CeriBell (CBLL) TD Cowen 46th Annual Health Care Conference summary

Financial performance and guidance

• Achieved consistent outperformance since IPO in late 2024, with consensus targets rising through 2026.

• Provided 2026 guidance for 25%-29% top-line growth, with conservatism built into forecasts.

• Only 11% of U.S. hospitals penetrated, with 30% penetration within those accounts, indicating significant room for expansion.

• Sales force expanded from 35 to 55 territories between late 2024 and 2025, expected to drive more account closures in 2026.

• Recurring revenue model positions new launches for greater impact in 2027.

Product pipeline and market expansion

• Neonatal and pediatric launches in 2026 expected to expand total addressable market by $400 million, a 20% increase.

• NICU launch targets 800 units nationwide, with 200 already in existing accounts; pediatric opportunity focused on emergency departments.

• Neonatal and pediatric indications expected to be major contributors by 2027, with initial momentum building in 2026.

• Delirium indication, with a $1+ billion U.S. opportunity, entering commercial pilot in Q2 2026 and potential full launch by Q4 2026 or Q1 2027.

• Delirium adoption expected to ramp faster than seizure due to existing install base and same hardware platform.

Sales strategy and account penetration

• Focused on both account acquisition and utilization, with Territory Managers and Clinical Account Managers driving growth.

• Regional health system function supplements ground-level sales, targeting broader system adoption.

• Departmental expansion and systematic physician training are key initiatives to boost utilization within accounts.

• Improved account launch quality leads to higher initial usage rates.

• 4% penetration of total U.S. hospital market, with significant runway for growth.