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.

• 2026 guidance projects 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 runway.

• Sales force expansion from 35 to 55 territories is expected to drive increased account acquisition in 2026.

• Gross margins remain strong in the mid-80% range, supported by supply chain optimization and manufacturing shifts.

Growth drivers and market expansion

• Launching neonatal and pediatric monitoring in 2026, expanding total addressable market by $400 million, a 20% increase.

• Neonatal NICU launch targets 800 units, with 200 already in existing accounts; pediatric focus is on emergency departments.

• VA system access enabled by FedRAMP High clearance, with initial cohort launches in early 2026 and further expansion tied to VA budget cycles.

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

• Departmental expansion and improved account launches are key strategies for increasing utilization and penetration.

Product innovation and competitive positioning

• First and only FDA-cleared seizure detection algorithm for preterm to adult, and first device to monitor delirium.

• Delirium algorithm development required a five-year prospective clinical trial, creating a significant barrier for competitors.

• Continuous algorithm improvement through real-world data collection and retraining, especially for delirium and seizure detection.

• No major new competitive threats identified; current competitors lack in-house AI and face long development timelines.

• USITC patent litigation decision expected in November, with final ruling in March, subject to government shutdowns.