Business
Hyperfine, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
GUILFORD, Conn., March 21, 2023 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking medical device company that created the Swoop® system,
About this update from Hyperfine, Inc.
[{"type":"text","content":"GUILFORD, Conn., March 21, 2023 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking medical device company that created the Swoop® system, the world's first FDA-cleared portable MRI system™ today announced fourth quarter and full year 2022 financial results and provided a business update. “We made measurable progress at Hyperfine over the past year. We delivered $6.8 million in revenue in 2022, received multiple FDA clearances and international approvals, including CE Marking, in recent months, and saw a large number of publications and presentations on the clinical value of Swoop published and presented via major journals and meetings. We also implemented important measures to right size our business and extend our cash runway through the end of 2025, ending the year with a healthy balance sheet. These achievements lay the foundation for strong forward growth,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. “We believe the opportunity for Hyperfine to transform access to MRI scans across clinical uses and sites of service is incredibly compelling. Our team is dedicated to expanding commercial placements while focusing on additional innovation and clinical evidence. We look forward to growing our impact in the field of medical imaging and diagnostics.” Recent Achievements Installed 35 commercial systems for the full year 2022.Multiple FDA clearances for AI-powered software upgrades to support improved image quality.15 clinical publications, including Scientific Reports, Science Advances, and Radiology, and 50 peer-reviewed presentations at key neuro and imaging meetings.Strengthened partnership with the Bill & Melinda Gates Foundation with a purchase order through Kings College London for 20 additional Swoop systems.Restructured and right-sized organization to extend Hyperfine, Inc.’s cash runway through the end of 2025. Fourth Quarter 2022 Financial Results Revenues for the fourth quarter of 2022 were $1.424 million, compared to $0.436 million in the fourth quarter of 2021.Gross margin for the fourth quarter of 2022 was $0.300 million, compared to $(0.453) million in the fourth quarter of 2021.Research and development expenses for the fourth quarter of 2022 were $5.219 million, compared to $8.893 million in the fourth quarter of 2021.Sales, general, and administrative expenses for ...