Hyperfine Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Hyperfine, Inc. Reports Second Quarter 2024 Financial Results
Hyperfine, Inc. (NASDAQ: HYPR), the groundbreaking health technology company that has developed the FDA-cleared portable magnetic resonance (MR) brain imaging system, Swoop®, reported its financial results for the second quarter of 2024 ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Q1 2024 | Quarter-over-Quarter Change | Consensus Estimate Q2 2024 | Comparison to Consensus |
|---|---|---|---|---|---|---|---|
| Total Revenue | $3.63M | $3.38M | +7.4% | $3.33M | +9.0% | $3.26M | +11.3% |
| Gross Margin | $1.80M | $1.44M | +25.0% | $1.36M | +32.4% | N/A | N/A |
| Net Loss | $10.16M | $10.64M | -4.5% | $9.84M | +3.2% | N/A | N/A |
| Earnings per Share (EPS) | $-0.14 | $-0.15 | +6.6% | $-0.13 | -7.7% | $-0.14 | Met |
The financial performance of Hyperfine in Q2 2024 shows a positive trend with the company beating revenue forecasts and improving its year-over-year and quarter-over-quarter metrics in several areas. The reported revenue of $3.63 million surpasses the consensus estimate of $3.26 million and shows an 11.3% increase over expectations. The company's gross margin improved significantly, demonstrating increased profitability. However, despite the positive top-line growth and improved gross margins, the net loss slightly increased quarter-over-quarter.
Operational Data:
| Operational Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Commercial Swoop® Systems Sold | 13 units | Not specified |
| Gross Margin Percentage | 49.6% | 42.7% |
Hyperfine reported the sale of 13 commercial Swoop® systems during Q2 2024, indicating a positive market reception of its product.
Comments from Company Officers:
Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc., highlighted the record revenue and meaningful progress in innovation and clinical initiatives. She emphasized the exciting opportunities in emergency departments, clinics, and offices for stroke and Alzheimer’s care, projecting significant business acceleration in 2025 and beyond.
Dividends or Share Repo Program:
There were no announcements regarding dividends or share repurchase programs.
Forward Guidance:
Management has raised its 2024 full-year revenue guidance to $13-$16 million, reflecting a midpoint growth of 31% compared to the previously expected 22%. The expected cash burn for the year remains approximately $40 million.
Stock Price Movement:
Following the earnings release, Hyperfine, Inc.'s stock saw a -1.79% change, indicating a muted market reaction.
Overall, Hyperfine, Inc. demonstrated strong revenue growth and a positive outlook for the rest of the year, despite a continued net loss. The market response to the results was neutral to slightly negative.