CeriBell (CBLL) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $28.1 million, up 33% year-over-year, driven by new account growth, increased utilization, and strong same-store growth.

• Active account base grew to 712, with less reliance on VA accounts and increased traction from neonate and pediatric product launches.

• Record gross margin of 92% (89% excluding tariff refund), reflecting supply chain optimization, manufacturing shift to Vietnam, and a one-time tariff refund.

• Commercial pilot of Delirium algorithm launched, with positive feedback and increased headband utilization among pilot sites.

• Received CMS NTAP approval for Delirium monitoring, providing up to $2,171 incremental reimbursement per patient starting October 2026.

Financial highlights

• Product revenue was $21.2 million (+33% YoY); subscription revenue was $6.9 million (+30% YoY).

• Gross profit increased to $25.9 million from $18.7 million year-over-year.

• Total operating expenses were $45.9 million (+37% YoY), with $6.0 million in stock-based compensation and $3.9 million in litigation expenses.

• Net loss was $19.3 million ($0.51/share), compared to $13.6 million ($0.38/share) in Q2 2025.

• Adjusted EBITDA loss was $9.8 million, slightly improved from $10.0 million loss in Q2 2025.

• Cash, equivalents, and marketable securities totaled $129.3 million at quarter end.

Outlook and guidance

• 2026 revenue guidance raised to $114–$117 million (28–31% YoY growth), reflecting core business momentum and increased utilization.

• Guidance excludes material contributions from neonate, pediatric, and delirium products, which are expected to impact revenue more significantly in 2027.

• Gross margins expected to remain in the high 80% range for the remainder of 2026.