Elena

Elena, on behalf of Jayson Bedford, asked about the progress and early learnings from discussions regarding the delirium pilot launch. She also inquired about expectations for overall headband pricing in the current year, specifically whether Ceribell anticipates passing on a price increase.

Answer

CEO Jane Chao reported very positive initial feedback from discussions with accounts for the delirium commercial pilot, which is expected to go live in Q2. Intensivists expressed high awareness of delirium's harm and frustration with the lack of objective biomarkers, validating the device's potential to differentiate between seizure and delirium. CFO Scott Blumberg stated that Ceribell has maintained strong pricing discipline and consistent ASPs, and while evaluating pricing case by case due to macro factors, expects to maintain strict pricing discipline.

Elena inquired about the delirium pilot launch, asking if early discussions with hospitals had begun and for any insights into initial progress and learnings. She also asked for expectations on overall headband pricing for the year, specifically if Ceribell anticipates passing on a price increase.

Answer

Jane Chao, Co-founder and Chief Executive Officer, confirmed that discussions for the commercial pilot have started, with initial feedback being very positive from intensivists who recognize the high prevalence of delirium and the lack of objective biomarkers. She highlighted the potential for the device to differentiate seizure and delirium in populations like sepsis patients. Scott Blumberg, Chief Financial Officer, stated that Ceribell has maintained strong pricing discipline and consistent ASPs. He mentioned evaluating pricing case by case due to macro environment factors but expects to maintain strict pricing discipline.

Elena inquired about Tandem Diabetes Care's progress in the Type 2 diabetes market, the impact of recent ADA guidelines on C-peptide testing for CMS discussions, and the potential for an inflection in Type 2 new starts.

Answer

CEO John Sheridan expressed excitement for the Type 2 market, which doubles the addressable market, noting a significant bump in starts between Q3 and Q4 2025 after full commercial availability. He highlighted tailwinds for 2026, including FreeStyle Libre 3, Mobi, Mobi Tubeless, and the pharmacy channel. He also noted that the C-peptide decision (CMS review by August 2026) is a potential positive, as its removal would substantially improve Medicare access, leading to expectations for good growth in 2026.

Elena inquired about the progress in the Type 2 diabetes market, the impact of recent ADA guidelines on C-peptide testing for discussions with CMS, and whether this could lead to an inflection in Type 2 new starts.

Answer

President and CEO John Sheridan expressed excitement about the Type 2 market, which doubles the addressable market. He noted that after receiving the indication and running a pilot in 2025, the company saw a significant bump in starts in Q4 with full commercial availability. He anticipates good growth in 2026, driven by FreeStyle Libre 3 and Mobi implementation, Mobi Tubeless, and the pharmacy channel. He also highlighted the potential positive impact of the Senate asking CMS to review the NCD on C-peptide testing by August 2026, which could substantially improve Medicare access.