CeriBell, Inc. (CBLL) 2026 Q3 法說會逐字稿

Thank you for standing by my name is Jordan and I will be your operator this day.

Welcome to the CeriBell Q3 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 during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw a question, press star one again.

As a reminder, each participant is limited to one question per query, and you can requeue if you would like to ask another question. I would now like to turn the call over to Brian Johnston to start today's conference. You may begin.

Good afternoon, and thank you all for participating in today's call. Joining me from CeriBell are Jane Chao, Co-Founder and Chief Executive Officer, and Scott Blumberg, Chief Financial Officer.

Earlier today, CeriBell issued a press release announcing financial results for the quarter ended September 30, 2026. A copy of the press release is available on the Investor Relations section of the company's website.

Before we begin, I would like to remind you that management will make remarks during this call that include forward-looking statements within the meaning of federal securities laws and that these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995. 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 24, 2026 and quarterly report on Form 10-Q for the quarter ended September 30, 2026.

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 3, 2026.

CeriBell 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 for joining us for our third quarter 2026 earnings call.

Q3 marked another strong quarter for CeriBell as they delivered revenue of $29.3 million, growing approximately 30% year-over-year. Underlying growth was driven by success across both core revenue drivers, adoption by more accounts and deeper penetration within our install base.

In Q3, we increased our account base by a record 35 hospitals to a total of 747 active accounts. This is a reflection of the continued maturation and strong performance of our account acquisition team. We maintain a robust pipeline of unlaunched accounts that we expect to drive sustained growth in the coming quarters. Headband utilization also reached a new record in Q3. Year-over-year usage per account grew at a double-digit rate, the highest we have seen since our IPO.

This builds on our Q2 momentum and reflects the execution of our playbook, provider engagement, department expansion and patient population protocolization. Department expansion is particularly accelerating. We have expanded into more departments year-to-date in 2026 than we did during the entirety of 2025, and we expect to continue the pace. These results collectively serve to further validate our core seizure business as a durable growth engine.

Overlaying our core strategy, we are also making progress against several key initiatives we have launched this year to supplement our organic growth. First, we are seeing positive signs out of our newly established strategic account management team. Through top-down engagement with regional health systems. We believe this team will drive new avenues for account growth. While these opportunities unlock after inherently longer sales cycles, we continue to see larger deals advancing through our sales funnel. Second, our VA and DoD strategy remains a growth driver with strong engagement with both government health systems.

In Q3, we secured a commitment to further expand within VA, which should have a positive impact on active accounts and revenue growth in the coming quarters. Finally, interest in our neonate product remains strong with ongoing pipeline development and activation of NICUs within new and existing accounts. With strong signal across each of these key 2026 initiatives. We are well positioned to drive continued revenue growth as we move into 2027.

Now, I would like to turn our attention to Delirium, our next major growth opportunity. Earlier this week, we announced the launch of our Delirium monitoring solution. We recently concluded a commercial pilot evaluating clinical utility and adoption among customers already using our Seizure platform. Six months later, I am excited to report that the pilot has shown meaningful impact, both in optimizing patient care and in validating our delivery and monitoring solution as a new revenue stream.

The encouraging results we shared last quarter have continued now across a larger number of accounts. Customers reported improvements in clinical decision-making and positive user experiences. In many cases, our solution is enabling long-term monitoring for the first time, which is especially notable in difficult-to-assess patients.

To illuminate this clinical value, I would like to share a patient story that highlights the unique benefits offered by our delirium monitoring solution. In this case, a woman in her early 30s with sepsis was admitted to the ICU at the 150-bed community hospital and primary stroke center. The patient was not at neurological baseline, so the care team placed a cerebral headband to evaluate potential causes. The system returned a vision-negative result and a delirium-positive result, giving the team immediate, subjective direction to focus on delirium management. Before adopting CeriBell delirium monitoring solution, this size delirium assessments were inconsistent and rarely part of routine discussion. Here, the result prompted nurses, physicians, and pharmacists to review potential contributors together.

In aseptic patients, antibiotics was not always questioned. This time, the team identified cytokine, a commonly used antibiotic with neurotoxicity, as a potential contributor to patient's delirium and elected to transition the patient to a different antibiotic drug. Besides the initial delirium detection, CeriBell also enabled continuous monitoring after the antibiotic adjustment. The delirium trend began to decrease. By day three, the patient was no longer delirium positive.

