NASDAQ:HYPR Hyperfine Q3 2023 Earnings Report $0.67 -0.02 (-2.72%) Closing price 05/5/2025 03:59 PM EasternExtended Trading$0.71 +0.04 (+6.06%) As of 04:06 AM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Hyperfine EPS ResultsActual EPS-$0.15Consensus EPS -$0.15Beat/MissMet ExpectationsOne Year Ago EPSN/AHyperfine Revenue ResultsActual Revenue$2.33 millionExpected Revenue$3.00 millionBeat/MissMissed by -$670.00 thousandYoY Revenue GrowthN/AHyperfine Announcement DetailsQuarterQ3 2023Date11/9/2023TimeN/AConference Call DateThursday, November 9, 2023Conference Call Time4:30PM ETUpcoming EarningsHyperfine's Q1 2025 earnings is scheduled for Tuesday, May 13, 2025, with a conference call scheduled at 4:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by Hyperfine Q3 2023 Earnings Call TranscriptProvided by QuartrNovember 9, 2023 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Afternoon, and welcome to Hyperfine's Third Quarter 2023 Earnings Conference Call. Currently, all participants are in a listen only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Weiss from Gilmartin Group for introductory disclosures. Speaker 100:00:26Great. Thank you for joining today's call. Earlier today, Hyperfine Inc. Released financial results Before we begin, I'd like to remind you that management will make statements during this call that include forward looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward looking statements. Speaker 100:01:06All forward looking statements, including without limitation, those relating to our operating trends and future financial performance, expense management, Expectations for hiring, training and adoption, growth in our organization, market opportunity, commercial and international expansion, regulatory approvals and product development are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties It could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our latest periodic filing with This conference call contains time sensitive information and is accurate only as of the live broadcast Today, November 9, 2023, Hyperfine, Inc. Disclaims any intention or obligation, except as required by law, To update or revise any financial projections or forward looking statements, whether because of new information, future events or otherwise. Speaker 100:02:15With that, I will turn the call over to Maria Faines, President and Chief Executive Officer. Speaker 200:02:22Good afternoon, and thank you all for joining us. On the call with me today is our Chief Administrative Officer and Chief Financial Officer, Brett Hale. In the Q3, we saw the benefits of our focus in the U. S. And the realization of our new pricing model, resulting in an improvement in the financial profile of our business. Speaker 200:02:44We achieved revenue of $2,300,000 flat compared to the same period last year and up 55% year to date. We sold 6 subsystems predominantly U. S. Direct sales driving record average selling price and gross margin. As we have mentioned in the past, commercializing ultra low field MR brain imaging requires us to develop a new capital equipment imaging market. Speaker 200:03:13Our technology makes brain imaging possible at multiple sites of care from critical care units to neurology offices Anytime a patient can benefit. We are still learning the dynamics of the selling cycle and advancing through many firsts. With every deal being somewhat unique, considering our customers are early adopters of this new imaging paradigm. This involves adoption of new technology and new workflows. We also continue to closely manage our Cash used with controlled spending while investing in our 3 strategic pillars: innovation, clinical evidence and commercialization. Speaker 200:03:55Exiting the Q3, I'm very proud of the execution of the team, transforming our financial profile and laying a strong foundation for the future of our business. Innovation continues to be an area of great focus as we pursue development projects across all elements of the Sault system. In addition to our many year to date improvements, we have a strong cadence of enhancements in hardware and AI powered software plans To further advance the image quality, clinical utility and application of ultra low field MRI. On our last call, we mentioned our plan to launch another software upgrade by early 2024. Today, I am pleased to share that we have already received FDA clearance for this software update and plan to launch it before the end of the year, a couple of months ahead of schedule. Speaker 200:04:49This is our 8th FDA clearance since our initial system launch in 2020. It includes proprietary AI and deep Learning algorithms in the DWI sequence, adding significant value to the clinical utility of our platform. This expands our AI denoising capabilities by incorporating advanced image post processing into the DWI sequence. The system's other sequences, T1, T2 and Flare previously benefited from this AI feature. Denoising enables a CRISPR image that potentially helps clinicians more accurately diagnose, Further treat and monitor patients undergoing brain imaging. Speaker 200:05:37As we move forward, we are continuously investing in improving our AI powered As a reminder, the process of launching software updates is straightforward for our team and customers, with most U. S. Commercial systems operating app connected site, where the new updates are downloaded remotely