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Ceribell, Inc.
(NASDAQ:CBLL)
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Rating:56Neutral
Price Target:
$20.00
▲(18.27% Upside)
Action:Reiterated
Date:08/11/26
The score is held back primarily by persistent unprofitability and substantial cash burn despite strong gross margins and revenue growth. Offsetting factors include a supportive earnings update (raised guidance, high margins, reimbursement and product/regulatory progress, solid liquidity) and generally constructive price positioning above major moving averages, while valuation remains constrained by negative earnings and no dividend.
Positive Factors
High Gross Margins
Sustained gross margins in the high‑80s reflect strong unit economics from device hardware, consumables and software mix plus manufacturing optimization. Durable high margins provide structural leverage as revenue scales, enabling reinvestment while requiring less incremental revenue to improve operating profit.
Negative Factors
Persistent Cash Burn & Losses
Multi‑year negative operating and free cash flow indicates continued reliance on cash reserves and financing to fund growth. Even with ~$129M in cash, sustained high burn pressures capital runway and raises the risk of dilution or constrained investment if revenue acceleration slows before breakeven is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained gross margins in the high‑80s reflect strong unit economics from device hardware, consumables and software mix plus manufacturing optimization. Durable high margins provide structural leverage as revenue scales, enabling reinvestment while requiring less incremental revenue to improve operating profit.
Read all positive factors
Ceribell, Inc. Key Performance Indicators (KPIs)
Ceribell, Inc. (CBLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$895.36M
Dividend YieldN/A
Average Volume (3M)265.67K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth31.70%
EPS Growth-28.13%
CountryUS
Employees327
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.76
Shares Outstanding38,378,100
10 Day Avg. Volume244,220
30 Day Avg. Volume265,666
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)5.16
Price to Sales (P/S)9.00
P/FCF Ratio-19.28
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$28.33Price Target Upside67.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.97
Revenue Forecast (FY)$113.98M
Ceribell, Inc. Business Overview & Revenue Model
Company Description
CeriBell, Inc. specializes in pioneering artificial intelligence (AI)-powered electroencephalography (EEG) solutions designed for the immediate diagnosis and treatment of neurological conditions directly at the patient's bedside. The company's pri...
How the Company Makes Money
Ceribell makes money primarily by selling and/or leasing its EEG system to healthcare providers (e.g., hospitals) and generating recurring revenue from ongoing use of the platform. Key revenue streams include: (1) system revenue from the placement...
Ceribell, Inc. Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call showcased strong top-line growth, high gross margins, meaningful regulatory clearances, expanding product portfolio (neonate/pediatric/delirium), and favorable reimbursement (NTAP), supported by a solid cash position and improved guidance — all material positive developments. Offsetting these positives are widening GAAP losses, materially higher operating expenses (including stock-based comp and litigation costs), continued negative adjusted EBITDA, and timing uncertainty for revenue contributions from new product initiatives. On balance, the company appears to be executing commercial and technical milestones that should drive future growth, while actively reinvesting and accepting near-term profitability pressure.Positive Updates
Strong Revenue Growth
Total revenue of $28.1M in Q2 2026, up 33% year-over-year (from $21.2M) and up 6% sequentially quarter-over-quarter, driven by same-store growth and increased adoption across new and existing accounts.
Negative Updates
Widening GAAP Net Loss
Net loss of $19.3M in Q2 2026 (loss of $0.51/share) versus a net loss of $13.6M (loss of $0.38/share) in Q2 2025, reflecting higher operating expenditures despite revenue growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $28.1M in Q2 2026, up 33% year-over-year (from $21.2M) and up 6% sequentially quarter-over-quarter, driven by same-store growth and increased adoption across new and existing accounts.
