Hyperfine announces $6 million direct offering

GUILFORD, Conn. - Hyperfine, Inc. (NASDAQ:HYPR), a pioneering health technology firm with a current market capitalization of $122 million, has announced a registered direct offering of its Class A common stock and warrants, expecting to raise gross proceeds of approximately $6 million. The offering, priced at $1.33 per share and warrant, is set to close on February 12, 2025, contingent on customary closing conditions. According to InvestingPro data, the company’s stock has shown remarkable momentum, delivering a 90% return year-to-date and maintaining a strong financial health score.

The warrants, exercisable immediately at the same price, will expire five years from the exercise date. Lake Street Capital Markets is serving as the exclusive placement agent for the offering. Hyperfine intends to allocate the net proceeds toward working capital and general corporate purposes, which include commercial, manufacturing, and research and development activities. This funding comes at a crucial time, as InvestingPro analysis indicates the company is quickly burning through cash despite holding more cash than debt on its balance sheet.

This financial move follows Hyperfine’s effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on November 9, 2023, and declared effective on November 22, 2023. The offering is made through a prospectus supplement as part of the registration statement, with copies available on the SEC’s website and through Lake Street Capital Markets.

Hyperfine is known for its innovative Swoop® system, the first FDA-cleared, portable, ultra-low-field magnetic resonance brain imaging system. The company’s mission is to transform patient care globally by making diagnostic imaging more accessible and clinically relevant. With revenue growth of 36% in the last twelve months and a gross profit margin of 46%, the company shows promising commercial traction. For deeper insights into Hyperfine’s growth potential and comprehensive financial analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US equities.

The announcement includes forward-looking statements regarding the offering’s completion and the anticipated use of proceeds, which are subject to market conditions and other risks. These statements are based on the company’s current expectations and are not guarantees of future performance.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities will not be conducted in any state or jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The information in this article is based on a press release statement from Hyperfine, Inc.

In other recent news, Hyperfine Inc. reported robust growth in its third-quarter financial results with a 56% increase year-over-year to $3.6 million in revenue. The company’s growth has been driven by strong sales of its Swoop portable imaging systems and expansion into new care sites. Despite this positive growth, the company recorded a net loss of $10.3 million for the quarter.

In addition, Hyperfine announced an organizational restructuring that includes a 14% reduction of its global workforce, primarily impacting technical staff. This restructuring is aimed at streamlining operations as the company transitions from a development to a commercial stage. The company estimates that the restructuring will incur costs up to $400,000, mainly consisting of severance payments and related expenses, with completion expected within the first quarter of 2025.

In other developments, Hyperfine is preparing for broader market access in 2025, including potential expansion in European markets and anticipated regulatory approval in India. The company has also received FDA clearance for its ninth-generation AI-powered software and is expecting two additional clearances in 2025. These are the recent developments from Hyperfine Inc.

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