Ceribell Reports 38% Revenue Growth to $21.2 Million in Q2 2025

Ceribell, Inc. reported significant financial results for the second quarter of 2025, with total revenue reaching $21.2 million, a 38% increase from $15.3 million in the same period last year. This growth was driven by a 38% rise in product revenue, totaling $15.9 million, and a 41% increase in subscription revenue, which amounted to $5.3 million. For the first half of 2025, the company generated $41.7 million in revenue, up 40% from $29.7 million in the prior year. Despite this revenue growth, Ceribell recorded a net loss of $13.6 million for the quarter, compared to a loss of $8.9 million in Q2 2024, reflecting a 53% increase in losses year-over-year.

The company’s operating expenses also rose significantly, totaling $33.6 million for the second quarter, a 56% increase from $21.6 million in the same quarter of 2024. This increase was primarily attributed to higher research and development costs, which grew by 48%, and sales and marketing expenses, which surged by 63%. The total operating loss for the quarter was $15 million, compared to a loss of $8.4 million in the previous year. The increase in operating expenses is linked to Ceribell's ongoing efforts to expand its sales force and enhance its product offerings.

Ceribell's operational metrics indicate a growing customer base, with over 550 active accounts as of June 30, 2025, and the Ceribell System has been utilized to care for more than 200,000 patients. The company is focused on expanding its market presence, particularly in the U.S. acute care setting, where it aims to become the standard for seizure detection and management. The company has also received a CE Mark for its system in Europe and plans to pursue additional regulatory clearances internationally.

In terms of liquidity, Ceribell reported $177.4 million in cash and cash equivalents and marketable securities as of June 30, 2025. The company believes this capital will be sufficient to fund its operations for at least the next 12 months. However, it acknowledges the potential need for additional capital to support ongoing research and development, operational costs, and potential acquisitions. The company continues to face risks associated with market acceptance of its products, competition, and economic conditions that could impact its financial performance.

Looking ahead, Ceribell remains committed to enhancing its product offerings and expanding its market reach. The company plans to increase its sales organization to drive further adoption of the Ceribell System and is focused on improving its technology to address additional neurological conditions. Despite the challenges of operating in a competitive environment, Ceribell's management is optimistic about the future growth potential of its innovative EEG platform.