CeriBell (CBLL)
Market Price (10/12/2026): $23.98 | Market Cap: $912.0 MilSector: Health Care | Industry: Life Sciences Tools & Services
CeriBell (CBLL)
Market Price (10/12/2026): $23.98Market Cap: $912.0 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Personalized Diagnostics, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -89% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -70 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -69% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -54% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksCBLL key risks include [1] a history of significant net losses with an unclear timeline to profitability, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Personalized Diagnostics, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -89% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -70 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -69% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -54% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksCBLL key risks include [1] a history of significant net losses with an unclear timeline to profitability, Show more. |
Qualitative Assessment
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CeriBell (CBLL) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Multiple FDA Clearances for Enhanced EEG Platform. CeriBell received several U.S. Food and Drug Administration (FDA) 510(k) clearances, significantly expanding the capabilities and clinical utility of its electroencephalography (EEG) platform. On August 10, 2026, the company announced FDA clearance for advanced Epileptiform Abnormality Detection and Artifact Reduction, integrating these AI algorithm enhancements into its cloud-based Neurology Portal to improve the precision of critical-care EEG review. Subsequently, on September 30, 2026, CeriBell secured FDA 510(k) clearance for Quantitative EEG Trending and Amplitude-Integrated EEG Analysis, adding three new capabilities—Alpha-Delta Ratio and Relative Alpha Trending, Burst Suppression Monitoring, and Amplitude-Integrated EEG—with no age restriction, allowing use across all patient populations from premature newborns to adults. These clearances enhance the company's product offerings and ability to address various neurological conditions.
2. Securing CMS New Technology Add-On Payment (NTAP) for Delirium Monitoring. CeriBell successfully secured a Centers for Medicare & Medicaid Services (CMS) New Technology Add-On Payment (NTAP) for its breakthrough Point-of-Care Delirium Monitor System, which became effective on October 1, 2026. This designation allows for incremental reimbursement of up to $2,171 for qualifying Medicare inpatient cases, improving the hospital-level economics for adopting CeriBell's delirium solution and creating new recurring revenue opportunities. The expansion into delirium monitoring is part of CeriBell's strategy to extend its platform into new neurological applications, potentially nearly doubling its addressable market.
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CeriBell (CBLL) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Multiple FDA Clearances for Enhanced EEG Platform. CeriBell received several U.S. Food and Drug Administration (FDA) 510(k) clearances, significantly expanding the capabilities and clinical utility of its electroencephalography (EEG) platform. On August 10, 2026, the company announced FDA clearance for advanced Epileptiform Abnormality Detection and Artifact Reduction, integrating these AI algorithm enhancements into its cloud-based Neurology Portal to improve the precision of critical-care EEG review. Subsequently, on September 30, 2026, CeriBell secured FDA 510(k) clearance for Quantitative EEG Trending and Amplitude-Integrated EEG Analysis, adding three new capabilities—Alpha-Delta Ratio and Relative Alpha Trending, Burst Suppression Monitoring, and Amplitude-Integrated EEG—with no age restriction, allowing use across all patient populations from premature newborns to adults. These clearances enhance the company's product offerings and ability to address various neurological conditions.
2. Securing CMS New Technology Add-On Payment (NTAP) for Delirium Monitoring. CeriBell successfully secured a Centers for Medicare & Medicaid Services (CMS) New Technology Add-On Payment (NTAP) for its breakthrough Point-of-Care Delirium Monitor System, which became effective on October 1, 2026. This designation allows for incremental reimbursement of up to $2,171 for qualifying Medicare inpatient cases, improving the hospital-level economics for adopting CeriBell's delirium solution and creating new recurring revenue opportunities. The expansion into delirium monitoring is part of CeriBell's strategy to extend its platform into new neurological applications, potentially nearly doubling its addressable market.
