Hyperfine, Inc. Reports Record Quarterly Revenue and Raises FY 2024 Revenue Guidance
─ Reports
─ Raises FY 2024 Revenue Guidance to
“I am proud of the Hyperfine team, achieving record revenue and delivering meaningful progress across innovation and clinical initiatives in the quarter,” said
Second Quarter 2024 Financial Results
- Revenues for the second quarter of 2024 were a record
$3.63 million , up 7.4%, compared to$3.38 million in the second quarter of 2023. Hyperfine, Inc. sold 13 commercial Swoop® systems in the second quarter of 2024.- Gross margin for the second quarter of 2024 was a record
$1.80 million , compared to$1.44 million in the second quarter of 2023, translating to a gross margin percentage of 49.6% compared to 42.7% in the second quarter of 2023. - Research and development expenses for the second quarter of 2024 were
$5.96 million , compared to$5.33 million in the second quarter of 2023. - Sales, marketing, general, and administrative expenses for the second quarter of 2024 were
$6.69 million , compared to$7.81 million in the second quarter of 2023. - Net loss for the second quarter of 2024 was
$10.16 million , equating to a net loss of$0.14 per share, as compared to a net loss of$10.64 million , or a net loss of$0.15 per share, for the second quarter of 2023.
Recent Achievements and Business Highlights
- FDA clearance of 9th generation AI-powered brain imaging software for enhanced speed.
- Initiated enrollment of CARE PMR (Capturing ARIA Risk Equitably with Portable MR) study assessing the clinical utility of the Swoop® System to scan Alzheimer’s patients receiving amyloid-targeting therapy to detect ARIA.
- Initial experience on the clinical utility of portable ultra-low-field MRI for Alzheimer's disease monitoring featured in two posters at the 2024 Alzheimer’s
Association International Conference . - Subset of ACTION PMR (ACuTe Ischemic strOke detectioN with Portable MR), study data published in the
August 2024 issue of the Annals of Neurology. - Appointed distributors in 12 key EU markets and
India to support expansion of commercial activity to international markets.
Six Months Financial Results
- Revenues for the six months ended
June 30, 2024 were$6.93 million , up 15.1%, compared to$6.02 million in the six months endedJune 30, 2023 . - Gross margin for the six months ended
June 30, 2024 was$3.16 million , compared to$2.60 million in the six months endedJune 30, 2023 , translating to a gross margin percentage of 45.6% in the six months endedJune 30, 2024 , compared to a gross margin percentage of 43.2% in the six months endedJune 30, 2023 . - Research and development expenses for the six months ended
June 30, 2024 were$11.53 million , compared to$10.79 million in the six months endedJune 30, 2023 . - Sales, marketing, general, and administrative expenses for the six months ended
June 30, 2024 were$13.12 million , compared to$16.53 million in the second quarter of 2023. - Net loss for the six months ended
June 30, 2024 was$20.00 million , equating to a net loss of$0.28 per share, as compared to a net loss of$22.80 million , or a net loss of$0.32 per share, for the six months endedJune 30, 2023 .
2024 Financial Guidance
- Management raises its revenue expectations for the full year 2024 to be
$13 to$16 million from$12 to$15 million previously, reflecting year over year growth of 31% at the midpoint compared to 22% previously. - Management continues to expect its cash burn for the full year 2024 to be approximately
$40 million .
