CeriBell (CBLL) 44th Annual J.P. Morgan Healthcare Conference summary

Business Overview and Market Opportunity

• Developed an AI-powered neuromonitoring platform with easy-to-use hardware and the Clarity algorithm, targeting seizure detection in acute care and a $3.5B+ U.S. market, including adult, pediatric, and delirium segments.

• Achieved $87M–$89M in 2025 revenue, 34% YoY growth, and 88% gross margin as of Q3 2025.

• Recurring revenue model: ~25% from SaaS/subscription, ~75% from single-use disposables, with consistent quarterly growth.

• Only 3% of the addressable market and 10% of hospitals penetrated as of September 2025, with 600+ hospitals onboarded.

• Top customers use 3x more devices than average, indicating strong potential for deeper account utilization.

Clinical Need, Impact, and Technology Differentiation

• Seizures are highly prevalent and often undiagnosed in critically ill patients; up to 92% of ICU seizures are non-convulsive and require EEG for diagnosis.

• Clarity algorithm enables rapid, continuous EEG monitoring and real-time seizure detection, reducing time to treatment and supporting earlier intervention.

• Studies show Ceribell reduces ICU stay by 4.1 days, door-to-EEG time by 19.4 hours, and severe disability at discharge by 18 percentage points.

• First and only FDA-cleared seizure detection for preterm and pediatric populations, and delirium detection.

• Published nearly 50 studies and 100 abstracts supporting clinical efficacy.

Growth Strategy and Market Expansion

• 2026 focus: drive account acquisition, expand utilization in existing accounts, and leverage expanded sales force.

• Gained FedRAMP High certification, unlocking access to 160 VA hospitals and expanding into children's hospitals.

• FDA clearance for neonate and pediatric seizure detection adds $400M TAM and access to 280 children's hospitals, with full launch planned for 2026.

• Commercial pilot and full launch of delirium detection planned for late 2026/early 2027, with further TAM expansion.

• Plans to expand into NICU, PICU, and integrate into more hospital protocols and departments.