3. Strong Fiscal Q2 2026 Revenue Performance and Positive Analyst Sentiment. CeriBell reported robust financial results for fiscal Q2 2026, which ended on June 30, 2026, announcing revenues of $28.10 million on August 10, 2026. This revenue figure exceeded analyst consensus estimates of $27.28 million and represented a 33% year-over-year growth from fiscal Q2 2025. Despite a reported EPS miss, the strong revenue beat and continued account growth (adding 32 net new accounts to reach 712 hospitals) fueled a positive outlook. This performance, combined with a "Strong Buy" consensus rating from analysts and elevated price targets, such as TD Cowen's increase from $29.00 to $33.00 on October 2, 2026, underscored investor confidence in the company's growth trajectory.
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Stock Movement Drivers
Fundamental Drivers
The 21.5% change in CBLL stock from 6/30/2026 to 10/11/2026 was primarily driven by a 14.4% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.45 | 23.63 | 21.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 102 | 7.3% |
| P/S Multiple | 7.7 | 8.8 | 14.4% |
| Shares Outstanding (Mil) | 38 | 38 | -1.0% |
| Cumulative Contribution | 21.5% |
Market Drivers
6/30/2026 to 10/11/2026| Return | Correlation | |
|---|---|---|
| CBLL | 21.5% | |
| Market (SPY) | 4.3% | 15.7% |
| Sector (XLV) | 7.7% | 20.2% |
Fundamental Drivers
The 28.9% change in CBLL stock from 3/31/2026 to 10/11/2026 was primarily driven by a 15.2% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.33 | 23.63 | 28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 102 | 14.5% |
| P/S Multiple | 7.7 | 8.8 | 15.2% |
| Shares Outstanding (Mil) | 37 | 38 | -2.2% |
| Cumulative Contribution | 28.9% |
Market Drivers
3/31/2026 to 10/11/2026| Return | Correlation | |
|---|---|---|
| CBLL | 28.9% | |
| Market (SPY) | 20.0% | 22.5% |
| Sector (XLV) | 17.0% | 22.7% |
Fundamental Drivers
The 105.7% change in CBLL stock from 9/30/2025 to 10/11/2026 was primarily driven by a 63.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.49 | 23.63 | 105.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 102 | 31.7% |
| P/S Multiple | 5.4 | 8.8 | 63.6% |
| Shares Outstanding (Mil) | 36 | 38 | -4.6% |
| Cumulative Contribution | 105.7% |
Market Drivers
9/30/2025 to 10/11/2026| Return | Correlation | |
|---|---|---|
| CBLL | 105.7% | |
| Market (SPY) | 17.8% | 28.7% |
| Sector (XLV) | 24.3% | 27.9% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/11/2026| Return | Correlation | |
|---|---|---|
| CBLL | ||
| Market (SPY) | 88.4% | 36.9% |
| Sector (XLV) | 38.9% | 34.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBLL Return | - | - | - | 4% | -15% | 6% | -7% |
| Peers Return | 4% | -24% | -26% | -37% | 36% | 1% | -49% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| CBLL Win Rate | - | - | - | 67% | 42% | 40% | |
| Peers Win Rate | 56% | 47% | 40% | 38% | 56% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CBLL Max Drawdown | - | - | - | - | -58% | -31% | |
| Peers Max Drawdown | -33% | -44% | -63% | -53% | -42% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: A, ATEC, CERS, FRNM, HSCS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | CBLL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.7% | -18.8% |
| % Gain to Breakeven | 98.7% | 23.1% |
| Time to Breakeven | 272 days | 79 days |
In The Past
CeriBell's stock fell -49.7% during the 2025 US Tariff Shock. Such a loss loss requires a 98.7% gain to breakeven.
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| Event | CBLL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.7% | -18.8% |
| % Gain to Breakeven | 98.7% | 23.1% |
| Time to Breakeven | 272 days | 79 days |
In The Past
CeriBell's stock fell -49.7% during the 2025 US Tariff Shock. Such a loss loss requires a 98.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CeriBell (CBLL)
CeriBell (CBLL) is a commercial-stage medical technology company dedicated to transforming the diagnosis and management of patients with serious neurological conditions. The company's primary focus is addressing the significant limitations of conventional electroencephalography (EEG) in acute care settings, where traditional systems are often slow, require specialized personnel, and cannot provide the continuous monitoring essential for critically ill patients at risk of seizures. CeriBell's innovative approach aims to deliver rapid, point-of-care EEG solutions that lead to earlier seizure detection, improved patient outcomes, and enhanced hospital and payer economics.
