CeriBell (CBLL) 47th Annual Raymond James Institutional Investor Conference summary

Commercial performance and market opportunity

• Achieved $89 million in revenue for 2025, reflecting 36% year-over-year growth and 88% gross margins.

• Operates primarily in the U.S. acute care seizure detection market, estimated at $2 billion, with only 3% market penetration so far.

• Expanded total addressable market to $3.5 billion by adding pediatric, neonate, and delirium detection indications.

• Installed base includes 647 hospitals, with significant room for deeper penetration and account expansion.

• Revenue model combines SaaS subscriptions (25% of revenue, 97% margin) and disposable headbands (75% of revenue).

Technology and clinical impact

• Developed a rapid, point-of-care EEG system with AI-driven seizure detection, reducing setup from hours to 5 minutes.

• Clarity algorithm enables non-specialists to interpret EEG data and provides real-time alerts for status epilepticus.

• Pediatric and neonatal algorithm and hardware expansion addresses a $400 million market, with launch planned for Q2.

• Early diagnosis and treatment of non-convulsive seizures shown to improve patient outcomes and reduce long-term impairment.

• FDA clearance for pediatric use and delirium detection, with stroke algorithm receiving breakthrough designation.

Growth strategy and future plans

• Focused on increasing hospital penetration and usage within existing accounts through training, workflow integration, and departmental expansion.

• Sales team expanded from 35 to 55 territories, with new reps becoming productive in 2025.

• Delirium pilot underway, with full launch expected by late 2025 or early 2026; stroke indication in earlier development.

• Plans to explore international markets and additional neurological indications beyond the acute care setting.

• Pipeline of new indications and platform enhancements expected to drive both revenue per account and new account growth.