CeriBell (CBLL) 46th Annual William Blair Growth Stock Conference summary

Key product and technology developments

• Developed a rapid, point-of-care EEG platform with AI-driven seizure detection for acute care settings, enabling bedside diagnosis and continuous monitoring.

• Expanded indications to include pediatrics, neonates, and delirium, nearly doubling the total addressable market to $3.5 billion.

• Launched the first and only FDA-cleared seizure detection algorithm for neonates and pediatrics, and the first delirium algorithm.

• Received breakthrough designation for stroke monitoring and FedRAMP High cybersecurity clearance for VA system use.

• Hardware and software improvements allow for nurse-led setup in five minutes and cloud-based data review by neurologists.

Market performance and business model

• Achieved $89 million in 2025 revenue, guiding to $112–$116 million for the current year, with Q1 revenue of $26.5 million and 87% gross margins.

• Business model combines SaaS subscriptions (25% of revenue) and a razor/razor blade model for disposable headbands (75%).

• 32 consecutive quarters of sequential growth, with high customer retention and projectable revenue streams.

• Currently installed in 680 hospitals, representing about 11% of the U.S. acute care market, with significant room for expansion.

• Top adopters use the system at 3x the volume of average customers, indicating strong potential for deeper penetration.

Clinical impact and adoption

• Technology enables rapid diagnosis and treatment of non-convulsive seizures, reducing mortality and long-term disability.

• Supported by 150+ peer-reviewed publications showing improved diagnostic care, reduced length of stay, and economic benefits.

• Pediatric and neonate applications address critical unmet needs, with guidelines recommending EEG even without clinical suspicion.

• Delirium monitoring pilot underway, with plans for commercial launch in late 2026 or early 2027.

• CMS proposal for new technology add-on payment for delirium monitoring could add up to $2,100 per patient if approved.