CeriBell (CBLL) investor relations material

Technology and product innovation

• Developed rapid EEG brainwave monitoring with AI-powered algorithms for acute care, enabling real-time detection of neurological conditions in emergency and ICU settings.

• Technology is easy to set up, typically by nurses in about five minutes, overcoming traditional EEG bottlenecks.

• Over 150 publications and abstracts support improved clinical outcomes, reduced medication overuse, and shorter hospital stays.

• New hardware platform announced, supporting seizure, delirium, and future stroke detection, with FDA breakthrough designation for stroke.

• Two new disposables and a recorder platform with integrated video and EKG capabilities are being introduced, enhancing monitoring and user experience.

Market expansion and commercial strategy

• Currently in 712 U.S. hospitals, targeting seizure detection as the first phase, with plans to become a comprehensive brain monitor and vital sign in acute care.

• U.S. total addressable market (TAM) expanded from $2 billion to over $3.5 billion by adding neonate, pediatric, and delirium indications.

• Sales force expanded post-IPO from 35 to 55 territory managers, with productivity ramping up over a two-year cycle.

• Strategic account managers now focus on multi-hospital regional health systems, building a pipeline of larger deals expected to impact results by 2027.

• Utilization per account has increased significantly, with top hospitals using the technology at three times the average rate, indicating further growth potential.

Financials, reimbursement, and operating leverage

• Received favorable CMS reimbursement for delirium, adding over $2,000 per eligible patient, aiding hospital adoption.

• NTAP reimbursement viewed as an objection handler for hospitals rather than a primary usage driver; transition from status epilepticus to delirium reimbursement expected to be neutral.

• Adjusted EBITDA has remained consistent, with ongoing investment in sales and product development aimed at long-term growth and market impact.

• Focus remains on maximizing market impact and long-term revenue rather than short-term operating leverage.