Conference Call
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Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of
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CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) |
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2024 |
2023 |
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ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 53,809 | $ | 75,183 | |||
Restricted cash | — | 621 | |||||
Accounts receivable, less allowance of |
5,368 | 3,189 | |||||
Unbilled receivables | 2,121 | 942 | |||||
Inventory | 7,465 | 6,582 | |||||
Prepaid expenses and other current assets | 2,262 | 2,391 | |||||
Total current assets | 71,025 | 88,908 | |||||
Property and equipment, net | 3,429 | 2,999 | |||||
Other long term assets | 2,156 | 2,292 | |||||
Total assets | $ | 76,610 | $ | 94,199 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 2,238 | $ | 1,214 | |||
Deferred grant funding | — | 621 | |||||
Deferred revenue | 1,425 | 1,453 | |||||
Due to related parties | 66 | 61 | |||||
Accrued expenses and other current liabilities | 5,056 | 5,419 | |||||
Total current liabilities | 8,785 | 8,768 | |||||
Long term deferred revenue | 1,064 | 968 | |||||
Other noncurrent liabilities | — | 64 | |||||
Total liabilities | 9,849 | 9,800 | |||||
STOCKHOLDERS' EQUITY | |||||||
Class A Common stock, |
5 | 5 | |||||
Class |
2 | 2 | |||||
Additional paid-in capital | 340,480 | 338,114 | |||||
Accumulated deficit | (273,726 | ) | (253,722 | ) | |||
Total stockholders' equity | 66,761 | 84,399 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 76,610 | $ | 94,199 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (Unaudited) |
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Three Months Ended |
Six Months Ended |
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2024 | 2023 | 2024 | 2023 | ||||||||||||
Sales | |||||||||||||||
Device | $ | 2,970 | $ | 2,810 | $ | 5,674 | $ | 4,942 | |||||||
Service | 661 | 571 | 1,252 | 1,074 | |||||||||||
Total sales | 3,631 | 3,381 | 6,926 | 6,016 | |||||||||||
Cost of sales | |||||||||||||||
Device | 1,422 | 1,549 | 2,921 | 2,620 | |||||||||||
Service | 406 | 388 | 848 | 797 | |||||||||||
Total cost of sales | 1,828 | 1,937 | 3,769 | 3,417 | |||||||||||
Gross margin | 1,803 | 1,444 | 3,157 | 2,599 | |||||||||||
Operating Expenses: | |||||||||||||||
Research and development | 5,959 | 5,331 | 11,529 | 10,792 | |||||||||||
General and administrative | 4,421 | 5,306 | 8,851 | 11,488 | |||||||||||
Sales and marketing | 2,269 | 2,499 | 4,273 | 5,046 | |||||||||||
Total operating expenses | 12,649 | 13,136 | 24,653 | 27,326 | |||||||||||
Loss from operations | (10,846 | ) | (11,692 | ) | (21,496 | ) | (24,727 | ) | |||||||
Interest income | 675 | 1,030 | 1,471 | 1,899 | |||||||||||
Other income, net | 15 | 25 | 21 | 31 | |||||||||||
Loss before provision for income taxes | (10,156 | ) | (10,637 | ) | (20,004 | ) | (22,797 | ) | |||||||
Provision for income taxes | — | — | — | — | |||||||||||
Net loss and comprehensive loss | $ | (10,156 | ) | $ | (10,637 | ) | $ | (20,004 | ) | $ | (22,797 | ) | |||
Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.14 | ) | $ | (0.15 | ) | $ | (0.28 | ) | $ | (0.32 | ) | |||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 72,041,332 | 71,201,170 | 71,987,688 | 71,033,629 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) |
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Six Months Ended |
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2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (20,004 | ) | $ | (22,797 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 516 | 513 | |||||
Stock-based compensation expense | 2,206 | 2,259 | |||||
Loss on disposal of property and equipment, net | 100 | 100 | |||||
Payments received on net investment in lease | 18 | 4 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | (2,179 | ) | (1,845 | ) | |||
Unbilled receivables | (1,179 | ) | (209 | ) | |||
Inventory | (1,000 | ) | (1,537 | ) | |||
Prepaid expenses and other current assets | (518 | ) | 946 | ||||
Due from related parties | — | 48 | |||||
Prepaid inventory | 693 | 281 | |||||
Other long term assets | 46 | 129 | |||||
Accounts payable | 867 | 666 | |||||
Deferred grant funding | (621 | ) | 198 | ||||
Deferred revenue | 68 | (134 | ) | ||||
Due to related parties | 5 | 45 | |||||
Accrued expenses and other current liabilities | (912 | ) | (1,817 | ) | |||
Operating lease liabilities, net | 1 | — | |||||
Net cash used in operating activities | (21,893 | ) | (23,150 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (216 | ) | (283 | ) | |||
Net cash used in investing activities | (216 | ) | (283 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 114 | 107 | |||||
Net cash provided by financing activities | 114 | 107 | |||||
Net decrease in cash and cash equivalents and restricted cash | (21,995 | ) | (23,326 | ) | |||
Cash, cash equivalents and restricted cash, beginning of period | 75,804 | 118,243 | |||||
Cash, cash equivalents and restricted cash, end of period | 53,809 | 94,917 | |||||
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets | |||||||
Cash and cash equivalents | 53,809 | 93,948 | |||||
Restricted cash | — | 969 | |||||
Total cash, cash equivalents and restricted cash | $ | 53,809 | $ | 94,917 | |||
Supplemental disclosure of noncash information: | |||||||
Unpaid purchase of property and equipment | $ | 735 | $ | 28 |
Source: Hyperfine, Inc.