The Swoop® Portable MR Imaging System is Driving the Future of Brain Health Corporate Investor Deck – December 2025 The Hyperfine logo, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc. The Swoop logo is a trademark of Hyperfine, Inc. PROPERTY OF HYPERFINE. ©2025. All rights reserved. Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual re ...

Core Points - Hyperfine, Inc. will present at the Piper Sandler 37th Annual Healthcare Conference on December 4th at 8:10 AM ET [1][12] - The company is known for its Swoop® system, the first FDA-cleared AI-powered portable MRI for brain imaging [1][4] Company Overview - Hyperfine, Inc. is a health technology company focused on revolutionizing brain imaging with its portable, ultra-low-field MRI system [4] - The Swoop® system is designed for brain imaging across all ages and provides clinically relevant diagnostic imaging [3][4] - Founded by Dr. Jonathan Rothberg, the company aims to make diagnostic imaging more accessible globally [4] Upcoming Events - A live audio webcast of the conference presentation will be available on Hyperfine's investor page [2] - Management will also conduct in-person meetings during the conference [2]

Core Points - A $3.7 million grant has been awarded to support the expanded use of portable MRI technology [1] - The initiative aims to evaluate brain development and guide targeted health interventions specifically in underserved communities [1] Summary by Category Funding and Investment - The grant amount is $3.7 million, which will facilitate the broader application of portable MRI technology [1] Technology and Innovation - The focus is on portable MRI systems, which are intended to enhance the evaluation of brain development [1] Health and Community Impact - The project targets underserved communities, aiming to provide tailored health interventions based on MRI evaluations [1]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $3.4 million, representing a 27% sequential increase, with gross margins expanding to nearly 54% [4][18] - Gross profit for Q3 2025 was $1.8 million, with a gross margin of 53.8%, a 450 basis point increase sequentially [19] - Net loss for Q3 2025 was $11.0 million, equating to a net loss of $0.14 per share, compared to a net loss of $9.2 million or $0.12 per share in the previous quarter [20] - Cash burn excluding financing was $5.9 million, down 27% sequentially [20] Business Line Data and Key Metrics Changes - The company launched its next-generation subsystem and Optiv AI software, which contributed to a record average selling price of $361,000 [4] - In the hospital vertical, the new subsystem's MSRP is $550,000, a 15% premium to the prior version, leading to significant average selling price uplift [10] - The office vertical commenced a full commercial launch, with a focus on neurology offices, which represent a large and diversified market opportunity [15] Market Data and Key Metrics Changes - The company received CE mark and UKCA mark approvals for Optiv AI software, expecting to launch in 10 different European languages by the end of the year [17] - The international strategy includes plans to launch in India, with anticipated regulatory approval before the end of the year [17] Company Strategy and Development Direction - The company aims to diversify into multiple sites of care inside and outside hospitals, with a focus on commercial rollout and operational leverage [5][23] - The strategy includes generating evidence for clinical relevance and expanding into emergency rooms and operating rooms [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's path ahead, highlighting strong market interest and demand for the next-generation system [6][18] - The company anticipates significant revenue growth in Q4 2025, with guidance of approximately $5-$6 million, representing a 60% sequential and 137% year-over-year growth [21][22] Other Important Information - The company raised over $20 million in October to extend its cash runway into the second half of 2027 [4][21] - The company is focused on reducing cash burn while balancing the needs of ongoing commercial launches [20][22] Q&A Session Summary Question: Composition of the backlog and support for Q4 guidance - Management indicated that the pipeline has evolved with three independent pipelines for U.S. hospital deals, U.S. office deals, and international business, contributing to a robust backlog [24][25] Question: Market penetration in neurology offices and international expansion - Management noted an active pipeline in neurology offices and highlighted the importance of segmentation in targeting different practice sizes, while international deals may take longer due to procurement processes [30][34]

Hyperfine Overview - Hyperfine's Swoop system is the first FDA-cleared, AI-powered portable MR brain imaging system, targeting a market opportunity exceeding $6 billion[4, 74] - The company's growth strategy is supported by the launch of the next-generation Swoop system and Optive AI software, which enhances image quality for ultra-low field MRI[4] - Hyperfine has secured approximately 200 patents related to its proprietary technology[9] Market and Expansion - The company is targeting expansion across multiple sites of care, including inpatient, outpatient, and community settings, with a total addressable market (TAM) potentially exceeding $16 billion[8] - Hyperfine has an installed base of over 190 Swoop systems globally[52] - The company estimates a potential US Swoop system revenue of $100 million for every 1.5% market penetration[54] Financial Performance - Q3 2025 revenue reached $3.4 million, representing a 27% sequential increase[58] - The effective average selling price (ASP) for the Swoop system in Q3 2025 was approximately $360,000[58] - Cash burn decreased to $5.9 million in Q3 2025, a 27% reduction compared to the previous quarter[59]

