Hyperfine, Inc. Reports Third Quarter 2025 Financial Results
GUILFORD, Conn.--( BUSINESS WIRE)--Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared AI-powered portable magnetic resonance (MR) brain imaging system—the Swoop® system—today announced third quarter 2025 financial results and provided a business update.
“In the third quarter, we began to reap the benefits of two key growth catalysts with the launches of our next generation Swoop® system and Optive AI TM software and our entrance into the neurology office market. Feedback from the first 100 days following the launch of our next generation Swoop® system bolsters our belief that this system will drive broad-based adoption of our portable Swoop® system across multiple sites of care, diversifying and accelerating our growth and improving our financial performance,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc.
Recent Achievements and Business Highlights
Third Quarter 2025 Financial Results
2025 Financial Guidance
Conference Call
Hyperfine, Inc. will host a conference call at 1:30 p.m. PT/ 4:30 p.m. ET on Thursday, November 13, 2025, to discuss its third quarter 2025 financial results and provide a business update. Those interested in listening should register online by visiting https://investors.hyperfine.io/ and clicking on News & Events. Participants are encouraged to register more than 15 minutes before the start of the call. A live and archived audio webcast will be available through the Investors page of Hyperfine, Inc.’s corporate website at https://investors.hyperfine.io/.
About Hyperfine, Inc. and the Swoop® Portable MR Imaging® Systems
Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first U.S. Food and Drug Administration (FDA)-cleared, portable, ultra-low-field, magnetic resonance brain imaging system capable of providing imaging at multiple points of professional care. The mission of Hyperfine, Inc. is to revolutionize patient care globally through transformational, accessible, clinically relevant diagnostic imaging. Founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer, Hyperfine, Inc. scientists, engineers, and physicists developed the Swoop® system out of a passion for redefining brain imaging methodology and how clinicians can apply accessible diagnostic imaging to patient care. For more information, visit hyperfine.io.
The Swoop® Portable MR Imaging® systems are FDA cleared for brain imaging of patients of all ages. They are portable, ultra-low-field magnetic resonance imaging devices for producing images that display the internal structure of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. The Swoop® system also has CE Mark in the European Union and UKCA Mark in the United Kingdom. The Swoop® system is commercially available in a select number of international markets.
Hyperfine, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations about the Company’s financial and operating results, including, the Company’s expected revenue and cash burn for the fourth quarter and full year 2025, the Company’s goals and commercial plans, including the Company’s commercial rollout of the Company’s Optive AI TM software and next generation Swoop® system, the Company’s office pilot and commercial launch, the benefits of the Company’s products and services, progress on improvements and advancements in the Company’s products and services, and the Company’s future performance, including its financial performance, and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop® system is accepted and used by healthcare professionals; the Company’s ability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the ability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the ability of the Company to identify, in-license or acquire additional technology; the ability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; anticipated National Institutes of Health funding pressures; the expected effect from U.S. export controls and tariffs; the ability of the Company to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using the Company’s products and services; the Company’s ability to successfully complete and generate positive data from the PRIME study, ACTION PMR study, CARE PMR study and NEURO PMR study; the Company’s ability to generate clinical evidence of the benefits of the Company’s products and services and to progress on product advancements and improvements; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including those under “Risk Factors” therein. The Company cautions readers that the foregoing list of factors is not exclusive and that readers should not place undue reliance upon any forward-looking statements which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
