10-Q · May 11, 2026
Ceribell's Q1 2026 results revealed stronger-than-expected revenue of $26.5 million, surpassing estimates of $26.1 million, despite a deeper-than-anticipated loss per share of $0.52 compared to the expected loss of…
Earnings analysis · 10-Q
CBLL earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Ceribell delivered strong top-line momentum in Q2 2026, with revenue of $28.097 million and gross margin of 92.0%, and raised full-year revenue guidance to $114 million-$117 million. However, EPS was a loss of $0.51,…
Read full summary
Ceribell delivered strong top-line momentum in Q2 2026, with revenue of $28.097 million and gross margin of 92.0%, and raised full-year revenue guidance to $114 million-$117 million. However, EPS was a loss of $0.51, the company reported a six-month net loss of $39.0 million, and operating profitability was not disclosed in the supplied filing extract. The new $20.0 million secured revolver, minimum revenue or cash covenant, ongoing Natus litigation, and evolving QMSR requirements temper the otherwise favorable revenue and margin trend.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.51
- Gross margin
- 92.0%
What stood out
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Revenue growth accelerated
Second-quarter revenue was $28.097 million, up from $21 million in 2025 Q2 and $26 million in 2026 Q1; the result exceeded consensus revenue of $27.268 million by approximately 3.0%.
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Gross margin expanded
Gross margin improved to 92.0% from 88.1% in 2025 Q2 and 87.3% in 2026 Q1, indicating substantially stronger unit economics.
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Full-year outlook raised
Full-year 2026 revenue guidance increased to $114 million-$117 million from the prior $112 million-$116 million range.
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New Medicare reimbursement support
CMS granted an NTAP designation for the Delirium Monitor System effective October 1, 2026, potentially improving reimbursement support for eligible Medicare cases.
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Controls remained effective
Management stated that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2026, with no material changes to internal control over financial reporting during the quarter.
What to watch
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Persistent losses and accumulated deficit
The company incurred a net loss of $39.0 million for the six months ended June 30, 2026, and had an accumulated deficit of $259.4 million as of that date. The filing states that substantial additional losses are expected in the foreseeable future.
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New secured debt and covenants
On August 5, 2026, the company borrowed $20.0 million under a new revolving facility to repay the VLSA. The Credit Agreement is secured by substantially all assets, including intellectual property, and may require minimum trailing-12-month net revenue of $70.0 million or unrestricted cash of $65.0 million when the covenant is effective.
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Patent litigation remains pending
The Natus patent case remains unresolved: USITC trial proceedings concluded June 12, 2026, an initial determination is expected by November 19, 2026, and a final determination by March 2027. The company has requested an exclusion order and a permanent injunction, while litigation expenses and an adverse outcome remain risks.
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Higher medical-device compliance burden
The filing identifies the FDA's QMSR as effective February 2, 2026. Although the company states its quality system is designed to comply with ISO 13485, ISO certification alone does not ensure QMSR compliance, potentially increasing regulatory compliance costs.
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China and Vietnam supply-chain exposure
The company relies on two primary contract manufacturers in China and contractors in China for monitoring and quality inspection, while also using suppliers in Vietnam. The filing warns that tariffs, trade restrictions and geopolitical tensions could increase costs and disrupt supply.
Management's outlook
Full-year 2026 revenue outlook was raised to $114 million-$117 million from $112 million-$116 million, reflecting continued momentum from new account additions and increased utilization.
Earlier filings 2
10-K · February 24, 2026
Ceribell describes a focused strategy to become the standard of care for acute-care seizure detection by scaling adoption of its Ceribell System, expanding indications (FDA 510(k) for delirium in Dec 2025) and investing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.