CeriBell, Inc.

Thank you for standing by. At this time, I would like to welcome everyone to the Sarah Bell First Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star followed by the number one on your telephone keypad. Thank you. I will now turn the conference over to Brian Johnston, Investor Relations. You may begin.

Good afternoon, and thank you all for participating in today's call. Joining me from Cerebell are Jane Chow, co-founder and chief executive officer, and Scott Blumberg, chief financial officer. Earlier today, Cerebell issued a press release announcing financial results for the quarter ended March 31st, 2026. A copy of the press release is available on the investor relations section of the company's website. Before we begin, I'd like to remind you that management will make remarks during this call that include forward-looking statements within the meaning of federal securities laws that these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the risk factors section of our public filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed with the SEC on February 24th, 2026. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 11th, 2026. Faribault disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. And with that, I will turn the call over to Jane.

Good afternoon, and thank you all for joining us for our first quarter 2026 earnings call. Q1 was a strong quarter. We delivered revenue of $26.5 million. growing 29% year-over-year and 7% sequentially. Growth was driven by record headband utilization and our largest quarter of net new account additions. We also delivered 87% growth margin and expect to maintain growth margin in the high 80s range throughout 2026. Beyond continued progress in penetrating our core seizure market, we delivered two major milestones that mark inflection points in the evolution of our platform. First, following a successful pilot, we have initiated the full commercial launch of our neonates and pediatric products. We are privileged to now offer our seizure monitoring solution to some of the most vulnerable patients. Second, we activated the first sites in our delirium pilot in April, signifying our entry into the $1 billion market, where we offered the only FDA-cleared diagnostic tool. I will discuss both milestones in detail shortly. First, let me start with our performance in our core market. Our goal is to become the standard of care for seizure management across 6,000 U.S. hospitals that offer acute care services. We are pursuing this through two paths, adding new accounts and deepening utilization within our existing install base. On account acquisition, we ended Q1 with 680 hospitals actively using Cerebral system. With 33 net additions, this marks our strongest single quarter of account growth since becoming a public company. We remain confident in our ability to increase the number of new ads in 2026 above the level seen in 2025. Our confidence is reinforced by three strengths in this part of the business, the continued maturation of our recently expanded sales organization, deepening penetration within the VA and other health systems, and our strong account backlog. The account acquisition team expansion we launched in Q4 2024 is delivering. Among the new hires with at least 12 months of tenure, over 85% have contributed to the active account base and 100% have generated purchase orders. Given the timing of our sales cycle and the time required to launch new accounts, this level of productivity is encouraging. As more of our new hires mature throughout 2026, we expect a further setup in productivity with additional acceleration. in 2027. Beyond growing the territory manager team, we're also gaining momentum in two initiatives focused on accelerating hospital system acquisition. First, we expect continued momentum within the VA system where we remain in the early stages of penetrating the 170 hospitals unlocked by our FedRAMP high authorization last year. Separately, leveraging our success from the VA, we launched a pilot at select U.S. military hospitals. The opportunity is incremental in scale, but nonetheless is a compelling validation of our product and our position as category leader. Second, we have successfully hired a small team focused on top-down engagement of regional hospital systems. This complements the bottom-up activity of our TM organization and opens additional pathways to system-level adoption. Overall, we're encouraged by the growing market receptivity to our technology and are pleased with our team's momentum in adding new accounts. Meanwhile, same-store growth trends remain strong. Q1 marked our strongest quarter ever in terms of headband usage per account. Our growing CAM team continues to drive utilization through departmental expansion, provider engagement across all shifts, and support of protocol development. We believe we have a significant opportunity to increase utilization even further. In accounts that have adopted our best practices, the results speak for themselves. Our top accounts routinely monitor approximately three times as many patients as average comparable accounts. We are also increasingly encouraged by what we are hearing from our users in real world. As our user base expands and real world data accumulates, recognition of the clinical