Read all positive updates
Company Guidance
The company raised 2026 revenue guidance to $114–$117 million (up from $112–$116M), implying 28%–31% growth versus 2025, while Q2 revenue was $28.1M (+33% YoY, +6% sequential) comprised of $21.2M product (+33% YoY) and $6.9M subscription (+30% YoY); active accounts ended Q2 at 712 (+32). Q2 gross margin was 92% (including a $1.6M tariff refund—$1.0M recognized in COGS and $0.6M capitalized) and 89% excluding the refund, and management expects gross margins to remain in the high‑80s for the rest of 2026. Q2 operating expense was $45.9M (+37% YoY) with $6.0M of noncash stock‑based comp and $3.9M of ITC litigation costs; net loss was $19.3M (‑$0.51 per share, weighted average shares ~38M) and adjusted EBITDA loss was $9.8M (versus a $10M adjusted EBITDA loss LY). The balance sheet included $129M cash and marketable securities as of 6/30/26, the company secured a credit facility with $60M committed (+$25M uncommitted) extending repayment into 2031 and expects lower interest expense starting Q4; management noted that neonate/pediatric/delirium revenue is not expected to be material in 2026 but should contribute more meaningfully in 2027 (delirium NTAP = up to $2.17K incremental reimbursement per qualified patient effective 10/1/2026).Ceribell, Inc. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 101.96M | 89.06M | 65.44M | 45.23M | 25.92M |
| Gross Profit | 90.64M | 78.27M | 56.75M | 38.16M | 21.49M |
| EBITDA | -63.06M | -50.18M | -37.32M | -26.51M | -35.06M |
| Net Income | -66.00M | -53.41M | -40.45M | -29.46M | -37.16M |
Balance Sheet | |||||
| Total Assets | 166.35M | 195.80M | 225.41M | 58.92M | 86.46M |
| Cash, Cash Equivalents and Short-Term Investments | 129.26M | 159.26M | 194.37M | 34.49M | 68.23M |
| Total Debt | 21.91M | 22.28M | 21.96M | 14.20M | 18.22M |
| Total Liabilities | 38.03M | 40.47M | 34.25M | 171.17M | 172.86M |
| Stockholders Equity | 128.31M | 155.34M | 191.16M | -112.25M | -86.40M |
Cash Flow | |||||
| Free Cash Flow | -56.33M | -41.58M | -36.38M | -30.14M | -32.52M |
| Operating Cash Flow | -54.03M | -40.81M | -35.04M | -29.16M | -32.00M |
| Investing Cash Flow | 41.00M | -118.14M | -1.60M | -1.76M | -1.40M |
| Financing Cash Flow | 5.55M | 5.05M | 196.52M | -2.82M | 49.80M |
Ceribell, Inc. Technical Analysis
Positive
16.91
Price Trends
19.03
Positive
19.04
Positive
18.90
Positive
Market Momentum
1.22
Negative
80.84
Negative
96.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBLL, the sentiment is Positive. The current price of 16.91 is below the 20-day moving average (MA) of 19.18, below the 50-day MA of 19.03, and below the 200-day MA of 18.90, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 80.84 is Negative, neither overbought nor oversold. The STOCH value of 96.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CBLL.
Ceribell, Inc. Risk Analysis
Ceribell, Inc. disclosed 76 risk factors in its most recent earnings report. Ceribell, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ceribell, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $580.51M | 1,550.00 | 0.46% | ― | 35.85% | -76.27% | |
59 Neutral | $778.43M | 35.16 | 4.60% | ― | 5.31% | ― | |
58 Neutral | $2.40B | -31.17 | -38.36% | ― | 28.14% | -5.15% | |
56 Neutral | $895.36M | -13.86 | -44.85% | ― | 31.70% | -28.13% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | $609.62M | -7.61 | -23.53% | ― | 5.44% | -1130.00% |
* General Sector Average
CBLL
Ceribell, Inc.
24.40
12.61
106.96%
DCTH
Delcath Systems
17.05
6.49
61.46%
VREX
Varex Imaging
18.46
7.19
63.80%
BFLY
Butterfly Network
9.02
7.64
553.62%
CTKB
Cytek Biosciences
4.74
0.70
17.33%
Ceribell, Inc. Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
Ceribell Expands Board, Adds Two New Directors
Neutral
Jul 30, 2026
On July 28, 2026, Ceribell, Inc.’s board executed a rebalancing of director classes by moving William W. Burke from Class I to Class II and Joseph M. Taylor from Class I to Class III, with their service otherwise deemed uninterrupted, includ...
Executive/Board ChangesShareholder Meetings
Ceribell Announces Director Elections at 2026 Annual Meeting
Neutral
Jun 2, 2026
CeriBell, Inc. held its 2026 Annual Meeting of Stockholders on June 2, 2026, where shareholders elected Josef Parvizi, M.D., Ph.D., and Rebecca Robertson as Class II directors to serve until the 2029 Annual Meeting and until their successors are d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.