Hyperfine Q2 2026 Earnings Report

Hyperfine EPS Results

• Actual EPS: -$0.09
• Consensus EPS: -$0.09
• Beat/Miss: Met Expectations
• One Year Ago EPS: N/A

Hyperfine Revenue Results

• Actual Revenue: $3.90 million
• Expected Revenue: $4.14 million
• Beat/Miss: Missed by -$231.00 thousand
• YoY Revenue Growth: N/A

Hyperfine Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: After Market Closes
• Conference Call Date: Thursday, August 6, 2026
• Conference Call Time: 4:30PM ET

Hyperfine (NASDAQ:HYPR) (NASDAQ: HYPR) is a medical technology company focused on expanding access to advanced neuroimaging through its portable magnetic resonance imaging (MRI) system. The company’s flagship product, Swoop®, is designed to enable bedside MRI scanning in a wide range of clinical environments, including emergency departments, intensive care units and outpatient clinics. By leveraging a compact, high-performance permanent magnet and a custom-designed gradient system, Hyperfine aims to reduce the logistical and financial barriers associated with traditional, large-scale MRI installations.

The Swoop system features a lightweight, wheeled design that can be maneuvered directly to a patient’s bedside, allowing clinicians to conduct diagnostic imaging without the need to transport critically ill or immobile patients. Hyperfine’s portable MRI is configured for rapid, point-of-care imaging of the brain and central nervous system, with applications spanning stroke evaluation, traumatic brain injury assessment and routine neurological monitoring. The system’s cloud-based image management and AI-assisted processing tools help streamline workflow and accelerate diagnostic decision-making.

Founded in 2014 and headquartered in Guilford, Connecticut, Hyperfine secured U.S. Food and Drug Administration 510(k) clearance for its portable MRI in 2020 and obtained CE mark authorization for its European operations in 2021. The company completed its business combination and began trading publicly on Nasdaq in 2022. Hyperfine continues to expand its commercial footprint across the United States and selective international markets, partnering with hospitals, health systems and research institutions to integrate portable MRI into standard clinical practice.

Hyperfine Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Revenue rose 45% year over year to $3.9 million in Q2, while system sales increased 50% to 12 units; first-half revenue reached $7.8 million.
• Positive Sentiment: Gross margin remained above 50% for the fourth consecutive quarter at 50.7%, while first-half cash burn improved approximately 9% year over year to $16.6 million.
• Positive Sentiment: Management reiterated 2026 revenue guidance of $20 million to $22 million, gross margin of 50% to 55%, cash burn of $26 million to $28 million, and cash runway extending into 2028.
• Positive Sentiment: Growth is broadening across hospitals and IDNs, neurology offices, and international markets; the company cited initial large-IDN adoption, more than a dozen office placements, and first European Model 2 sales.
• Negative Sentiment: Hyperfine remains loss-making, reporting a $9.3 million quarterly net loss, and its stronger cash position partly reflects $10.6 million raised through its ATM program, which may create shareholder dilution.

Presentation

[Operator]

Good afternoon, welcome to Hyperfine's Second Quarter 2026 Earnings Conference Call. Currently, all participants are in a listen-only mode. Following management's prepared remarks, we will open the call for questions. As a reminder, this call is being recorded. I would now like to turn the call over to Webb Campbell from Gilmartin Group for introductory disclosures.

[Webb Campbell, VP at Gilmartin Group]

Thank you for joining today's call. Earlier today, Hyperfine, Inc. released financial results for the quarter ended June 30th, 2026. A copy of the press release is available on the company's website as well as sec.gov. 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 the Federal Securities Laws and made pursuant to the safe harbor provision 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. All forward-looking statements, including, without limitation, those related to our operating trends and future financial performance, expense management, market opportunity, commercial and international expansion, regulatory approvals, and product development are based upon our current estimates and various assumptions.

[Webb Campbell, VP at Gilmartin Group]

These statements involve material risks and uncertainties that 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 the Securities and Exchange Commission. This conference call contains time-sensitive information and is accurate only as of today's live broadcast. 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. With that, I will turn the call over to Maria Sainz, President and Chief Executive Officer.

