The following is a summary of the Hyperfine, Inc. (HYPR) Q4 2023 Earnings Call Transcript:
Financial Performance:
Hyperfine reported Q4 revenue of $2.7 million, an impressive 89% increase from the previous year, and a full-year revenue of $11 million, marking a 62% increase from 2022.
The company saw a significant rise in gross profit for Q4 2023 reaching $1.0 million, up from $0.3 million in Q4 2022, while the full-year gross profit totalled $4.8 million.
Net loss for the fourth quarter was reported at $10.7 million.
R&D expenses were considerable, reaching $6.0 million for Q4 2023.
As of year-end 2023, Hyperfine held cash and cash equivalents amounting to $75.2 million, and reported a reduced cash burn of approximately $40 million. The company expects further improvements in gross margin to reach 45-50% in 2024.
Business Progress:
Hyperfine accomplished significant commercial success, having sold seven Swoop Systems in Q4 2023 at record average selling prices, including deals with prominent institutions such as Weill Cornell in New York, Stanford, and the Children's Hospital of Philadelphia.
The company's R&D achievements include receiving FDA clearance for its AI-powered software update which was subsequently launched.
For 2024, Hyperfine intends to continue a strong pace of innovation, support the use of the Swoop system through clinical evidence, and pursue commercial growth including international expansion with a particular emphasis on their Alzheimer's program.
Hyperfine also plans to mitigate cash burn to around $40 million in 2024, despite increased revenue and potentially lower costs.
They are looking forward to expanding into international markets using third-party distributors, subject to regulatory clearances including the CE mark under NDR and the UKCA certification. The planned international expansion forms part of their guidance which further solidifies their confidence in their projected performance.
More details: Hyperfine IR
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