The core of CeriBell's offering is the Ceribell System, a novel, portable EEG platform. This system integrates proprietary hardware, consisting of a disposable headband and a pocket-sized, battery-operated recorder, designed for rapid deployment—within minutes—by any non-specialized healthcare professional. A critical component is its AI-powered "Clarity" algorithm, which continuously monitors the patient's EEG signal to support real-time assessment of seizure activity. Clarity has received 510(k) clearance from the FDA for diagnosing electrographic status epilepticus and has been awarded a New Technology Add-on Payment (NTAP) from CMS, underscoring its unique diagnostic capabilities. CeriBell generates recurring revenue through the sale of its disposable headbands and monthly subscription fees for the use of Clarity, recorders, and its associated portal.
CeriBell primarily serves acute care facilities across the United States, including major academic centers and community hospitals, with over 500 active accounts as of September 2024. The company targets an estimated $2 billion annual market opportunity by expanding the use of EEG for the approximately three million acute care patients at risk of non-convulsive seizures. While its current commercial efforts are focused on the U.S., CeriBell holds a CE Mark for Europe and plans for future international expansion. The company also intends to leverage its AI and data science capabilities to expand into additional indications beyond seizures, such as delirium, for which it has received an FDA Breakthrough Device Designation, representing further market opportunities.
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Here are 1-3 brief analogies for CeriBell:
- CeriBell is like the Dexcom for brain activity, providing continuous, real-time seizure monitoring for critically ill hospital patients.
- It's the 'Uber' for electroencephalography (EEG) in hospitals, making a critical brain activity diagnostic available quickly and easily at the patient's bedside with AI.
- Think of it as an AI-powered 'Apple Watch for the brain' for acute care patients, enabling rapid and continuous seizure detection.
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- Disposable Headbands: Single-use hardware components for the Ceribell System, designed to rapidly capture patient EEG signals.
- Clarity AI-powered Seizure Detection Algorithm: A subscription-based artificial intelligence algorithm that continuously monitors EEG signals to aid clinicians in real-time seizure detection and diagnosis.
- EEG Recorders and Portal Access: A subscription service providing use of portable, battery-operated EEG recorders and access to an online portal for data management and system interface.
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CeriBell (CBLL) sells its products and services primarily to other companies, specifically hospitals and acute care facilities. The company's customer base includes a range of institutions, from top academic centers to small community hospitals.
As of September 30, 2024, CeriBell had over 500 active accounts. However, the provided background information does not name specific customer companies or their public symbols, as these are typically healthcare providers and not publicly traded companies in the traditional sense.
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Jane Chao, PhD - President, Chief Executive Officer, Co-Founder, and Director
Jane Chao is a co-founder of CeriBell and has served as its CEO since October 2015. Prior to joining CeriBell, Dr. Chao held positions as Principal Manager of Portfolio Management Strategy at Genentech, Inc. and Senior Strategy Manager at Novartis AG. She also worked as a management consultant at McKinsey & Company. She holds a Ph.D. in biophysics from Cornell University.
Scott Blumberg - Chief Financial Officer
Scott Blumberg has served as CeriBell's CFO since April 2020. He founded Venture Forward Advisory Services, a financial and strategic consulting agency, where he acted as an outsourced CFO and trusted advisor to over 20 venture-backed startups. Earlier in his career, he was Director of Business Development for IDEV Technologies, a venture-backed medical device company, and led the M&A process that resulted in its sale to Abbott for $310 million. Mr. Blumberg also worked as an investment professional at Bay City Capital, a life sciences venture capital firm, and an investment banking analyst at Bank of America.