Financial Performance - Total revenues for the three and nine months ended September 30, 2025, were $3.4 million and $8.3 million, respectively, compared to $3.6 million and $10.6 million for the same periods in 2024, reflecting a decrease of 5.7% and 21.8%[114] - The net loss for the three months ended September 30, 2025, was $11.0 million, a 6.7% increase from the net loss of $10.3 million in the same period of 2024[121] - The company reported a net loss of $29.9 million for the nine months ended September 30, 2025, with an accumulated deficit of $324.3 million[141] - For the nine months ended September 30, 2025, the net cash used in operating activities was $22.7 million, primarily due to a net loss of $29.7 million[154] - The company reported a net cash used in operating activities of $30.4 million for the nine months ended September 30, 2024, due to a net loss of $30.3 million[155] Sales and Market Performance - Total Swoop® system units sold were 8 units and 22 units for the three and nine months ended September 30, 2025, down from 13 units and 39 units in the same periods of 2024, indicating a decline of 38.5% and 43.6%[114] - Device sales decreased by $142 thousand, or 4.7%, for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in units sold[122] - Total sales decreased by $206 thousand, or 5.7%, for the three months ended September 30, 2025, with total sales for the nine months down by $2.3 million, or 21.8%[122] Research and Development - Research and development expenses decreased by 31.0% to $4.0 million for the three months ended September 30, 2025, compared to $5.9 million in 2024[121] - Research and development expenses decreased by $1.8 million, or 31.0%, for the three months ended September 30, 2025, and by $3.8 million, or 21.7%, for the nine months[129] Operating Expenses - Operating expenses decreased by 16.3% to $10.8 million for the three months ended September 30, 2025, compared to $12.9 million in 2024[121] - General and administrative expenses decreased by $358 thousand, or 7.9%, for the three months ended September 30, 2025, and by $1.1 million, or 8.5%, for the nine months[131] - Sales and marketing expenses increased by $72 thousand, or 2.9%, for the three months ended September 30, 2025, and by $862 thousand, or 12.7%, for the nine months[133] Cash Flow and Financing - As of September 30, 2025, the company had cash and cash equivalents of $21.6 million, indicating ongoing negative cash flows from operations[141] - The company raised gross proceeds of $20.1 million from the October 2025 Offering, including $17.5 million from the initial offering and $2.6 million from the exercise of the Underwriter Option[147] - The net cash provided by financing activities for the nine months ended September 30, 2025, was $8.2 million, mainly from the February 2025 Offering and sales under the Sales Agreement[158] - The company experienced a net decrease in cash, cash equivalents, and restricted cash of $15.6 million for the nine months ended September 30, 2025[153] - The company plans to use cash for product development, commercial expansion, and general corporate purposes[149] Product Development and Market Expansion - The Swoop® system received 510(k) clearance for its tenth-generation AI-powered software, Optive AI™, in May 2025, which enhances image processing and reduces scan times without compromising quality[110] - The company is focusing on expanding its commercialization efforts beyond critical care to include emergency departments and neurology clinics, supported by the launch of the next-generation Swoop® system[117] - The Swoop® system has received marketing authorization in several countries, including the EU, UK, Canada, Australia, and New Zealand, facilitating international market expansion[112] Grants and Funding - The company received $4.9 million in grants from the Bill and Melinda Gates Foundation to deploy the Swoop® system in low-middle income settings, with an additional $3.4 million grant awarded in May 2023[119] Interest and Currency Exposure - Interest income decreased by $398 thousand, or 68.0%, for the three months ended September 30, 2025, and by $1.3 million, or 63.9%, for the nine months[135] - The company does not have significant exposure to foreign currencies, as most transactions are executed in U.S. dollars[171]

Financial Estimates - Estimated total revenue for Q3 2025 is approximately $3.4 million[4] - Estimated cash and cash equivalents as of September 30, 2025, are approximately $21.6 million[4] Product Development and Rollout - Successful commercial rollout of the next generation Swoop® system powered by Optive AITM software, with strong traction building[9] - Entirety of the Company's U.S. hospital pipeline converted to next generation Swoop® systems[9] - Next generation Swoop® systems placed across all key hospital sites of care, including Adult Critical Care, Pediatric Critical Care, and Emergency Department[9] - Initiated full-scale commercial launch in office settings to unlock new revenue opportunities[9] - Commenced commercial rollout of Optive AITM software to installed base of Swoop® scanners in the U.S., Canada, Australia, and New Zealand markets[9]

