Hyperfine, Inc. Reports Third Quarter 2025 Financial Results
“In the third quarter, we began to reap the benefits of two key growth catalysts with the launches of our next generation Swoop® system and Optive AITM software and our entrance into the neurology office market. Feedback from the first 100 days following the launch of our next generation Swoop® system bolsters our belief that this system will drive broad-based adoption of our portable Swoop® system across multiple sites of care, diversifying and accelerating our growth and improving our financial performance,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc.
Recent Achievements and Business Highlights
-
Successfully initiated commercial launch of the next generation Swoop® system powered by Optive AI™ software in
the United States with strong market activation. -
Placed next generation Swoop® systems across all sites of care we call on in
the United States , including adult and pediatric critical care units, emergency departments and neurology offices. -
Converted entirety of our
U.S. hospital pipeline to next generation Swoop® system. - Initiated full-scale commercial launch in the neurology office setting to unlock new revenue opportunity.
- Obtained both CE Mark and UKCA Mark approvals for Optive AI™ software.
-
Commenced commercial roll out of Optive AI™ software to installed base of Swoop® scanners in
the United States ,Canada ,United Kingdom ,Australia, and New Zealand markets. -
Raised
$20.1 million
Third Quarter 2025 Financial Results
-
Revenues for the third quarter of 2025 were
$3.4 million 27% compared to the second quarter of 2025. - Sold 8 commercial Swoop® systems in the third quarter of 2025, 5 of which were next generation Swoop® systems.
-
Gross margin for the third quarter of 2025 was
$1.8 million $1.3 million 53.8% gross margin in the third quarter of 2025, a record quarter for gross margin and up 450 basis points compared to the second quarter of 2025. -
Research and development expenses for the third quarter of 2025 were
$4.0 million $4.5 million -
Sales, marketing, general, and administrative expenses for the third quarter of 2025 were
$6.7 million $6.4 million -
Net loss for the third quarter of 2025 was
$11.0 million $0.14 $9.2 million $0.12 $2.3 million $0 million
2025 Financial Guidance
-
Management expects revenue for the fourth quarter of 2025 to be approximately
$5 $6 million 60% and137% , respectively. Accordingly, revenue for the full year 2025 is now expected to be approximately$13 $14 million -
Management now expects cash burn for the full year 2025 to be in the range of
$29 $31 million 22% decline at the midpoint as compared to full year 2024.
Conference Call
Hyperfine, Inc. will host a conference call at 1:30 p.m. PT/ 4:30 p.m. ET on Thursday, November 13, 2025, to discuss its third quarter 2025 financial results and provide a business update. Those interested in listening should register online by visiting https://investors.hyperfine.io/ and clicking on News & Events. Participants are encouraged to register more than 15 minutes before the start of the call. A live and archived audio webcast will be available through the Investors page of Hyperfine, Inc.’s corporate website at https://investors.hyperfine.io/.
