Hyperfine, Inc.

Second-quarter 2026 revenue was $3.9 million, up from $2.7 million in 2Q25, an increase of about 45% year over year. First-half revenue was $7.8 million versus $4.8 million a year ago, up about 62%. The company sold 12 systems in 2Q26 versus 8 in 2Q25, and gross profit was $2 million versus $1.3 million last year; gross margin was 50.7% versus 49.3%, an expansion of about 150 basis points. Net loss was $9.3 million, or $0.09 per share, compared with a net loss of $9.2 million, or $0.12 per share, in 2Q25. Net cash burn excluding financing was $7.9 million versus $8.1 million a year ago, and first-half burn excluding financing was $16.6 million versus $18.2 million. As of June 30, 2026, cash and cash equivalents were $43.5 million. Full-year 2026 guidance was reaffirmed for revenue of $20 million to $22 million, gross margin of 50% to 55%, total cash burn of $26 million to $28 million, and cash runway into 2028.

Maria Sainz said the quarter reflected execution across the company’s commercial, operational, and financial priorities, with Model 2 adoption expanding across hospitals, offices, and international markets. She emphasized that the launch thesis is being validated by broader site-of-care adoption, stronger clinical evidence, IDN engagement, and a more diversified commercial strategy. Her tone was confident and constructive, and she highlighted multiple upcoming catalysts including international rollout, the next software release, and Contrast PMR/FDA submission.

Brett Hale highlighted the main financial improvements: revenue up 45% to $3.9 million, gross profit of $2 million, gross margin of 50.7%, and cash burn excluding financing down to $7.9 million from $8.1 million last year. He noted R&D fell 15% to $3.9 million, SG&A rose 3% to $6.6 million, and net loss was $9.3 million, including a $0.6 million non-cash warrant liability loss. He also said cash and cash equivalents ended at $43.5 million after $10.6 million of ATM proceeds at an average price of $1.52 per share, and reiterated full-year guidance for $20 million to $22 million revenue and $26 million to $28 million cash burn, with runway into 2028.

Analysts focused on what is driving the implied second-half revenue ramp in guidance and how much depends on repeat placements within existing IDNs versus new customers. Management said the second half includes subsequent placements in opened IDNs, normal budget-cycle timing, continued office growth, the next software release, and pilots in neurosurgery and mobile models. On the office market, management said larger-volume practices are proving to be the best fit for Model 2, and that planned contrast labeling could further support the higher-value Model 2 offering. They also said 2Q placements were distributed across hospital, office, and international channels, with a higher international mix than prior quarters.