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Hyperfine Inc. (HYPR-5.44%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total sales of $12.9 million for 2024, an increase from $11 million in 2023, primarily driven by an increase in device sales.
Device sales were reported at $10.45 million, a 19.5% increase from the previous year, attributed to higher unit sales.
Service sales increased by 6.7% to $2.44 million, reflecting an expanded unit install base.
Cost of sales rose to $7 million, up from $6.3 million in 2023, primarily due to increased device sales volume.
Research and development expenses remained stable at $22.5 million, focusing on product and software enhancements.
General and administrative expenses decreased by 13.7% to $17.5 million, driven by reductions in personnel-related costs and legal expenses.
Sales and marketing expenses fell by 9.7% to $9.1 million, with a focus on optimizing sales activities.
Hyperfine reported a net loss of $40.7 million for 2024, compared to a net loss of $44.2 million in 2023.
The company ended the year with $37.6 million in cash and cash equivalents, down from $75.2 million at the end of 2023.
Hyperfine continues to focus on expanding its market presence both domestically and internationally, with recent regulatory approvals in several countries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hyperfine Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.