Hyperfine, Inc. Q4 FY2025 earnings call

Fourth quarter revenue over $5 million showed strong performance with next-generation Swoop system. Mid-2025 introduction of second-generation Swoop scanner, Optive AI software and entry into neurology office setting. FDA clearance of Swoop software update, recent studies validate clinical utility. Approval of first-gen Swoop system in India opens international expansion. 2025 executed on operational milestones, cash burn reduced, gross margin expanded. 2026 market activation momentum continuing. International business progress: Optive AI software in 10 European languages, regulatory process for UK and CE markets, India approval. Neurology office business: NEURO-PMR study shows high concordance and patient preference, selling efforts accelerated. Hospital business: Larger deals with IDNs, some dependent on budget cycles but pipeline strong

Fourth quarter revenue of 2025 was $5.3 million, up 128% compared to $2.3 million in the fourth quarter of 2024. Sold 16 units net in Q4 2025 vs 9 units in Q4 2024. Full year 2025 revenue was $13.6 million, up 5% compared to 2024. Gross profit in Q4 2025 was $2.7 million, up 226%, gross margin 50.9%. Full year 2025 gross profit was $6.8 million, up 15%, gross margin 49.8%. R&D expenses in Q4 2025 were $3.8 million, down 25% vs Q4 2024. Full year 2025 R&D expenses were $17.5 million, down 22% vs 2024. SG&A expenses in Q4 2025 were $6.5 million, flat vs Q4 2024. Full year 2025 SG&A expenses were $26.4 million vs $26.6 million in 2024

2026 full year revenue expected $20M - $22M, y-o-y growth midpoint 55%. Gross margin range 50% - 55%, second half above first half. Total cash burn expected $26M - $28M, y-o-y decline midpoint 10%

Forward-looking statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, including market adoption, regulatory approvals, product development risks; refer to Risk Factors section of latest SEC periodic filing

Q: Congratulations on all the progress. I was hoping to start with 1 on the key assumptions surrounding 2026 guidance. What can you tell us you're assuming in that guide as it relates to U.S., OUS, anything, any color around multisystem unit ordering? I'm assuming there's a price component in there given the MSRP you quoted throughout the call? And then anything else we should consider as we're thinking about how you built the guide for 2026?

A: Brett: 2026 guidance tied to growth catalysts, 3 business verticals (hospital, office, international) modeled. Maria: MSRP $590,000 in US hospital, price segmentation in office, international via distributors.

Q: I was hoping on the second one, I could ask a little bit more about the pipeline. I think in the Q3 call, you've referenced the Hyperfine time being at its strongest and most diversified following a really strong Q4, would you say that, that comment still holds true? Or are you still in the camp of building up the funnel in the front half of the year?

A: Maria: Pipeline very strong, with multiple deals and IDN deals, some bigger deals more process-dependent and budget year related.

Q: Congrats on a strong 2026 guidance. Maria, the business had its up and down over the past couple of years. I think it will be very helpful to investors if you can provide a quick review, especially what we have learned that can be used for the current business momentum.

A: Maria: Technology transformed from portable low field with insufficient clinical decision-making to high-quality imaging with clinical utility, now with interest in more use cases.

Q: I noticed the service revenue is lower in fourth quarter. As we imagine you have more devices in store, the service revenue should grow year-over-year. So can you please provide some additional color on that?

A: Brett: Service revenue expected to progress over time, Q4 adjustments due to accounting contract assessment related to forecharge technology upgrades