Core Insights - Several small-cap healthcare and biotech companies experienced significant price increases in after-hours trading following earnings updates or upcoming financial disclosures [1] Company Summaries - MacroGenics, Inc. (MGNX) saw a 10.2% rise to $1.62 after hours, recovering from a 3.29% decline during the regular session. The company reported a third-quarter net income of $16.8 million, or $0.27 per share, down from $56.3 million, or $0.90 per share, year-over-year. Revenue fell to $72.8 million from $110.7 million [2] - SELLAS Life Sciences Group, Inc. (SLS) advanced 9.4% to $1.63 in after-hours trading. The company narrowed its quarterly net loss to $6.8 million, or $0.06 per share, compared to $7.1 million, or $0.10 per share, in the prior-year quarter. As of September 30, 2025, SELLAS reported cash and equivalents of approximately $44.3 million [3] - Standard BioTools Inc. (LAB) increased by 4.24% to $1.23 after hours, despite no official press releases or updates on Wednesday. The stock had closed slightly lower during the regular session [4] - KORU Medical Systems, Inc. (KRMD) gained 8.47% to $4.10 after hours, following a 1.34% increase earlier in the day. The company reported a narrower net loss of $0.8 million for the third quarter, compared to $1.6 million in the prior-year period. Revenue rose 27.2% to $10.4 million. KORU also raised its full-year revenue guidance to a range of $40.5 million - $41.0 million and reaffirmed its gross margin outlook of 61%-63% [5] - Hyperfine, Inc. (HYPR) climbed 8.18% to $1.19 after hours. No new announcements were made on Wednesday, but the company is scheduled to release its third-quarter results on Thursday, with analysts anticipating a loss of $0.10 per share and revenue of $3.52 million [6] - Wave Life Sciences Ltd. (WVE) added 5.68% to reach $7.35 in after-hours trading. The company reported a third-quarter net loss of $53.9 million, an improvement from $61.8 million in the prior-year quarter. Revenue for the period was $7.6 million, compared to a negative revenue figure of ($7.7) million last year [7]

Core Insights - Hyperfine has launched a study to evaluate the use of its Swoop® System in neurosurgical operating rooms, aiming to enhance the accessibility of brain MRI across various healthcare settings [1] Company Summary - The Swoop® System is designed to provide portable MRI capabilities, which could significantly improve the availability of brain imaging in surgical environments [1] Industry Summary - The initiative reflects a growing trend in the healthcare industry towards making advanced imaging technologies more accessible, particularly in critical care and surgical settings [1]

Market Overview - U.S. stock futures were higher, with Dow futures gaining over 100 points on Thursday [1] Company-Specific Movements - Satellogic Inc. (NASDAQ:SATL) shares fell 13.1% to $3.60 in pre-market trading following a proposed public offering [1] - American Battery Technology Company (NASDAQ:ABAT) shares dipped 23.9% to $6.81 after the DOE terminated its grant [3] - Hyperfine, Inc. (NASDAQ:HYPR) shares decreased 14.1% to $1.89 after reporting preliminary third-quarter revenue results below estimates and announcing a proposed public offering [3] - Omeros Corporation (NASDAQ:OMER) shares declined 9.2% to $9.45 after a significant 154% jump on Wednesday due to Novo Nordisk acquiring its global rights to Zaltenibart [3] - Hewlett Packard Enterprise Company (NYSE:HPE) tumbled 8.6% to $22.85 despite reporting record revenue driven by AI demand, as restructuring costs compressed profit margins [3] - NIO Inc. (NYSE:NIO) fell 8.5% to $6.24 in pre-market trading [3] - Inventiva S.A. (NASDAQ:IVA) declined 7.5% to $5.06 after a 10% gain on Wednesday [3] - Bitfarms Ltd. (NASDAQ:BITF) fell 4.6% to $6.17 after announcing a $300 million convertible senior notes offering [3] - Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.8% to $53.66 amid concerns over leadership commitment after the CEO sold all shares following an options exercise [3] - Datavault AI Inc. (NASDAQ:DVLT) slipped 4.8% to $2.00 in pre-market trading [3]