CeriBell Q4 Sales Jump 34% to $24.8M While Price Target Cut to $28
Q4 2025 revenue at CeriBell climbed 34% year-over-year to $24.8 million, with subscription sales up 37% to $6 million and product revenue rising 33% to $18.8 million, yielding an 87% gross margin and a $13.5 million net loss. Canaccord trimmed its price target from $30 to $28 while forecasting $111–115 million in 2026 sales.
1. Strong Q4 Results
CeriBell reported fourth-quarter sales of $24.8 million, up 34% year-over-year, driven by a 37% increase in subscription sales to $6 million and a 33% rise in product revenue to $18.8 million. The quarter delivered an 87% gross margin and resulted in a $13.5 million net loss, or $0.36 per share.
2. Full-Year Performance
For full-year 2025, revenue reached $89.1 million, a 36% increase from 2024, comprising $21.7 million in subscriptions and $67.3 million in product sales. The company ended the year with an 88% gross margin, 647 active accounts and $159.3 million in cash, cash equivalents and marketable securities.
3. Analyst Rating Update
Analysts maintained a Buy rating but reduced the price target from $30 to $28, citing strong fourth-quarter results counterbalanced by cautious management guidance on near-term growth drivers. The adjustment reflects conservative expectations for revenue ramp-up despite solid operational momentum.
4. 2026 Outlook
CeriBell secured multiple FDA clearances for its rapid EEG solutions and projects $111 million to $115 million in 2026 sales. Management emphasized ongoing product launches and expanded account acquisition as key drivers for the upcoming year.