Q1 2022 Hyperfine, Inc Earnings Call

May 11, 2022

Good afternoon, and welcome to high coupons first quarter 2022 earnings conference call. At this time, all participants are in a listen only mode.

Good afternoon, and welcome to Hyperfine's first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Beisch from Gil Martin Group, Investor Relations for introductory comments.

We believe facilitating the question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes I would now like to turn the call over to Arista Bys from Gilmartin group Investor Relations for introductory comments.

Thank you all for joining today's call. Joining me are Scott, President and Chief Executive Officer, and I wont get that Chief financial officer of Hyperfine early.

Thank you all for joining today's call. Joining me are Dave Scott, President and Chief Executive Officer, and Alok Gupta, Chief Financial Officer of Hyperfine. Earlier today, Hyperfine released financial results for the first quarter and in March 31, 2022. A copy of the press release is available on the company's website as well as sec.gov.

We are today Hyperfine released financial results for the first quarter ended March 31, 2022.

A copy of the press release is available on the company's web site as well as I said you got that.

Before we began I would like to remind you that management will make statements. During this call that include forward looking statements within the meaning of the federal Securities laws, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995.

Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements.

Any statements contained in this call that relate to expectations or predictions of future events.

<unk> or performance are forward looking statements.

all forward-looking statements, including, without limitation, those relating to our operating trends and future financial performance.

All forward looking statements, including without limitation those relating to our operating trends and future financial performance. The impact of COVID-19 are geopolitical conflicts such as the war in Ukraine on our business and prospects for recovery expense management expectations for hiring physician training and adoption grows.

The impact of COVID-19 or geopolitical conflict, such as the war in Ukraine, on our business and prospects for recovery, expense management, expectations for hiring, physician training and adoption, growth in our organization, market opportunity, commercial and international expansion, regulatory approvals, and product development are based upon our current estimates and various.

And our organization market opportunity commercial and international expansion regulatory approval and product development are based upon our current estimates and various assumptions.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place

Accordingly, you should not place undue reliance on these statements.

For a list and description of the risks and uncertainties associated with our business. Please refer to the risk factor section of our Form 10-K filed with the Securities and Exchange Commission on March 25 2022.

For a list and description of the risks and uncertainties associated with our business, please refer to the risk factors section of our Form 10-K filed with the Securities and Exchange Commission on March 25, 2022.

This conference call contains time sensitive information and is accurate only as of the live broadcast today May 11 2022.

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 11, 2022. Hyperfine disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. And with that, I will turn the call over to Dave Scott, President and Chief Executive Officer.

Hyperfine disclaimed any intention or obligation except as required by law.

Date, or revise any financial projections or forward looking statements, whether because of new information future events or otherwise.

With that I will turn the call over to Dan Scott, President and Chief Executive Officer.

Thank you Marissa.

Good afternoon and thank you all for joining us for our first quarter 2022 earnings call. I am honored to be here as Hyperfine's president and chief executive officer and on the call with me as our chief financial officer, Alok Gupta.

Good afternoon, and thank you all for joining us for our first quarter 2022 earnings call.

I am honored to be here as hyper finds president and Chief Executive Officer and on the call with me is our Chief Financial Officer, a little deep dive.

Following our fourth quarter and 2021 results call in March we were excited to be back to continue the conversation on hyperfine story with you.

Following our fourth quarter and 2021 results call in March, we are excited to be back to continue the conversation on hyperfine story.

and to share the meaningful progress we drove in the first quarter of the year, including the placement of 11 commercial SWOOP systems, driving $1.5 million in total revenue. We will dive into our first quarter details shortly, but first I would like to introduce our newer listeners to Hyperfine and highlight some of our notable recent achievements.

And to share the meaningful progress we drove in the first quarter of the year, including the placement of 11 commercial sweeps systems driving $1 5 billion in total revenue.

We will dive into our first quarter details shortly but first I would like to introduce our newer listeners to hypervisor and highlight some of our notable recent achievements hi.

