Business
Hyperfine, Inc. Reports Record Quarterly Revenue and Raises FY 2024 Revenue Guidance
─ Reports $3.6M in Q2 2024 Revenue; 50% Gross Margin─ Raises FY 2024 Revenue Guidance to $13-16M GUILFORD, Conn., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Hyperfine,
About this update from Hyperfine, Inc.
[{"type":"text","content":"─ Reports $3.6M in Q2 2024 Revenue; 50% Gross Margin─ Raises FY 2024 Revenue Guidance to $13-16M GUILFORD, Conn., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared portable magnetic resonance (MR) brain imaging system—the Swoop® system—today announced second quarter 2024 financial results and provided a business update. “I am proud of the Hyperfine team, achieving record revenue and delivering meaningful progress across innovation and clinical initiatives in the quarter,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. “The opportunities ahead in emergency departments, clinics, and offices to support stroke and Alzheimer’s care are incredibly exciting and I believe our efforts to expand into these opportunities will position us well for significant business acceleration in 2025 and beyond.” Second Quarter 2024 Financial Results Revenues for the second quarter of 2024 were a record $3.63 million, up 7.4%, compared to $3.38 million in the second quarter of 2023.Hyperfine, Inc. sold 13 commercial Swoop® systems in the second quarter of 2024.Gross margin for the second quarter of 2024 was a record $1.80 million, compared to $1.44 million in the second quarter of 2023, translating to a gross margin percentage of 49.6% compared to 42.7% in the second quarter of 2023.Research and development expenses for the second quarter of 2024 were $5.96 million, compared to $5.33 million in the second quarter of 2023.Sales, marketing, general, and administrative expenses for the second quarter of 2024 were $6.69 million, compared to $7.81 million in the second quarter of 2023.Net loss for the second quarter of 2024 was $10.16 million, equating to a net loss of $0.14 per share, as compared to a net loss of $10.64 million, or a net loss of $0.15 per share, for the second quarter of 2023. Recent Achievements and Business Highlights FDA clearance of 9th generation AI-powered brain imaging software for enhanced speed.Initiated enrollment of CARE PMR (Capturing ARIA Risk Equitably with Portable MR) study assessing the clinical utility of the Swoop® System to scan Alzheimer’s patients receiving amyloid-targeting therapy to detect ARIA.Initial experience on the clinical utility of portable ultra-low-field MRI ...