About Hyperfine, Inc. and the Swoop® Portable MR Imaging® Systems
Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first
The Swoop® Portable MR Imaging® systems are FDA cleared for brain imaging of patients of all ages. They are portable, ultra-low-field magnetic resonance imaging devices for producing images that display the internal structure of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. The Swoop® system also has CE Mark in the European Union and UKCA Mark in the
Hyperfine, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations about the Company’s financial and operating results, including, the Company’s expected revenue and cash burn for the fourth quarter and full year 2025, the Company’s goals and commercial plans, including the Company’s commercial rollout of the Company’s Optive AITM software and next generation Swoop® system, the Company’s office pilot and commercial launch, the benefits of the Company’s products and services, progress on improvements and advancements in the Company’s products and services, and the Company’s future performance, including its financial performance, and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop® system is accepted and used by healthcare professionals; the Company’s ability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the ability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the ability of the Company to identify, in-license or acquire additional technology; the ability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; anticipated National Institutes of Health funding pressures; the expected effect from
HYPERFINE, INC. AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except share and per share amounts) |
||||||||
(Unaudited) |
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|
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September 30,
|
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December 31,
|
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ASSETS |
|
|
|
|
|
|
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CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
21,564 |
|
|
$ |
37,645 |
|
Restricted cash |
|
|
466 |
|
|
|
28 |
|
Accounts receivable, less allowance of |
|
|
4,886 |
|
|
|
5,956 |
|
Unbilled receivables |
|
|
1,423 |
|
|
|
2,349 |
|
Inventory |
|
|
5,838 |
|
|
|
5,832 |
|
Prepaid expenses and other current assets |
|
|
2,726 |
|
|
|
1,900 |
|
Total current assets |
|
|
36,903 |
|
|
|
53,710 |
|
Property and equipment, net |
|
|
2,745 |
|
|
|
3,122 |
|
Other long term assets |
|
|
1,863 |
|
|
|
2,069 |
|
Total assets |
|
$ |
41,511 |
|
|
$ |
58,901 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
3,710 |
|
|
$ |
1,607 |
|
Deferred grant funding |
|
|
466 |
|
|
|
28 |
|
Deferred revenue |
|
|
1,435 |
|
|
|
1,460 |
|
Due to related parties |
|
|
45 |
|
|
|
61 |
|
Accrued expenses and other current liabilities |
|
|
4,512 |
|
|
|
5,573 |
|
Total current liabilities |
|
|
10,168 |
|
|
|
8,729 |
|
Warrant liabilities |
|
|
3,497 |
|
|
|
— |
|
Long term deferred revenue |
|
|
974 |
|
|
|
1,054 |
|
Other noncurrent liabilities |
|
|
— |
|
|
|
78 |
|
Total liabilities |
|
|
14,639 |
|
|
|
9,861 |
|
|
|
|
|
|
|
|
||
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Class A Common stock, |
|
|
6 |
|
|
|
5 |
|
Class B Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
350,968 |
|
|
|
343,475 |
|
Accumulated deficit |
|
|
(324,104 |
) |
|
|
(294,442 |
) |
Total stockholders' equity |
|
|
26,872 |
|
|
|
49,040 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
41,511 |
|
|
$ |
58,901 |
|
HYPERFINE, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS |
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(in thousands, except share and per share amounts) |
||||||||||||||||
(Unaudited) |
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|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Device |
|
$ |
2,891 |
|
|
$ |
3,033 |
|
|
$ |
6,541 |
|
|
$ |
8,707 |
|
Service |
|
|
546 |
|
|
|
610 |
|
|
|
1,729 |
|
|
|
1,862 |
|
Total sales |
|
|
3,437 |
|
|
|
3,643 |
|
|
|
8,270 |
|
|
|
10,569 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Device |
|
|
1,328 |
|
|
|