Raymond Woo, PhD - Chief Technology Officer
Raymond Woo joined CeriBell in 2016 and leads its product research and development efforts. Before CeriBell, Dr. Woo was Global Head of Femtosecond Laser R&D at Abbott Medical Optics (now part of J&J Vision). He also contributed to the development of the Catalys laser cataract surgery system at Optimedica, which was subsequently acquired by Abbott Medical Optics. He holds a Ph.D. and Master's degree in Electrical Engineering from Stanford University.
Sean Manni - Chief Revenue Officer
Sean Manni brings over 25 years of experience in the healthcare industry to CeriBell.
Diku Mandavia, MD - Chief Medical Officer
Dr. Diku Mandavia is a recognized expert in emergency medicine with more than 25 years of clinical experience and nearly 15 years in the commercial medical device sector. He is focused on advancing CeriBell's mission to establish a new standard of care through non-invasive brain monitoring.
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- Market Adoption and Resistance to Changing Established Clinical Practices: CeriBell aims to transform the diagnosis and management of neurological conditions and expand the use of EEG in acute care settings, a market they believe is significantly underutilized. Despite the demonstrated benefits of the Ceribell System, there is a substantial risk that healthcare facilities and clinicians may be slow to adopt new technologies and change established practices, which could hinder the company's ability to achieve its goal of becoming the standard of care and fully realize its estimated $2 billion market opportunity.
- Reliance on Regulatory Clearances and Favorable Reimbursement Policies: The company's current success and future growth are heavily dependent on obtaining and maintaining regulatory approvals, such as the FDA 510(k) clearance for seizure diagnosis and FDA Breakthrough Device Designation for delirium detection. Future expansion into new indications and international markets will require additional regulatory clearances, which can be time-consuming and uncertain. Furthermore, CeriBell's revenue generation relies on favorable reimbursement policies, including the New Technology Add-on Payment (NTAP) from CMS. Any adverse changes in regulatory requirements or reimbursement policies could significantly impact the company's ability to market its product and generate revenue.
- Dependence on Expansion and Effectiveness of Direct Sales Organization: CeriBell plans to expand the size of its direct sales organization in the United States to drive further adoption and utilization of the Ceribell System. There is a risk that the company may not be able to effectively scale its sales force, recruit and retain qualified personnel, or ensure the productivity of its sales team. Failure to successfully expand and manage its sales organization could impede market penetration, limit customer acquisition, and consequently hinder revenue growth.
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CeriBell (CBLL) anticipates several key drivers for future revenue growth over the next 2-3 years:
- Growth in Active Accounts and Utilization: The company plans to expand its direct sales organization in the United States to drive further adoption of the Ceribell System by acquiring new customers and increasing the utilization of the system within existing active accounts. This strategy focuses on increasing both the number of hospitals using the system and the frequency of its use for patient monitoring.
- Expansion to New Indications: CeriBell intends to leverage its proprietary database of EEG recordings and AI capabilities to expand the use of its system beyond seizure detection. This includes pursuing additional indications, such as the detection and monitoring of delirium, for which it has already received an FDA Breakthrough Device Designation. This expansion into new applications for the Ceribell System is expected to open up significant new market opportunities.
- International Market Expansion: While currently focused on the United States, CeriBell has received a CE Mark for the Ceribell System in Europe and plans to pursue additional regulatory clearances there within two to four years. The company also intends to engage in market access initiatives in other attractive international regions, signaling a strategic move to broaden its geographic reach and revenue streams outside of the U.S.
- Increased Sales Force: CeriBell intends to expand the size of its direct sales organization in the United States, including Territory Managers for new customer acquisition and Clinical Account Managers for ongoing account coverage and increased utilization. This investment in its sales team is expected to directly support the growth in its active account base and overall system utilization.