[Maria Sainz, President and CEO at Hyperfine]

Good afternoon, thank you for joining us. On the call with me today is our Chief Administrative Officer and Chief Financial Officer, Brett Hale. The second quarter was another strong quarter for Hyperfine as we continue to execute across our commercial, operational, and financial priorities. Second quarter revenue was $3.9 million, our second highest quarter ever, up approximately 45% year-over-year, bringing our first half revenue to $7.8 million. We sold 12 systems in the quarter, up 50% year-over-year, with a majority of placements coming from our next-generation system and a high percentage of international sales. We also delivered our fourth consecutive quarter of gross margin above 50% and improved our cash burn both year-over-year and sequentially. Mid last year, we launched our next-generation Swoop system powered by Optive AI and entered the neurology office market.

[Maria Sainz, President and CEO at Hyperfine]

We now refer to this next-generation version of the Swoop system as Model 2. At the time of launch, we believed improvements in image quality, expanding clinical utility, a growing body of real-world evidence, and a broader, more diversified commercial strategy could unlock meaningful growth opportunities across hospitals, offices, and international markets. One year later, we have accumulated important proof points supporting that thesis. We have broadened adoption across sites of care, increased IDN engagement, entered new geographies, expanded our clinical evidence, strengthened our balance sheet, and improved the financial profile of the business. As a result, we are now more focused on translating this stronger foundation into broader commercial scale. With our strong execution in the first half of the year, we are reiterating our full year in 2026 revenue and cash burn guidance and remain confident in our growth, margins, and long-term opportunities.

[Maria Sainz, President and CEO at Hyperfine]

Market demand remains healthy. We are driving growth across our three verticals: hospitals, including our growing presence in health systems, neurology offices, and international markets. I will now walk through updates from each of these businesses in more detail. The hospital market remains our largest commercial vertical and an important source of clinical and commercial validation. Over the past year, the Swoop system has moved beyond niche use in critical care toward broader platform utility across critical care emergency departments and hospital-based clinics, with emerging use in neurological workflows and mobile deployment models. Hospital programs launched over the last few quarters with a Model 2 Swoop system have reported high utilization, increased the scan volumes, and meaningful clinical workflow and economic benefits. This broader utility and strong utilization matter because they support repeat deployments, deeper health system engagement, and enterprise-level adoption over time.

[Maria Sainz, President and CEO at Hyperfine]

We have made progress with large health systems and IDNs. In recent months, we have sold Model 2 systems to several new health systems Including an initial placement within one of the largest national IDNs in early July, while also expanding beyond the first site within other health systems during the second quarter. As hospitals enter their first full capital planning cycle since the Model 2 launch, our hospital pipeline is increasingly supported by clinical evidence, economic validation, and more strategic IDN-level conversations. Expansion into emergency departments has been a priority in 2026. PRIME data presented at SAEM 2026 meeting provided compelling evidence to support the use of the Swoop system to triage patients in the ED.

[Maria Sainz, President and CEO at Hyperfine]

PRIME showed that portable MRI reduced the median order to scan start time in the ED from 7.76 hours for conventional MRI to 1.28 hours with portable MRI. Faster access to imaging can help hospitals reduce workflow bottlenecks, support more timely clinical decision-making, and integrate the MRI more easily into ED workflows, where conventional scanner availability can be constrained. These proof points and near-term catalysts give us increasing confidence in hospitals and IDNs as a durable growth engine supported by the success of initial programs, clinical evidence and economic validation. We are seeing a different but complementary opportunity develop in neurology offices, where the Swoop system can bring imaging closer to patients and reduce friction in the care pathway. Our office market continues to develop into a distinct growth vertical supported by utilization, reference site development, patient preference, and ease of access to imaging.

[Maria Sainz, President and CEO at Hyperfine]

We have now placed a Swoop system in over a dozen offices since launch, supporting the office value proposition. Office staff have been able to operate the system without an MR technologist, underscoring its ease of use. Several offices report very high scan volume. We continue to see increasing interest from adjacent use cases, including dementia screening applications as well as from concierge and wellness practice models seeking convenient closer-to-patient imaging. Our NEURO PMR data supports this opportunity, with 92% blinded concordance with conventional MRI identifying pathology, rising to 98% with clinical history, and patients four times more likely to choose portable MRI. Our planned expansion to add contrast to our labeling is expected to be an important catalyst for the office vertical by broadening clinical utility and supporting additional use cases with established reimbursement under dedicated contrast-related CPT codes.