without the need for field team or technician intervention. We look forward to updating you on our innovation roadmap for 2024 on our next call. Now turning to clinical evidence, I would like to update you on the work we are doing on different studies across the breadth of current and future applications for our platform technology. Speaker 200:06:29We continue to collaborate with leading U. S. And international institutions on multiple scientific Relevant to our Beachhead use case today, imaging patients in critical care, I'm excited to share The data from the SAFE MRI ECMO study was recently presented at the Appel Cell meeting in Seoul, South Korea. The study evaluated the benefits of using portable MR brain imaging for monitoring patients on ECMO, which is Advanced Life Support, highlighting its post operative ischemic stroke detection capabilities compared to CT scan, especially in spotting ischemic injuries early. The study further underscores The role of MR based neuroimaging in acute brain injury detection and the potential for allowing improvement in neurological outcomes. Speaker 200:07:35In stroke, we are pleased with the pace of enrollment and physician excitement in our action PMR study, a multi sent for evaluation to assess the use of SUKISTEN in detecting acute ischemic stroke. We remain bullish about this opportunity and look forward to We believe the Portable Soup System can offer a highly differentiated, Cost effective and accessible solution for this new use case. We have committed to conducting a Clinical feasibility study led by a soup system key opinion leader who also has a passion for Alzheimer's. The soup system will be placed in the infusion center workflow for the feasibility study, rendering the care navigation of these patients more efficient. We're preparing to be in enrollment in the next couple of months. Speaker 200:08:39We have also appointed an Alzheimer's Advisory Committee comprised of law leaders to help shape our efforts in this area. Turning to commercialization. As our U. S. Commercial team gained tenure and experience selling the soup system, they're driving a broader and more robust deal pipeline quarter after quarter. Speaker 200:09:02U. S. Deals dominated our revenue makeup in the quarter, including the completion of our multi system sales to the Barnes As we have mentioned before, our sales cycle is 6 to 9 months. We implemented a new pricing strategy in early 2023. The heavy U. Speaker 200:09:24S. Mix we drove in the 3rd quarter coupled with the realization of our higher U. S. Pricing translated into a record overall ASP and a record gross margin. We are in the early days of building this new market of ultra low fuel brain engine. Speaker 200:09:44We are still navigating and the dynamics of the sales cycle and often face multiple reviews and approval from clinical, new technology, MR safety, legal, IT and administrative constituents you need to reach account resulting in time line variability. As I mentioned in our last call, we recently iterated the makeup of our U. S. Field force and have established 3 dedicated teams focused on selling, implementation and utilization. We are pleased With this new structure and hope to drive greater sales volume and strong reference size as our teams mature in their roles. Speaker 200:10:29As I complete my 1st year in the CEO role at Hyperfine, I am very pleased to report on the increasing interest in our technology across many different institutions. The strong positive feedback on our images and clinical utility and the record number of image reviews and demos that we are now running. These are all encouraging indicators strengthening our commercial foundation. Before I turn the line over to Greg, I'm proud of the progress we're making and the continued focus we have on spending discipline and gross margin. Our focus remains on operating lean while investing in innovation clinical evidence and commercialization. Speaker 200:11:10We continue to see a cash runway for the business through 2025. I will now turn the call over to Fred to review our Q3 performance and discuss Speaker 300:11:25Thank you, Maria. Turning to our financial results for the Q3 of 2023. Revenue for the quarter ended September 30, 2023 was $2,300,000 flat compared to the Q3 of 2022. Year to date, we've generated $8,300,000 in revenue, up 55% from the 1st 9 months of 2022. Gross profit for the Q3 of 2023 was $1,100,000 compared to $700,000 in the Q3 2022 and reflecting a record 48% gross margin. Speaker 300:12:02Year to date, we have a 45% gross margin of 34 percentage points from the 11% for the 1st 9 months of 2022. R and D expenses for the Q3 of 2023 Were $5,700,000 compared to $7,300,000 in the Q3 of 2022. Sales, general and administrative expenses For the Q3 of 2023 were $7,100,000 compared to $6,600,000 in the Q3 of 2022. Year to date, total OpEx of $40,200,000 is down 34% from $60,900,000 in the 1st 9 months of 2022. Net loss for the Q3 was $10,800,000 equating to a net loss of $0.15 per share as compared to a net loss of $13,200,000 or a net loss of $0.19 per share for the same period of the prior year. Speaker 300:12:59Year to date net loss of $33,600,000 is down 44% from $60,100,000 in the 1st 9 months of 2022. Our cash burn in the 3rd quarter was $8,500,000 and as of September 30, 2023, We have $85,400,000 in cash and cash equivalents on our balance sheet. Year to date, our cash burn of $32,000,000 is down 43% from $56,000,000 in the 1st 9 months of 2022. Turning to our 2023 outlook. We are narrowing our full year revenue expectations to a range of $11,000,000 to $13,000,000 based on our early Q4 closings and the progress in our pipeline. Speaker 300:13:43Looking at gross margin for the year, we are narrowing our range to 44% to 46% as we grow and realize Higher average Swoop system pricing. We are very pleased to be driving healthy margins in our business even at small scale. And lastly, we are narrowing our total cash burn expectations to $41,000,000 to $44,000,000 for the full year 2023. This incorporates an expectations for continued investment in R and D and substantially streamlined investments in SG and A versus history. While we maintain customer facing resources to continue to drive adoption and growth. Speaker 300:14:19We will continue to focus on our 3 strategic pillars and maintain spending discipline, maintaining enough cash to fund the business through 2025. We are excited about the momentum we are building for the remainder of the year and beyond, and we are pleased to have the cash and flexibility to invest in the right areas for continued SCOOP system adoption. At this point, I'd like to turn the call back to Maria for closing comments. Speaker 200:14:43Thank you, Brett. I'm proud of the progress the Hyperfine team has made so far this year, and I remain very optimistic as to what this team can deliver. With that, I want to thank you for your time and open the line up for questions. Operator00:14:59Thank Our first question comes from Neil Chatterjee with B. Riley. Your line is open. Speaker 400:15:16Hey, guys. Thanks for taking the questions. Good afternoon. Can you hear me okay? Good afternoon. Speaker 200:15:22Yes, I can hear you fine. Speaker 400:15:24Great. Perfect. Just maybe just starting out just on the sales funnel, just curious if you have any more color on how that's progressing as we kind of Get closer to exiting the year and getting into 2024 and then just with the latest software update, how might that help with the funnel and Speaker 200:15:45Future uptake? Sure. So as we just said, we are feeling positive about the early traction With the breadth of the pipeline, we do have more tenured and more experience reps every quarter that we go by and that continues to drive sort of the good traction and progress on our pipeline. We have announced the clearance of the new software, but we haven't yet launched it. We're taking a little bit of a different stance this time in which We're doing an early access program with few customers here these weeks to make sure we get all of the feedback So that we can launch with more testimonials and more meat on the bone. Speaker 200:16:29So you should expect the release for all customers sort of Very early into the New Year. So from an innovation perspective, that is going to really drive nice As we said, there is enhancements in DWI, which is really the king and the queen sequence, especially in the stroke application. But it also has a nice set of features around usability that are that I think are going to be well appreciated By existing customers to continue to reinforce usage and by new customers that are contemplating acquiring the system. Speaker 400:17:10Great. Thanks for that. And then just on Alzheimer's, just any update on kind of the progress there for I think you were Planning for some early feasibility studies with current suit users, any update there and any updated thoughts on that potential opportunity? Speaker 200:17:26Sure. So we continue to be really bullish about that because we believe access and ease of getting these GAS is going to really drive a lot of the efficiency and how those patients are going to navigate the way between neurology, infusion sites and imaging location, and we are even more pleased that what we are doing is really following the very strong interest That has been formulated to us by some of the physicians that know our system and what it can do. So we're going to start early feasibility By the end of this year, with one of those soup aficionados or KOLs, That is also someone very involved in Alzheimer's treatment. And as I said in the prepared remarks, what we're doing is trying to place our subsystem in the work Flow of the infusion of the drug to make it a lot more convenient for the patients. And the idea is going to be how this really helps The risk for these patients, but early feasibility is something that we expect to start in the next couple of months. Speaker 400:18:37Great. That's it for me. I'll hop in the queue. Thanks. Speaker 200:18:41Sure. Thank you. Operator00:18:43Thank you. There are no further questions at this time. I'd like to turn the call over to Maria Sands for any closing remarks. Speaker 200:18:51Well, thank you for your interest Operator00:18:59Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallHyperfine Q3 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsSlide DeckPress Release(8-K)Quarterly report(10-Q) Hyperfine Earnings HeadlinesHyperfine enrolls initial patients in NEURO PMR studyApril 17, 2025 | markets.businessinsider.comHyperfine Enrolls Initial Patients in NEURO PMR Study to Evaluate Use of AI-Powered Portable MRI in Neurology OfficesApril 15, 2025 | tmcnet.comElon’s Terrifying Warning Forces Trump To Take ActionElon Musk has avoided two major financial crises before. He pulled Tesla and SpaceX back from the brink of collapse and built two of the most valuable companies in history. Now, he's sounding the alarm about America's $36 trillion debt time bomb that could destroy the fabric of our society.As head of the Department of Government Efficiency (DOGE) under President Trump, Musk is exposing just how bad things are...May 6, 2025 | American Hartford Gold (Ad)Lake Street Initiates Coverage of Hyperfine (HYPR) with Buy RecommendationMarch 25, 2025 | msn.comHyperfine initiated with a Buy at Lake StreetMarch 24, 2025 | markets.businessinsider.comHyperfine price target lowered to $1.20 from $1.50 at B. RileyMarch 21, 2025 | markets.businessinsider.comSee More Hyperfine Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Hyperfine? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Hyperfine and other key companies, straight to your email. Email Address About HyperfineHyperfine (NASDAQ:HYPR), a medical device company, provides magnetic resonance imaging (MRI) products in the United States. The company offers Swoop Portable MR imaging system, which offers portable brain neuroimaging; and support and technical assistance services. It serves ICU, comprehensive, and primary stroke accredited facilities through direct sales and distributors. 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There are 5 speakers on the call. Operator00:00:00Afternoon, and welcome to Hyperfine's Third Quarter 2023 Earnings Conference Call. Currently, all participants are in a listen only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Weiss from Gilmartin Group for introductory disclosures. Speaker 100:00:26Great. Thank you for joining today's call. Earlier today, Hyperfine Inc. Released financial results Before we begin, I'd like to remind you that management will make statements during this call that include forward looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward looking statements. Speaker 100:01:06All forward looking statements, including without limitation, those relating to our operating trends and future financial performance, expense management, Expectations for hiring, training and adoption, growth in our organization, market opportunity, commercial and international expansion, regulatory approvals and product development are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties It could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our latest periodic filing with This conference call contains time sensitive information and is accurate only as of the live broadcast Today, November 9, 2023, Hyperfine, Inc. Disclaims any intention or obligation, except as required by law, To update or revise any financial projections or forward looking statements, whether because of new information, future events or otherwise. Speaker 100:02:15With that, I will turn the call over to Maria Faines, President and Chief Executive Officer. Speaker 200:02:22Good afternoon, and thank you all for joining us. On the call with me today is our Chief Administrative Officer and Chief Financial Officer, Brett Hale. In the Q3, we saw the benefits of our focus in the U. S. And the realization of our new pricing model, resulting in an improvement in the financial profile of our business. Speaker 200:02:44We achieved revenue of $2,300,000 flat compared to the same period last year and up 55% year to date. We sold 6 subsystems predominantly U. S. Direct sales driving record average selling price and gross margin. As we have mentioned in the past, commercializing ultra low field MR brain imaging requires us to develop a new capital equipment imaging market. Speaker 200:03:13Our technology makes brain imaging possible at multiple sites of care from critical care units to neurology offices Anytime a patient can benefit. We are still learning the dynamics of the selling cycle and advancing through many firsts. With every deal being somewhat unique, considering our customers are early adopters of this new imaging paradigm. This involves adoption of new technology and new workflows. We also continue to closely manage our Cash used with controlled spending while investing in our 3 strategic pillars: innovation, clinical evidence and commercialization. Speaker 200:03:55Exiting the Q3, I'm very proud of the execution of the team, transforming our financial profile and laying a strong foundation for the future of our business. Innovation continues to be an area of great focus as we pursue development projects across all elements of the Sault system. In addition to our many year to date improvements, we have a strong cadence of enhancements in hardware and AI powered software plans To further advance the image quality, clinical utility and application of ultra low field MRI. On our last call, we mentioned our plan to launch another software upgrade by early 2024. Today, I am pleased to share that we have already received FDA clearance for this software update and plan to launch it before the end of the year, a couple of months ahead of schedule. Speaker 200:04:49This is our 8th FDA clearance since our initial system launch in 2020. It includes proprietary AI and deep Learning algorithms in the DWI sequence, adding significant value to the clinical utility of our platform. This expands our AI denoising capabilities by incorporating advanced image post processing into the DWI sequence. The system's other sequences, T1, T2 and Flare previously benefited