HYPERFINE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)
September 30,
2025
December 31,
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
21,564
$
37,645
Restricted cash
466
28
Accounts receivable, less allowance of $1,163 and $651 as of September 30, 2025 and December 31, 2024, respectively
4,886
5,956
Unbilled receivables
1,423
2,349
Inventory
5,838
5,832
Prepaid expenses and other current assets
2,726
1,900
Total current assets
36,903
53,710
Property and equipment, net
2,745
3,122
Other long term assets
1,863
2,069
Total assets
$
41,511
$
58,901
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
3,710
$
1,607
Deferred grant funding
466
28
Deferred revenue
1,435
1,460
Due to related parties
45
61
Accrued expenses and other current liabilities
4,512
5,573
Total current liabilities
10,168
8,729
Warrant liabilities
3,497
—
Long term deferred revenue
974
1,054
Other noncurrent liabilities
—
78
Total liabilities
14,639
9,861
STOCKHOLDERS' EQUITY
Class A Common stock, $0.0001 par value per share; 600,000,000 shares authorized; 65,429,923 and 58,076,261 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
6
5
Class B Common stock, $0.0001 par value per share; 27,000,000 shares authorized; 15,055,288 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
2
2
Additional paid-in capital
350,968
343,475
Accumulated deficit
(324,104
)
(294,442
)
Total stockholders' equity
26,872
49,040
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
41,511
$
58,901
HYPERFINE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Sales
Device
$
2,891
$
3,033
$
6,541
$
8,707
Service
546
610
1,729
1,862
Total sales
3,437
3,643
8,270
10,569
Cost of sales
Device
1,328
1,359
3,410
4,280
Service
261
376
801
1,224
Total cost of sales
1,589
1,735
4,211
5,504
Gross margin
1,848
1,908
4,059
5,065
Operating Expenses:
Research and development
4,048
5,865
13,626
17,394
General and administrative
4,152
4,510
12,219
13,361
Sales and marketing
2,568
2,496
7,631
6,769
Total operating expenses
10,768
12,871
33,476
37,524
Loss from operations
(8,920
)
(10,963
)
(29,417
)
(32,459
)
Interest income
187
585
743
2,056
Change in Fair Value of Warrant Liabilities
(2,303
)
—
(639
)
—
Other income (expense), net
17
52
(349
)
73
Loss before provision for income taxes
(11,019
)
(10,326
)
(29,662
)
(30,330
)
Provision for income taxes
—
—
—
—
Net loss and comprehensive loss
$
(11,019
)
$
(10,326
)
$
(29,662
)
$
(30,330
)
Net loss per common share attributable to common stockholders, basic and diluted
$
(0.14
)
$
(0.14
)
$
(0.38
)
$
(0.42
)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
79,028,987
72,678,622
77,613,306
72,219,681
HYPERFINE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended
September 30,
2025
2024
Cash flows from operating activities:
Net loss
$
(29,662
)
$
(30,330
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
809
775
Stock-based compensation expense
2,109
3,308
Loss on disposal of property and equipment, net
120
156
Change in fair value of warrant liabilities
639
—
Other
22
6
Changes in assets and liabilities:
Accounts receivable, net
1,070
(3,611
)
Unbilled receivables
926
(1,322
)
Inventory
(221
)
(579
)
Prepaid expenses and other current assets
(802
)
(324
)
Prepaid inventory
—
693
Other long term assets
51
(9
)
Accounts payable
2,112
193
Deferred grant funding
438
(402
)
Deferred revenue
(105
)
97
Due to related parties
(16
)
(8
)
Accrued expenses and other current liabilities
(221
)
949
Operating lease liabilities, net
(10
)
(2
)
Net cash used in operating activities
(22,741
)
(30,410
)
Cash flows from investing activities:
Purchases of property and equipment
(1,122
)
(375
)
Net cash used in investing activities
(1,122
)
(375
)
Cash flows from financing activities:
Proceeds from exercise of stock options
130
160
Proceeds from shares issued under “at-the-market” offering program, net of selling costs
2,906
805
Proceeds from issuance of common stock and warrants, net of offering costs
5,184
—
Net cash provided by financing activities
8,220
965
Net decrease in cash and cash equivalents and restricted cash
(15,643
)
(29,820
)
Cash, cash equivalents and restricted cash, beginning of period
37,673
75,804
Cash, cash equivalents and restricted cash, end of period
22,030
45,984
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets
Cash and cash equivalents
21,564
45,765
Restricted cash
466
219
Total cash, cash equivalents and restricted cash
$
22,030
$
45,984
Supplemental disclosure of noncash information:
Initial measurement of warrant liabilities
$
2,858
$
—
Unpaid purchase of property and equipment
$
5
$
571