Ceribell, Inc. (CBLL) Q2 2026 Earnings Report

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.

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).