from this AI feature. Denoising enables a CRISPR image that potentially helps clinicians more accurately diagnose, Further treat and monitor patients undergoing brain imaging. Speaker 200:05:37As we move forward, we are continuously investing in improving our AI powered As a reminder, the process of launching software updates is straightforward for our team and customers, with most U. S. Commercial systems operating app connected site, where the new updates are downloaded remotely without the need for field team or technician intervention. We look forward to updating you on our innovation roadmap for 2024 on our next call. Now turning to clinical evidence, I would like to update you on the work we are doing on different studies across the breadth of current and future applications for our platform technology. Speaker 200:06:29We continue to collaborate with leading U. S. And international institutions on multiple scientific Relevant to our Beachhead use case today, imaging patients in critical care, I'm excited to share The data from the SAFE MRI ECMO study was recently presented at the Appel Cell meeting in Seoul, South Korea. The study evaluated the benefits of using portable MR brain imaging for monitoring patients on ECMO, which is Advanced Life Support, highlighting its post operative ischemic stroke detection capabilities compared to CT scan, especially in spotting ischemic injuries early. The study further underscores The role of MR based neuroimaging in acute brain injury detection and the potential for allowing improvement in neurological outcomes. Speaker 200:07:35In stroke, we are pleased with the pace of enrollment and physician excitement in our action PMR study, a multi sent for evaluation to assess the use of SUKISTEN in detecting acute ischemic stroke. We remain bullish about this opportunity and look forward to We believe the Portable Soup System can offer a highly differentiated, Cost effective and accessible solution for this new use case. We have committed to conducting a Clinical feasibility study led by a soup system key opinion leader who also has a passion for Alzheimer's. The soup system will be placed in the infusion center workflow for the feasibility study, rendering the care navigation of these patients more efficient. We're preparing to be in enrollment in the next couple of months. Speaker 200:08:39We have also appointed an Alzheimer's Advisory Committee comprised of law leaders to help shape our efforts in this area. Turning to commercialization. As our U. S. Commercial team gained tenure and experience selling the soup system, they're driving a broader and more robust deal pipeline quarter after quarter. Speaker 200:09:02U. S. Deals dominated our revenue makeup in the quarter, including the completion of our multi system sales to the Barnes As we have mentioned before, our sales cycle is 6 to 9 months. We implemented a new pricing strategy in early 2023. The heavy U. Speaker 200:09:24S. Mix we drove in the 3rd quarter coupled with the realization of our higher U. S. Pricing translated into a record overall ASP and a record gross margin. We are in the early days of building this new market of ultra low fuel brain engine. Speaker 200:09:44We are still navigating and the dynamics of the sales cycle and often face multiple reviews and approval from clinical, new technology, MR safety, legal, IT and administrative constituents you need to reach account resulting in time line variability. As I mentioned in our last call, we recently iterated the makeup of our U. S. Field force and have established 3 dedicated teams focused on selling, implementation and utilization. We are pleased With this new structure and hope to drive greater sales volume and strong reference size as our teams mature in their roles. Speaker 200:10:29As I complete my 1st year in the CEO role at Hyperfine, I am very pleased to report on the increasing interest in our technology across many different institutions. The strong positive feedback on our images and clinical utility and the record number of image reviews and demos that we are now running. These are all encouraging indicators strengthening our commercial foundation. Before I turn the line over to Greg, I'm proud of the progress we're making and the continued focus we have on spending discipline and gross margin. Our focus remains on operating lean while investing in innovation clinical evidence and commercialization. Speaker 200:11:10We continue to see a cash runway for the business through 2025. I will now turn the call over to Fred to review our Q3 performance and discuss Speaker 300:11:25Thank you, Maria. Turning to our financial results for the Q3 of 2023. Revenue for the quarter ended September 30, 2023 was $2,300,000 flat compared to the Q3 of 2022. Year to date, we've generated $8,300,000 in revenue, up 55% from the 1st 9 months of 2022. Gross profit for the Q3 of 2023 was $1,100,000 compared to $700,000 in the Q3 2022 and reflecting a record 48% gross margin. Speaker 300:12:02Year to date, we have a 45% gross margin of 34 percentage points from the 11% for the 1st 9 months of 2022. R and D expenses for the Q3 of 2023 Were $5,700,000 compared to $7,300,000 in the Q3 of 2022. Sales, general and administrative expenses For the Q3 of 2023 were $7,100,000 compared to $6,600,000 in the Q3 of 2022. Year to date, total OpEx of $40,200,000 is down 34% from $60,900,000 in the 1st 9 months of 