Hyperfine, Inc. (HYPR) Earnings
Hyperfine, Inc. is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.09. HYPR has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +2.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.09 | $-0.09 | +0.0% | $4M | +10.3% |
| Mar 18, 2026 | $-0.08 | $-0.06 | +21.6% | $5M | -0.1% |
| Nov 13, 2025 | $-0.10 | $-0.11 | -10.0% | $3M | -35.2% |
| Aug 13, 2025 | $-0.12 | $-0.12 | +0.0% | $3M | -10.1% |
| Mar 17, 2025 | $-0.16 | $-0.14 | +12.5% | $2M | +0.9% |
| Mar 21, 2024 | $-0.17 | $-0.15 | +11.8% | $3M | -27.6% |
| Nov 9, 2023 | $-0.15 | $-0.15 | +0.0% | $2M | -37.2% |
| Aug 14, 2023 | $-0.17 | $-0.15 | +11.8% | $3M | +5.7% |
| May 11, 2023 | $-0.16 | $-0.17 | -6.3% | $3M | +27.5% |
| Mar 21, 2023 | $-0.25 | $-0.19 | +24.0% | $1M | -43.0% |
| Nov 10, 2022 | $-0.26 | $-0.19 | +26.9% | $2M | +38.1% |
| Aug 10, 2022 | $-0.27 | $-0.33 | -22.2% | $2M | -23.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Financial Performance - Delivered total Q1 2026 revenue of $3.9 million, the company's second highest quarterly revenue ever, with 83% year-over-year growth - Achieved a 50.7% gross margin, up 940 basis points from 41.3% in Q1 2025, marking the third consecutive quarter with gross margin above 50% - Reported a net loss of $8.6 million (9 cents per share) in Q1 2026, compared to a net loss of $9.4 million (12 cents per share) in Q1 2025 - Reduced non-financing cash burn to $8.8 million, a 13% year-over-year improvement of $1.3 million, and ended the quarter with $40.8 million in cash and cash equivalents - R&D expenses decreased 24% year-over-year to $3.8 million, while SG&A expenses remained flat at $6.7 million, reflecting ongoing spending discipline ### Regulatory & Clinical Milestones - Obtained CE and UKCA marks for both the next-generation subsystem and the advanced DWI Optive AI software - Surpassed 50% enrollment in the prospective multicenter contrast PMR clinical study, with three active study sites currently enrolling patients - Presented compelling data from the neuro PMR study at the American Society of Neuroimaging, demonstrating high diagnostic value, broad clinical utility, and strong patient preference for Hyperfine's portable subsystem compared to conventional MRI in outpatient neurology settings - Launched advanced DWI Optive AI software at the 2026 International Stroke Conference, alongside a peer-reviewed publication confirming enhanced stroke detection capabilities ### Commercial Progress - Demand for the next-generation subsystem remains strong, with repeat sales within IDNs recorded over the past multiple quarters, and strategic multi-unit IDN opportunities now make up a growing share of the sales pipeline - In Europe, completed regulatory approvals and is on track to launch the next-generation subsystem in Q3 2026 following the completion of translation and documentation processes - The advanced DWI Optive AI software has already been implemented in most scanners across Hyperfine's installed base ### Pipeline & Innovation - Management is evaluating pilot activities for two new use cases: use of the subsystem in operating rooms/angiosuites for immediate post-procedure patient scanning, and deployment on mobile units for community-based brain screening programs - Plans to release a new software upgrade with additional image quality and clinical capability improvements by the end of 2026 - Enrollment in the contrast PMR study is on track to support a potential FDA submission to expand the indication for gadolinium-based contrast agents by the end of 2026, which would expand the clinical utility of the system across all care settings
Guidance
Management reiterated all full-year 2026 guidance, maintaining prior projections with no upward or downward revisions: - Full-year 2026 total revenue is projected to be between $20 million and $22 million, representing 55% year-over-year growth at the midpoint - Full-year gross margin is expected to range between 50% and 55%, with gross margin expected to improve sequentially through the year, and second half 2026 gross margin projected to exceed first half levels - Full-year total cash burn is projected to be between $26 million and $28 million, representing a 10% year-over-year decline at the midpoint, which includes quarterly debt interest payments of approximately $400,000 - The company's current cash position, including the $15 million initial debt tranche but excluding the $25 million available additional growth capital, provides a cash runway extending into 2028
Segment performance
Hyperfine operates across three core business verticals that collectively contributed to total Q1 2026 revenue of $3.9 million, a 83% year-over-year increase from $2.1 million in Q1 2025. 1. Hospital (including health systems/IDNs): This vertical is the company's core hospital-focused segment, driving sales of the next-generation portable MRI subsystem to adult and pediatric critical care and emergency departments. It led the majority of the 10 total unit sold in Q1 2026 (up from 6 units in Q1 2025), with most sales being higher-priced next-generation systems that supported strong average selling prices. Pipeline is increasingly shifting toward multi-unit and integrated delivery network (IDN) opportunities, which represent the primary expansion path for this segment. 2. Neurology offices: This segment delivered solid revenue contributions in Q1 2026, with most placements being next-generation systems concentrated in larger neurology practices. It built a healthy pipeline across practices of all sizes following market activation events in Q1, with larger offices currently driving most near-term traction due to higher patient volume that supports faster return on investment. 3. International: This segment saw early commercial progress in Q1 2026, including the launch of Optive AI software in Europe (which received strong initial reception) and the first live clinical installation of a Hyperfine system at a leading key opinion leader center in Delhi, India via the company's distribution partner. While it did not contribute large absolute revenue in Q1 2026, it is positioned for meaningful growth in the second half of 2026 following recent regulatory approvals.