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Peer Outperformance in Life Sciences Tools & Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.0% | 46.4% | 96.1% | CAH 447% · MCK 381% · COR 185% |
| Health Care Services | 20 | 22.6% | 36.5% | 10.9% | HIMS 289% · RDNT 158% · DGX 81% |
| Managed Health Care | 8 | 37.5% | -6.1% | 5.7% | OSCR 137% · HQY 44% · ELV 18% |
| Health Care Facilities | 24 | 1.7% | 12.6% | 5.5% | THC 324% · NHC 267% · ENSG 140% |
| Health Care Equipment | 50 | -2.8% | 3.7% | -15.7% | POCI 11350% · UFPT 351% · GKOS 251% |
| Pharmaceuticals | 62 | -7.3% | -3.0% | -29.5% | INDV 1060% · ETON 976% · LQDA 780% |
| Health Care Supplies | 12 | 30.5% | -5.1% | -35.7% | LNTH 327% · HAE 75% · MMSI 21% |
| Life Sciences Tools & Services ← | 109 | -8.6% | -3.1% | -63.0% | SNWV 2194% · NTRA 268% · MEDP 235% |
| Biotechnology | 364 | -17.4% | -24.7% | -80.3% | DNTH 1099% · CELZ 1098% · ELVN 937% |
| Health Care Technology | 21 | -27.9% | -61.0% | -82.3% | SPOK 77% · HSTM 19% · VEEV 4% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can CeriBell Stock Hold Up When Markets Turn? | 10/17/2025 | |
| CeriBell (CBLL) Operating Cash Flow Comparison | 02/17/2025 | |
| CeriBell (CBLL) Net Income Comparison | 02/15/2025 | |
| CeriBell (CBLL) Operating Income Comparison | 02/14/2025 | |
| CeriBell (CBLL) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.29 |
| Mkt Cap | 1.3 |
| Rev LTM | 518 |
| Op Inc LTM | -20 |
| FCF LTM | -4 |
| FCF 3Y Avg | -25 |
| CFO LTM | 29 |
| CFO 3Y Avg | -6 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.3% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 12.3% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 36.3% |
| Op Inc Chg 3Y Avg | 29.6% |
| Op Mgn LTM | -2.7% |
| Op Mgn 3Y Avg | -10.0% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 4.0% |
| CFO/Rev 3Y Avg | -2.9% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | -9.9% |
Price Behavior
| Market Price | $23.63 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 10/11/2024 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $23.25 | $20.40 |
| DMA Trend | up | up |
| Distance from DMA | 1.7% | 15.9% |
| 3M | 1YR | |
| Volatility | 46.0% | 50.8% |
| Downside Capture | 39.32 | 83.87 |
| Upside Capture | 132.70 | 144.79 |
| Correlation (SPY) | 14.1% | 29.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | 0.42 | 0.55 | 0.91 | 1.13 | -0.31 |
| Up Beta | -0.37 | -0.12 | -0.90 | 0.19 | 0.57 | -0.08 |
| Down Beta | -0.82 | 1.18 | 1.13 | 0.31 | 1.62 | 0.29 |
| Up Capture | 32% | 156% | 143% | 161% | 195% | 56% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 24 | 32 | 63 | 127 | 233 |
| Down Capture | -15% | -162% | 18% | 122% | 82% | 101% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 9 | 17 | 31 | 62 | 123 | 256 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBLL | |
|---|---|---|---|---|
| CBLL | 93.6% | 51.2% | 1.46 | - |
| Sector ETF (XLV) | 19.8% | 15.8% | 0.94 | 28.0% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 28.7% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 5.9% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -21.5% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 28.6% |
| Bitcoin (BTCUSD) | -33.2% | 44.2% | -0.79 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBLL | |
|---|---|---|---|---|
| CBLL | 0.5% | 65.2% | 0.30 | - |
| Sector ETF (XLV) | 7.7% | 15.2% | 0.31 | 34.2% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 36.7% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 1.9% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | -5.4% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 30.8% |
