Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $5.3 million, up 128% from $2.3 million in Q4 2024 [21] - Full year 2025 revenue was $13.6 million, a 5% increase from $12.9 million in 2024 [22] - Gross profit for Q4 2025 was $2.7 million, up 226% compared to Q4 2024 [22] - Gross margin for Q4 2025 was 50.9%, representing a 1,530 basis points increase from Q4 2024 [23] - Net loss for Q4 2025 was $5.9 million, compared to a net loss of $10.4 million in Q4 2024 [25] - Full year net loss was $35.6 million, down from $40.7 million in 2024 [26] Business Line Data and Key Metrics Changes - Sold 16 units in Q4 2025 compared to 9 units in Q4 2024, indicating increased demand across all business lines [21] - Significant revenue growth in the second half of 2025, generating $8.7 million compared to $4.8 million in the first half [22] - R&D expenses decreased by 25% in Q4 2025 compared to Q4 2024, reflecting a transition to a commercial growth stage [24] Market Data and Key Metrics Changes - FDA clearance for the updated Swoop system in December 2025, enhancing its clinical utility in stroke workflows [6] - Approval of the first-generation Swoop system in India opens a new market opportunity [7] - Positive market feedback on the Swoop system with Optive AI software, indicating readiness for broad adoption [17] Company Strategy and Development Direction - Focus on continuous innovation and market development, with plans for one to two software releases per year [9] - Expansion into neurology offices and international markets as key growth vectors [14][17] - Emphasis on generating clinical and economic evidence to support sales and adoption [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the Swoop system and its unique position in the ultra-low field MRI market [5] - Anticipated revenue growth for 2026 between $20-$22 million, representing a 55% increase at the midpoint [28] - Expected gross margin for 2026 to be in the range of 50%-55% [29] Other Important Information - The company raised over $20 million in equity and $15 million in long-term debt to strengthen its capital position [19][20] - Cash burn for Q4 2025 was $5.7 million, down 30% from Q4 2024 [26] - Cash runway extended into 2028 due to recent financing [30] Q&A Session Summary Question: Key assumptions surrounding 2026 guidance - Management indicated that guidance is tied to growth catalysts across three business verticals, with multi-unit systems and IDNs playing a significant role [35][37] Question: Pipeline status and strength - Management confirmed that the pipeline remains strong and diversified, with multiple IDN deals in progress [41][42] Question: Service revenue trends - Management acknowledged that service revenue was lower in Q4 due to accounting adjustments but expects long-term growth in this area [55]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $5.3 million, up 128% from $2.3 million in Q4 2024 [19] - Full year 2025 revenue was $13.6 million, a 5% increase from $12.9 million in 2024 [21] - Gross profit for Q4 2025 was $2.7 million, up 226% compared to Q4 2024 [21] - Gross margin for Q4 2025 was 50.9%, representing a 1,530 basis points increase from Q4 2024 [22] - Net loss for Q4 2025 was $5.9 million, compared to a net loss of $10.4 million in Q4 2024 [24] - Full year net loss was $35.6 million, down from $40.7 million in 2024 [25] Business Line Data and Key Metrics Changes - The company sold 16 units in Q4 2025 compared to 9 units in Q4 2024, indicating increased demand across all business lines [20] - The introduction of the next-generation Swoop system and Optive AI software has led to significant growth in the second half of 2025 [21][28] Market Data and Key Metrics Changes - The FDA clearance of the updated Swoop software in December 2025 has enhanced the system's capabilities, particularly in stroke workflows [6] - The approval of the first-generation Swoop system in India opens a new market opportunity for the company [7] Company Strategy and Development Direction - The company aims to expand its market presence in neurology offices and international markets, leveraging the strong clinical and economic value of its technology [4][16] - Continuous innovation and the introduction of new software releases are central to the company's strategy for growth [9][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the Swoop system, citing strong market feedback and the potential for broader adoption [5][16] - The company anticipates revenue growth between $20 million and $22 million for 2026, representing a year-over-year growth of approximately 55% [27] Other Important Information - The company has strengthened its capital position by raising over $20 million in equity and $15 million in debt, extending its cash runway into 2028 [18][26] - The company is focused on reducing cash burn, which was down 30% in Q4 2025 compared to the previous year [25][26] Q&A Session Summary Question: Key assumptions surrounding 2026 guidance - Management indicated that the guidance is based on growth catalysts across three business verticals, with expectations for progressive strengthening of revenue throughout 2026 [33][35] Question: Pipeline status and multi-unit orders - Management confirmed that the pipeline remains strong and diversified, with several IDN deals in progress, although larger deals may take longer to finalize due to budget cycles [40][41] Question: Service revenue trends - Management acknowledged that service revenue was lower in Q4 due to accounting adjustments related to core technology upgrades, but expects growth in the long term [53][54]

