With more experience in neurology offices, how is Hyperfine thinking about offering Model 1 versus Model 2, especially for smaller practices, potentially at a lower price point?

Management indicated that initial adoption in offices has primarily been with larger practices that can support Model 2 due to higher volume and its advanced capabilities. While some Model 1 placements have occurred, Model 2 is expected to be preferred, especially with the upcoming contrast indications and the ability to use higher-paying CPT codes for contrast brain MRIs, which creates a stronger economic picture for offices. “I would expect that there will be more Model 2 in the offices that have the larger volume and also the opportunity to have contrast in our indications for use in relatively short order.”

Can you provide a breakdown of the 12 commercial systems sold in Q2 across hospitals, neurology offices, and international placements? Is the neurology office channel becoming a meaningful contributor?

Management confirmed that the 12 system sales in Q2 had a broad distribution across all verticals: international, office, and hospital. They highlighted a higher percentage of international mix for the quarter. They also affirmed that the office segment is seen as a meaningful contributor to growth in the second half of the year and beyond, citing various catalysts. “We had a broad distribution from all of our verticals. So we had placements that came from international the office as well as the hospital. So we We had placements that cut across all three. One thing that we highlighted in the prepared remarks is the higher percentage of international mix for this quarter, but we did have a contribution that cut across all of them.”

HYPR

Hyperfine (HYPR) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 6, 2026

Source: earnings call transcript

Executive summary

Hyperfine Q2 FY26 — Strong Revenue Growth and Model 2 Traction

Hyperfine delivered a strong second quarter, driven by the continued traction of its next-generation Model 2 SWOOP system across hospitals, neurology offices, and international markets. The company reiterated its full-year revenue and cash burn guidance, supported by a strengthened balance sheet and ongoing product catalysts. Management emphasized a diversified commercial strategy and disciplined execution to translate progress into sustained growth and margin expansion.

Highlights

Q2 revenue was $3.9 million, up approximately 45% year over year.
First half revenue reached $7.8 million, an increase of approximately 62% year over year.
The company sold 12 systems in Q2, representing a 50% year-over-year increase.
Gross margin was 50.7% in Q2, marking the fourth consecutive quarter above 50% and a 150 basis points expansion year over year.
Net cash burn (excluding financing) improved by $0.3 million in Q2 to $7.9 million, and by $1.6 million in H1 to $16.6 million.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	$20 million to $22 million high materiality	FY26 · 2026	High
Full-year 2026 Gross Margin	50% to 55% medium materiality	FY26 · 2026	High
Full-year 2026 Total Cash Burn	$26 million to $28 million high materiality	FY26 · 2026	High
Cash Runway	Extends into 2028 high materiality	CY28	High
FDA Submission for Contrast Labeling	By year-end 2026 medium materiality	FY26 · 2026	High
Next Software Release	Later this year low materiality	FY26 · 2026	Medium
European Rollout of Model 2	Advance in second half of 2026 low materiality	H2 FY26 · 2026	Medium

Product announcements

Product	Type	Timeline	Details
SWOOP System Software	update	later this year
SWOOP System Contrast Labeling	milestone	FDA submission by year-end 2026

Deals & partnerships

Uni-Acha Inclusion of Model 2 in procurement listing

In France, inclusion of Model 2 in the Uni-Acha procurement listing.

AIM-CU Delhi First India deployment of Model 1

Following CDSCO approval of Model 1 late last year, AIM-CU Delhi became our first India deployment serving as a high-profile clinical reference site in the region.

What to watch in Q3 FY26

Model 2 International Rollout Execution

H2 FY26

Current First two Model 2 systems sold in Q2

Target Continued advancement of European rollout with distribution partners

Why it matters

Successful international expansion is key to diversifying revenue streams and capturing new market opportunities.

We expect to advance the European rollout of the Model 2 system with our distribution partners in the second half of 2026.

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Q&A highlights

How much of the second half revenue ramp is expected from repeat orders at existing IDNs versus first placements at new IDNs, given the budgetary cycles?

Management stated that the second half ramp is driven by several factors, including subsequent placements in existing IDNs due to new budgetary cycles, continued rollout of the office business, new software releases, and pilots in neurosurgery and mobile applications. It's a combination of these layers, not solely dependent on hospital or IDN business.

“So I would say there are all of those layers that just keep adding to what we have built in the first half. The first half was a significant step up, but we're expecting more of that in the second half.”

asked by Nelson Cox · answered by Unknown Speaker

2 min read 6 chapters

Detailed narrative

Model 2 System Traction and Diversified Commercial Profile

Hyperfine's next-generation Model 2 SWOOP system, launched mid-last year, has demonstrated significant traction across multiple verticals. The company reported its second-highest quarterly revenue ever at $3.9 million, driven by 12 system sales in Q2, a 50% year-over-year increase. This success is attributed to improved image quality, expanding clinical utility, and a broader commercial strategy targeting hospitals, neurology offices, and international markets, supported by accumulating real-world evidence.

Hospital Market Expansion and IDN Engagement

The hospital market remains Hyperfine's largest vertical, with the SWOOP system moving beyond niche critical care to broader utility in emergency departments and hospital-based clinics. Recent data presented at SAEM 2026 showed portable MRI reduced median order-to-scan start time in the ED from 7.76 hours to 1.28 hours.

The company is making progress with large health systems, securing initial placements within national IDNs and expanding beyond first sites, with a pipeline increasingly supported by clinical and economic validation.

Neurology Office Opportunity and Future Catalysts

Neurology offices are developing into a distinct growth vertical, bringing imaging closer to patients. Hyperfine has placed the SWOOP system in over a dozen offices, noting high utilization and ease of use without an MR technologist. Neuro-PMR data shows 92% blinded concordance with conventional MRI (98% with clinical history), and patients are four times more likely to choose portable MRI.

Planned expansion to include contrast labeling, with an FDA submission targeted by year-end 2026, is expected to broaden clinical utility and support established CPT codes.

International Market Foundation and Regulatory Milestones

Hyperfine is building a stronger international presence, with Model 2 now commercially available in Europe and the UK following CE and UKCA mark approvals. The first two Model 2 systems were sold internationally in Q2. Inclusion in France's Uni-Acha procurement listing creates an efficient purchasing pathway, and the first India deployment at AIM-CU Delhi serves as a high-profile clinical reference site, laying a foundation for broader global execution.

Product and Software Innovation Pipeline

The company continues to invest in product and software capabilities to expand the SWOOP system's clinical utility. A new software release is expected later this year, enhancing image quality, clinical utility, and workflow. Enrollment for contrast PMR is approximately 75% complete, targeting an FDA submission by year-end 2026.

Early interest in neurosurgical workflows and mobile deployment models further reinforces the platform's potential beyond traditional fixed-site imaging.

Strengthened Financial Position and Operating Discipline

Hyperfine's financial position has improved significantly, marked by sustained gross margins above 50% (50.7% in Q2) and reduced net cash burn. Cash and cash equivalents stood at $43.5 million as of June 30, 2026, bolstered by $10.6 million in net proceeds from an ATM program.

The company remains focused on disciplined spending and improved operating leverage to convert commercial progress into sustained financial performance, with a cash runway extending into 2028.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.