1,359 |
|
|
|
3,410 |
|
|
|
4,280 |
|
Service |
|
|
261 |
|
|
|
376 |
|
|
|
801 |
|
|
|
1,224 |
|
Total cost of sales |
|
|
1,589 |
|
|
|
1,735 |
|
|
|
4,211 |
|
|
|
5,504 |
|
Gross margin |
|
|
1,848 |
|
|
|
1,908 |
|
|
|
4,059 |
|
|
|
5,065 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
4,048 |
|
|
|
5,865 |
|
|
|
13,626 |
|
|
|
17,394 |
|
General and administrative |
|
|
4,152 |
|
|
|
4,510 |
|
|
|
12,219 |
|
|
|
13,361 |
|
Sales and marketing |
|
|
2,568 |
|
|
|
2,496 |
|
|
|
7,631 |
|
|
|
6,769 |
|
Total operating expenses |
|
|
10,768 |
|
|
|
12,871 |
|
|
|
33,476 |
|
|
|
37,524 |
|
Loss from operations |
|
|
(8,920 |
) |
|
|
(10,963 |
) |
|
|
(29,417 |
) |
|
|
(32,459 |
) |
Interest income |
|
|
187 |
|
|
|
585 |
|
|
|
743 |
|
|
|
2,056 |
|
Change in Fair Value of Warrant Liabilities |
|
|
(2,303 |
) |
|
|
— |
|
|
|
(639 |
) |
|
|
— |
|
Other income (expense), net |
|
|
17 |
|
|
|
52 |
|
|
|
(349 |
) |
|
|
73 |
|
Loss before provision for income taxes |
|
|
(11,019 |
) |
|
|
(10,326 |
) |
|
|
(29,662 |
) |
|
|
(30,330 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss and comprehensive loss |
|
$ |
(11,019 |
) |
|
$ |
(10,326 |
) |
|
$ |
(29,662 |
) |
|
$ |
(30,330 |
) |
Net loss per common share attributable to common stockholders, basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.42 |
) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
|
79,028,987 |
|
|
|
72,678,622 |
|
|
|
77,613,306 |
|
|
|
72,219,681 |
|
HYPERFINE, INC. AND SUBSIDIARIES |
||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS |
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(in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Nine Months Ended
|
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(29,662 |
) |
|
$ |
(30,330 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
809 |
|
|
|
775 |
|
Stock-based compensation expense |
|
|
2,109 |
|
|
|
3,308 |
|
Loss on disposal of property and equipment, net |
|
|
120 |
|
|
|
156 |
|
Change in fair value of warrant liabilities |
|
|
639 |
|
|
|
— |
|
Other |
|
|
22 |
|
|
|
6 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
1,070 |
|
|
|
(3,611 |
) |
Unbilled receivables |
|
|
926 |
|
|
|
(1,322 |
) |
Inventory |
|
|
(221 |
) |
|
|
(579 |
) |
Prepaid expenses and other current assets |
|
|
(802 |
) |
|
|
(324 |
) |
Prepaid inventory |
|
|
— |
|
|
|
693 |
|
Other long term assets |
|
|
51 |
|
|
|
(9 |
) |
Accounts payable |
|
|
2,112 |
|
|
|
193 |
|
Deferred grant funding |
|
|
438 |
|
|
|
(402 |
) |
Deferred revenue |
|
|
(105 |
) |
|
|
97 |
|
Due to related parties |
|
|
(16 |
) |
|
|
(8 |
) |
Accrued expenses and other current liabilities |
|
|
(221 |
) |
|
|
949 |
|
Operating lease liabilities, net |
|
|
(10 |
) |
|
|
(2 |
) |
Net cash used in operating activities |
|
|
(22,741 |
) |
|
|
(30,410 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(1,122 |
) |
|
|
(375 |
) |
Net cash used in investing activities |
|
|
(1,122 |
) |
|
|
(375 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from exercise of stock options |
|
|
130 |
|
|
|
160 |
|
Proceeds from shares issued under “at-the-market” offering program, net of selling costs |
|
|
2,906 |
|
|
|
805 |
|
Proceeds from issuance of common stock and warrants, net of offering costs |
|
|
5,184 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
8,220 |
|
|
|
965 |
|
Net decrease in cash and cash equivalents and restricted cash |
|
|
(15,643 |
) |
|
|
(29,820 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
37,673 |
|
|
|
75,804 |
|
Cash, cash equivalents and restricted cash, end of period |
|
|
22,030 |
|
|
|
45,984 |
|
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
21,564 |
|
|
|
45,765 |
|
Restricted cash |
|
|
466 |
|
|
|
219 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
22,030 |
|
|
$ |
45,984 |
|
Supplemental disclosure of noncash information: |
|
|
|
|
|
|
||
Initial measurement of warrant liabilities |
|
$ |
2,858 |
|
|
$ |
— |
|
Unpaid purchase of property and equipment |
|
$ |
5 |
|
|
$ |
571 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251113003277/en/
Investor Contact
Webb Campbell
Gilmartin Group LLC
webb@gilmartinir.com
Source: Hyperfine, Inc.
