Ceribell, Inc.

Ceribell, Inc. is a medical technology company built around a point-of-care EEG platform for acute care settings. Its Ceribell System combines portable hardware, disposable Wearables, and AI-powered software to help clinicians detect and monitor seizures faster than conventional EEG workflows. The company is initially focused on non-convulsive status epilepticus and other serious neurological conditions in hospitals, especially ICU and emergency department environments. Ceribell sells primarily in the United States and has deployed its system at more than 600 hospitals, ranging from academic medical centers to community hospitals. Its business model is recurring, with revenue coming from disposable product usage and monthly software/subscription access.

−64,1 %

87,9 %

−60,0 %

+36,1 %

9.73

9.35

— Ceribell, Inc.
%
Disposable Wearables55% Single-use headbands/Wearables sold for patient EEG monitoring in acute care.
Subscription Software and Portal35% Monthly access to Clarity, recorders, and the cloud-based portal.
Monitoring Hardware10% Reusable recorders and related hardware used with the Ceribell System.

Ceribell sells mainly to acute care hospitals that need faster seizure detection and continuous EEG monitoring without...

  • Acute care hospitalsprimary

    Buy the Ceribell System to detect and monitor seizures in ICU and emergency settings where conventional EEG is slow or hard to deploy.

  • Academic medical centerssecondary

    Adopt the platform early, use it for complex neurological cases, and help validate clinical utility.

  • Community hospitalsprimary

    Use the system because it is portable and easier to implement than traditional EEG infrastructure.

  • Veterans Administration hospitalsemerging

    Potential buyers following FedRAMP High authorization, expanding access to a large federal hospital network.

Ceribell’s commercial business is concentrated in the United States, where it sells through a direct sales organization...

  • •United States is the core sales market and the only disclosed commercial market
  • •Sunnyvale, California is the manufacturing and final assembly location
  • •Wearables are sourced from third-party manufacturers in China and Vietnam
  • •Recorder components are procured globally and shipped to California for assembly
  • •FedRAMP High authorization opens access to Veterans Administration hospitals
  • •Future expansion depends on regulatory approvals in additional geographies

Ceribell’s strategy is to make its system the standard of care for seizure detection in acute care hospitals...

01
New hospital account acquisitionshort-term

Growth depends on converting more acute care facilities to the Ceribell workflow.

02
Increase utilization in existing accountsshort-term

Recurring revenue rises when hospitals use more Wearables and maintain subscriptions.

03
Platform expansion beyond seizuresmedium-term

Additional indications could enlarge the addressable market and reduce dependence on one use case.

04
Federal and institutional market accessmedium-term

Regulatory and procurement approvals can unlock large hospital systems with centralized buying.

Ceribell’s revenue depends heavily on hospital adoption and continued subscription renewals, so slower-than-expected...

high

Customer adoption and retention risk

Revenue is driven by active accounts and Wearable usage, and hospitals can terminate subscriptions with short notice.

Scope
Recurring hospital subscriptions and disposable usage
Materiality
high
high

Supply chain concentration in China and Vietnam

Wearables are sourced from third-party manufacturers in China and Vietnam, creating exposure to trade restrictions and supplier disruptions.

Scope
Product availability and gross margin
Materiality
high
medium

Regulatory and FDA approval risk

Future commercialization in additional geographies or indications depends on regulatory authorization.

Scope
Product expansion and market access
Materiality
high
medium

Hospital workflow and reimbursement adoption risk

The system requires clinical behavior change and budget approval in acute care settings.

Scope
Sales cycle length and utilization
Materiality
medium
Revenue recognition mix
Quarterly revenue comparability
Seasonality and utilization
Quarterly revenue and gross margin volatility
Cost of revenue allocation
Gross margin
Operating lease commitments
Cash flow and balance sheet analysis

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: 28/04/2026