Portable MRI vendor Hyperfine launches public stock offering, misses $3.5M revenue target
Hyperfine has launched a new public stock offering, with the Portable MRI vendor also reporting quarterly earnings results on Wednesday.
The Guilford, Connecticut-based manufacturer logged third quarter revenue of approximately $3.4 million, falling just shy of forecasts. Hyperfine said the figure represents a 27% increase compared to second quarter totals. The company also estimated its compact MRI scanners are selling at an average price of $360,000, up 36% from Q2 of 2024.
Amid these numbers, Hyperfine on Wednesday announced a public stock offering, seeking to raise an undisclosed sum through the share sale. It noted that demand for MR imaging continues to increase amid an aging population and the rising prevalence of neurological and cardiovascular diseases.
The company’s next generation “Swoop” MRI machine can help fill care gaps, it believes, increasing access to magnetic resonance imaging in a cost-effective manner.
“We believe our market opportunity is significant across the multiple sites of care where the Swoop system brings clinical and economic value,” Hyperfine said in an Oct. 15 filing with the U.S. Securities and Exchange Commission, estimating the total marked in the U.S. alone is more than $16 billion.
In its preliminary, unaudited financial results, Hyperfine said about 63% of the eight Swoop systems sold in Q3 were the newer, next generation model. The company’s cash burn for the quarter was approximately $6 million, a 27% dip since Q2 of 2025. Unaudited cash balance during the quarter was about $21.6 million.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.