| Bitcoin (BTCUSD) | 11.4% | 52.0% | 0.39 | 16.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBLL | |
|---|---|---|---|---|
| CBLL | 0.2% | 65.2% | 0.30 | - |
| Sector ETF (XLV) | 11.0% | 16.7% | 0.53 | 34.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 36.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 1.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -5.4% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 30.8% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 16.0% |
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Returns Analyses
Earnings Returns History
Updated 9/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 10.4% | 26.4% | 26.5% |
| 5/11/2026 | -16.5% | -17.3% | -8.4% |
| 2/24/2026 | -4.8% | -11.9% | -5.7% |
| 11/4/2025 | 7.9% | 14.7% | 80.6% |
| 8/5/2025 | -15.3% | -22.4% | -18.2% |
| 5/8/2025 | -6.6% | 2.9% | 4.2% |
| 2/25/2025 | -1.3% | -7.0% | -23.4% |
| 11/12/2024 | -3.4% | -11.4% | 1.2% |
| SUMMARY STATS | |||
| # Positive | 2 | 3 | 4 |
| # Negative | 6 | 5 | 4 |
| Median Positive | 9.1% | 14.7% | 15.3% |
| Median Negative | -5.7% | -11.9% | -13.3% |
| Max Positive | 10.4% | 26.4% | 80.6% |
| Max Negative | -16.5% | -22.4% | -23.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 10.4% | 26.4% | 26.5% |
| 5/11/2026 | -16.5% | -17.3% | -8.4% |
| 2/24/2026 | -4.8% | -11.9% | -5.7% |
| 11/4/2025 | 7.9% | 14.7% | 80.6% |
| 8/5/2025 | -15.3% | -22.4% | -18.2% |
| 5/8/2025 | -6.6% | 2.9% | 4.2% |
| 2/25/2025 | -1.3% | -7.0% | -23.4% |
| 11/12/2024 | -3.4% | -11.4% | 1.2% |
| SUMMARY STATS | |||
| # Positive | 2 | 3 | 4 |
| # Negative | 6 | 5 | 4 |
| Median Positive | 9.1% | 14.7% | 15.3% |
| Median Negative | -5.7% | -11.9% | -13.3% |
| Max Positive | 10.4% | 26.4% | 80.6% |
| Max Negative | -16.5% | -22.4% | -23.4% |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 114.00 Mil | 115.50 Mil | 117.00 Mil | Raised | Guidance: 114.00 Mil for 2026 | ||
| 2026 Revenue Growth | Reported | 28.0% | 29.5% | 31.0% | 1.5% | Raised | Guidance: 28.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 112.00 Mil | 114.00 Mil | 116.00 Mil | 0.9% | Raised | Guidance: 113.00 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 26.0% | 28.0% | 30.0% | 1.0% | Raised | Guidance: 27.0% for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 111.00 Mil | 113.00 Mil | 115.00 Mil | 28.4% | Higher New | Guidance: 88.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 25.0% | 27.0% | 29.0% | -7.5% | Lower New | Guidance: 34.5% for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 87.00 Mil | 88.00 Mil | 89.00 Mil | 1.7% | Raised | Guidance: 86.50 Mil for 2025 | |
| 2025 Revenue Growth | Reported | 33.0% | 34.5% | 36.0% | 2.5% | Raised | Guidance: 32.0% for 2025 | |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 10022026 | 24.38 | 4,887 | 119,145 | 4,952,017 | Form |
| 2 | Chao, Xingjuan | President and CEO | Direct | Sell | 9172026 | 25.03 | 20,846 | 521,775 | 18,681,015 | Form |
| 3 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 9172026 | 25.00 | 846 | 21,150 | 3,665,000 | Form |
| 4 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 9102026 | 24.25 | 9,255 | 224,451 | 828,057 | Form |
| 5 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 9102026 | 24.33 | 4,887 | 118,901 | 4,941,861 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 10022026 | 24.38 | 4,887 | 119,145 | 4,952,017 | Form |
