Hyperfine (HYPR) Q4 2025 earnings summary

Executive summary

• Transitioned to a commercial-stage organization in 2025, launching the next-generation Swoop system and Optive AI software, expanding into neurology office and international markets.

• Achieved FDA clearance for updated Optive AI software and regulatory approval in India, supporting clinical and geographic expansion.

• Over 200 Swoop systems installed globally, with strong adoption in hospitals and offices.

• Published clinical and economic data validated Swoop's utility in stroke triage and neurology offices, fueling robust deal activity and interest from hospitals and IDNs.

• Ended 2025 with a healthy balance sheet, reduced cash burn, and new growth capital, positioning for sustained growth into 2028.

Financial highlights

• Q4 2025 revenue was $5.29 million, up 128% year-over-year; 16 units sold versus 9 in Q4 2024.

• Full year 2025 revenue reached $13.6 million, up 5.2% from 2024, with significant growth in the second half.

• Q4 2025 gross margin improved to 51% from 36% in Q4 2024; full year 2025 gross margin was 50%, up from 46%.

• Net loss for Q4 2025 was $5.91 million ($0.06/share), improved from $10.39 million ($0.14/share) in Q4 2024.

• Cash and cash equivalents at year-end 2025: $35.09 million.

Outlook and guidance

• 2026 revenue expected between $20 million and $22 million, representing 55% year-over-year growth at the midpoint.

• Gross margin guidance for 2026 is 50%-55%, with higher margins expected in the second half.

• Cash burn for 2026 projected at $26-$28 million, a 10% year-over-year decline at the midpoint.

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

• Next-generation Swoop system expected to receive clearance in Europe and Canada by end of 2026.