Hyperfine Expands European Market Reach with Additional Strategic Distributor Partners

Rhea-AI Summary

Hyperfine (Nasdaq: HYPR), a leading health technology company, announced new distribution partnerships in Germany, Austria, Switzerland, and Nordic markets for its FDA-cleared portable MR brain imaging system, the Swoop®. This strategic move expands Hyperfine's reach to twelve European countries, complementing previous agreements in France, the UK, and Italy. The Swoop® system, known for its affordability, accessibility, and high performance, aims to enhance brain imaging services globally. Hyperfine's strong track record in securing international approvals supports its commercial growth, with plans for further expansion into Asian markets, including India.

Positive

• New distribution partnerships in Germany, Austria, Switzerland, and Nordic markets.
• Expansion into twelve European countries.
• Positive feedback from European clinicians.
• Swoop® system's high performance in image quality, speed, and usability.

Negative

• None.

New distribution partnerships further global expansion plans for the Swoop system, growing the reach of Hyperfine to a total of twelve European countries

GUILFORD, Conn.--(BUSINESS WIRE)-- Hyperfine (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared portable magnetic resonance (MR) brain imaging system—the Swoop^® system—today announced it has entered into agreements with experienced and accomplished distributors in Germany, Austria, Switzerland, and key Nordic markets.

With the Swoop^® system’s transformative, affordable, and accessible platform, Hyperfine aims to serve more clinicians and patients needing brain imaging across the globe. Plans to introduce the system into international markets represent a significant step in the company’s commercial growth. With the recent addition of distributors covering Germany, Austria, Switzerland, and the major Nordic markets, along with previously appointed distributors in France, the United Kingdom, and Italy, Hyperfine is now positioned for commercial expansion into twelve European countries.

"We are thrilled with the initial feedback from clinicians in European sites. The positive feedback highlights the Swoop^® system's potential to significantly impact adult and pediatric care throughout Europe," said Maria Sainz, President and CEO of Hyperfine.

The system being introduced to the European markets is commercialized in the U.S. and represents the highest-performing Swoop^® system to date in terms of image quality, speed, and usability. The company’s strong track record of securing international approvals enables its expansion into global markets.

In addition to the company’s European expansion plans, Hyperfine announced in May 2024 a distribution agreement to develop Asian markets, including India.

For more information about the Swoop^® Portable MR Imaging^® system, please visit hyperfine.io.

About the Swoop^® Portable MR Imaging^® System

The Swoop^® Portable MR Imaging^® system is U.S. Food and Drug Administration (FDA) cleared for brain imaging of patients of all ages. It is a portable, ultra-low-field magnetic resonance imaging device for producing images that display the internal structure of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. The Swoop^® system also has CE certification in the European Union and UKCA certification in the United Kingdom. The Swoop^® system is commercially available in a select number of international markets.

About Hyperfine, Inc.

Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop^® system—the first FDA-cleared, portable, ultra-low-field, magnetic resonance brain imaging system capable of providing imaging at multiple points of care. The mission of Hyperfine, Inc. is to revolutionize patient care globally through transformational, accessible, clinically relevant diagnostic imaging. Founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer, Hyperfine, Inc. scientists, engineers, and physicists developed the Swoop^® system out of a passion for redefining brain imaging methodology and how clinicians can apply accessible diagnostic imaging to patient care. For more information, visit hyperfine.io.

The Hyperfine logo, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s goals and commercial plans, the benefits of the Company’s products and services, and the Company’s future performance and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop^® system is accepted and used by healthcare professionals; the impact of COVID-19 on the Company’s business; the inability to maintain the listing of the Company’s Class A common stock on the Nasdaq; the Company’s inability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the inability of the Company to raise financing in the future; the inability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the inability of the Company to identify, in-license or acquire additional technology; the inability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; the inability of the Company to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using the Company’s products and services; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties indicated from time to time in Company’s filings with the Securities and Exchange Commission, including those under “Risk Factors” therein. The Company cautions readers that the foregoing list of factors is not exclusive and that readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710308271/en/

Media Contact

Shay Smith

Health+Commerce

shay@healthandcommerce.com

Investor Contact

Marissa Bych

Gilmartin Group LLC

marissa@gilmartinir.com

Source: Hyperfine, Inc.

FAQ

What recent expansion did Hyperfine announce in Europe?

Hyperfine announced new distribution partnerships in Germany, Austria, Switzerland, and key Nordic markets, expanding its reach to twelve European countries.

Which system is Hyperfine expanding in Europe?

Hyperfine is expanding its FDA-cleared portable MR brain imaging system, the Swoop®, in Europe.

What are the key features of the Hyperfine Swoop® system?

The Swoop® system is known for its transformative, affordable, and accessible platform, with high performance in image quality, speed, and usability.

How many European countries is Hyperfine now reaching?

Hyperfine is now reaching a total of twelve European countries.

What did clinicians in Europe say about the Swoop® system?

Clinicians in Europe provided positive initial feedback, highlighting the system's potential to significantly impact adult and pediatric care.

What other regions is Hyperfine planning to expand into?

Hyperfine is planning to expand into Asian markets, including India.