Hyperfine(HYPR) - 2025 Q1 - Quarterly Results

Hyperfine, Inc. First Quarter 2025 Results The company reports Q1 2025 performance, highlighting strategic shifts, financial results, and updated guidance for the year Business Overview and Management Commentary Hyperfine faces hospital sales delays but expands into neurology offices, expecting growth in H2 2025 - Commercial efforts in the hospital sector continue to face longer and more variable sales cycles[3] - The company is expanding its pipeline with new opportunities in the neurology office setting to diversify revenue[3] - Management expects accelerated growth to begin in the second half of 2025, driven by new market expansion and technology advancements[3] - Upcoming FDA clearances are expected to introduce a new standard in image quality for portable brain MRI[3] Recent Achievements and Business Highlights The company extended its cash runway, submitted its next-gen system to the FDA, and initiated a key clinical study - Completed a reorganization to lower operating costs and raised $6 million, extending the cash runway to the end of 2026[7] - Submitted the next-generation Swoop® system technology to the U.S. FDA for review[7] - Began patient enrollment in the NEURO PMR study to evaluate its portable MRI in neurology offices, with completion expected by the end of Q3 2025[7] - Presented at major industry conferences, including the 2025 International Stroke Conference, to increase exposure[7] First Quarter 2025 Financial Results Q1 2025 revenue declined to $2.1 million, though gross margin remained stable and net loss slightly improved Q1 2025 Financial Performance vs. Q1 2024 | Financial Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $2.1 million | $3.3 million | -36.4% | | Swoop® Systems Sold | 6 | N/A | N/A | | Gross Margin | $0.9 million | $1.3 million | -30.8% | | Gross Margin % | 41.3% | 41.1% | +0.2 p.p. | | R&D Expenses | $5.0 million | $5.6 million | -10.7% | | SG&A Expenses | $6.7 million | $6.4 million | +4.7% | | Net Loss | ($9.4 million) | ($9.8 million) | +4.1% | | Net Loss Per Share | ($0.12) | ($0.14) | +14.3% | 2025 Financial Guidance The company updated its 2025 outlook, projecting 10-20% revenue growth and a significant reduction in cash burn Full Year 2025 Financial Outlook | Guidance Metric | 2025 Expectation | | :--- | :--- | | H1 2025 Revenue | $5 to $6 million | | Full Year 2025 Revenue Growth | 10% to 20% over 2024 | | Full Year 2025 Cash Burn | $25 to $28 million (31% decline YoY at midpoint) | Financial Statements This section presents the detailed consolidated balance sheets, statements of operations, and cash flows for the period Consolidated Balance Sheets The balance sheet shows total assets of $53.4 million and stockholders' equity of $43.1 million as of March 31, 2025 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $33,093 | $37,645 | | Total current assets | $48,403 | $53,710 | | Total assets | $53,377 | $58,901 | | Total current liabilities | $7,979 | $8,729 | | Total liabilities | $10,263 | $9,861 | | Total stockholders' equity | $43,114 | $49,040 | Consolidated Statement of Operations and Comprehensive Loss The company reported a net loss of $9.4 million on $2.1 million in sales for the first quarter of 2025 Q1 Statement of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total sales | $2,137 | $3,295 | | Gross margin | $883 | $1,354 | | Total operating expenses | $11,785 | $12,004 | | Loss from operations | ($10,902) | ($10,650) | | Net loss | ($9,418) | ($9,848) | | Net loss per share | ($0.12) | ($0.14) | Consolidated Statement of Cash Flows Cash used in operations was $9.2 million, with financing activities contributing $5.6 million in Q1 2025 Q1 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($9,249) | ($12,510) | | Net cash used in investing activities | ($472) | ($145) | | Net cash provided by financing activities | $5,582 | $55 | | Net decrease in cash | ($4,139) | ($12,600) | | Cash, cash equivalents and restricted cash, end of period | $33,534 | $63,204 |