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It's the 'iPad for MRI'.

Think of it as the 'GoPro for bedside imaging'.

It's building the 'Tesla of portable diagnostics'.

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• Swoop Portable MR Imaging System: A compact, portable Magnetic Resonance Imaging (MRI) system designed for point-of-care neuroimaging, making MRI more accessible to patients.

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Hyperfine (HYPR) primarily sells its Swoop Portable MRI System to other companies and organizations within the healthcare sector (Business-to-Business, B2B). The company does not typically disclose specific named major customer companies, as its sales are distributed across a diverse base of healthcare providers rather than concentrated with a few large entities.

Hyperfine's major customers fall into the following categories of organizations:

• Hospitals and Healthcare Systems: This includes individual hospitals, large multi-hospital networks, and integrated delivery systems that utilize the Swoop system in various departments such as ICUs, emergency rooms, stroke units, and general inpatient settings.
• Academic and Research Institutions: Universities, medical schools, and research centers purchase the Swoop system for neuroimaging research, clinical studies, and educational purposes.
• Urgent Care Centers and Specialized Clinics: As the system offers portability and ease of use, it is also adopted by some urgent care facilities and specialized outpatient clinics for on-site diagnostic imaging.

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Maria Sainz, President and CEO

Maria Sainz has over thirty years of experience in commercial and leadership positions within the medical technology industry. She previously served as President and CEO of AEGEA Medical Inc., a women's health technology company acquired by CooperSurgical in 2021. Her prior roles also include President and CEO positions at Cardiokinetix and Concentric Medical, which was acquired by Stryker in 2011.

Brett Hale, Chief Administrative Officer and Chief Financial Officer

Brett Hale possesses twenty-five years of experience in financial and administrative leadership, with two decades spent in the medical technology industry. He previously served as CFO at Bigfoot Biomedical, Cardiokinetix, Vibrynt, and Concentric Medical, and was CFO of Concentric Medical, Inc. through its acquisition by Stryker Corp. in 2011. His background also includes various financial roles at Emphasys Medical and Guidant Corporation, and he worked as an Assurance Manager at PricewaterhouseCoopers.

Tom Teisseyre, PhD, Chief Operating Officer

Tom Teisseyre has over twenty years of experience in medtech. Before joining Hyperfine, he was the Senior VP of Product and Reimbursement at Ceribell, where he was a leadership team member from Series A funding to IPO. He also held prior marketing leadership roles at Philips, Stryker Neurovascular, and Medtronic.

Rob Fasciano, PhD, Chief Regulatory and Quality Officer

Rob Fasciano brings over 25 years of leadership experience in regulatory affairs, quality systems, and research and development within the medical device and diagnostics sector. He has held senior roles at companies such as Abiomed, Johnson & Johnson, Orchestra BioMed, and Impulse Dynamics.

Edmond Knopp, MD, Chief Medical Officer

Edmond Knopp has three decades of experience in radiology, neuroradiology, and MR imaging. He has served as faculty and director at the New York University School of Medicine, and is a Senior American Society of Neuroradiology member and an American Board of Radiology examiner. Dr. Knopp was honored with the 2015 American Board of Radiology Lifetime Service Award.

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The key risks to Hyperfine (HYPR) are its ongoing unprofitability and significant cash burn, challenges in market adoption and intense competition, and regulatory hurdles and international expansion delays.

1. Ongoing Unprofitability and Significant Cash Burn: Hyperfine is currently unprofitable and is not forecast to become profitable in the near term. The company has a substantial cash burn relative to its market capitalization, necessitating future financing, which has historically led to and continues to pose a risk of further shareholder dilution.
2. Challenges in Market Adoption and Intense Competition: The company faces risks associated with achieving widespread market adoption of its portable MRI system, the Swoop system. This is compounded by concerns regarding weak product differentiation, the high costs associated with its technology, market resistance, and significant competition from established conventional MRI systems and other alternative medical imaging technologies.
3. Regulatory Hurdles and International Expansion Delays: Hyperfine's growth expectations are vulnerable to delays and setbacks in obtaining and maintaining regulatory clearances and approvals for its products, both domestically and internationally. Regulatory challenges and securing international approvals are critical factors that could constrain market size, limit commercialization efforts, and impact overall earnings growth.

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One clear emerging threat for Hyperfine (HYPR) is the introduction and increasing adoption of more accessible, lower-cost, and easier-to-install mid-field MRI systems from established medical device giants. For instance, Siemens Healthineers' MAGNETOM Free.Star is a 0.55 Tesla MRI system designed to make MRI more accessible and affordable in settings that previously couldn't accommodate traditional high-field systems due to cost or infrastructure limitations. While not as "portable" as Hyperfine's ultra-low-field Swoop system (0.064 Tesla), Free.Star offers significantly higher image quality and faster scan times, coupled with a smaller footprint, lower power requirements, and a helium-free design that reduces operational complexity and cost. This directly challenges Hyperfine's value proposition of delivering accessible MRI to underserved settings by offering a much higher performance solution that is still significantly more accessible and cost-effective than conventional high-field MRIs, potentially capturing market share in the growing accessible MRI segment.

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Hyperfine (HYPR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth of Recently Launched Next-Generation Swoop® System and Optive AI™ Software: The successful commercial rollout of the next-generation Swoop® system and Optive AI™ software has generated significant market excitement and demand. This led to a 27% sequential revenue growth and a 36% increase in the average device selling price in Q3 2025. The company has seen strong traction and new placements in critical care and emergency departments.
2. Expansion in the U.S. Hospital Customer Base: The successful adoption of the next-generation Swoop® system is translating into significant traction within the U.S. hospital pipeline, leading to new placements across critical care and emergency departments.
3. International Market Expansion: Hyperfine has indicated a focus on commercial and international expansion as part of its forward-looking strategy.
4. Launch of New Software for Enhanced Image Quality and Market Reach: The company plans to launch new software in mid-2025, which is aimed at improving image quality and expanding its market reach. This ongoing product development is a key component of their growth strategy.

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Share Issuance

• In October 2025, Hyperfine priced an underwritten public offering of 14 million shares of its Class A common stock at $1.25 per share, expecting gross proceeds of approximately $17.5 million. The proceeds are intended for working capital, commercial activities, manufacturing, and research and development initiatives.
• In February 2025, the company completed a registered direct offering of 4,511,278 shares of Class A common stock and warrants, anticipating approximately $6.0 million in gross proceeds to fund operations until the end of 2026.
• Hyperfine issued approximately $0.8 million from shares under an "at-the-market" offering program in 2024 and approximately $8.1 million from shares issued under a registered direct offering and "at-the-market" program in 2025.

Inbound Investments

• In December 2021, Hyperfine completed a business combination with HealthCor Catalio Acquisition Corp (a SPAC) and Liminal Sciences, receiving approximately $160 million in gross cash proceeds from the business combination and a concurrent private placement.
• This transaction included a $126 million private investment in public equity (PIPE) round.
• The deal was expected to leave the combined company with about $375 million in cash to support the national rollout of its Swoop MRI scanner.

Outbound Investments

• As part of its going-public transaction in July 2021, Hyperfine acquired Liminal Sciences, a brain-sensing technology company.

Capital Expenditures

• In the last 12 months (as of Q2/Q3 2025), capital expenditures were approximately $1.16 million.
• The company's capital allocation supports its core business of developing, manufacturing, and selling its portable MRI system, including the commercial rollout of its next-generation Swoop® system and Optive AI™ software.