Swoop There It Is: HYPR Off to a Solid Start with Q1 Beat, Maintained Outlook

研报英文原文证据摘录

Swoop There It Is: HYPR Off to a Solid Start with Q1 Beat, Maintained Outlook

Investment Thesis

Our Hyperfine rating is Buy. The company's Swoop System portable, ultra-low field MRI platform enables point-of-care brain

imaging without specialized infrastructure or staff. The next-gen V2 hardware and 11th-generation Optive AI software represent a

meaningful step forward in image quality, and with V2 cleared after most hospital budget cycles, the real commercial ramp is justMEDICAL beginning. Peer-reviewed health economic data support a compelling 1-1.5 year hospital ROI and beyond the hospital, updated IAC

accreditation standards have unlocked an office-based reimbursement pathway, opening the ~2,400 U.S. neurology office market.

Recent regulatory clearances in Europe, the UK, and India will drive international expansion. The business model supports a path

toward improving margins and declining cash burn. With a >$16B U.S. TAM that remains largely unpenetrated and a committed

cadence of 1–2 software releases per year, we believe HYPR is in the early stages of a durable commercial ramp.

Upcoming Catalysts Price PerformanceTECHNOLOGY ■ Quarterly: Updates on revenue, console placements, operating metrics, and $2.5

competition

■ Throughout: Next-gen Swoop System (V2) and Optive AI U.S. rollout $2

■ Throughout: Optive AI international rolloutEQUITY ■ Q3 2026: Next-gen Swoop System (V2) international rollout $1.5

■ TBD: Potential future software updates and indication expansions

$1

Base Case Assumptions: $2 Price Target

$0.5

■ Swoop System sales gradually ramp throughout CY2026 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 ■ Hyperfine is able to meet 2026 financial guidance of $20M-$22M in annualRESEARCH HYPR