Q1 2024 Hyperfine Inc Earnings Call Transcript
Key Points
- Hyperfine Inc reported a revenue of $3.3 million for Q1 2024, marking a 25% increase compared to Q1 2023.
- The company successfully launched its latest AI-powered software in January, receiving positive feedback for its image quality improvements, particularly in stroke detection.
- Hyperfine Inc has expanded its international presence, establishing distribution infrastructure in key European markets and appointing experienced market development resources.
- The company has maintained strong spending discipline while continuing to invest in innovation, clinical evidence, and commercialization to drive future growth.
- Hyperfine Inc's Swoop system scans are covered by the same reimbursement codes used for conventional MRI, supporting broader adoption and integration into clinical settings.
- Despite revenue growth, Hyperfine Inc reported a net loss of $9.8 million for Q1 2024, although this was an improvement from the previous year's net loss of $12.2 million.
- The global average selling price (ASP) for the Swoop systems was lower this quarter, primarily due to a heavier international mix, impacting overall profit margins.
- The company's gross margin for Q1 2024 was 41.1%, which is below the full-year target range of 45% to 50%.
- Hyperfine Inc's cash burn for Q1 2024 was $12.0 million, with a seasonal expectation that this rate is higher than other quarters.
- There is ongoing variability in deal closures and ASP due to the complex hospital buying processes and the new mix of sales channels, which could affect financial stability and forecasting accuracy.
Good afternoon and welcome to Hyperfine's first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to Marissa Bych from Gilmartin Group for introductory disclosures.
Thank you for joining today's call. Earlier today, Hyperfine released financial results for the quarter ended March 31, 2024. A copy of the press release is available on the company's website as well as sec.gov.
Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including, without
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