[Maria Sainz, President and CEO at Hyperfine]

These proof points give us increasing confidence that the office market can, over time, become a meaningful second U.S. growth vertical supported by utilization, patient preference, ease of use, and planned contrast labeling expansion. Beyond our U.S. hospital and office opportunities, we're also beginning to build a stronger international foundation. Following CE Mark and UKCA Mark approvals earlier in 2026, our Model 2 Swoop system is now commercially available in Europe and the U.K., and we sold the first two Model 2 systems in the quarter. We expect to advance the European rollout of the Model 2 system with our distribution partners in the second half of 2026. In France, inclusion of Model 2 in the UniHA procurement listing creates a more efficient purchasing pathway across French public hospitals.

[Maria Sainz, President and CEO at Hyperfine]

In India, following CDSCO approval of Model 1 late last year, AIIMS, New Delhi became our first India deployment, serving as a high-profile clinical reference site in the region. These milestones give us increasing confidence in international markets as an emerging growth vertical, with regulatory approvals, initial sales, procurement access, and reference sites creating a stronger foundation for broader execution. We are pleased with our diversified commercial profile and the progress made in each of the verticals. We continue to invest in product and software capabilities that can expand the Swoop system's clinical utility across existing and new sites of care. Looking ahead, software remains a key driver of the Swoop system as a continuously improving AI-enabled platform. We expect our next software release later this year, building on our cadence of frequent software-driven enhancements that improve image quality, clinical utility, scan speed, workflow, and user experience.

[Maria Sainz, President and CEO at Hyperfine]

We're making good progress on our plan to expand labeling to include brain MRI with contrast. Enrollment in Contrast PMR is approximately 75% complete, and the study is progressing well. We continue to target an FDA submission by year end 2026 to support an expansion of our labeling to include gadolinium-based contrast agents. In addition, we see early interest in neurosurgical workflows and mobile deployment models, both of which reinforce the broader platform potential of the Swoop system beyond traditional fixed-site imaging. In surgery, a newly formed advisory board and the operating room pilots are evaluating the potential for portable MRI to support immediate post-procedure assessment, while mobile models could expand access to brain imaging across distributed care settings where conventional MRI availability is limited. These initiatives reinforce our view of the Swoop system as a scalable, AI-enabled platform with increasing clinical utility and multiple future growth catalysts.

[Maria Sainz, President and CEO at Hyperfine]

With that, I will turn the call over to Brett to review our financial performance and guidance.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Thank you, Maria. I'll recap our financial results for the second quarter of 2026 before providing an update on our guidance. Revenue for the second quarter of 2026 was $3.9 million, compared to $2.7 million in the second quarter of 2025, representing an increase of $1.2 million, or approximately 45% year-over-year, and modestly above the first quarter of 2026. First half revenue was $7.8 million compared to $4.8 million in the prior year period, an increase of $3 million, or approximately 62%. In the second quarter, we sold 12 units compared to eight units in the prior year period, an increase of 50%. First half we sold 22 units compared to 14 units in the prior year period, an increase of approximately 57%.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Gross profit for the second quarter of 2026 was $2 million, compared to $1.3 million in the second quarter of 2025. Gross margin was 50.7% compared to 49.3% in the prior year period, representing approximately 150 basis points of gross margin expansion. This is our fourth consecutive quarter with gross margin exceeding 50%, and we believe we are well positioned for meaningful margin expansion over time as we scale. R&D expenses for the second quarter of 2026 were $3.9 million, compared to $4.5 million in the second quarter of 2025, a decrease of approximately 15%. We continue to realize the benefits of the reorganization completed in the first quarter of 2025, while focusing our R&D investment on the highest priority product and software initiatives that support commercial growth.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Sales, general and administrative expenses for the second quarter of 2026 were $6.6 million compared to $6.4 million in the second quarter of 2025, an increase of approximately 3%. We operate with one U.S. sales team covering both the hospital and office market opportunities and are focused on driving sales, productivity and operating leverage. Net loss for the second quarter of 2026 was $9.3 million, equating to a net loss of $0.09 per share, compared to a net loss of $9.2 million, or $0.12 per share in the second quarter of 2025. The second quarter of 2026 net loss included a $0.6 million non-cash loss from the change in fair value of warrant liabilities with no meaningful comparable impact in the second quarter of 2025.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Net cash burn excluding financing in the second quarter of 2026 was $7.9 million compared to $8.1 million in the second quarter of 2025, an improvement of $0.3 million, or approximately 3%. First half net cash burn excluding financing was $16.6 million compared to $18.2 million in the prior year period, an improvement of $1.6 million, or approximately 9%. We remain focused on reducing cash burn through disciplined spending and improved operating leverage in 2026. As of June 30th, 2026, we had $43.5 million in cash and cash equivalents on our balance sheet, an increase of $2.7 million during the quarter.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