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 ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $2.7 million, representing a 26% sequential increase, driven by the sale of eight systems [5][25] - Gross profit for Q2 2025 was $1.3 million, with a gross margin of 49.3%, an increase of 800 basis points sequentially [27] - Net loss for Q2 2025 was $9.2 million, equating to a net loss of $0.12 per share, consistent with the previous quarter [28] - Cash burn excluding financing decreased by 19% sequentially to $8.1 million [28] Business Line Data and Key Metrics Changes - The company sold eight units in Q2 2025, including its first next-generation subsystem, with a strong average selling price [5][25] - The new subsystem has a manufacturer’s suggested retail price (MSRP) of $550,000, approximately a 15% premium to the prior version [15] - The company is focused on expanding its sales in U.S. hospitals, office settings, and international markets [10][14] Market Data and Key Metrics Changes - The total market opportunity for the company's technology exceeds $6 billion, with a proprietary position as a first mover [9] - The company has begun rolling out its Optive AI software to its installed base, enhancing image quality significantly [7][10] - The company is actively engaged in international markets, with software now available in Canada, Australia, and New Zealand, and plans to launch in Europe by the end of 2025 [22] Company Strategy and Development Direction - The company aims to launch one new product every six months, having received FDA clearance for two major technologies ahead of schedule [6][9] - The next-generation subsystem and Optive AI software are seen as key pillars for future growth, with a focus on driving adoption across multiple care settings [12][14] - The company is transitioning from pilot programs to full launches in office settings, targeting neurology practices specifically [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong revenue growth in the second half of 2025, driven by multiple product launches and increased traction in various markets [23][30] - The company anticipates a sequential revenue increase of 50% in Q3 compared to Q2, with expectations for continued margin expansion [30][31] - Management highlighted the importance of cash burn reduction and disciplined spending as key focuses moving forward [28][29] Other Important Information - The company completed its office pilot program and is now launching its next-generation subsystem in the office setting [6][19] - The PRIME study at Yale School of Medicine is evaluating the potential of AI-powered portable MRI technology in emergency departments [18][19] - The company has seen a positive market response to its new products, with significant interest from clinicians [14][40] Q&A Session Summary Question: Guidance for 2025 revenue - Management maintained the full-year 2025 revenue guidance, indicating a significant step up in the second half, with Q3 expected to show a 50% increase over Q2 [37][38] Question: Next-gen SWOOP launch expectations - Management discussed the incremental revenue contributions from new system placements and upgrades, emphasizing a focus on new system sales [41][42] Question: Funnel interest and system placements - Management confirmed a focus on managing separate funnels for hospital and office opportunities, with expectations for increased placements in the second half [56][59] Question: ASP increases and international business impact - Management noted that ASP increases were driven by a favorable sales mix and higher MSRP for new technology, with expectations for continued growth [68][70] Question: Use cases for patients with neuro implants - Management highlighted the safety profile of the low-field strength system, which is favorable for patients with magnetic implants [73][74]

Product & Technology - Hyperfine launched the next-generation Swoop system with Optive AI software in mid-2025, which is the first FDA-cleared, AI-powered portable MR brain imaging system[4,74] - The Swoop system is designed to improve brain health globally by expanding brain MR imaging to multiple healthcare settings[4,10] - The new Swoop system powered by Optive AI software brings image quality closer to conventional 1.5T MRI[40,75] Market Opportunity & Growth Strategy - The company estimates a total addressable market (TAM) exceeding $6 billion, potentially expanding to over $16 billion with new sites of care[4,19] - Hyperfine has an installed base of over 180 Swoop systems globally as of June 2025[60] - The company's growth strategy focuses on expanding to new sites of care, including emergency departments, clinics, and neurology offices, as well as geographic expansion[74] Financial Performance - Hyperfine anticipates revenue between $27 million and $29 million for FY25, with gross margins between 47% and 50%[71] - The company projects a 10-20% year-over-year revenue growth for 2025[68] - Hyperfine had $25.4 million in cash and cash equivalents as of June 30, 2025, with a cash runway expected to last until the end of 2026[71]