Risks & headwinds
• Forward-looking statements (including those related to regulatory approvals, commercial expansion, product development, and future financial performance) involve material risks and uncertainties that could cause actual results to differ materially from current projections, as detailed in the company's latest SEC periodic filings • Multi-unit IDN opportunities have longer sales cycles due to additional layers of approval and procurement requirements, which could delay near-term revenue recognition from these high-potential accounts • New use cases (including operating room and mobile screening applications) require unplanned product modifications or additional clinical validation, which could delay commercialization of these new growth opportunities • Access to the $25 million in additional tranches under the company's debt facility is conditional on achieving prescribed commercial targets, so this additional capital may not be available if targets are not met
Analyst Q&A
Q: Nelson Cox (Lake Street Capital Markets) asks about the current stage of IDN/multi-unit sales, typical timelines for these opportunities, and how much IDN growth is already baked into 2026 guidance. /
A: Hyperfine has only been pursuing its IDN strategy for three quarters since launching the next-generation system. Only one IDN has progressed from an initial single-site pilot to multiple additional sites, with all other IDN conversations still in the initial pilot stage. IDN sales require extra regional, divisional, or national approval steps, and additional sites within an IDN will not move to procurement until 8-12 weeks of initial implementation and data collection is complete at the first site. All three verticals, including IDN-focused hospital sales, are already reflected in the current 2026 guidance, with most IDN procurement expected to occur in the second half of 2026 aligned with typical healthcare budget cycles.
Q: Yunzhi (B. Riley Securities) asks whether the ongoing U.S. helium shortage has impacted customer conversations or demand for Hyperfine's systems. /
A: Hyperfine's portable MRI system is entirely helium-free, with lower maintenance complexity and costs compared to conventional high-field MRI. While helium shortages have been in the news, management has not received direct customer inquiries about the issue, though existing pain points around high-field MRI maintenance and availability do already help amplify Hyperfine's value proposition. Helium-free operation has long been a core selling point, and the recent shortage only reinforces this benefit for potential customers.
Q: Marie Tybalt (VTIG) asks what impact an approved gadolinium contrast indication would have on hospital and office adoption, and how many purchases are currently delayed waiting for this approval. /
A: Management reports that no hospital purchases have been delayed to wait for the contrast indication. An approved contrast indication will meaningfully expand the clinical utility of the system, allowing it to cover a higher share of total brain MRI cases, which will increase demand for multiple systems within a site and make the system a more routine part of clinical workflow. For neurology offices, contrast cases carry a 30-50% higher reimbursement rate, which will improve the return on investment calculation for office-based adopters and accelerate adoption.
Q: Marie Tybalt (VTIG) asks what product modifications are needed to expand use to operating rooms and angiosuites, and what the timeline for this new indication is. /
A: Early pioneering sites are already using Hyperfine's system for immediate post-procedure imaging, with publications of small case series expected in 2026. Management is assembling an advisory group to evaluate required changes, which may include a minor modification to the coil hardware to accommodate cranial access during procedures. The company expects to finalize a commercialization plan by the end of 2026, with some hospitals already purchasing systems for this use case on an ad-hoc basis.