This increase reflected $10.6 million of net proceeds raised through our ATM program at an average price of $1.52 per share, strengthening our balance sheet and supporting our cash runway. With a stronger financial position, we remain focused on converting our commercial progress into sustained revenue growth, gross margin expansion, reduced cash burn, and improved operating leverage. As we continue to scale, quarterly revenue may be influenced by placement timing, customer purchasing cycles, and geographic and product mix. Over time, we will continue to measure our progress through installed base expansion, sustained revenue growth, gross margin expansion, and a more scalable commercial model. Now turning to guidance. We continue to expect full year 2026 revenue of $20 million-$22 million, representing year-over-year growth at the midpoint of approximately 55%.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Our confidence in the second half outlook is tied to identifiable drivers including continued adoption of our Model 2 Swoop system, hospital and IDN conversion, health system capital planning cycles Office adoption and utilization, international launch execution, clinical and health economic evidence, and product catalyst. We continue to expect gross margin to be in the range of 50%-55% for the year, supported by four consecutive quarters above 50%. The key drivers supporting this range are already visible in our results, including increasing scale, a strong value proposition, service revenue growth, and disciplined commercial execution. We continue to expect total cash burn to be in the range of $26 million-$28 million for the full year 2026, representing approximately a 10% year-over-year decline at the midpoint, inclusive of our debt service payments.

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Lastly, we continue to expect our cash runway to extend into 2028, supported by a strengthened balance sheet, improved cash burn, and a commercial plan built on identifiable growth drivers. The debt facility we entered into earlier this year also provides additional financial flexibility. This positions us to execute against our commercial growth plan while maintaining our disciplined approach to operating expenses and capital deployment. I will now turn the call back to Maria for closing comments.

[Maria Sainz, President and CEO at Hyperfine]

Before we open the call for questions, I would like to leave you with a few key takeaways. First, Hyperfine is financially stronger than it was a year ago, supported by revenue growth, sustained gross margins above 50%, lower cash burn, and a strengthened balance sheet. Second, the launch of the Model 2 system is gaining traction. Over the past year, we have expanded utility and grown adoption across hospitals, offices, and international markets, and strengthened clinical evidence. Third, we are seeing early validation of our enterprise health system strategy through increased IDN engagement and initial large system adoption. Fourth, the office market continues to develop into an attractive growth opportunity supported by utilization, evidence generation, and planned contrast labeling expansion.

[Maria Sainz, President and CEO at Hyperfine]

Finally, we have multiple catalysts ahead, including Model 2 international rollout execution, the next AI-enabled software release, Contrast PMR enrollment completion and FDA submission, and overall broader commercial expansion. I'm proud of what the team has accomplished over the past year, and we remain focused on disciplined execution as we enter the second half of 2026. Operator?

[Operator]

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We request to limit yourselves to one question and one follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Frank Takkinen with Lake Street Capital Markets. Your line is open.

[Nelson Cox, Equity Research Associate at Lake Street Capital Markets]

Hey. This is Nelson Cox on for Frank. Thanks for taking the questions. I wanted to start with guidance a little bit. In the past, you've talked about budgetary cycles for the IDN initiatives and the back half kind of lining up with that. So you have $7.8 million on the board in the first half, and then the guidance assumes around $12 million-$14 million in the second half. I guess when you built that, how much assumes second and third sites at kind of those existing IDNs versus first placements at new ones? I guess just trying to understand how much of the ramp is repeat, kind of add-on orders at existing IDNs versus completely new ones. Thanks.

