CeriBell (CBLL) Piper Sandler 37th Annual Healthcare Conference summary

Company Overview and Achievements

• Developed an AI-powered, point-of-care EEG platform with the Clarity algorithm for rapid seizure detection and continuous monitoring in acute care settings.

• Achieved $22.6M in Q3 2025 revenue, 31% year-over-year growth, 88% gross margin, and presence in over 615 US accounts.

• Supported by over 45 peer-reviewed publications and 100+ abstracts, demonstrating device equivalence to conventional EEG and significant clinical impact.

• Largest study (SAFR trial) showed a 4.1-day reduction in ICU stay and 18% improvement in clinical outcomes for severe disability.

• Avoided 94% of patient transfers and changed clinical decisions in 20–53% of cases, supporting cost savings and improved care.

Clinical Need and Product Solution

• ICU seizures are mostly non-convulsive, leading to high mortality and morbidity if undetected; early EEG is critical for management.

• Conventional EEG is slow and resource-intensive, causing delays in diagnosis and treatment.

• The platform enables rapid EEG setup by non-specialized staff in about 5 minutes, with AI analyzing data every 10 seconds and providing bedside alerts for status epilepticus.

• Real-time data streaming allows remote neurologist review, while AI provides immediate bedside decision support.

• Expanded FDA clearance for pediatric and neonate populations, unlocking new market segments.

Business Model and Market Expansion

• Recurring revenue model: 25% from subscriptions (system access/SaaS), 75% from disposable headbands.

• Consistent quarter-over-quarter growth, with only 3% US market penetration and a $2B+ TAM in acute care seizure management.

• Addressable US market includes over 3 million patients and 6,000+ hospitals, with significant growth opportunities in acute care and adjacent indications.

• Achieved FedRAMP high cybersecurity, enabling access to VA hospitals and expansion into pediatric and neonatal markets, adding $400M TAM.

• Commercial expansion includes VA hospitals and pediatric/neonate markets, with combined launches expected in 2026.