Hyperfine's vision is to transform healthcare by creating access to life-saving diagnostics and actionable data at the patient bedside. Today, brain diagnostics are a single point in time and delay the time from door to discharge. Our mission remains to transform that experience, first and foremost, with our portable bedside MRI.

<unk> vision is to transform health care by creating access to lifesaving diagnostics and actionable data at the patient bedside.

Hey, brain diagnostics or a single point in time and delay the time from door to discharge.

Our mission remains to transform that experience first and foremost with our portable bedside MRI system.

Our initial product, our portable MRI system called SWOOP, was FDA cleared in 2020. Today, we continue to launch that system into the hospital setting to solve significant unmet patient and provider needs.

Our initial product our portable Ora MRI system called swoop with FDA cleared in 2020 today.

Today, we continue to launch that system into the hospital setting to solve significant unmet patient and provider needs.

In addition, we are developing a brain sensing technology designed to use ultrasound to measure noninvasive blood flow pressure and flow in the brain.

With these technologies, we aim to create an ecosystem of solutions over time, all based on a backbone of machine learning and artificial intelligence to drive diagnostic decision-making.

With these technologies, we aim to create an ecosystem of solutions overtime, all based on a backbone of machine learning and artificial intelligence to drive diagnostic decision, making.

We have an immense market opportunity that we are continuing to capitalize on in 2022. The imaging segment alone offers a $23 billion market opportunity with potential for installations across numerous hospitals clinics and outpatient centers over time.

The medical imaging market opportunity is our primary focus today.

In addition, non-invasive brain sensing offers a $22 billion market.

In addition, noninvasive brain sensing offers at $22 billion market.

across similar locations including ICUs, emergency departments, ambulances, and outpatient settings.

Cross similar locations, including Icu's emergency departments ambulatory and outpatient settings in total we see over a 40 billion dollar addressable market opportunity.

In total, we see over a $40 billion addressable market opportunity.

Today, just 10% of the world's population has access to MRI, and we are committed to improving that.

Today, just 10% of the world's population has access to MRI and we are committed to improving that.

As we have noted in the past our near term opportunities for improving patient care lie in the following areas.

As we have noted in the past, our near-term opportunities for improving patient care lie in the following areas. First...

First in the neuro ICU.

Next, in pediatric hospitals to address hydrocephalus. And third, in stroke. When patients...

Next in pediatric hospitals to address hydrocephalus.

And third in stroke.

When patients are in the ICU for neurological conditions patients are typically too unstable to transport to the MRI suite for imaging. The time it takes to get the imaging completed could be prohibitively law.

Patients are typically too unstable to transport to the MRI suite for imaging. The time it takes to get the imaging completed can be prohibitively long, and the process can consume valuable resources.

The process can consume valuable resources.

As a result, there is simply not an effective way to perform MRI imaging for ICU patients today.

We have been working with our clinical partners to build strong clinical validation to support the ICU use case.

We have been working with our clinical partners to build strong clinical validation to support the IC you use case.

In 2021, a paper published by researchers at Yale in Nature addressed detection of brain hemorrhage in ICU patients and showed 90% accuracy in SWOOP imaging results compared to conventional MRI. This is great validation of our technology in exactly the market we're most focused on right now and we continue to see a very positive response in this setting today.

In 2020, one a paper published by researchers at Yale in nature address detection of brain hemorrhage in ICU patients and showed 90% accuracy.

Luke imaging results compared to conventional MRI. This is great validation of our technology and exactly the market. We're most focused on right now.

And we continue to see a very positive response in this setting today.

Secondly, hydrocephalus is an excellent use case for portable MRI. The problem of hydrocephalus is the buildup of fluid in the brain, in the ventricles, and this is addressed by introducing a shunt and tubing to drain that fluid from the brain.

Secondly, hydrocephalus as an excellent use case for portable MRI. The problem of hydrocephalus is there a buildup of fluid in the brain and the ventricles and this is addressed by introducing a shunt and tubing to drain that fluid from the brain.

