Hyperfine (HYPR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $3.9 million, up 83% year-over-year, marking the second-highest quarter ever and driven by higher device sales and increased ASP.

• Sold 10 Swoop systems in Q1 2026, a 67% increase from the prior year, with over 200 installed globally and ~250,000 images captured.

• Launched next-generation Swoop system powered by Optive AI, achieving CE, UKCA, and FDA clearances, and initiated launches in Europe and India.

• Demonstrated strong value proposition, validated health economics, and significant progress in clinical studies and international expansion.

• Transitioned to a commercial-stage organization in 2025, expanding into hospital, office, and international markets.

Financial highlights

• Q1 2026 revenue was $3.9 million, up from $2.1 million in Q1 2025; gross profit rose to $2.0 million with gross margin expanding to 51%.

• R&D expenses decreased 24% to $3.8 million; SG&A expenses remained flat at $6.7 million.

• Net loss was $8.6 million ($0.09/share), improved from $9.4 million ($0.12/share) in Q1 2025.

• Net cash burn improved to $8.8 million, a 13% year-over-year reduction.

• Cash and equivalents stood at $40.8 million as of March 31, 2026, including $15 million from a new debt facility.

Outlook and guidance

• 2026 revenue guidance reiterated at $20–$22 million, with 55% year-over-year growth at midpoint; gross margin expected at 50–55%.

• Full-year cash burn expected at $26–$28 million, a 10% decline year-over-year.

• Cash runway extends into 2028, supported by recent equity and debt financing.

• Continued investment in R&D and commercial expansion, with ongoing negative cash flows until sales generate sufficient gross profit.

• Platform expansion opportunities include contrast imaging, new anatomies, and clinical decision support.