olivLaw · US equity research
Hyperfine, Inc. HYPR
Electromedical & Electrotherapeutic Apparatus · SIC 3845
Hyperfine, Inc. develops the Swoop system, a portable ultra-low-field MRI scanner for brain imaging powered by artificial intelligence, aimed at intensive care units, emergency rooms and neurology offices. The company is still in an early commercial stage, and recent quarterly figures show sales accelerating while losses remain large. Total revenue of 13.6 million USD in 2025 and a preliminary estimate of about 6.0 million USD for the third quarter of 2026 show the direction of that growth.
At the close of 04 Nov 2026, Hyperfine, Inc. (HYPR) stock was 0.75 USD (+8.42% on the day), with market capitalisation 0 USD, beta 1.80, 52-week range 0.69–1.87 USD. Latest reported quarter (Q2 2026): revenue of 3.9 m USD (+44.8% YoY), net income of -9.3 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 0.64 – 0.92
- in the lower half of the band · %B 0.39 · band width 36.0%
- SMA 50 / 200
- 0.80 / 1.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.0% | −1.1% | −13.9 pp | — |
| 3 months | −23.4% | −0.5% | −23.0 pp | — |
| 6 months | −56.6% | +4.4% | −61.0 pp | — |
| Year to date | −23.4% | +12.3% | −35.7 pp | — |
| 1 year | −27.9% | +13.5% | −41.4 pp | — |
| 3 years | −44.4% | +76.4% | −120.8 pp | — |
| 5 years | −92.5% | +63.7% | −156.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.6 m | 2.3 m | 2.1 m | 2.7 m | 3.4 m | 5.3 m | 3.9 m | 3.9 m |
| Cost of revenue | 1.7 m | 1.5 m | 1.3 m | 1.4 m | 1.6 m | 2.6 m | 1.9 m | 1.9 m |
| Gross profit | 1.9 m | 826.0 k | 883.0 k | 1.3 m | 1.8 m | 2.7 m | 2.0 m | 2.0 m |
| Research & development | 5.9 m | 5.1 m | 5.0 m | 4.5 m | 4.0 m | 3.8 m | 3.8 m | 3.9 m |
| Operating income | -11.0 m | -10.8 m | -10.9 m | -9.6 m | -8.9 m | -7.7 m | -8.6 m | -8.5 m |
| Interest expense | — | — | 0 | 0 | — | — | 83.0 k | 533.0 k |
| Pre-tax income | -10.3 m | -10.4 m | -9.4 m | -9.2 m | -11.0 m | -5.9 m | -8.6 m | -9.3 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -10.3 m | -10.4 m | -9.4 m | -9.2 m | -11.0 m | -5.9 m | -8.6 m | -9.3 m |
| Diluted EPS | -0.14 | -0.14 ≈ | -0.12 | -0.12 | -0.14 | -0.06 ≈ | -0.09 | -0.09 |
| Operating cash flow | -8.5 m ≈ | -8.4 m | -9.2 m | -7.9 m ≈ | -5.6 m ≈ | -5.2 m | -9.0 m | -7.3 m ≈ |
| Capex | 159.0 k ≈ | 8.0 k | 472.0 k | 520.0 k ≈ | 130.0 k ≈ | 63.0 k | 242.0 k | 30.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 294.0 k | 1.5 m | 6.8 m | 11.0 m | 12.9 m | 13.6 m |
| Revenue YoY | unavailable | +408.8% | +355.5% | +61.9% | +16.8% | +5.2% |
| Net income | -23.4 m | -64.9 m | -44.2 m | -44.2 m | -40.7 m | -35.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -17.57 | -1.04 | -0.62 | -0.56 | -0.43 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -7,968.4% | -4,335.0% | -649.2% | -401.0% | -315.9% | -262.3% |
| Free cash flow | -23.1 m | -49.9 m | -72.9 m | -42.6 m | -39.2 m | -29.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.1 m USD
- Financial debt
- 0 USD
- Net debt
- -35.1 m USD
- Equity
- 41.0 m USD
- Total assets
- 55.3 m USD
- Debt / equity
- 0.00x
- Current ratio
- 4.34x
- ROE
- -79.0%
- ROA
- -62.3%
- FCF margin
- -214.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 294.0 k | 1.5 m | 6.8 m | 11.0 m | 12.9 m | 13.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 771.0 k | 2.7 m | 5.9 m | 6.3 m | 7.0 m | 6.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | -477.0 k | -1.2 m | 907.0 k | 4.8 m | 5.9 m | 6.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 14.6 m | 25.8 m | 28.2 m | 22.5 m | 22.5 m | 17.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -23.5 m | -64.9 m | -73.9 m | -48.1 m | -43.2 m | -37.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 289.0 k | 726.0 k | 1.0 m | — | — | — | SEC (XBRL)· 22 Mar 2023verified |
| EBITDA | -23.2 m ≈ | -64.1 m ≈ | -72.9 m ≈ | — | — | — | SEC (XBRL)· 22 Mar 2023derived |
| Pre-tax income | -23.4 m | -64.9 m | -73.2 m | -44.2 m | -40.7 m | -35.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -23.4 m | -64.9 m | -44.2 m | -44.2 m | -40.7 m | -35.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | — | -17.57 | -1.04 | -0.62 | -0.56 | -0.43 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | — | 3.7 m | 70.4 m | 71.3 m | 72.4 m | 81.8 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 62.7 m | 188.5 m | 117.5 m | 75.2 m | 37.6 m | 35.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 174.0 k | 553.0 k | 2.1 m | 3.2 m | 6.0 m | 5.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Inventories | 1.7 m | 4.3 m | 4.6 m | 6.6 m | 5.8 m | 7.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 68.3 m | 197.5 m | 128.7 m | 88.9 m | 53.7 m | 50.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 1.9 m | 3.8 m | 3.2 m | 3.0 m | 3.1 m | 2.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 71.5 m | 202.5 m | 134.1 m | 94.2 m | 58.9 m | 55.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 948.0 k | 2.2 m | 678.0 k | 1.2 m | 1.6 m | 4.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Long-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 12 May 2026verified |
