Business
Hyperfine Reports First Quarter 2022 Financial Results
GUILFORD, Conn., May 11, 2022 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the creator of Swoop®, the world's first FDA-cleared portable MRI system™,
About this update from Hyperfine, Inc.
[{"type":"text","content":"GUILFORD, Conn., May 11, 2022 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the creator of Swoop®, the world's first FDA-cleared portable MRI system™, today reported financial results for the quarter ended March 31, 2022. Management will host a corresponding conference call to discuss the financial results and provide a business update today at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. “We are pleased with our progress in the first quarter. We continued to build awareness of Swoop’s tremendous value proposition and installed 11 commercial systems,” said Dave Scott, President and CEO of Hyperfine. “We now have a commercial installed base* of 38 systems and a total, global installed base of 85 systems - and we look forward to continuing to execute our growth plan through 2022 and beyond.” First Quarter 2022 Financial Results Revenues for the first quarter of 2022 were $1.509 million, compared to $0.331 million in the first quarter of 2021.Gross margin for the first quarter of 2022 was $0.084 million, compared to $(0.277) million in the first quarter of 2021.Research and development expenses for the first quarter of 2022 were $8.334 million, compared to $4.474 million in the first quarter of 2021.Sales, general, and administrative expenses for the first quarter of 2022 were $15.521 million, compared to $3.054 million in the first quarter of 2021.Net loss for the first quarter was $23.775 million, equating to a net loss of $0.34 per share, as compared to a net loss of $7.794 million, or a net loss of $4.86 per share, for the same period of the prior year. Swoop Total Installed Base TOTAL INSTALLED UNITS 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Total Commercial systems installations* 4 5 7 4 7 11 38 Grant fulfillment installations — 2 2 4 10 2 20 4 7 9 8 17 13 58 Research units 15 2 2 3 3 2 27 Total Installed Units 19 9 11 11 20 15 85 * The Swoop total installed base consists of three components: Commercial system installations (which make up total revenue), grant fulfillment installations, and research unit installations. The Swoop total installed base (or total installed units) is the number of Swoop devices deployed to hospitals, other healthcare providers, and research institutions. We view the total installed base as a key metric of the growth of our business and is measured from period over period. 2022 Financial Guidance Man...