[Maria Sainz, President and CEO at Hyperfine]

Sure, Nelson. Thanks for the question. There are several elements built into how we're looking at the second half over the first half. Definitely on the hospital side, there is a subsequent placement in some of the IDNs in which we have opened. Across all hospitals, there is an effect of the budgetary sort of new year starting the July sort of to June cycle, which wasn't available to us when we introduced Model 2 sort of at the midpoint of last year. There's also the continued rollout of the office business, as well as other things that we're doing with the new software coming to the market in the second half, some of the pilots we're doing around neurosurgery and mobile. I would say there are all of those layers that just keep adding to what we have built in the first half.

[Maria Sainz, President and CEO at Hyperfine]

The first half was a significant step up. We're expecting more of that in the second half. I think overall, we do have these identifiable catalysts. They're not just about the hospital business or just around the IDN.

[Nelson Cox, Equity Research Associate at Lake Street Capital Markets]

Got it. Very helpful. Then maybe on the office business, as you've gotten a few more quarters of experience with practices and of different sizes, maybe talk about how you're thinking about offering. Is there still going to be an offering for the Model 1 versus the Model 2, with maybe the Model 1 being more of a fit for smaller practitioner practices at maybe a lower price point, or how are you thinking about that?

[Maria Sainz, President and CEO at Hyperfine]

We've mentioned segmentation. Clearly the cold point has segments, and they are very much based on the number of practitioners and with that, the volume that they drive. We have seen that our initial adoption, I think we mentioned in the prepared remarks that we are in over a dozen offices since we launched. It has translated more into the larger offices that have greater volume that have been able to support the Model 2 and are very excited about the capabilities of the Model 2 today and into the future.

[Maria Sainz, President and CEO at Hyperfine]

In the last year, we've done a few Model 1 placements, but I would expect that there will be more Model 2 in the offices that have the larger volume and also the opportunity to have contrast in our indications for use in relatively short order will support additional cases in larger offices and the ability for those offices to use the dedicated CPT codes for contrast brain MRIs, which also pay higher. All of that would create an economic picture for the office that probably will support more the Model 2 than the Model 1 going forward.

[Nelson Cox, Equity Research Associate at Lake Street Capital Markets]

Very helpful. Congrats on the progress, guys. Thank you.

[Maria Sainz, President and CEO at Hyperfine]

Oh, thank you.

[Operator]

Your next question comes from the line of Yuan Zhi with B. Riley Securities. Your line is open.

[Liwen Zhang, Equity Research Associate at B. Riley Securities]

Hi, good afternoon. Congrats on the quarter. This is Liwen Zhang from B. Riley for Yuan Zhi. For the 12 commercial systems sold in 2Q, do we have more color on the breakdown between hospitals, neurology office, and international placement? Do we see the neurology office channel become a meaningful contributor given it's been roughly a year since the next generation suite launch?

[Brett Hale, Chief Administrative Officer and CFO at Hyperfine]

Thanks for the question. This is Brett. I'll address the first part of that question in regards to the 12. What we'll comment on is just much like last quarter, we had a broad distribution from all of our verticals. We had placements that came from international, the office, as well as the hospital. We had placements that cut across all three. One thing that we highlighted in the prepared remarks is the higher percentage of international mix for this quarter, but we did have a contribution that cut across all of them. The way we're thinking about each one of them is there's growth opportunities in each one of the segments. We do see the office being a contributor to the growth in the second half of the year and beyond, given all the catalysts that Maria had mentioned.

[Liwen Zhang, Equity Research Associate at B. Riley Securities]

Thank you.

[Maria Sainz, President and CEO at Hyperfine]

Thank you.

[Operator]

I would now like to turn the call back over to Maria Sainz for closing remarks.

[Maria Sainz, President and CEO at Hyperfine]

Well, thanks all for joining us today. We look forward to continue to update you in future cycles. Thanks very much and have a great evening.

[Operator]

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Participants

Executives

• Maria Sainz, President and CEO
• Brett Hale, Chief Administrative Officer and CFO

Analysts

• Webb Campbell, VP at Gilmartin Group
• Nelson Cox, Equity Research Associate at Lake Street Capital Markets
• Liwen Zhang, Equity Research Associate at B. Riley Securities