Hyperfine, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing significant growth in revenue and improvements in net loss compared to the same periods in 2023. Total revenues for the third quarter reached $3.6 million, a 56.4% increase from $2.3 million in the prior year. For the nine months, revenues totaled $10.6 million, up 26.6% from $8.4 million in 2023. The increase in revenue was primarily driven by a rise in device sales, which amounted to $3.0 million for the third quarter, reflecting a 75.5% increase from $1.7 million in the same period last year. For the nine months, device sales reached $8.7 million, a 30.5% increase from $6.7 million in 2023.

Gross margin for the third quarter improved to $1.9 million, up 69.8% from $1.1 million in 2023. Despite the revenue growth, Hyperfine reported a loss from operations of $(10.9 million) for the third quarter, slightly better than the $(11.8 million) loss in the same period last year. The net loss for the third quarter was $(10.3 million), an improvement from $(10.8 million) in 2023. For the nine-month period, the net loss was $(30.3 million), down from $(33.6 million) in the previous year.

As of September 30, 2024, Hyperfine's cash and cash equivalents totaled $45.8 million, a decrease from $75.2 million at the end of 2023. The company reported net cash used in operating activities of $(30.4 million) for the nine months, a slight improvement from $(31.9 million) in 2023. Financing activities provided $965.1 million in cash, primarily from the issuance of Class A common stock and stock option exercises.

Hyperfine continues to focus on its Swoop® Portable MR Imaging® System, which has received multiple FDA clearances, including a significant software update in July 2024 that enhances scan efficiency. The company has also expanded its international presence, receiving marketing authorization in several countries.

In terms of expenses, research and development costs increased by 5.2% for the nine months, while general and administrative expenses decreased by 17%. The company has also engaged in stock option grants, with significant allocations to new hires and executive officers.

Overall, Hyperfine's strategic focus on innovation and market expansion appears to be yielding positive results, as evidenced by the growth in sales and improvements in financial performance.