Hyperfine (NASDAQ:HYPR) reported a sharp year-over-year increase in first-quarter revenue and reiterated its full-year 2026 outlook, as management pointed to continued adoption of its next-generation Swoop portable MRI system across hospitals, neurology offices and international markets.
President and Chief Executive Officer Maria Sainz said the company delivered revenue of $3.9 million in the quarter ended March 31, 2026, up 83% from $2.1 million a year earlier. She described the result as Hyperfine’s “second-highest quarter ever” and said it reflected the company’s third full quarter selling the next-generation Swoop system in the U.S. market, as well as sales into its newer neurology office business.
Revenue Rises as Gross Margin Expands
Hyperfine sold 10 units in the first quarter, compared with six units in the prior-year period. Management said the majority of unit sales were next-generation systems, supporting a strong average selling price.
Gross profit rose to $2.0 million from $0.9 million a year earlier. Gross margin expanded to 50.7% from 41.3%, an improvement of about 940 basis points. Management said this marked the third consecutive quarter in which gross margin exceeded 50%.
Research and development expenses declined 24% to $3.8 million from $5.0 million in the first quarter of 2025, which management attributed to benefits from a reorganization completed in early 2025 as the company transitioned toward a commercial growth-stage organization. Sales, general and administrative expenses were $6.7 million, flat from the prior-year quarter.
Net loss narrowed to $8.6 million, or $0.09 per share, compared with a net loss of $9.4 million, or $0.12 per share, a year earlier. The latest quarter included a $0.2 million non-cash loss from a change in the fair value of warrant liabilities, compared with a $1.6 million gain in the year-earlier period.
Net cash burn excluding financing was $8.8 million, compared with $10.1 million in the first quarter of 2025. Management noted that the first quarter is typically the company’s highest cash burn quarter because of annual payments such as bonuses and insurance.
Hyperfine ended the quarter with $40.8 million in cash and cash equivalents. That total included the initial $15 million tranche from an up to $40 million long-term debt facility put in place during the quarter. The company said it has the option through the end of 2027 to access up to $25 million in additional tranches if prescribed commercial targets are met.
Company Reiterates 2026 Guidance
Hyperfine maintained its full-year 2026 outlook. The company continues to expect revenue of $20 million to $22 million, which represents year-over-year growth of 55% at the midpoint. Management also reiterated its expectation for full-year gross margin of 50% to 55%.
The company said it expects revenue to strengthen progressively throughout 2026, supported by its pipeline across hospitals, neurology offices and international markets. Management also said it expects gross margin to improve over the course of the year as sales volumes increase, with second-half gross margin percentages expected to exceed first-half levels.
Hyperfine also reaffirmed its expected 2026 cash burn range of $26 million to $28 million, including quarterly debt interest payments of about $400,000. Management said its cash runway extends into 2028, including the initial $15 million debt tranche but excluding the additional $25 million available under the facility.
Hospital, Office and International Markets Drive Pipeline
Sainz said demand for the next-generation Swoop system remains strong and that Hyperfine is continuing to diversify revenue across three commercial verticals: hospitals and health systems, neurology offices and international markets.
In hospitals, she said the company is seeing interest from adult and pediatric critical care and emergency departments. Hyperfine is also pursuing health system and integrated delivery network opportunities, including repeat sales within IDNs across multiple sites over the past couple of quarters.
Sainz said the pipeline is shifting toward multi-unit and IDN opportunities, though those accounts can involve longer sales cycles because of additional stakeholders and procurement steps. In response to an analyst question, she said one IDN has moved from initial placement to multiple systems at one site and then to additional sites, while other conversations remain earlier in the process.
“We do have visibility to multiple sites within an IDN,” Sainz said, adding that broader procurement typically begins after initial implementation and about eight weeks of data collection and sharing.
In neurology offices, Sainz said placements contributed to first-quarter revenue, with most placements in larger offices. She said data from the company’s NEURO-PMR study, presented at the American Society of Neuroimaging, showed use of the Swoop system across conditions including headaches, dementia, multiple sclerosis follow-up and tumor follow-up. The study also showed favorable patient experience compared with conventional MRI, according to management.
Internationally, Sainz said Hyperfine launched its Optive AI software in Europe during the quarter and received CE and UKCA marks for the next-generation Swoop system and latest Optive AI software. The company is working through translation and documentation processes and expects to be in position to launch the next-generation system in Europe in the third quarter. In India, Sainz said the first Swoop system is now in clinical use at a leading key opinion leader center in Delhi through a distribution partner.
Clinical and Product Milestones
Hyperfine also highlighted progress on several clinical and regulatory fronts. Sainz said the company launched its advanced DWI Optive AI software at the 2026 International Stroke Conference, supported by a paper in Stroke: Vascular and Interventional Neurology demonstrating enhanced stroke detection capabilities. She said the software is now implemented in most scanners across Hyperfine’s installed base.
The company also reported progress in its Contrast PMR study, a prospective multicenter study evaluating contrast-enhanced ultra-low field portable MRI. Sainz said three study sites are active and enrollment is now more than 50% of the target. Hyperfine expects the study to support a potential FDA submission by the end of 2026 to expand the Swoop system’s intended use to include gadolinium-based contrast agents.
Sainz said she does not know of any hospital purchase that has been put on hold while awaiting a contrast indication, but said contrast could increase clinical utility in both hospital and office settings. In offices, she said contrast cases may also affect the economic calculation because brain MRI exams with contrast use dedicated CPT code 70553 and are reimbursed at a higher rate.
Management also discussed potential new sites of care, including operating rooms, angiography suites and mobile units for community-based brain screening programs. Sainz said the company is seeing growing interest from surgeons and interventionalists and expects single-case and small-case-series publications or presentations this year. She said Hyperfine is forming an advisory group and aims to exit 2026 with a clearer plan for any software, coil or hardware modifications that may be needed.
Reflecting on the first year since FDA clearance of the next-generation Swoop system and Optive AI software, Sainz said Hyperfine has “meaningfully improved” its revenue and margin profile, entered new markets and continued to innovate.
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.
