Ceribell, Inc. (CBLL) · Nov 3, 2026 · Earnings
In line — Revenue $29.3M vs ~$29.17M consensus; EPS -$0.55 vs ~$-0.50 consensus
Ceribell’s Q3 earnings slightly beat revenue expectations and lifted 2026 guidance, while heavier commercial and R&D spending widened losses.
Ceribell is a commercial-stage neurotechnology company expanding its point-of-care EEG platform from seizure detection into delirium monitoring, new neurological indications, and next-generation hardware. Its core platform was already showing accelerating adoption, with more than 700 hospitals using it by mid-2026 and a newly launched delirium product supported by CMS reimbursement.
The core business continued to outperform the prior trajectory. Q3 revenue rose 30% year over year to $29.3 million, just above published consensus of roughly $29.17 million, while active accounts reached 747 after a record 35 net additions. Product and subscription revenue both grew at a healthy pace, suggesting the quarter was driven by both hospital expansion and heavier use within existing accounts.
| Q3 2026 | Q3 2025 | Consensus / prior guide | |
|---|---|---|---|
| Total revenue (Financial Results) | $29.3M (+30%) | $22.6M | ~$29.17M |
| Net loss per share (Financial Results) | $(0.55) | $(0.37) | ~$(0.50) |
| Gross margin (Financial Results) | 90% | 88% | |
| Operating expenses (Financial Results) | $46.9M (+36%) | $34.6M | |
| FY2026 revenue guidance (2026 Financial Outlook) | $115M–$117M | $114M–$117M |
The earnings score is mixed rather than a clean beat. Revenue narrowly exceeded expectations, but the $0.55 per-share loss was worse than the roughly $0.50 consensus loss. The gap reflects a deliberate spending push: operating expenses grew 36%, faster than revenue, as Ceribell funded the delirium launch, next-generation hardware, clinical work, and intellectual-property litigation.
The most important positive is the higher full-year revenue floor. Ceribell lifted the bottom of its 2026 revenue range by $1 million to $115 million, implying management believes the core seizure business can sustain its momentum even before meaningful contributions from delirium, neonate, or pediatric products. Gross margin also improved to 90% from 88%, helped by manufacturing cost reductions and the Vietnam production line. 〔0〕
The trade-off is a faster cash-burn profile while expansion investments are still ahead of new-product revenue. Adjusted EBITDA loss widened to $12.1 million from $9.2 million a year earlier, and cash, cash equivalents, and marketable securities fell to $117.5 million from $129.3 million at June 30, although the company also has access to a new $60 million committed credit facility. The new delirium launch and next-generation hardware create a larger growth opportunity, but this quarter shows the company is paying for that expansion before those products materially contribute to guidance.
Bottom line: Ceribell’s operating engine is tracking slightly ahead of expectations and its revenue outlook improved, but the benefit is being bought with heavier spending and widening losses. This strengthens the growth story modestly, without yet changing the company’s cash-burning investment phase.
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