MRI is the preferred approach for imaging these children instead of CT. However, MRI is infrequently available, and as a result, the next best option is to take these pediatric patients for CT scans.

MRI is the preferred approach for imaging in these children instead of a C. T. However, MRI is infrequently available and as a result, the next best option is to take these pediatric patients for C. T scans.

Our mission is to scan these children with bedside MRI as the better solution. It doesn't deliver any radiation, and our technology enables a quick, simple diagnosis by showing whether these shunts have failed or are operating normally.

Our mission is to scan these children with bedside MRI is the better solution. It doesn't deliver any radiation and our technology enables a quick simple diagnosis by showing whether these shots have failed or operating normally.

These are just two examples of use cases where we have received overwhelming early positive responses to the SWOOP system.

These are just two examples of use cases, where we have received overwhelming early positive responses to the <unk> system and.

Additionally, we have systems located at leading institutions across the country with ongoing studies to add even greater validation to the utility and the clinical efficacy of our technology.

We also continue to focus on building our base of clinical data in stroke. As many of you know, 15 million people worldwide suffer from strokes annually. It's the second leading cause of death globally. 87% of these strokes are ischemic strokes. Data demonstrates that MRI scans can better detect ischemic stroke damage compared to CT scans.

We also continue to focus on building our base of clinical data and stroke.

As many of you as many of you know 15 million people worldwide suffer from strokes annually. It's the second leading cause of death globally, 87% of these strokes are ischemic strokes data demonstrates that MRI scans can better detect ischemic stroke damage compared to C. T scans.

In fact, we were pleased to see a recent independent publication by our partners at Yale and Harvard Mass General in Science Advances reviewing the value of SWOOP in the detection and evaluation of stroke, one of the core use cases we're building.

In fact, we were pleased to see a recent independent publication by our partners at Yale and Harvard Mass General and science advances reviewing the value of swoop in the detection and evaluation of stroke. One of the core use cases, where a building the paper concluded that hyperfine swoop enabled.

The paper concluded that Hyperfine Swoop enabled highly accessible and dynamic bedside evaluation of ischemic stroke, obtaining actionable bedside neuroimaging for 50 confirmed patients.

Enabled highly accessible and dynamic bedside evaluation of ischemic stroke, obtaining actual bedside neuro imaging for 50 confirmed patients.

The study included patients in the neuro-ICU and the emergency department, and uses of the SWOOP system included serial imaging to monitor the progression of stroke and assess the efficacy of treatment, as well as post-operative imaging in one patient who had already received mechanical thrombectomy.

Study included patients in the neuro ICU and the emergency Department and uses of the sweep system included serial imaging to monitor the progression of stroke and assess the efficacy of treatment.

As well as post operative imaging and one patient who had already received mechanical thrombectomy.

Overall, SWOOP detected infarcts in 45 out of 50 patients, or 90%, and captured lesions as small as 4 millimeters.

Overall swoop detected in parks, and 45 out of 50 patients or 90% and captured lesions as small as four millimeters. The authors highlighted the safety and convenience of portable low field MRI.

The authors highlighted the safety and convenience of portable, low-field MRI as a tool to expedite the treatment pathway and concluded that these results validated the use of low-field, portable MRI to obtain clinically useful images of stroke, setting the stage for broader use.

The tool to expedite the treatment pathway and concluded that results that these results validated the use of low field portable MRI to obtain clinically useful images of stroke setting the stage for broader use.

We're continuing to engage multiple U.S. hospitals to collect data demonstrating the clinical value of SWOOP and stroke patients.

We're continuing to engage multiple U S hospitals to collect data demonstrating the clinical value of swoop in stroke patients as we gather greater clinical data, we will increase our focus on driving awareness and educating the field about swoop utilization for the stroke use case through our direct sales team.

As we gather greater clinical data, we will increase our focus on driving awareness and educating the field about SWOOP utilization for the stroke use case through our direct sales team. We look forward to sharing our progress on advancing our stroke use case as the year progresses.

