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GUILFORD, Conn. - Hyperfine, Inc. (NASDAQ:HYPR) shares plunged 10.2% after the health technology company reported fourth quarter revenue that fell short of analyst expectations, despite meeting earnings per share estimates.
The maker of the Swoop portable MRI system posted Q4 revenue of $2.32 million, missing the consensus estimate of $3.3 million. Adjusted earnings per share came in at -$0.14, in line with analyst projections.
For the full year 2024, Hyperfine’s revenue grew 17% YoY to $12.89 million. The company sold 48 commercial Swoop systems in 2024, up from 37 in 2023.
"I am pleased with the many milestones we achieved in the fourth quarter of 2024. These set the stage well for us to execute on our expansion plan, drive accelerated growth across multiple sites of care globally and meaningfully reduce cash burn in 2025," said Maria Sainz, CEO of Hyperfine.
Looking ahead, management expects first half 2025 revenue of approximately $6 million and full year 2025 revenue growth of 20% to 30% over 2024 levels. The company also anticipates reducing its cash burn to $25-27 million in 2025, down 32% from 2024 at the midpoint.
Hyperfine ended 2024 with $37.64 million in cash and cash equivalents. The company recently raised $6 million through a registered direct offering to extend its cash runway through the end of 2026.
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