The team believes the objective diagnosis and trend monitoring gave the team a clear reason to revisit the infection treatment decision and the information necessary to determine that their strategy was effective in resolving delirium. Clinicians at other sites have reported similar experiences, validating our value proposition and driving repeat usage.

CeriBell helps care teams to recognize delirium rapidly while opening management pathways from medication reviews to non-drug interventions. As these experiences accumulate, we expect adoption to broaden and usage to become entrenched. Within the pilot, the clinical utility of our system has directly translated into commercial impact. We are seeing a material increase in headband utilization by established customers who subsequently launched our delivery monitoring solution. Future growth is likely to result from patient population expansion, significant clinical utility from simultaneous monitoring for delivery and seizure, and engagement with customers.

This impact has proven durable, with our earliest customers having had at least 120 days of usage following launch. Importantly, the usage impact was seen before our NTAP went into effect on October 1, suggesting that clinical utility is a primary driver. As we continued refining our launch practices, we have also seen even larger usage impact in more recently launched accounts. Based on these results, we believe that reducing barriers to adoption will enable us to drive meaningful commercial impact.

As we are moving to a commercial launch, we are offering our delivery and monitoring solution as a software upgrade to CeriBell customers at no incremental increase to the subscription fee. Instead, we are requiring interested customers to partner with us through program commitments that we believe are critical to maximize clinical utility and sustained usage.

For example, we asked our customer to ensure we can train more than 80% of their nurses and physicians during launch processes and align on KPIs for delirium monitoring and management. We are also working with customers to ensure that they have sufficient recorder capacity to handle the increased patient volume and potentially longer monitoring durations for delirium.

This approach ensures that our customers are set up for success with high-quality launches. Providing the product without incremental subscription cost largely avoids lengthy sales and contracting processes that could slow adoption. That said, the launch process that we have seen drive impact requires thoughtful execution over time. Implementing such a disruptive technology involves customers evolving their practice. And working closely with our team.

We expect that many accounts will adopt our delirium monitoring solution quickly, but broad scale conversion will occur overtime. We believe this approach will ultimately maximize sustained revenue impact from increased clinical usage, the key metric for revenue contribution from our delirium monitoring solution. We will continue to track the utilization impact as we move from pilot into full launch.

As part of our 2027 financial guidance, we plan to provide a more granular perspective on anticipated revenue impact associated with this greenfield market opportunity. Importantly, our strategy will be executed by our existing sales organization, provide a greater leverage of our commercial infrastructure. We look forward to providing updates on these elements of our delivery and monitoring solutions impact on our financial performance as well.

Our product development strategy rests on two core pillars: enhancing our algorithm to deliver better clinical insights and innovating our hardware platforms to support the algorithms. Our delivery and monitoring solution is an excellent example of the first pillar as it expands our reach into new patient populations. We also continue to develop other algorithms that increase the clinical utility of our products for our physician customers.

Two such examples are recently FDA 510 cleared algorithms for quantitative EEG trending and amplitude integrated EEG analysis. Quantitative EEG or QEEG. Extends 3 functionalities: alpha-delta ratio, relative alpha trending, and birth suppression monitoring. Clinicians commonly use these trends when managing complex neurological conditions to help assess brain distress, reduced blood flow, or excessive sedation.

However, these outputs remain largely inaccessible for the bedside clinicians despite their clinical relevance. Our algorithm will change that we offer our customers greater insights into patients' brain activity. This materially strengthens our value proposition for both bedside users and neurologists. These features will be released via a cloud-based software update next year.

Meanwhile, our LVO stroke clinical program continues to move forward. We are also actively exploring additional algorithm development opportunities to add to our platform. Collectively, these stand to drive more clinical impact and market expansion longer-term. We look forward to sharing updates on these potential opportunities in the future. Very excited about our progress in algorithm development, but we are not stopping there. The second prong of our strategy is focused on enhancing our hardware platform. As we have discussed, we intentionally designed our new hardware platform to expand functionality and integrate additional modalities in support of our vision for EEG as a vital sign.

