Q1 Sales Beat Estimates, Guidance Moved Higher; We Continue to Like the Outlook

研报英文原文证据摘录

Q1 Sales Beat Estimates, Guidance Moved Higher; We Continue to Like the Outlook

TD Cowen CeriBell

Global Research May 11, 2026

Other Drivers Include Sales Team Improvements and VA Adoption: CBLL indicated that the

account acquisition team expansion it launched in Q4'24 is now delivering good results. Among

new hires who have at least a year of tenure, more than 85% have contributed to the active

account base and all have generated purchase orders. As more new hires reach their one-

year anniversaries, the company should get an additional step-up in productivity, with further

acceleration likely next year. CBLL is also building momentum with its separate initiatives

focused on accelerating the acquisition of hospital systems. One of these is the 170-hospital VA

system opportunity that was unlocked by last year's successful VA pilot program. The company

began launching new VA accounts in Q4 and will launch more throughout the first half of

this year. CBLL also recently launched a pilot at select US military hospitals and built out a

small team focused on regional hospital systems from a top-down perspective, to complement

the bottoms-up work done by its territory managers. Lastly, utilization improvements should

continue as more accounts follow the best practices taught by the company's account

managers. Notably, CBLL's top accounts have roughly three times greater utilization than

average comparable accounts, illustrating the curve that average accounts can ascend.

We Reiterate Our Buy Rating: Despite strong adoption to date, CBLL is still less than 4%

penetrated in its core seizure market, which leaves ample opportunity for growth over the next

several years. In addition to the progress it shows in its quarterly results this year, the company