Business
Hyperfine Reports Third Quarter 2022 Financial Results
GUILFORD, CONNECTICUT, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Hyperfine, Inc. (Nasdaq: HYPR), the creator of Swoop®, the world's first FDA-cleared portable MRI
About this update from Hyperfine, Inc.
[{"type":"text","content":"GUILFORD, CONNECTICUT, Nov. 10, 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 September 30, 2022 and provided a business update. Management will host a corresponding conference call today at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. “We continue to build awareness of Swoop’s immense value proposition, deepen our customer relationships, and drive adoption in new hospitals. We are also exercising rigorous financial discipline while prioritizing investments in R&D to optimize our software and A.I. capabilities to best meet the clinical uses we are pursuing,” said Maria Sainz, President and CEO of Hyperfine. “We are pleased to have placed 10 commercial systems in the third quarter and are continuing to build our pipeline into year-end and beyond.” Third Quarter 2022 Financial Results Revenues for the third quarter of 2022 were $2.348 million, compared to $0.371 million in the third quarter of 2021.Gross margin for the third quarter of 2022 was $0.688 million, compared to $(0.338) million in the third quarter of 2021.Research and development expenses for the third quarter of 2022 were $7.338 million, compared to $6.438 million in the third quarter of 2021.Sales, marketing, general, and administrative expenses for the third quarter of 2022 were $6.632 million, compared to $9.614 million in the third quarter of 2021.Net loss for the third quarter was $13.171 million, equating to a net loss of $0.19 per share, as compared to a net loss of $16.392 million, or a net loss of $8.66 per share, for the third quarter of 2021. Nine Months Financial Results Revenues for the nine months ended September 30, 2022 were $5.390 million, compared to $1.060 million in the nine months ended September 30, 2021.Gross margin for the nine months ended September 30, 2022 was $0.607 million, compared to $(0.714) million in the nine months ended September 30, 2021.Research and development expenses for the nine months ended September 30, 2022 were $22.937 million, compared to $16.949 million in the nine months ended September 30, 2021.Sales, marketing, general, and administrative expenses for the nine months ended September 30, 2022 were $37.915 million, compared to $21.118 million in the nine months ended September ...