Hyperfine Reports $12.9 Million Revenue for Fiscal Year 2024, Faces $40.7 Million Net Loss

Hyperfine, Inc. reported a total revenue of $12.9 million for the fiscal year ending December 31, 2024, marking a 17% increase from $11.0 million in 2023. The growth was primarily driven by a 19.5% rise in device sales, which reached $10.5 million, attributed to an increase in units sold. Service revenue also saw a modest increase of 6.7%, totaling $2.4 million. Despite this revenue growth, the company continues to face significant financial challenges, posting a net loss of $40.7 million for 2024, a slight improvement from the $44.2 million loss in the previous year. The accumulated deficit as of December 31, 2024, stood at $294.4 million.

In terms of operational developments, Hyperfine has made strides in expanding its product offerings and market reach. The company received multiple 510(k) clearances from the FDA for its Swoop® Portable MR Imaging® System and its AI-powered software in 2023 and 2024, enhancing the system's imaging capabilities and reducing scan times. The Swoop® system is now marketed in several countries, including the U.S., Canada, and various European nations, with a total addressable market estimated at over $16 billion in the U.S. alone. The company has also initiated clinical studies to validate the use of its technology in various healthcare settings, including emergency departments and neurology clinics.

Hyperfine's workforce underwent a restructuring in January 2025, resulting in a 14% reduction in staff, primarily in technical roles, to streamline operations and reduce costs. The company anticipates incurring up to $0.4 million in restructuring costs. As of February 15, 2025, Hyperfine employed 111 individuals, with plans to expand its sales and marketing efforts internationally, particularly in regions with significant unmet healthcare needs.

The company continues to face challenges related to cash flow, having reported a cash burn of $38.8 million in 2024. As of the end of the year, Hyperfine had cash and cash equivalents of $37.6 million, which it expects will support operations for at least the next 12 months. However, the company acknowledges the need for additional capital to fund ongoing commercialization efforts and product development. Future financing may be necessary, and the company has filed a shelf registration statement with the SEC to facilitate potential capital raises.

Looking ahead, Hyperfine remains focused on enhancing its product offerings and expanding its market presence. The company aims to leverage its AI-powered technology to improve patient care and increase access to MRI imaging in various healthcare settings. However, it recognizes the inherent risks and uncertainties in the healthcare technology market, including regulatory challenges, competition, and the need for continued innovation to maintain its competitive edge.