CeriBell (CBLL) Q4 2024 earnings summary

Executive summary

• Achieved transformational growth in 2024, with total revenue of $18.5M in Q4 (up 41% YoY) and $65.4M for the full year (up 45%), alongside significant commercial expansion and R&D pipeline progress.

• Ended 2024 with 529 active accounts and technology used on over 200,000 patients since launch, impacting patient outcomes and care standards.

• Completed initial public offering, submitted 510(k) for pediatric Clarity algorithm, and promoted Sean Manni to Chief Revenue Officer.

Financial highlights

• Q4 2024 revenue was $18.5M, up 41% year-over-year; full-year revenue reached $65.4M, up 45%.

• Q4 product revenue: $14.1M (+41% YoY); subscription revenue: $4.4M (+40% YoY); full-year product revenue: $50.1M (+45% YoY); subscription revenue: $15.4M (+44% YoY).

• Gross margin was 88% in Q4 (vs. 85% prior year); full-year gross margin was 87% (vs. 84% in 2023).

• Q4 operating expenses rose 49% to $29.1M; full-year OpEx up 41% to $96.5M, mainly due to commercial investments and public company transition costs.

• Q4 net loss: $12.6M ($0.40/share); full-year net loss: $40.5M ($3.39/share).

• Cash and equivalents at year-end: $194.4M, including $188M from October IPO.

Outlook and guidance

• 2025 revenue guidance: $81–$85M, representing 24–30% growth over 2024.

• Gross margins expected to remain in mid-to-high 80% range, accounting for increased China tariffs.

• Operating expenses to rise, driven by R&D and commercial investments; stock-based compensation to contribute ~$15M to OpEx in 2025.

• Expansion to 55 territory managers by mid-2025; impact on account growth expected in 2026.

• Focus on achieving cash flow break-even with current cash on hand.