Ceribell Reports 42% Revenue Growth to $20.5 Million in Q1 2025, Despite Increased Net Loss

Ceribell, Inc. reported significant financial results for the first quarter of 2025, with total revenue reaching $20.5 million, a 42% increase from $14.4 million in the same period of 2024. This growth was driven by a 41% rise in product revenue, which amounted to $15.6 million, and a 45% increase in subscription revenue, totaling $4.9 million. Despite this revenue growth, the company recorded a net loss of $12.8 million, compared to a loss of $8.5 million in the prior year, reflecting a 50% increase in losses attributed to higher operating expenses.

The company's operating expenses surged by 55% to $32.2 million, primarily due to increased investments in sales and marketing, which rose by 71% to $18.0 million, and research and development costs, which increased by 42% to $4.2 million. General and administrative expenses also grew by 37% to $9.9 million, largely due to higher personnel costs and expenses related to transitioning to a public company. The increase in operating expenses outpaced revenue growth, contributing to the larger net loss.

Ceribell's operational metrics indicate a growing customer base, with over 550 active accounts as of March 31, 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 establish its system as the standard for seizure detection and management. The company has received a CE Mark for its system in Europe and plans to pursue additional regulatory clearances internationally.

In terms of liquidity, Ceribell reported $182.7 million in cash and cash equivalents as of March 31, 2025, down from $194.4 million at the end of 2024. The company has incurred an accumulated deficit of $179.7 million, reflecting ongoing investments in product development and market expansion. Looking ahead, Ceribell anticipates continued losses as it scales operations and invests in research and development, but it believes its current cash reserves will be sufficient to fund operations for at least the next 12 months. The company may seek additional capital to support its growth initiatives and further product development.