼ −2.04% | $27.03 (+10.92%) |
Sep 10, 2026 6w ago | Insider Cluster | $23.63 $24.33 | ▼ −2.96% | ▼ −3.41% | $27.03 (−14.39%) |
Sep 4, 2026 7w ago | Insider Cluster | $24.31 $24.41 | ▲ +0.41% | ▲ +0.88% | $27.03 (+11.19%) |
Aug 25, 2026 8w ago | Insider Cluster | $23.45 $23.37 | ▲ +0.34% | ▲ +1.00% | $27.03 (−15.27%) |
Aug 20, 2026 9w ago | Insider Cluster | $24.20 $23.94 | ▲ +1.07% | ▲ +0.78% | $27.03 (−11.69%) |
Aug 20, 2026 9w ago | Insider Cluster | $24.20 $23.94 | ▼ −1.07% | ▼ −0.78% | $27.03 (+11.69%) |
Aug 18, 2026 10w ago | Institutional Cluster | $24.21 $24.89 | ▲ +2.81% | ▲ +2.60% | $27.03 (+11.65%) |
Aug 10, 2026 11w ago | 8-K | $21.31 $22.91 | ▲ +7.51% | ▲ +7.26% | $27.03 (+26.84%) |
Aug 10, 2026 11w ago | Press Release | $21.31 $22.91 | ▲ +7.51% | ▲ +7.26% | $27.03 (+26.84%) |
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