Business
Hyperfine, Inc. Reports Second Quarter 2023 Financial Results
GUILFORD, Conn., Aug. 14, 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., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking medical device company that created the Swoop® system, the world's first FDA-cleared portable, point-of-care MRI system, today announced second quarter 2023 financial results and provided a business update. “We made solid progress at Hyperfine in the second quarter of 2023 and delivered record revenue of over $3.3 million. We remained focused on our three strategic pillars of innovation, clinical evidence, and commercial expansion, including the initiation of our ACTION PMR observational study to examine the integration of the Swoop® system into stroke diagnosis and treatment workflow, while continuing to execute with strong spending discipline,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. “We are excited and committed to expanding access to timely, clinically-relevant brain imaging for clinicians and their patients across multiple care settings globally.” Second Quarter 2023 Financial Results Revenues for the second quarter of 2023 were $3.38 million, compared to $1.53 million in the second quarter of 2022.Hyperfine, Inc. sold 14 commercial Swoop® systems in the second quarter of 2023.Gross margin for the second quarter of 2023 was $1.44 million, compared to $(0.17) million in the second quarter of 2022.Research and development expenses for the second quarter of 2023 were $5.33 million, compared to $7.27 million in the second quarter of 2022.Sales, general, and administrative expenses for the second quarter of 2023 were $7.81 million, compared to $15.76 million in the second quarter of 2022.Net loss for the second quarter of 2023 was $10.64 million, equating to a net loss of $0.15 per share, as compared to a net loss of $23.16 million, or a net loss of $0.33 per share, for the second quarter of 2022. Six Months Financial Results Revenues for the six months ended June 30, 2023 were $6.02 million, compared to $3.04 million in the six months ended June 30, 2022.Gross margin for the six months ended June 30, 2023 was $2.60 million, compared to $(0.08) million in the six months ended June 30, 2022.Research and development expenses for the six months ended June 30, 2023 were $10.79 million, compared to $15.60 million in the six months ended June 30, 2022.Sales, marketing, general, and administrative exp...