| Current liabilities | 4.1 m | 15.7 m | 8.8 m | 8.8 m | 8.7 m | 11.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 4.3 m | 16.2 m | 10.3 m | 9.8 m | 9.9 m | 14.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | -61.1 m † | 186.2 m † | 123.7 m † | 84.4 m † | 49.0 m † | 41.0 m † | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -21.5 m | -47.2 m | -72.3 m | -41.8 m | -38.8 m | -27.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 1.6 m | 2.7 m | 585.0 k | 804.0 k | 383.0 k | 1.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | -23.1 m ≈ | -49.9 m ≈ | -72.9 m ≈ | -42.6 m ≈ | -39.2 m ≈ | -29.1 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | -1.6 m | -2.7 m | -585.0 k | -804.0 k | -383.0 k | -1.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 60.9 m | 176.8 m | 7.0 k | 174.0 k | 1.0 m | 27.5 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -432.1% | 0 (on a fixed band) | 36% |
| Net margin · Quality | -210.8% | 0 (on a fixed band) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 25.8% | 100 (on a fixed band) | 29% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.2x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hyperfine, Inc. (HYPR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 13.6 m USD in 2025; YoY growth 5.2%; net margin -210.8%; ROE -97.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 25.8%
- Current ratio: 6.2x
What contradicts it
- ROIC: -432.1%
- Net margin: -210.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hyperfine, Inc. develops the Swoop system, a portable ultra-low-field MRI scanner for brain imaging powered by artificial intelligence, aimed at intensive care units, emergency rooms and neurology offices. The company is still in an early commercial stage, and recent quarterly figures show sales accelerating while losses remain large 13. Total revenue of 13.6 million USD in 2025 and a preliminary estimate of about 6.0 million USD for the third quarter of 2026 show the direction of that growth 13.
SWOT
Strengths
- The company holds the first portable device with FDA clearance for ultra-low-field brain imaging and an extensive patent portfolio 1.
- The AI software is updated continuously, and successive generations have brought image improvements that the company's filings highlight 1.
- The device can be used at the bedside without special facilities, which gives a practical advantage over conventional MRI 1.
Weaknesses
- The company has repeated net losses and a large accumulated deficit, which makes it dependent on outside financing 1.
- The number of units sold fell in 2025 even though revenue grew, which points to reliance on average selling price 1.
- The company has not yet achieved wide market acceptance or production at scale, by its own warnings 1.
Opportunities
- Expansion into office-based neurology and outpatient settings could open a customer base much larger than hospitals alone 1.
- Ongoing clinical studies, including those on contrast imaging, could widen approved indications and routine use 1.
- International markets with low MRI penetration could provide new volume if approvals and distributor reach expand 12.
Threats
- Large medical imaging makers can cut prices or bundle products, which could make competition harder for the company 1.
- Difficulty sourcing a magnet from a single European supplier could affect deliveries and sales in some markets 1.
- If financing becomes more costly or harder to obtain, the company could be forced to accept unfavorable terms 1.
Risks
- Dependence on outside financinghigh
The company shows repeated net losses and says it may need additional capital, and the terms of future financing could be unfavorable to existing shareholders 1.
- Uncertain market acceptancehigh
The company warns that its products may not gain broad acceptance and that slow adoption would hurt results 1.
- Magnet supplymedium
The custom magnet in Swoop comes from a single European supplier, and geopolitical tensions have raised its cost and the risk of delays 1.
- Quarterly result volatilitymedium
Results can vary significantly from quarter to quarter because of customer budgets, seasonality and the timing of revenue recognition, which makes forecasting hard 1.
- Competition from large manufacturersmedium
Large competitors have greater financial and marketing resources and could launch new products or aggressive offers that reduce the company's share 1.
Investment thesis
What would need to be true (bull case)
- Quarterly revenue grew visibly in 2026 and management reaffirmed its annual outlook, which indicates sales could be accelerating 3.
