Hyperfine, Inc. reports Q4 and full year 2023 financial results

Hyperfine, Inc. announced fourth quarter and full year 2023 financial results and provided a business update.

“I am pleased with our strong growth in 2023. We continued to drive adoption in our beachhead markets of critical care and pediatrics, and we made significant progress to expand our use cases through clinical evidence and innovation,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. “We remain focused on our 3 strategic pillars in 2024; our technology has been highlighted at several medical conferences, we are selling systems into new flagship institutions, and we have mobilized to build a robust program supporting Swoop’s utility in Alzheimer’s disease.”

Fourth quarter 2023 financial results

• Revenues for the fourth quarter of 2023 were $2.69 million, up 89%, compared to $1.42 million in the fourth quarter of 2022.
• Hyperfine, Inc. sold seven commercial Swoop® systems in the fourth quarter of 2023.
• Gross margin for the fourth quarter of 2023 was $1.03 million, compared to $0.30 million in the fourth quarter of 2022.
• Research and development expenses for the fourth quarter of 2023 were $5.96 million, compared to $5.22 million in the fourth quarter of 2022.
• Sales, marketing, general, and administrative expenses for the fourth quarter of 2023 were $6.70 million, compared to $8.71 million in the fourth quarter of 2022.
• Net loss for the fourth quarter of 2023 was $10.68 million, equating to a net loss of $0.15 per share, as compared to a net loss of $13.06 million, or a net loss of $0.19 per share, for the fourth quarter of 2022.

Full year 2023 financial results

• Revenues for the full year 2023 were $11.03 million, up 62%, compared to $6.81 million in 2022.
• Hyperfine, Inc. sold 37 commercial Swoop® systems in 2023.
• Gross margin for the full year 2023 was $4.76 million, compared to $0.91 million in 2022.
• Research and development expenses for the full year 2023 were $22.49 million, compared to $28.16 million in 2022.
• Sales, marketing, general, and administrative expenses for the full year 2023 were $30.38 million, compared to $46.63 million in 2022.
• Net loss for the full year 2023 was $44.24 million, equating to a net loss of $0.62 per share, as compared to a net loss of $73.16 million, or a net loss of $1.04 per share, for the prior year.
• Cash and cash equivalents totaled $75.18 million as of December 31, 2023.

2024 financial guidance

• Management expects revenue for the full year 2024 to be $12 to $15 million. Management expects revenue for the first quarter 2024 to be over $3 million.
• Management expects cash burn for the full year 2024 to be approximately $40 million.

MB Bureau