We are now thrilled to unveil the product name for this platform, Omni. The name Omni, which is Latin for everything, precisely represents our vision for the future. For the first time ever, hospitals can access the speed of point of care EEG while maintaining the comprehensiveness of conventional EEG, enhanced by our eight FDA-cleared algorithms. Monitor the brain procedure, status epilepticus, delirium, and other brain stress indicators, all in one platform. Omni, with Omni, we are introducing video, multiple day continuous monitoring capability, EKG compatibility, and a parasagittal add-on to provide full montage coverage when needed. This delivers the core features of conventional EEG without sacrificing. The ease of use, speed and accessibility of point-of-care EEG. Even more critical to our vision, the system was designed to run all our algorithms, enabling brain monitoring across multiple disease states. It is one elegant solution that meets the needs of both bedside clinicians and neurologists, but who we believe is truly unique.

We will initiate a limited market release on Omni this quarter and expect to launch the product in 2027. We will share more details as we get closer to launch. As I step back, it is clear that our vision of EEG as a new vital sign is no longer theoretical. After scaling our commercial presence and receiving nine FDA clearances in the last 18 months, we are now closer than ever to bring our vision to market.

We see 2027 as a pivotal year. Seizure detection will act as a durable base business both account acquisition and utilization are growing independently, compounding each other. Our hardware and software enhancements will extend our category leadership. Our delivery and monitoring solution will be fully launched.

Now we have greater conviction in our ability to bring the totality of our innovation into a single product platform, omni. CeriBell is at an inflection point. After years of investment and growth, we are excited to begin our new chapter while continuing to deliver singular value to our customers and the patients they care for.

With that, I will now turn the call over to Scott Blumberg, our CFO, to provide a review of the third quarter results and 2026 guidance.

Thank you, Jane, and good afternoon, everyone.

As Jane highlighted, total revenue for the third quarter of 2026 was $29.3 million, which is an approximately 30% increase from $22.6 million in the third quarter of 2025 and a 4% sequential increase. The increase was primarily driven by success of our same-store growth strategy, in addition to increased adoption of the CeriBell system across new and existing accounts.

Products revenue for the third quarter of 2026 was $22.2 million, representing an increase of 31% from $17 million in the third quarter of 2025. Usage per account in Q3 grew by a double-digit percentage, the highest level we have seen since our IPO. Subscription revenue for the third quarter of 2026 was $7.1 million, representing an increase of 28% from $5.6 million in the third quarter of 2025.

We ended Q3 with an active account base of 747 hospitals, representing an increase of 35 accounts in the quarter. Gross margin for Q3 20.6 was 90% compared to 88% in the prior year period, demonstrating our ability to continue generating outsized gross profit that fuels our growth-oriented investments. Based on today's tariff policy and current inventory position, we expect to maintain margins in the high 80% range going forward.

Total operating expenses in the third quarter of 2026 were $46.9 million, an increase of 36% compared to $34.6 million in the third quarter of 2025. Non-cash stock-based compensation expense was $7.1 million in the third quarter of 2026 and $3.3 million in the prior year period.

Sales and marketing expense of $25 million in the third quarter reflects continued investment in our commercial organization, including investments in our CAM infrastructure in advance of the launch of our delirium monitoring solution.

G&A expense of $14.5 million in the third quarter included expenses related to our ongoing IP litigation, which totaled $1.1 million. We expect litigation-related activities to remain low in Q4, though we may be subject to paying $2.9 million in deferred legal fees based on the outcome of our current IPC proceeding.

Research and development expense of $7.4 million in the third quarter reflects investments we have made into our platform, including our next-generation hardware, algorithm development, and clinical studies. Outsized growth in R&D expenses has driven meaningful impact, including accelerating commercial launch of both our delivering modern solution and Omni.

Net interest and other expense for the third quarter was $803,000. This includes $1.5 million in expenses associated with extinguishment of our prior debt facility, partially offset by interest income or non-cash and marketable securities. With our new revolver first debt structure, we expect that interest expense will decrease materially going forward to less than $1 million annually.

Net loss was $21.4 million for the third quarter of 2026 or a loss of $0.55 per share compared to a loss of $13.5 million or a loss of $0.37 per share in the third quarter of 2025.

