Hyperfine Inc. ( (HYPR) ) has released its Q3 earnings. Here is a breakdown of the information Hyperfine Inc. presented to its investors.
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Hyperfine, Inc. is a pioneering health technology company that has revolutionized brain imaging with the Swoop® system, the first FDA-cleared portable magnetic resonance brain imaging system. The company operates in the medical imaging sector, focusing on making diagnostic imaging more accessible at multiple points of care.
In its third quarter 2024 financial results, Hyperfine, Inc. announced a record revenue of $3.64 million, marking a 56% increase from the same period last year. The company also reported a gross margin increase to 52%, up from 48% in the third quarter of 2023, indicating improved financial efficiencies. Despite these gains, Hyperfine reported a net loss of $10.33 million for the quarter, slightly less than the net loss of $10.76 million in the previous year.
Key highlights from the quarter include the successful rollout of the 9th generation AI-powered brain imaging software and significant exposure at major Alzheimer’s and stroke clinical conferences, showcasing the Swoop® system’s capabilities. The company’s revenues for the first nine months of 2024 reached $10.57 million, up 27% year-over-year, with a gross margin of 48%. Operating expenses saw a slight decrease, reflecting the company’s disciplined cash management.
Looking ahead, Hyperfine’s management expects full-year 2024 revenues to be between $14 million and $14.5 million, representing a growth of 27% to 31% from the previous year. The company remains focused on expanding its presence in new care sites and internationally, leveraging advancements in imaging technology to enhance clinical outcomes.
