Abbott Laboratories for rapid brain injury diagnostics

Dexcom for concussion diagnosis

• CBL-514: An investigational small molecule drug candidate being developed for the treatment of various neurological disorders, including Multiple Sclerosis and Alzheimer's disease.
• Neurological Therapeutic Discovery: Early-stage research and development efforts focused on identifying and advancing novel drug candidates for a broad spectrum of acute and chronic neurological conditions.

CeriBell (CBLL) primarily sells its neurodiagnostic device systems to other companies in the healthcare sector. Its primary customers are healthcare facilities, specifically:

• Hospitals
• Emergency Departments
• Intensive Care Units

As of its latest annual report (10-K filing for the fiscal year ended December 31, 2023), CeriBell does not identify any single customer as accounting for 10% or more of its total revenue. Therefore, no specific customer names or public company symbols are disclosed as major customers in its public filings.

• Flex Ltd. (NASDAQ: FLEX)
• Natus Medical Incorporated (NYSE: NTUS)

Jane Chao, CEO and Co-founder

Jane Chao is the co-founder and CEO of Ceribell, a position she has held full-time since 2015. Prior to Ceribell, she was the Principal Manager of Portfolio Management Strategy at Genentech, a Senior Strategy Manager at Novartis, and a management consultant with McKinsey & Company.

Scott Blumberg, CFO

Scott Blumberg, Ceribell's CFO, has over 15 years of healthcare finance experience, primarily in the medical device sector. He founded Venture Forward Advisory Services, a financial and strategic consulting agency, where he acted as a Managing Advisor and outsourced CFO for more than 20 venture-backed startups and emerging growth companies. Previously, he was the Director of Business Development for IDEV Technologies, a venture-backed medical device company, where he managed the M&A process that resulted in its sale to Abbott for $310 million. Blumberg also served as an investment professional at Bay City Capital, a life sciences venture capital firm.

Raymond Woo, CTO

Raymond Woo joined Ceribell in 2016 to lead product research and development. Before Ceribell, he was the Global Head of Femtosecond Laser R&D at Abbott Medical Optics (now part of J&J Vision). He played a key role in developing the Catalys laser cataract surgery system at Optimedica, which was subsequently acquired by Abbott Medical Optics.

Dan Rogy, VP of Operations

Dan Rogy has over 25 years of experience in medical equipment and disposable device operations and R&D management. He led the R&D and Operations Teams at Outset Medical to commercialize a novel Hemodialysis system. Rogy also served as General Manager at Abbott Laboratories following its acquisition of OptiMedica, and was previously Director of R&D at Adiana, which was acquired by Cytyc Corporation.

David Stoffel, Chief Business Officer

David Stoffel, Ceribell's Chief Business Officer, has over 20 years of experience in the medical device industry. Prior to Ceribell, he was responsible for leading the Mobile Cardiac Telemetry (MCT) business at iRhythm Technologies. He previously headed the Marketing and Business Development functions at Intuitive Surgical, where he contributed to the development of the Da Vinci robotic system. Stoffel was also a partner at Radius Ventures, a healthcare venture capital firm.

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CeriBell Inc. (CBLL) primarily offers the CeriBell System, a point-of-care electroencephalography (EEG) platform designed for the rapid diagnosis and continuous monitoring of patients with serious neurological conditions. This system includes proprietary, portable, and rapidly deployable hardware, disposable headbands, pocket-sized battery-operated recorders, and AI-powered algorithms such as Clarity for seizure detection. The company also provides a cloud-based secured portal for real-time remote access to EEG data.

The estimated addressable market for CeriBell's main products and services is approximately $2 billion. This market size specifically pertains to the United States.

1. Expansion in Active Accounts and Hospital Penetration: CeriBell is focused on acquiring new accounts and increasing its penetration within existing hospital customers. The company reported 615 active accounts as of September 30, 2025, marking its largest sequential rise since becoming a public company. Management has also highlighted ongoing expansion within the VA system as a new growth engine.
2. Growth in Pediatric and Neonatal Markets: The company has received 510(k) clearance for its Clarity algorithm in the pediatric population, positioning it as the only seizure detection algorithm cleared for patients aged 1 year and older. This expansion into the pediatric and neonatal segment is estimated to add approximately $400 million to CeriBell's core market opportunity.
3. Recurring Revenue from Disposable Headbands and AI Platform Subscriptions: CeriBell's business model is built on recurring revenue generated from the sale of disposable headbands and subscriptions to its Clarity AI platform. Both product and subscription revenues have demonstrated strong year-over-year increases, indicating continued adoption and utilization of the Ceribell System.
4. Investment in Product Development and New Market Expansion: CeriBell continues to invest in product development and clinical evidence generation to sustain growth. The company plans to expand its offerings into new areas such as delirium and stroke detection markets, further broadening its addressable market beyond its current focus on seizure management in acute care settings.

Share Issuance

• CeriBell, Inc. completed its initial public offering (IPO) on October 15, 2024, issuing 12,196,969 shares of common stock at $17.00 per share, which generated approximately $207.3 million in gross proceeds.
• As of September 30, 2025, the number of issued and outstanding shares of common stock increased to 37,048,397, up from 35,850,606 as of December 31, 2024.
• On November 4, 2025, CeriBell filed a universal shelf registration to offer up to $300,000,000 of various securities, including common stock, though the company stated no immediate intention to pursue a financing transaction at that time.

Inbound Investments

• The company received approximately $207.3 million in gross proceeds from its initial public offering, which closed on October 15, 2024.

Capital Expenditures

• Proceeds from the October 2024 IPO were intended, in part, to fund capital expenditures, alongside sales and marketing efforts, and research and product development.
• Operating expenses for the full year 2024 increased by 41% to $96.5 million, with a primary factor being investments in the company's commercial organization and increased headcount to support business growth.
• Third-quarter 2025 operating expenses rose to $34.6 million, an increase of 39% compared to the same period in 2024, attributed to investments in the commercial organization, increased headcount, and costs associated with operating as a public company.