Hyperfine Q2 Earnings Call Highlights

Key Points

• Revenue and system sales accelerated: Second-quarter revenue rose 45% year over year to $3.9 million, with 12 systems sold versus eight a year earlier. First-half revenue increased 62% to $7.8 million, while gross margin reached 50.7%.
• Model 2 adoption broadened: Most quarterly placements were next-generation Model 2 systems, spanning hospitals, neurology offices and international markets. Hyperfine also reported strong utilization and faster emergency-department scan times, with portable MRI reducing median order-to-scan-start time to 1.28 hours versus 7.76 hours for conventional MRI.
• Outlook and expansion plans were maintained: Hyperfine reiterated 2026 revenue guidance of $20 million to $22 million, gross margin of 50% to 55% and cash burn of $26 million to $28 million. The company is targeting an FDA submission for contrast-enhanced brain MRI labeling by the end of 2026 and expects its cash runway to extend into 2028.

Hyperfine NASDAQ: HYPR reported second-quarter revenue of $3.9 million, up approximately 45% from a year earlier, as the portable MRI company cited growth across hospital, neurology office and international markets.

The company sold 12 systems during the quarter, compared with eight in the prior-year period. First-half revenue totaled $7.8 million, a 62% increase from $4.8 million a year earlier, while unit sales rose 57% to 22 systems.

President and Chief Executive Officer Maria Sainz said the quarter was Hyperfine’s second-highest revenue quarter and marked its fourth consecutive quarter with gross margin above 50%.

“The second quarter was another strong quarter for Hyperfine as we continue to execute across our commercial, operational, and financial priorities,” Sainz said.

Model 2 Adoption Expands Across Markets

Hyperfine said its next-generation Swoop portable MRI system, now called Model 2 and powered by Optive AI, continued to gain commercial traction. The company launched the system in mid-2025 and entered the neurology office market at that time.

According to Sainz, most of the 12 systems placed in the second quarter were Model 2 systems, and international sales represented a high percentage of quarterly placements. The company said it is pursuing three principal commercial verticals: hospitals and health systems, neurology offices and international markets.

In hospitals, Hyperfine said Model 2 deployments have moved beyond critical-care use into emergency departments, hospital-based clinics, neurological workflows and mobile deployment models. The company also reported sales to several new health systems, including an initial placement within one of the country’s largest national integrated delivery networks in early July.

Sainz said hospitals that launched Model 2 programs in recent quarters have reported high utilization, increased scan volumes, and clinical workflow and economic benefits. Hyperfine expects these results to support additional deployments and more enterprise-level health system engagement over time.

The company highlighted data from its PRIME study, presented at the Society for Academic Emergency Medicine’s 2026 meeting. Hyperfine said the data showed that portable MRI reduced the median time from order to scan start in emergency departments to 1.28 hours, compared with 7.76 hours for conventional MRI.

Office Market and Contrast Labeling Plans

Hyperfine said it has placed Swoop systems in more than a dozen neurology offices since entering that market. Sainz said office staff have been able to operate the system without an MRI technologist, while several practices have reported high scan volumes.

The company is seeing interest in dementia screening, concierge medicine and wellness practice models, according to management. Hyperfine also cited results from its NEURO PMR data, which showed 92% blinded concordance with conventional MRI in identifying pathology, increasing to 98% when clinical history was included. The company said patients were four times more likely to choose portable MRI.

Hyperfine is pursuing an expansion of its labeling to include brain MRI with gadolinium-based contrast agents. The company said enrollment in its Contrast PMR study is about 75% complete and continues to target an FDA submission by the end of 2026.

Sainz said a contrast indication could expand the system’s clinical uses in offices and allow practices to use dedicated contrast-related CPT codes, which she said provide higher reimbursement for contrast brain MRI procedures.

During the question-and-answer session, Sainz said the office market’s early adoption has been concentrated among larger practices with greater patient volume. She said these offices are more likely to support Model 2 placements and could benefit from a future contrast labeling expansion.

International Rollout Begins

Hyperfine said Model 2 is now commercially available in Europe and the United Kingdom following CE Mark and UKCA Mark approvals earlier this year. The company sold its first two Model 2 systems in those markets during the second quarter and expects to advance the European rollout with distribution partners in the second half.

In France, Hyperfine said Model 2’s inclusion in the UniHA procurement listing provides a purchasing pathway for public hospitals. In India, the company said AIIMS New Delhi became its first deployment after Model 1 received CDSCO approval late last year.

Chief Administrative Officer and Chief Financial Officer Brett Hale said the company’s 12 commercial placements during the quarter were distributed across hospitals, offices and international markets. He noted that international placements accounted for a higher percentage of the quarterly mix.

Margins, Expenses and Outlook

Second-quarter gross profit was $2 million, compared with $1.3 million a year earlier. Gross margin was 50.7%, up from 49.3% in the prior-year period.

• Research and development expense fell 15% year over year to $3.9 million.
• Sales, general and administrative expense rose 3% to $6.6 million.
• Net loss was $9.3 million, or $0.09 per share, compared with a loss of $9.2 million, or $0.12 per share, a year earlier.
• Second-quarter net cash burn excluding financing was $7.9 million, compared with $8.1 million in the prior-year period.

Hale said the second-quarter net loss included a $0.6 million non-cash loss related to the change in fair value of warrant liabilities. Hyperfine ended June with $43.5 million in cash and cash equivalents, up $2.7 million during the quarter. The increase reflected $10.6 million in net proceeds raised through the company’s at-the-market program at an average price of $1.52 per share.

Hyperfine reiterated its full-year 2026 outlook, including revenue of $20 million to $22 million, gross margin of 50% to 55%, and total cash burn of $26 million to $28 million, inclusive of debt service payments. The company also maintained its expectation that its cash runway will extend into 2028.

Management said second-half growth is expected to be supported by continued Model 2 adoption, hospital and integrated delivery network conversions, office utilization, international launch activity, software releases, clinical evidence and product-related catalysts.

About Hyperfine (NASDAQ:HYPR)

Hyperfine, Inc 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.

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