A weighted average share account of 38.5 million shares was used to determine loss per share in Q3 2026. Adjusted EBITDA reflects our net loss before interest, taxes, depreciation and amortization expense. And also excludes non-cash stock-based compensation expenses, legal expenses associated with our ongoing IP litigation and loss from extinguishment of our prior credit facility.

Just to give us our loss for the third quarter of 2026 was $12.1 million as compared to $9.2 million in the third quarter of 2025. This reflects our continued strategy of thoughtfully deploying gross profits from our expanding revenue base back into the business to pursue long-term growth opportunities. Our cash equivalents and marketable securities as of September 30, 2026 were $117.5 million.

We remain committed to our objective of achieving cash flow breakeven with cash on hand and the strength of our balance sheet and strong gross margin profile give us a high degree of confidence in our ability to do so.

Turning now to our outlook for 2026, we expect full-year 2026 revenue to range from $115 million to $117 million, up from our prior guidance of $114 million to $117 million. This represents an annual growth of 29% to 31% over 2025. This change to guidance reflects the momentum we are seeing in our core business, with success driven both by new account additions and usage within our established account base.

This range does not include material contributions from our Neonate, Pediatric or delirium products, which we expect will begin to translate to revenue more meaningfully in 2027.

With that, I will turn the call back to Jane.

Thank you, Scott, and thank you all for your time today.

Q3 reinforced the confidence we have in our trajectory. Our core Caesure business is a strong and projectable base. Our delivery on pilot has been successful, and we are very optimistic moving into full commercial launch. Our commitment to investing in innovation, including multiple new algorithms and our omni platform, has set the stage for a pivotal 2027.

It has less than 4% penetration in our core future market, which tells you how much runway is still ahead of us. We are advancing into new greenfield markets with urgency and purpose.

Our mission to establish EEG as a new vital sign remains our North Star, and the progress we made in Q3 give us every reason to push even harder.

Thank you again for joining us. I will now turn the call over to the operator for (inaudible).

(Operator Instructions) Gracia Mahoney, Bank of America.

Hi, this is Gracia on for Travis. Thanks for taking the questions.

I just wanted to start out, it looks like the subscription revenues sort of offset a little bit of the upside you had on product revenues this quarter. So I wanted to see if there is anything to call out and a change in expectations versus three months ago and how that trend informed any you are only raising the bottom end of the full year guide while the top ends unchanged and how maybe the new algorithm updates could factor into that outlook in Q4 and into '27?

Yeah, we saw quite a bit of strength on the product margin. That was driven by the same-store growth driver there. We saw record usage utilization per account growth, which reflected itself in the product revenue line. Nothing really changes going forward. We still expect the majority of our revenue to come from products, but continue to see subscription as a durable long-term growth driver.

Robert Marcus, JPMorgan.

Hi, this is Henry on for Robbie. Thanks for taking the question.

Just wanted to ask a little bit more on delirium. And I was wondering, could you talk about any changes to the commercial strategy that you might be planning now that delirium is here?

Maybe in terms of adding new accounts or deepening accounts and maybe also on the OpEx side. In the press release, you called out some increased infrastructure costs in advance of that one. So how should we be thinking about expenses going forward associated with this launch?

Yeah, we see delirium drive both utilization and also accelerate the new account acquisition.

The more near term potentially, especially in 2027, we will see much more coming from utilization growth as it is quicker to turn our existing accounts.

To start using Delirium in the pilot, we saw very lean for utilization increase. However, in the longer-term, we also anticipate more and more of our new accounts will start with seizure and Delirium together. So the accounts would launch at a higher usage or higher revenue.

In terms of OpEx, it is very important for us to emphasize that the Delirium launch would be leveraging our existing sales team, both of our current CAM and TMs. And let's take CAM as example, they already have very strong relationship with the ICU. They know the stakeholder. They go to the sites anyway. So not only we can leverage the existing sales force, there is a big synergy between seizure and delirium as well. As we see the accounts grow in the commercial pilot, we see it is a growth of both seizure awareness as well as delirium-related patient expansion.

Brandon Vazquez, William Blair.

Hey, everyone. Thanks for taking the question.

