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Hyperfine, Inc. reports first quarter 2024 financial results

Hyperfine, Inc. announced first quarter 2024 financial results and provided a business update.

“We have kicked off 2024 strong. I am pleased with our commercial progress shown by sales across US and international accounts, as well as the important milestones we hit in Q1 by commencing CARE PMR study enrollment in Alzheimer’s and launching our 8th generation AI-powered software,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. “Commercialization, Clinical Evidence, and Innovation remain our three value drivers. In Q1, we demonstrated that our team is capable of delivering on all three and doing so with strong spending discipline.”

First quarter 2024 financial results

  • Revenues for the first quarter of 2024 were $3.30 million, up 25%, compared to $2.64 million in the first quarter of 2023.
  • Hyperfine, Inc. sold 13 commercial Swoop® systems in the first quarter of 2024.
  • Gross margin for the first quarter of 2024 was $1.35 million, compared to $1.16 million in the first quarter of 2023.
  • Research and development expenses for the first quarter of 2024 were $5.57 million, compared to $5.46 million in the first quarter of 2023.
  • Sales, marketing, general, and administrative expenses for the first quarter of 2024 were $6.43 million, compared to $8.73 million in the first quarter of 2023.
  • Net loss for the first quarter of 2024 was $9.85 million, equating to a net loss of $0.14 per share, as compared to a net loss of $12.16 million, or a net loss of $0.17 per share, for the first quarter of 2023.

2024 financial guidance

  • Management expects revenue for the full year 2024 to be $12 to $15 million.
  • Management expects cash burn for the full year 2024 to be approximately $40 million.

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