- The device has a recognized technology edge through the first FDA clearance for portable brain imaging and an evolving AI software platform 1.
- The estimated addressable market and expansion into new care settings could support long-term growth if adoption is confirmed 1.
What would break the thesis
- The company still has large net losses and a significant accumulated deficit, which means continued dependence on financing 1.
- The number of units sold fell in 2025, and the revenue increase relied more on average price than on the number of devices 1.
- Competition from large medical imaging makers and supply chain problems could slow growth or reduce margins 1.
What to watch
- Full third quarter 2026 financial results, including final revenue and net cash burnQ3 2026
- Delivery against the full year 2026 revenue outlook of 20 to 22 million USD and the net cash burn guidance2026
- Trend in units sold, not only revenue, in future quarterly reportsnext 10-K
- Extension of approved indications, including the planned contrast-agent 510(k) submission2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hyperfine sells the Swoop system, a portable ultra-low-field magnetic resonance brain imaging scanner that produces images useful for diagnosis without exposing patients to ionizing radiation 1. The device uses an AI tool called Optive AI integrated into the image reconstruction pipeline and can be used at the patient's bedside rather than only in a radiology suite 1. The company has received successive FDA clearances, including clearance for the eleventh generation of its software in December 2025 1.
The commercial model combines direct sales in the United States with third-party distributors in Canada and selected markets in Europe, Asia, Oceania and the Middle East 1. Since 2025 the company has broadened its focus beyond critical care toward emergency departments, hospital-based neurology clinics and office-based neurology outside the hospital 1. Besides selling devices, Hyperfine invests in clinical studies intended to support routine use and expanded indications, for example for gadolinium contrast 1.
The company was founded in 2014 and has a history of net losses, with an accumulated deficit of 330.0 million USD at the end of 2025 1. Funding came from equity issuances, including an October 2025 public offering with net proceeds of about 18.2 million USD, and from a secured term loan in March 2026 1. Management has said that revenue of 20 to 22 million USD for 2026 remains its annual target 3.
Segments
US sales
US sales were the initial focus and have been extended toward hospitals, emergency departments and office-based neurology, supported by a direct sales and field support organization 1. The number of units sold fell in 2025, but revenue rose because of a higher average selling price 1.
International markets
Outside the US the device holds authorizations in the European Union, the United Kingdom, Canada, Australia, New Zealand and India, and CE and UKCA approvals for the new scanner were obtained in 2026 12. Sales are made through partners, so the pace of international sales depends on them 1.
Market context
Hyperfine estimates that its total addressable market for Swoop device placements in the United States exceeds 16 billion USD 1. Demand for MRI grows with an aging population and a rising prevalence of neurological, neurodegenerative and cardiovascular conditions 1. The market is however dominated by large medical imaging companies, so penetration depends on how well Swoop complements rather than replaces conventional MRI 1.
Growth depends on hospital and office adoption, on acquisition time and on operating costs, where the company argues the device can cut diagnostic delays and patient transport costs 1. If these advantages are confirmed in studies and hospital budgets, the addressable market could become more accessible to the company 1.
Trends
- Aging population and neurological diseasetailwind
Demand for brain imaging rises with an aging population and a growing prevalence of neurological disease, which could support sales volumes 1.
- Decentralization of healthcaretailwind
The shift toward decentralized care in developed and in low and middle income countries favors portable devices that can be taken to the patient 1.
- Hospital budget pressureheadwind
Hospitals need cheaper acquisitions and fast payback on investment, and this could slow purchase decisions if budgets tighten 1.
- Geopolitical strain on supply chainheadwind
Conflicts in Ukraine and the Middle East have raised the cost of a custom magnet made by a single European supplier, and these pressures could affect deliveries 1.
Competitive position
The main competitors are large medical imaging manufacturers that dominate the MRI and CT equipment market and can offer discounts and bundled products 1. Hyperfine supports its position by being the first portable device with FDA clearance for ultra-low-field brain imaging 1.
The advantage depends on how quickly competitors can launch portable devices or add these features to larger packages, which could reduce the company's differentiation 1. Over the longer term the marketing power and financial resources of large competitors are a real risk 1.
- GE HealthCareGEHC
A large medical imaging manufacturer named among the main competitors in the imaging equipment market 1.
- Siemens Healthineers
A major MRI and CT equipment maker cited as dominant in medical imaging 1.
- Philips
A large medical imaging company that can compete through bundles and discounts offered to customers 1.
- HologicHOLX
A medical imaging equipment maker named among the competitors that dominate the market 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Electron–Nuclear Hyperfine Coupling Enables Electron Paramagnetic Resonance Detection of Diamagnetic Cu(I) with Trityl Spin ProbesJournal of the American Chemical Society · 30 Oct 2026 · EN
SEC filings
- Current report08 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Sept 2026Delisting notice
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement08 Apr 2026
- Annual report18 Mar 2026
- Current report18 Mar 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hyperfine, Inc. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hyperfine, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hyperfine, Inc. · 08 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.