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Hyperfine, Inc. (NASDAQ:HYPR), a medical device company specializing in electromedical apparatus, disclosed on Tuesday that it is undergoing an organizational restructuring that includes the termination of roughly 14% of its global workforce. The layoffs primarily impact technical staff and are aimed at creating a more efficient structure as the company transitions from a development to a commercial stage.
The decision comes after Hyperfine’s Swoop® system, an AI-powered medical device, received initial FDA clearance in 2020, followed by nine subsequent software clearances. The company is also anticipating two additional clearances in 2025. Despite the workforce reduction, Hyperfine assures that its product development capabilities will be preserved to support future iterations of the Swoop® system and its overall strategy.
Hyperfine estimates that the restructuring will incur costs up to $400,000, consisting mainly of severance payments and related expenses. The company expects to complete the process within the first quarter of 2025 and projects that the move will extend its financial runway. Hyperfine now anticipates that its cash reserves, combined with income from product sales and services, will sustain its planned operations into the second half of 2026.
The company cautions that these cost estimates and cash runway projections are subject to various assumptions, and actual results may materially differ. Additional costs not currently anticipated may arise in connection with the restructuring.
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