Hyperfine, Inc. reported third‑quarter 2025 revenue of $3.44 million, a 5.5% decline from $3.64 million in the same period a year earlier. The company posted a net loss of $11.0 million, or $0.14 per share, compared with a $10.3 million loss and $0.13 per share in the prior year.
Gross margin expanded to 53.7% from 49.3% in Q1 2025, driven by a shift toward the higher‑margin next‑generation Swoop system and higher average selling prices. The mix shift offset the revenue decline, improving profitability at the top line.
Operating expenses rose to $10.77 million, up 20% from the prior year, largely due to increased sales and marketing spend as Hyperfine expands into neurology office settings and international markets. The higher spend reflects the company’s strategy to accelerate adoption of its point‑of‑care ultrasound platform.
Cash and cash equivalents fell to $22.0 million at September 30, 2025, down 52% from $45.98 million at the end of 2024. The company raised $5.18 million through common‑stock and warrant issuance and $2.91 million via an at‑the‑market offering, but still recorded a net cash outflow of $15.64 million from operating activities, underscoring a high burn rate.
Management did not provide forward guidance in the filing, leaving investors without a clear view of the company’s near‑term revenue or margin expectations. The focus remains on scaling the Swoop and Optive AI software, with continued investment in sales and marketing to capture market share in neurology and international segments.
The results illustrate a company balancing growth investments against profitability. While gross‑margin gains signal pricing power and a favorable product mix, the widening net loss and steep cash draw highlight the ongoing challenge of sustaining cash flow while expanding market reach. Investors will watch how the company manages its burn and whether the next‑generation Swoop can translate higher margins into revenue growth.
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