Hyperfine raises 2026 gross margin floor to 52.5%, targets $22 million in revenue
Key Facts
Hyperfine said it expects revenue of $20 million to $22 million in 2026, raising the lower end of its gross margin forecast from 50% to 52.5%, according to its third-quarter results and earnings call on November 9. The company kept its annual revenue range unchanged and said its midpoint implies 55% growth compared with 2025. The margin update followed a gross margin of 53.3% in the first nine months of the year. Management said the annual range now stands at 52.5% to 55%, compared with 50% to 55% previously. The company's shares closed at $0.7068 in the November 9 session, according to EL7 data.
Third-quarter revenue hit a record $6.0 million, up 73% from $3.4 million in the same period of 2025 and 53% from $3.9 million in the second quarter of 2026, according to the company. Hyperfine said it sold 14 commercial Swoop systems during the quarter, up 75% from the eight systems sold a year earlier. Gross profit reached a record $3.4 million, compared with $1.8 million in the third quarter of 2025. Gross margin rose to 57% from 54% a year earlier. In the prior quarter, the margin was 50.7%, compared with 49.3% in the second quarter of 2025.
Management attributed the margin improvement to higher average selling prices, a better sales mix in favor of Model 2, and increased volume. On the earnings call, it said, "Higher average selling prices, Model 2 mix, and increased volume supported the margin improvement." Gross margin was 51% in the first quarter of 2026, compared with 41% in the same period of 2025, while quarterly revenue rose 83% year over year to $3.90 million. In the second quarter, revenue increased 44.8% year over year to $3.9 million, and margin rose to 50.7%. Third-quarter results show continued revenue growth and margin improvement compared with the previous two quarters.
Operating loss narrowed to $7.3 million in the third quarter, down 19% from a loss of $8.9 million a year earlier. The company said revenue rose 73% and gross profit increased 83% year over year, while total operating expenses fell 1%. Net cash burn was $5.6 million, compared with $5.9 million in the third quarter of 2025 and $7.9 million in the second quarter of 2026. The company said quarterly revenue exceeded cash burn for the first time. By contrast, Investing.com reported that earnings per share came in $0.02 above analysts' estimates, while its report put quarterly revenue at $5.24 million, below the average estimate of $5.47 million.
Hyperfine expanded its international presence by launching Model 2 in Europe and the United Kingdom after receiving CE and UKCA marks, and said it has sales in four international markets. It also signed an exclusive distribution agreement for Kuwait and the United Arab Emirates. In clinical applications, the company completed enrollment in the Contrast PMR study, which it said is a key milestone toward expanding the Swoop system's regulatory labeling. It kept its submission to the U.S. Food and Drug Administration to expand the system's uses on track for the expected timing by the end of 2026. Management said it will provide further details on its 2027 outlook in early 2027.