# CeriBell, Inc. (CBLL)

> Source: Nexqual · https://nexqual.com/CBLL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, CeriBell, Inc. (CBLL), nexqual.com/CBLL" · informational, not investment advice.

**Price:** USD 27.82 (+2.20% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 27.22 · day 27–28.19 · 52w 10.85–28.19 · market cap $1.07B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $102M, net income -$66.0M (-64.7% margin), free cash flow -$54.7M (SEC filings).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 28.57 (range 24–33).
- Total return with dividends: 1Y +140.5% vs S&P 500 +14.8%; 5Y +11.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD -0.52, revenue estimate $29.2M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: CBLL paid no cash dividend in the last five years.
- Short interest: 8.61% of float (as of 2026-10-15), 5.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $45.2M | $65.4M | $89.1M | $102M |
| Gross profit | $38.2M | $56.8M | $78.3M | — |
| Operating income | -$30.0M | -$39.7M | -$58.4M | -$70.0M |
| Net income | -$29.5M | -$40.5M | -$53.4M | -$66.0M |
| EPS (diluted) | -$5.56 | -$3.39 | -$1.46 | — |
| Free cash flow | -$30.1M | -$36.4M | -$41.6M | -$54.7M |
| Gross margin | 84.4% | 86.7% | 87.9% | — |
| Operating margin | -66.4% | -60.7% | -65.6% | -68.6% |
| Net margin | -65.1% | -61.8% | -60.0% | -64.7% |
| Revenue growth | — | +44.7% | +36.1% | — |
| Cash + short-term investments | $34.5M | $194M | $159M | — |
| Total debt | — | $19.6M | $19.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.5x · EV/Sales 9.4x · P/B 8.3x · FCF yield -5.13% · Earnings yield -6.18% · Net cash $109M · EV $958M

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 28.57 (low 24, high 33).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | TD Cowen | Target raised | Buy | $29 → $33 |
| 2026-09-11 | BTIG | Reiterated | Buy | $30 |
| 2026-08-18 | BTIG | Target raised | Buy | $28 → $30 |
| 2026-08-11 | Canaccord Genuity | Target raised | Buy | $25 → $26 |
| 2026-08-11 | BTIG | Reiterated | Buy | $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2024-10-07) |
|---|---|---|
| Total return | +140.5% | +11.3% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +141.8% | +5.3% |
| Volatility (annualized) | 51.3% | 52.6% |
| Max drawdown | -30.5% (Jan 2026→Jul 2026) | -62.4% (Dec 2024→Sep 2025) |

## Dividends
CBLL paid no cash dividend in the last five years.

## Short interest
2,155,957 shares sold short, 8.61% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,818,916 shares (+18.5%). Days to cover: 5.0 (short shares ÷ average daily volume).

## Peers (Medical Devices)
INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33% · ALMR (Alamar Biosciences, Inc.) USD 34.04 -0.76%

## More
Full page: https://nexqual.com/CBLL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $21.2M | 75.6% | +33.4% |
| Subscription | $6.9M | 24.4% | +29.9% |
| Total revenue | $28.1M | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "Ceribell is raising its revenue guidance for the full year 2026 to a range of $114 million to $117 million, representing growth of approximately 28% to 31% over the Company's prior year revenue."
- "This earnings release and the related attachments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.52 | $-0.37 | −$0.15 | $29.2M | 5 |
| Next quarter (ends 2026-12-31) | $-0.43 | $-0.34 | −$0.09 | $31.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $-1.96 | $-1.68 | −$0.28 | $115.5M | 5 |
| Next fiscal year (ends 2027-12-31) | $-1.61 | $-1.10 | −$0.51 | $147.1M | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.40 | −$0.46 | Beat +13.0% | — |
| — | Quarter ended Mar 31, 2026 | −$0.38 | −$0.39 | Beat +2.6% | — |
| — | Quarter ended Dec 31, 2025 | −$0.36 | −$0.41 | Beat +12.2% | — |
| — | Quarter ended Sep 30, 2025 | −$0.37 | −$0.41 | Beat +9.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | TPG GP A, LLC, COULTER, JAMES G: 7.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1861107/000199937126018019/0001999371-26-018019-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1861107/000119312526342574/0001193125-26-342574-index.htm |
| 2026-08-10 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1861107/000119312526342463/0001193125-26-342463-index.htm |
| 2026-08-06 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 15.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1861107/000031506626001970/0000315066-26-001970-index.htm |
| 2026-07-30 | 8-K | Director or executive officer change, or pay arrangement — “Effective July 28, 2026, the Board of Directors (the "Board") of CeriBell, Inc. (the "Company"), in order to achieve a more balanced membership among the classes of directors, accepted the resignation of William W. Burke as a Class I director and immediately elected him as a Class II director, and accepted the resignation of Joseph M. Taylor as a Class I director and immediately elected him as a Class III director. The resignations and re-elections of Mr. Burke and Mr. Taylor were effected solely to rebalance the…” | https://www.sec.gov/Archives/edgar/data/1861107/000119312526324378/0001193125-26-324378-index.htm |
| 2026-07-27 | Schedule 13G | BlackRock, Inc.: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1861107/000201238326002228/0002012383-26-002228-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.