2022. Net loss for the Q3 was $10,800,000 equating to a net loss of $0.15 per share as compared to a net loss of $13,200,000 or a net loss of $0.19 per share for the same period of the prior year. Speaker 300:12:59Year to date net loss of $33,600,000 is down 44% from $60,100,000 in the 1st 9 months of 2022. Our cash burn in the 3rd quarter was $8,500,000 and as of September 30, 2023, We have $85,400,000 in cash and cash equivalents on our balance sheet. Year to date, our cash burn of $32,000,000 is down 43% from $56,000,000 in the 1st 9 months of 2022. Turning to our 2023 outlook. We are narrowing our full year revenue expectations to a range of $11,000,000 to $13,000,000 based on our early Q4 closings and the progress in our pipeline. Speaker 300:13:43Looking at gross margin for the year, we are narrowing our range to 44% to 46% as we grow and realize Higher average Swoop system pricing. We are very pleased to be driving healthy margins in our business even at small scale. And lastly, we are narrowing our total cash burn expectations to $41,000,000 to $44,000,000 for the full year 2023. This incorporates an expectations for continued investment in R and D and substantially streamlined investments in SG and A versus history. While we maintain customer facing resources to continue to drive adoption and growth. Speaker 300:14:19We will continue to focus on our 3 strategic pillars and maintain spending discipline, maintaining enough cash to fund the business through 2025. We are excited about the momentum we are building for the remainder of the year and beyond, and we are pleased to have the cash and flexibility to invest in the right areas for continued SCOOP system adoption. At this point, I'd like to turn the call back to Maria for closing comments. Speaker 200:14:43Thank you, Brett. I'm proud of the progress the Hyperfine team has made so far this year, and I remain very optimistic as to what this team can deliver. With that, I want to thank you for your time and open the line up for questions. Operator00:14:59Thank Our first question comes from Neil Chatterjee with B. Riley. Your line is open. Speaker 400:15:16Hey, guys. Thanks for taking the questions. Good afternoon. Can you hear me okay? Good afternoon. Speaker 200:15:22Yes, I can hear you fine. Speaker 400:15:24Great. Perfect. Just maybe just starting out just on the sales funnel, just curious if you have any more color on how that's progressing as we kind of Get closer to exiting the year and getting into 2024 and then just with the latest software update, how might that help with the funnel and Speaker 200:15:45Future uptake? Sure. So as we just said, we are feeling positive about the early traction With the breadth of the pipeline, we do have more tenured and more experience reps every quarter that we go by and that continues to drive sort of the good traction and progress on our pipeline. We have announced the clearance of the new software, but we haven't yet launched it. We're taking a little bit of a different stance this time in which We're doing an early access program with few customers here these weeks to make sure we get all of the feedback So that we can launch with more testimonials and more meat on the bone. Speaker 200:16:29So you should expect the release for all customers sort of Very early into the New Year. So from an innovation perspective, that is going to really drive nice As we said, there is enhancements in DWI, which is really the king and the queen sequence, especially in the stroke application. But it also has a nice set of features around usability that are that I think are going to be well appreciated By existing customers to continue to reinforce usage and by new customers that are contemplating acquiring the system. Speaker 400:17:10Great. Thanks for that. And then just on Alzheimer's, just any update on kind of the progress there for I think you were Planning for some early feasibility studies with current suit users, any update there and any updated thoughts on that potential opportunity? Speaker 200:17:26Sure. So we continue to be really bullish about that because we believe access and ease of getting these GAS is going to really drive a lot of the efficiency and how those patients are going to navigate the way between neurology, infusion sites and imaging location, and we are even more pleased that what we are doing is really following the very strong interest That has been formulated to us by some of the physicians that know our system and what it can do. So we're going to start early feasibility By the end of this year, with one of those soup aficionados or KOLs, That is also someone very involved in Alzheimer's treatment. And as I said in the prepared remarks, what we're doing is trying to place our subsystem in the work Flow of the infusion of the drug to make it a lot more convenient for the patients. And the idea is going to be how this really helps The risk for these patients, but early feasibility is something that we expect to start in the next couple of months. Speaker 400:18:37Great. That's it for me. I'll hop in the queue. Thanks. Speaker 200:18:41Sure. Thank you. Operator00:18:43Thank you. There are no further questions at this time. I'd like to turn the call over to Maria Sands for any closing remarks. Speaker 200:18:51Well, thank you for your interest Operator00:18:59Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.Read morePowered by