Jane, you had mentioned, and I think this was in the press release too, that you are seeing store growth.

Had reached double-digits in the quarter and utilization and it was one of the best members you have seen since the IPO. I was hoping you would spend a minute talking about that.

One, also maybe clarify a little bit the same store metric. I think us on the street use a slightly different utilization metric. How do you define that? And then two, what's driving it? Is it already seeing some of the benefits of pediatrics that is entering this first full quarter of March? Thanks.

Thank you, Brandon.

I answered your question about the same-store growth and in terms of different matrix definition, maybe Scott can help cover that.

I would say it is really a continuous execution of the playbook that we have established, probably about 18 months ago, we did very cerebral way of a series of commercial pilot and we become very focused on three drivers. That is departmental expansion, both expanding to other ICU as well as ED and the physician engagement and protocolization.

So we really just continue to build the team, have amazing team in place and continue execution. Particularly we saw the department expansion is accelerating. As I mentioned, we started focusing on emergency department last year, and we started to see a very strong buy-in from the ED as we significantly optimize the patient flow there. In terms of pediatric and ill need, as Scott mentioned in the call, it is still a little bit too early because we have now close to 750 accounts.

Even we launched pediatric and NICU a few months. it is still going to take some time because our install base is so big.

And then as far as the metric definition goes, we run the business and collect data on utilization. Since we are a cloud-enabled device, we know precisely when our device is being used as well as a lot of other data around usage patterns. And that is how we. Monitor the business. That is how we incentivize the team. That number was record high. There was a slightly lower number of purchases relative to usage this quarter. That is not something we endeavor to control. We think over the long-term utilization is the core metric, and that is where we were record high this quarter.

Sorry, maybe I will add one more thing about the same-store growth related to department expansion that is accelerating. We also see that that type of usage is. Even more durable and sustainable because once you are in the department, each year as you are launching the different period of the year, you only capture partial revenue there.

So it is not just, oh, we went there, usage grew, we actually know precisely the driver and KPI.

So that gives us even more confidence that we will continue this trend.

Bill Plovanic, Canaccord.

Good, so I wanted to talk about just one on delirium, I was wondering if you could help maybe quantify it in some way, shape or form for us in terms of how deep did the pilot go. How long do you think this will take to roll into all of your accounts? And then what type of utilization increases did you see in the pilot? Is this a 25% increase, a 50% increase, or 100% increase? How should we think about this impacting and then how long it takes for the impact? Thanks.

Thank you, Bill.

It is a bit too early for us to quantify. Those very important questions you have asked because we are just launching delirium as we speak. However, as we get close to guiding 2027, we should be able to provide more granular guidance there.

Jayson Bedford, Raymond James.

Good afternoon and congrats on the progress.

Maybe just to follow on Bill's question, the delirium pilot, you mentioned seeing material increases in headband utilization. I was just a little unclear. Are you referring just to delirium or are you seeing pull through into higher utilization within seizure? And then my second question is just on the delirium software rollout. Are there minimum volume commitments tied to this program? Thanks.

Yes, Clinically, it is very difficult to separate seizure and delirium, especially in the ICU or the floor setting and ICU is our main target to launch delirium. So all our commercial pilot sites were in ICU. What we saw -- so all these patient physicians monitor ICU and -- sorry, seizure and delirium together. So, it is very challenging for us to separate. That being said, we have seen multiple drivers in the sites. We saw patient expansion. For example, many sites did not monitor sepsis patient alone just for seizure. And because seizure and delirium together, they start to monitor sepsis patient or other patient population. We also saw an increase of existing patient, and our hypothesis there was because we have more. Time with physicians and nursing team. So we are further raising not just the awareness of delirium, but also seizure.

So we think we are driving both the usage of seizure and delirium together. Again, it is a joint monitor.

We don't really separate them.

Yeah, as far as the commitments, we are setting up workflows and working with customers to ensure they are set up for success, and that is what we saw be effective in the pilot.

It is driving material impact. As far as contractual obligation to volumes, we are not requiring that, but the degree of consistency of the usage patterns in the pilot gives us high condition that if customers kind of follow the script here and engage with their customers, that will see the usage impact.

Joshua Jennings, Cowen.

Hi, this is Brian for Josh.