| 2 | Chao, Xingjuan | President and CEO | Direct | Sell | 9172026 | 25.03 | 20,846 | 521,775 | 18,681,015 | Form |
| 3 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 9172026 | 25.00 | 846 | 21,150 | 3,665,000 | Form |
| 4 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 9102026 | 24.25 | 9,255 | 224,451 | 828,057 | Form |
| 5 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 9102026 | 24.33 | 4,887 | 118,901 | 4,941,861 | Form |
| 6 | Chao, Xingjuan | President and CEO | Direct | Sell | 9042026 | 24.61 | 39,540 | 973,079 | 18,880,571 | Form |
| 7 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 9042026 | 25.00 | 652 | 16,300 | 3,665,000 | Form |
| 8 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 8252026 | 23.95 | 859 | 20,573 | 859,781 | Form |
| 9 | Manni, Joseph S | Chief Revenue Officer | Direct | Sell | 8252026 | 24.02 | 1,361 | 32,691 | 1,344,063 | Form |
| 10 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 8252026 | 24.02 | 993 | 23,852 | 882,927 | Form |
| 11 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 8252026 | 24.02 | 1,979 | 47,536 | 4,677,391 | Form |
| 12 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 8252026 | 24.02 | 1,521 | 36,534 | 3,521,332 | Form |
| 13 | Chao, Xingjuan | President and CEO | Direct | Sell | 8252026 | 24.02 | 6,068 | 145,753 | 18,777,179 | Form |
| 14 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 8202026 | 25.03 | 33,512 | 838,805 | 3,707,469 | Form |
| 15 | Chao, Xingjuan | President and CEO | Direct | Sell | 8202026 | 25.03 | 31,415 | 786,317 | 19,718,609 | Form |
| 16 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 8202026 | 25.00 | 990 | 24,750 | 3,703,025 | Form |
| 17 | Chao, Xingjuan | President and CEO | Direct | Sell | 8202026 | 25.00 | 2,199 | 54,975 | 20,480,350 | Form |
| 18 | Taylor, Joseph Michael | Direct | Sell | 8142026 | 23.40 | 13,095 | 306,423 | 1,134,385 | Form | |
| 19 | Chao, Xingjuan | President and CEO | Direct | Sell | 8052026 | 18.32 | 39,000 | 714,480 | 14,441,967 | Form |
| 20 | Chao, Xingjuan | President and CEO | Direct | Sell | 7092026 | 19.90 | 39,000 | 776,100 | 15,966,108 | Form |
| 21 | Burke, William W | Direct | Sell | 7022026 | 19.84 | 2,207 | 43,787 | 456,756 | Form | |
| 22 | Tpg, Gp A, Llc | See Explanation of Responses | Sell | 6302026 | 20.12 | 202,368 | 4,071,705 | 75,754,016 | Form | |
| 23 | Taylor, Joseph Michael | Direct | Sell | 6152026 | 18.41 | 5,500 | 101,255 | 1,133,559 | Form | |
| 24 | Chao, Xingjuan | President and CEO | Direct | Sell | 6102026 | 18.33 | 39,000 | 714,870 | 14,963,091 | Form |
| 25 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 5262026 | 18.80 | 862 | 16,206 | 709,719 | Form |
| 26 | Manni, Joseph S | Chief Revenue Officer | Direct | Sell | 5262026 | 18.00 | 1,378 | 24,804 | 1,013,238 | Form |
| 27 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 5262026 | 18.00 | 987 | 17,766 | 695,034 | Form |
| 28 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 5262026 | 18.00 | 1,966 | 35,388 | 3,522,276 | Form |
| 29 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 5262026 | 18.00 | 1,387 | 24,966 | 2,658,294 | Form |
| 30 | Chao, Xingjuan | President and CEO | Direct | Sell | 5262026 | 18.00 | 6,030 | 108,540 | 14,945,706 | Form |
| 31 | Chao, Xingjuan | President and CEO | Direct | Sell | 5072026 | 20.10 | 39,000 | 783,973 | 16,812,148 | Form |
| 32 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 5042026 | 20.44 | 11,104 | 226,928 | 4,039,256 | Form |
