Hyperfine Reports $2.1 Million Revenue Decline and $9.4 Million Net Loss in Q1 2025

Hyperfine, Inc. reported a total revenue of $2.1 million for the first quarter of 2025, a decline of 35.1% compared to $3.3 million in the same period of 2024. The decrease was primarily attributed to a significant drop in device sales, which fell by 43.7% to $1.5 million, while service revenue saw a modest increase of 4.1% to $615,000. The company recorded a net loss of $9.4 million, slightly improved from a loss of $9.8 million in the prior year, resulting in a net loss per share of $0.12, compared to $0.14 in the previous year.

In terms of operational metrics, Hyperfine sold six units of its Swoop® Portable MR Imaging® System during the first quarter of 2025, down from 13 units sold in the same quarter of 2024. The company’s gross margin also decreased to $883,000, down 34.8% from $1.4 million a year earlier. Operating expenses were reduced to $11.8 million from $12.0 million, with notable decreases in research and development and general administrative costs, although sales and marketing expenses increased by 26.7% to $2.5 million.

Strategically, Hyperfine has been focusing on expanding its market presence and enhancing its product offerings. The company received FDA clearance for its ninth-generation AI-powered Swoop® system software in July 2024, which significantly reduces scan times without compromising image quality. Additionally, Hyperfine has been actively pursuing international markets, having received regulatory approvals in Canada, the European Union, the United Kingdom, Australia, and New Zealand. The company is also leveraging grant funding from the Bill and Melinda Gates Foundation to deploy its technology in low- and middle-income countries.

As of March 31, 2025, Hyperfine had cash and cash equivalents totaling $33.1 million, down from $37.6 million at the end of 2024. The company has been utilizing its cash reserves to fund ongoing research and development, as well as sales and marketing efforts. Hyperfine anticipates continued cash burn and net losses in the near future as it invests in product development and market expansion. The company has filed a shelf registration statement to raise up to $150 million, which it may use to support its operations and growth initiatives. Looking ahead, Hyperfine aims to enhance its product adoption and expand its market share, while navigating the challenges posed by market conditions and competition.