imperative of quantifiable brain monitor at the bedside continues to grow. In March, I had the opportunity to experience this firsthand at the annual meeting of the Society of Critical Care Medicine. There was strong excitement for our technology far beyond what we have experienced at past industrial events. It is clear that we are moving closer to achieving our goal of helping to redefine the standard of care for seizure management. Turning now to our neonate and pediatric seizure programs. We have initiated the commercial launch of both products. Neonate is a population where improvement in seizure management can change the entire course of an individual's life. Our pilot was conducted at five sites, including both new and existing customers. All five of these hospitals are now moving forward from pilot to full implementation. This momentum reinforces both the clinical case for use of our technology in younger patients and the commercial opportunities ahead. We're still early in our pediatric launch, but the feedback we're hearing from parents and physicians has already been profoundly meaningful. I'd like to share a recent case involving a pediatric patient in the emergency department. A two-year-old boy was brought to the ER unresponsive by his mom. It was his second ER visit of the day. The bedside provider initially struggled in identifying the root cause until the neurologist requested the Cerebell system. Clarity immediately identified seizure activity, which neurologist confirmed. This avoided the need for a lumbar puncture and potential ICU admission while waiting for a conventional EEG. The teen was able to initiate treatment promptly, and the little boy gained full alertness later that day. He was discharged the next morning. This case reflects what Cerebral System is designed to do, quickly identifying seizure activity, guide treatment decisions in real time, and help patients get the care they need faster. Moving now to delirium. In April, we were thrilled to have activated the first sites of our delirium pilot. This marks the beginning of a new chapter for Cerebell as we continue moving towards our goal of establishing EEG as a new vital site. As a reminder, following FDA 510 clearance in December, Cerebell was the first and only company with the FDA-cleared delirium monitoring solution. Delirium is the most common neurological complication in the ICU, yet the standard of care for assessment remains subjective, labor-intensive, and intermittent. Our solution offers something fundamentally different, objective, consistent, and continuous insight into a patient's neurological state. Our pilot is designed to build real-world experience, validating the right patient populations, optimizing clinical workflows, refining our commercial strategy, and generating clinical evidence. What we are hearing from the field is encouraging. Interest in our delirium solution has been strong. And notably, that interest is amplified when delirium monitoring is paired with seizure detection. This interest is further validated by our recently launched study with Vanderbilt Medical Center to examine the overlap between seizure and delirium across ICU patient populations. While the standalone value of delirium algorithm is clear, We are convinced that addressing seizure and delirium together has the potential to transform ICU care. We are also pleased to share that in April, we received a supportive CMS proposed rule for a new technology add-on payment, or NTEP, for our delirium monitoring solution. The rule proposes up to $2,171 in incremental reimbursement per patient. This is a positive indicator of the potential for a favorable final rule in August 2026. If adopted, the NTAF would become effective October 1st, 2026. We believe that a positive final rule would supplement the significant clinical interest in our technology helping to pave the way for its adoption. Looking ahead, we remain on track for full commercial launch of our delirium solution in Q4 2026 or Q1 2027. Finally, turning to LVO stroke, we received breakthrough device designation for this indication in January 2026. We're continuing to push our clinical programs forward and look forward to sharing more in the coming quarters. Stepping back, I could not be prouder of what our team have accomplished in the first quarter of the year. Q1 reinforced the confidence in our trajectory, and I'm energized by the momentum we are carrying to the rest of 2026. Execution across the business is on track, with several key initiatives running ahead of schedule. We estimate our total addressable market at approximately 3.5 billion in the U.S. alone, nearly double what it was just a year ago. We believe Cerebel is best positioned to lead this market with an integrated platform, established trust from physicians and administrators, and a growing body of clinical evidence. Our goal is a single brain monitoring platform that sets a new standard for neurological care, and we are executing against that vision. We remain committed to make EEG a new vital sign, and the early progress in 2026 only strengthens our conviction in the transformational nature of what we're building. With that, I will now turn the call over to Scott Blumberg, our CFO, to provide a review of the first quarter results and 2026 guidance.