| 33 | Chao, Xingjuan | President and CEO | Direct | Sell | 4082026 | 18.40 | 39,000 | 717,600 | 15,646,385 | Form |
| 34 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 4032026 | 18.56 | 11,112 | 206,244 | 3,097,959 | Form |
| 35 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 3042026 | 18.25 | 11,112 | 202,839 | 3,046,819 | Form |
| 36 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 2252026 | 19.98 | 781 | 15,604 | 350,649 | Form |
| 37 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 2252026 | 19.79 | 569 | 11,261 | 362,770 | Form |
| 38 | Manni, Joseph S | Chief Revenue Officer | Direct | Sell | 2252026 | 19.79 | 768 | 15,199 | 533,004 | Form |
| 39 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 2252026 | 19.79 | 705 | 13,952 | 3,303,188 | Form |
| 40 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 2252026 | 19.79 | 808 | 15,990 | 2,341,830 | Form |
| 41 | Chao, Xingjuan | President and CEO | Direct | Sell | 2252026 | 19.79 | 2,084 | 41,242 | 14,350,996 | Form |
| 42 | Parvizi, Josef | Josef Parvizi Trust | Sell | 2232026 | 20.27 | 16,714 | 338,793 | 14,648,156 | Form | |
| 43 | Parvizi, Josef | Josef Parvizi Trust | Sell | 2192026 | 20.00 | 6,986 | 139,720 | 14,787,320 | Form | |
| 44 | Parvizi, Josef | Josef Parvizi Trust | Sell | 2192026 | 20.00 | 1,300 | 26,000 | 14,927,040 | Form | |
| 45 | Chao, Xingjuan | President and CEO | Direct | Sell | 2062026 | 20.16 | 39,000 | 786,240 | 14,661,320 | Form |
| 46 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 2042026 | 20.55 | 11,112 | 228,375 | 3,444,888 | Form |
| 47 | Parvizi, Josef | Josef Parvizi Trust | Sell | 1202026 | 22.94 | 25,000 | 573,500 | 17,151,137 | Form | |
| 48 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 1062026 | 21.18 | 11,112 | 235,382 | 3,544,220 | Form |
| 49 | Robertson, Rebecca B | Direct | Sell | 1062026 | 21.89 | 2,500 | 54,725 | 428,519 | Form | |
| 50 | Blumberg, Scott | Chief Financial Officer | Direct | Sell | 12292025 | 21.00 | 36,000 | 756,000 | 2,495,682 | Form |
| 51 | Parvizi, Josef | Josef Parvizi Trust | Sell | 12172025 | 21.49 | 25,000 | 537,250 | 16,604,291 | Form | |
| 52 | Burke, William W | Direct | Sell | 12112025 | 22.02 | 32,728 | 720,671 | 382,950 | Form | |
| 53 | Parvizi, Josef | Josef Parvizi Trust | Sell | 12102025 | 20.26 | 25,000 | 506,500 | 16,160,430 | Form | |
| 54 | Robertson, Rebecca B | Direct | Sell | 12102025 | 20.00 | 5,000 | 100,000 | 167,760 | Form | |
| 55 | Chao, Xingjuan | President and CEO | Direct | Sell | 12082025 | 18.82 | 25,000 | 470,500 | 15,020,901 | Form |
| 56 | Foehr, David | Senior VP, Finance and PAO | Direct | Sell | 12052025 | 16.83 | 5,265 | 88,610 | 326,233 | Form |
| 57 | Robertson, Rebecca B | Direct | Sell | 12042025 | 16.67 | 827 | 13,786 | 139,828 | Form | |
| 58 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 12032025 | 12.28 | 11,112 | 136,455 | 2,059,405 | Form |
| 59 | Chao, Xingjuan | President and CEO | Direct | Sell | 12032025 | 16.59 | 25,000 | 414,750 | 13,241,060 | Form |
| 60 | Chao, Xingjuan | President and CEO | Direct | Sell | 11252025 | 15.13 | 50,000 | 756,500 | 12,075,783 | Form |
| 61 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 11132025 | 12.28 | 11,112 | 136,455 | 2,059,405 | Form |
| 62 | Woo, Raymond | Chief Technology Officer | Direct | Sell | 10072025 | 12.54 | 11,112 | 139,344 | 2,103,008 | Form |
Investor Activity (13F)
Updated Oct 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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