Thank you for taking my question.

I wanted to ask about the VA. You said you have secured a commitment to further expanding the VA. Do you expect to see year-over-year growth in VA account additions in 2027 compared to this year? And can you share anything on the utilization growth that you have seen so far at VA accounts?

I could cover the volume for the piece. So the VA runs pretty strictly on September fiscal year-end calendar, and so the commitment was secured towards the end of last fiscal year for this coming fiscal year. The size of the commitment is reasonably in line with what we saw last year, and so we would expect those to roll into the account base over the next two to three quarters or so. We are in a meaningful number of VAs, but we are still, even after we launch these accounts in the minorities, there is plenty of headway to grow.

And in terms of the VA usage, we don't quantify specific hospital systems.

However, in general, when we see the top-down launches we saw earlier, the usage tend to be a little bit lower than our typical average account. However, as we gain more experience and also as our customer gain more experience, we do see a growth as we launch more and more VA accounts.

As we continue to gain more experience, we have confidence we will continue to drive not just getting into more VAs, but also sustainable usage in these accounts.

Marie Thibault, US Bank.

Hi, thanks for taking the questions. My question is mainly trying to understand the direction sales growth and expense growth might be headed. I am not asking for 2027 guidance, but just want to better understand when we might start to see an inflection from the territory managers that you started adding a couple of years ago. And if we should be expecting increased investments as you move into the delirium launch and continue the neonatal and pediatrics. So just a better understanding of the trends here going forward?

We have made investments this year that really fuel our growth drivers for 2027, which includes the strategic account management infrastructure for the regional health systems, delirium and otherwise.

So as far as the infrastructure we have, we have largely made investments for the stuff that is in front of us. Pay very close attention to the decisions we make in terms of infrastructure investments, both on sales, R&D and otherwise, to ensure that we align with our North Star, which is achieving breakeven with cash on hand. That said, we do evaluate the most recent tax quarter to quarter and make investment decisions based on the most relevant and recent information.

So short answer is we feel very good about the infrastructure we have and we will pay very close attention to the business, in particular, the success of Delirium over the next few months and.

Make the right decision with the right information.

Jeffrey Cohen, Ladenburg Thalmann.

Good afternoon.

Thank you for taking our questions. I wondered if you could expand upon the pilot. For delirium with seizure? And can you talk about any learnings as far as clinical workflow and maybe how that may relate to some of the guidelines that the societies have out there currently?

Just to make sure I understand your question, you are asking about the workflow related to seizure and delirium and how the guideline, what existing guidelines have in guiding the usage of seizure and delirium monitor?

Yes, and how that may change.

Yeah.

The current guidelines are relatively separated when they guide how to triage and. Monitor seizure and manage seizure versus how they detect and manage delirium.

But so that is why when we launch these accounts, we often go in and merge these guidelines together. It is more raise awareness of these guidelines to the patient.

I use sepsis patient as example, and there are many clinical evidence publications show that sepsis patient about 10 to 15. Of them, if they have altered mental status in ICU, they would have seizure.

And then there are about 60% of sepsis patients would have delirium. And the patient sees right after seizure, they could later develop delirium. And also the symptom of seizure delirium is also very similar. So all this together makes very difficult for the bedside nurse and physicians to decide both is it patient seizing or having delirium. Also, when you start the management pathways, opposition and delirium, are you on the right track? So that is exactly where our device come in. And we can clearly, for example, the case study I shared in the earnings call, this woman in the 30s with septic shock, she. It could be having a seizure, but our device say, No, patient's having delirium, so manage delirium that lead to the medication review of cefepime. You could see a very similar presentation on patient, but the device might come back, say, No, patient seizing, and that would completely change the course that would treat patient with anti-seizure medication instead of a medication review.

So that is some example of the workflow. We obviously don't design the workflow for the hospital. We more share other hospitals' workflow and the existing guidelines to support our customers.

There are no further questions. I would like to turn the call back over to Jane Chao for closing remarks.

Well, thank you everyone for joining the call. We are very excited and proud of what we have accomplished in Q3, and we are very excited about what's ahead of us as well. Look forward to sharing more of the good news moving forward.

This concludes today's meeting. You may now disconnect.