CeriBell (NASDAQ:CBLL) Chief Financial Officer Scott Blumberg outlined the company’s growth strategy and product expansion plans during a William Blair medical device presentation, emphasizing the company’s point-of-care electroencephalography platform for acute care settings.
Blumberg said CeriBell has developed a rapid EEG system designed for use in intensive care units and emergency departments, paired with Clarity, its seizure detection algorithm. The company began commercializing its product in 2018 and has largely focused on seizure detection in adults in the U.S. acute care market.
Revenue Growth and Business Model
Blumberg said the company delivered $89 million in revenue in 2025 and, as of its most recent quarter, was guiding to revenue of $112 million to $116 million. In the first quarter, CeriBell reported $26.5 million in revenue, representing 29% year-over-year growth, with gross margin of 87%, he said.
The company’s business model includes two primary revenue streams. Blumberg said about 25% of revenue comes from monthly subscriptions for access to hardware and software, including the EEG portal and artificial intelligence capabilities. The remaining 75% is generated from single-patient disposable headbands used with the system.
Blumberg described the revenue base as “projectable,” noting that the company has been commercial for about 32 quarters and has recorded sequential growth in each of those quarters. He said CeriBell is currently installed in 680 hospitals, representing about 11% of the roughly 6,000 U.S. hospitals with acute care services.
Focus on Acute Care Seizure Detection
Blumberg emphasized that CeriBell’s core market is not traditional epilepsy diagnosis, but rather seizure detection in ICU and emergency department patients. He said seizures in acute care settings are often non-convulsive, can last hours or days if untreated, and may be life-threatening.
He said EEG is the only reliable way to diagnose many of these seizures because up to 92% are non-convulsive. He also highlighted the need for rapid diagnosis, citing guidelines from medical societies that recommend EEG within 15 to 60 minutes when status epilepticus is suspected.
Blumberg contrasted CeriBell’s system with conventional EEG, which he said can require specialized technicians, 30 to 60 minutes for setup and additional delays for interpretation by trained neurologists. CeriBell’s system, by contrast, is designed to be set up by nurses in about five minutes, he said.
The system includes a reusable recorder and a single-patient disposable headband. EEG data is transmitted through the cloud to a portal for neurologist review, while the Clarity algorithm provides bedside alerts and continuous monitoring for persistent seizures, Blumberg said.
Expansion Into Pediatrics and Neonates
Blumberg said CeriBell recently received clearance for its seizure detection algorithm in younger patients, including neonates and children, as well as a new infant form factor. The company launched that technology in the first quarter, expanding its addressable market by about $400 million, he said.
He described the clinical need in neonates as significant because normal baseline behavior can be difficult to establish, making seizures harder to detect without EEG. Blumberg said guidelines are stronger in the neonate population and recommend EEG for patients with underlying conditions that carry seizure risk, even without clinical suspicion.
Delirium and Future Indications
CeriBell is also pursuing what Blumberg described as a longer-term strategy to make EEG a “new vital sign” in acute care. The company has received clearance for a delirium algorithm and has initiated a commercial pilot, he said.
Blumberg said delirium represents about a $1 billion addition to the company’s $2 billion U.S. seizure market. He said the condition affects roughly 3 million patients in the U.S. and about 30% of ICU patients, with higher prevalence among mechanically ventilated patients.
The current standard for delirium diagnosis is a nursing protocol known as CAM-ICU, which Blumberg described as a subjective survey typically conducted once or twice a day. CeriBell’s delirium monitor is intended to provide continuous monitoring and quantify the amount of time a patient has a positive delirium reading over a trailing window, he said.
Blumberg also said the company received a supportive proposal from the Centers for Medicare & Medicaid Services for favorable reimbursement for delirium through a New Technology Add-on Payment of up to $2,100 per patient. He said the proposal remains preliminary, with a final decision expected in the third quarter and potential adoption in October if positive.
In stroke, Blumberg said CeriBell has received breakthrough device designation, which he said provides an accelerated review process and a path to favorable reimbursement. The company still needs to complete remaining clinical and regulatory steps before seeking approval for that technology.
Hospital Expansion Strategy
Blumberg said CeriBell added 33 new hospitals in the second quarter and 32 in the first quarter. He said the company continues to pursue new hospital accounts while also expanding utilization within existing customers.
Within current hospital accounts, Blumberg said CeriBell focuses on training physicians, expanding into additional departments such as specialized ICUs and step-down units, and increasing awareness of patient populations at risk for seizures. He said top-adopting customers generate about three times the volume of average customers when controlling for opportunity.
Blumberg also highlighted the company’s FedRAMP High approval for use of its cloud technology in the Department of Veterans Affairs system, calling it an indicator of the company’s cybersecurity standards and a factor in expanding its market opportunity.
About CeriBell (NASDAQ:CBLL)
CeriBell Corp (NASDAQ: CBLL) is a healthcare technology company specializing in the design, manufacture and sale of automated newborn hearing screening devices. The company offers a suite of medical diagnostic tools based on otoacoustic emissions (OAE) and auditory brainstem response (ABR) technologies, enabling early detection of auditory impairments in infants. CeriBell’s solutions are used in hospitals, birthing centers and audiology clinics to support universal newborn hearing screening programs aimed at improving language development outcomes through prompt intervention.
The company’s product portfolio includes handheld and desktop screening units, proprietary software for data management, and accessories designed to streamline testing workflows.
