Hyperfine (HYPR) AI Stock Analysis

• Market Cap: $121.47M
• Dividend Yield: N/A
• Average Volume (3M): 762.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -20.10%
• EPS Growth: 7.87%
• Country: US
• Employees: 111
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.06
• Shares Outstanding: 82,902,420
• 10 Day Avg. Volume: 1,646,855
• 30 Day Avg. Volume: 762,741
• PEG Ratio: 0.11
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 6.80
• P/FCF Ratio: -3.17
• Enterprise Value/Market Cap: 0.55
• Enterprise Value/Revenue: 4.91
• Enterprise Value/Gross Profit: 9.85
• Enterprise Value/Ebitda: -1.91
• 1Y Price Target: $2.05
• Price Target Upside: 65.32% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.35
• Revenue Forecast (FY): $18.00M

• Rating: 62 Neutral
• Price Target: $1.50 ▲(20.97% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is driven by strong earnings-call guidance and improving commercialization metrics (higher revenue trajectory and sustained ~50%+ gross margins), supported by positive technical momentum. These positives are tempered by weak financial sustainability today—large net losses, significant cash burn, and a negative earnings-based valuation signal.

Positive Factors

Sustained gross margin improvement

Sustained ~50% gross margins reflect materially improved unit economics for the portable MRI platform. Higher gross margins provide durable operating leverage as revenues scale, enabling the company to fund fixed costs and move toward breakeven without relying solely on further price increases.

Accelerating commercial traction and unit growth

A clear step-up in unit placements and Q4 revenue indicates the company is moving from development to commercial scale. Durable adoption across hospitals and neurology offices supports a growing installed base, which can drive recurring service, software and consumable revenue over multiple years.

Clinical and regulatory validation strengthens adoption runway

Regulatory clearances and high concordance in validation studies materially lower clinical adoption barriers. Robust clinical evidence and FDA-cleared AI features support hospital procurement, payer conversations, and broader system placements over the medium term.

Negative Factors

Substantial cash burn and weak free cash flow

High and persistent negative operating and free cash flow means the business is not yet self-funding; it must rely on capital markets or debt to sustain growth. Continued burn increases refinancing risk and can constrain investments if revenue acceleration stalls.

Eroding equity base from sustained losses

Material erosion of shareholders' equity over several years reduces the capital cushion against shocks and limits balance-sheet flexibility. This weakens ability to absorb further operating shortfalls and increases reliance on external financing at potentially dilutive or covenant-bearing terms.

Dependence on large multi-hospital/IDN deals causing lumpiness

Heavy reliance on large, multi-site deals lengthens sales cycles and makes revenue timing unpredictable. That structural lumpiness complicates cash planning and makes it harder to demonstrate consistent growth to customers and financiers over successive quarters.

Hyperfine Business Overview & Revenue Model

Company Description

Hyperfine, Inc. provides imaging, monitoring, and magnetic resonance imaging products. It offers Swoop Portable MR imaging system to address an unmet need in point-of-care medical imaging through a combination of hardware and software services. The company was incorporated in 2014 and is based in Guilford, Connecticut.

How the Company Makes Money

Hyperfine primarily makes money by selling its portable MRI systems (capital equipment) to healthcare providers such as hospitals and clinical sites. In addition to system sales, the company generates revenue from recurring and/or ongoing sources tied to the installed base, which may include service and support arrangements (e.g., maintenance and customer support), software-related fees associated with operating and managing scans, and sales of accessories or consumables used with the system. The mix between upfront system revenue and recurring revenue depends on customer adoption and utilization of deployed units. Specific details on major partnerships or exact revenue stream breakdowns: null.

Hyperfine Financial Statement Overview

Summary

Revenue growth and gross margin improvement (~50% in 2025) show strengthening unit economics, and leverage is low with essentially no debt. However, profitability and cash generation remain very weak (2025 net margin ~-262%, operating cash flow about -$28.0M and FCF about -$29.1M), and equity has eroded materially over time due to sustained losses.

Income Statement

Revenue is growing strongly (up ~28% in 2025 vs. 2024, following earlier gains), and gross margin has improved materially to ~50% in 2025 from ~46% in 2024 and ~13% in 2022—showing better unit economics. However, profitability remains very weak: 2025 net loss was ~$35.6M on ~$13.6M of revenue (net margin ~-262%), and operating losses are still large despite improvement from 2024. The core issue is that operating expense levels remain far ahead of the current revenue base.

Balance Sheet

The balance sheet is conservatively levered with essentially no debt in 2025 (debt-to-equity ~0), which reduces financial risk and provides flexibility. That said, equity has declined meaningfully over time (from ~$186M in 2021 to ~$41M in 2025), reflecting sustained losses, and returns on equity remain deeply negative. The company has a lower leverage risk profile, but ongoing losses are pressuring the capital base.

