GUILFORD, Conn. - Hyperfine, Inc. (NASDAQ:HYPR) has initiated the CARE PMR observational study, enrolling its first patients to evaluate the utility of its Swoop® Portable MR Imaging® system in detecting amyloid-related imaging abnormalities (ARIA) in Alzheimer's patients. This study aims to assess the clinical utility and workflow benefits of using the portable MRI system in infusion centers and clinics.
The Swoop® system, the first FDA-cleared portable magnetic resonance (MR) brain imaging system, is designed to diagnose various neurological conditions promptly and conveniently. As Alzheimer's disease affects over six million individuals in the U.S., the advent of amyloid-targeting therapy has introduced new treatment possibilities. However, this therapy necessitates multiple MRI brain scans within the first year of treatment to monitor potential side effects, including ARIA.
Dr. Tammie Benzinger, professor of radiology and neurological surgery at the Washington School of Medicine and primary investigator of CARE PMR, stated, "We'll be evaluating whether portable MR brain imaging can reliably identify brain swelling and bleeding associated with amyloid-targeting therapies. This information can help determine whether portable MR imaging—offered at the same time as anti-amyloid infusions—could lessen the inconvenience for patients."
Mass General Brigham has also started using the Swoop® system with Alzheimer’s patients to collect longitudinal data and screen for ARIA events under the CARE PMR protocol. Hyperfine's President and CEO, Maria Sainz, expressed that the portable MRI system could simplify workflow and improve care efficiency and cost.
The Swoop® system is designed to be available when and where physicians need it, potentially allowing for timelier treatment decisions. It is also FDA-cleared for brain imaging of patients of all ages and is commercially available in select international markets.
Hyperfine, Inc. is a health technology company that has redefined brain imaging with the Swoop® system. The company's mission is to revolutionize patient care globally through accessible, clinically relevant diagnostic imaging.
This article is based on a press release statement from Hyperfine, Inc. and does not include any forward-looking statements or predictions.
InvestingPro Insights
As Hyperfine, Inc. (NASDAQ:HYPR) continues to innovate in the medical imaging space with its Swoop® Portable MR Imaging® system, the financial health and market performance of the company provide additional context for stakeholders. With a market capitalization of $71.23 million, Hyperfine showcases significant growth in its revenue, reporting an increase of 61.9% in the last twelve months as of Q4 2023. This growth is underscored by a quarterly revenue growth of 88.62% in Q4 2023, reflecting the company's expanding reach in the medical technology market.
Despite its impressive revenue growth, Hyperfine is currently not profitable, with an adjusted P/E ratio of -1.61, indicating that investors are paying more for each dollar of losses. This is further highlighted by an operating income margin of -436.14%, suggesting that the company is incurring high costs relative to its revenue. An InvestingPro Tip also points out that analysts do not anticipate the company will be profitable this year, which is a critical consideration for potential investors.
Another InvestingPro Tip notes that Hyperfine holds more cash than debt on its balance sheet, which could provide some financial stability and flexibility despite the company's rapid cash burn and lack of profitability over the last twelve months. Moreover, the stock has experienced a significant decline over the last six months, with a 6-month price total return of -51.78%.
For those interested in a deeper dive into Hyperfine's financials and market performance, InvestingPro offers additional tips. In fact, there are 7 more InvestingPro Tips available for HYPR at Investing.com/pro/HYPR. To gain access to these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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