Cash Flow

Cash burn remains substantial, with 2025 operating cash flow at about -$28.0M and free cash flow about -$29.1M, although both improved versus 2024 (-$38.8M operating, -$39.2M free cash flow). Free cash flow has been volatile year to year and declined in 2025 versus 2024, indicating the path to self-funding is not yet established. A positive indicator is that cash flow losses are broadly in line with accounting losses (free cash flow roughly tracks net loss), but the absolute burn rate remains high relative to revenue.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.56M	12.89M	11.03M	6.81M	1.50M
Gross Profit	6.75M	5.89M	4.76M	907.00K	-1.17M
EBITDA	-34.88M	-42.22M	-47.06M	-72.86M	-64.14M
Net Income	-35.57M	-40.72M	-44.24M	-73.16M	-64.83M
Balance Sheet
Total Assets	55.26M	58.90M	94.20M	134.05M	202.47M
Cash, Cash Equivalents and Short-Term Investments	35.09M	37.65M	75.18M	118.24M	188.50M
Total Debt	314.00K	269.00K	185.00K	0.00	0.00
Total Liabilities	14.26M	9.86M	9.80M	10.33M	16.25M
Stockholders Equity	41.01M	49.04M	84.40M	123.72M	186.23M
Cash Flow
Free Cash Flow	-29.13M	-39.15M	-42.61M	-72.92M	-49.89M
Operating Cash Flow	-27.95M	-38.77M	-41.81M	-72.34M	-47.18M
Investing Cash Flow	-1.19M	-383.00K	-804.00K	-585.00K	-2.71M
Financing Cash Flow	27.50M	1.02M	174.00K	7.00K	176.77M

Hyperfine Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HYPR, the sentiment is Positive. The current price of 1.24 is above the 20-day moving average (MA) of 1.15, above the 50-day MA of 1.15, and above the 200-day MA of 1.13, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.20 is Neutral, neither overbought nor oversold. The STOCH value of 58.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HYPR.

Hyperfine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$115.42M	14.16	4.34%	―	3.36%	-21.15%
HYPR	62 Neutral	$121.47M	-2.59	-103.93%	―	-20.10%	7.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ICCM	50 Neutral	$43.17M	-2.62	-221.04%	―	-18.96%	8.98%
VVOS	43 Neutral	$12.77M	-1.57	-335.47%	―	18.76%	60.09%
RBOT	41 Neutral	$7.41M	-0.35	-247.60%	―	―	15.03%

Hyperfine Corporate Events

Hyperfine Secures $40 Million Term Loan Financing Agreement

On March 18, 2026, Hyperfine, Inc. entered into a Loan and Security Agreement with Horizon Technology Finance Corporation for a senior secured term loan facility of up to $40 million, of which $15 million was drawn at closing for working capital and general corporate purposes. The remaining $25 million may be accessed through 2027 subject to conditions, with the loan carrying a minimum interest rate of 10.75%, interest-only payments for up to 48 months, a potential extension to 2031, and customary covenants and default provisions secured against substantially all company assets.

In connection with the financing, Hyperfine issued Horizon warrants to purchase up to 1,083,335 shares of Class A common stock at $1.20 per share, with a portion exercisable immediately and the remainder tied to future loan fundings. The structure of the facility, including prepayment premiums, a final fee upon repayment, and warrant-based equity participation, provides Hyperfine with non-dilutive debt capacity in the near term while adding leverage and covenant constraints that will shape its capital structure and operational flexibility going forward.

The most recent analyst rating on (HYPR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.

Hyperfine Announces Strong Preliminary Q4 2025 Revenue Growth

On January 12, 2026, Hyperfine reported preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting a record fourth-quarter revenue of about $5.3 million, up 127% year-on-year and 54% sequentially, driven by placements across hospital, neurology office and international markets. For full-year 2025, revenue is expected to reach approximately $13.5 million, a modest 5% increase over 2024, while preliminary net cash burn excluding financings improved, declining 30% year-on-year in the fourth quarter to about $5.7 million and 22% for the full year to about $29.9 million, leaving the company with an estimated $35.1 million in cash and cash equivalents at year-end; these trends suggest strengthening commercial traction for its next-generation Swoop® system and Optive AI™ software alongside tighter cash management, though figures remain subject to final audit and a full earnings release expected in March 2026.

The most recent analyst rating on (HYPR) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.

Hyperfine Expands ATM Equity Offering With New Sales Agent

On December 29, 2025, Hyperfine, Inc. amended and restated its existing at-the-market equity offering arrangement, expanding its distribution syndicate by adding BTIG, LLC as an additional sales agent alongside B. Riley Securities, Inc., while keeping all other material terms unchanged. Under the revised agreement and a newly filed prospectus supplement tied to its effective shelf registration, the company may, at its discretion, sell up to $50 million of Class A common stock through the agents, who will receive up to a 3% commission, and Hyperfine has simultaneously terminated an earlier prospectus supplement dated November 22, 2023, under which it had previously sold 3,464,325 shares for approximately $4.35 million in gross proceeds.

The most recent analyst rating on (HYPR) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.