We look forward to sharing our progress on advancing our stroke use case as the year progresses.

In addition to improving patient workflow and saving critical time for the aforementioned use cases. We are also hard at work to continue our progress on our next generation suite platform to expand use cases beyond neuro ICU beyond hydrocephalus in stroke and into C spine and.

In addition to improving patient workflow and saving critical time for the aforementioned use cases, we are also hard at work to continue our progress on our next generation SWOOP platform to expand use cases beyond neuro ICU, beyond hydrocephalus and stroke, and into c-spine and extremities over time.

Overtime we.

We are also developing our noninvasive brain monitoring system, which uses ultrasound technology to major intracranial pressure and blood flow in the brain.

We are also developing our noninvasive brain monitoring system, which uses ultrasound technology to measure intracranial pressure and blood flow in the brain.

Like a vital sign monitor for the heart, such as an EKG or pulse oximeter, this is intended to operate as a vital sign monitor for the brain. We intend to generate an ultrasound image through leads that are put on either side of the head, and from that image extract intracranial pressure and flow noninvasive.

The vital signs monitor for the heart such as an EKG or pulse oximeter. This is intended to operate as a vital signs monitor for the brain.

We intend to generate an ultrasound image through leads that are put on either side of the head and from that image extract at intracranial pressure and flow Noninvasively. This will be a groundbreaking technology in the measurement of vital science and the grade.

This will be a groundbreaking technology in the measurement of vital signs in the brain.

Now that I've reacquainted you with our vision, our market opportunities...

Now that Ive Reacquainted, you with our vision, our market opportunity and the transformational potential of sweep I'd like to highlight the progress we made in the first quarter of the year.

and the transformational potential of SWOOP. I'd like to highlight the progress we made in the first quarter of the year.

We installed 11 commercial swoop systems in the first quarter of 2022 driving revenue of $1.5 million. These included among others. Our first commercial contract with tenet through mission trails Baptist Hospital in San Antonio, Texas, and a valuable new partnership with Memorial Hermann Hospital.

We installed 11 commercial SWOOP systems in the first quarter of 2022, driving a revenue of $1.5 million. These included, among others, our first commercial contract with Tenet through Mission Trails Baptist Hospital in San Antonio, Texas, and a valuable new partnership with Memorial Hermann Hospital in Houston, Texas.

Little in Houston, Texas.

We also broadened our global presence with important new customers in Toronto, Canada in Karachi, Pakistan.

We continue to develop and enhance our customer relationships through comprehensive programs to deliver value to the patient, clinician, and hospital.

We continued to develop and enhance our customer relationships through comprehensive programs to deliver value to the patient clinician and hospital side.

Side of care.

We are seeing that swoop, it's truly a cross functional solution with value spanning multiple stakeholders and more than one clinical disciplines.

We are working closely with neurosurgeons innerwear intervention, all neural radiologists and critical care clinicians alongside radiology and hospital executives all influential stakeholders to rollout successful new programs and placements.

We also continue to listen and integrate feedback from our ongoing partnerships into our commercial approach and future use case development while reaching out to new hospitals and networks, including our ongoing Demo at Your Door program.

We also continue to listen and integrate feedback from our ongoing partnerships into our commercial approach and future use case development, while reaching out to new hospitals and networks, including our ongoing demo at your door program for.

For example, we recently completed our first Demo Extradur Plus, which we worked directly with hospital leadership and patient consent for real-time ICU scans demonstrating SWOOPS value in real patients.

For example, we recently completed our first demo extra door, plus which we worked directly with hospital leadership and the patient consent, where real time, ICU scans, demonstrating sweeps value and real patients. We continue to invest in our sales team and commercial toolbox through in depth training modules.

We continue to invest in our sales team and commercial toolbox through in-depth training modules and related activities. And as a reminder, we are currently focused most on training and development of our core sales team rather than sales team expansion. However, our broader organization continues to grow as we add valuable team members across the teams such as clinical science, research, manufacturing, and service.

And related activities now as a reminder, we are currently focused most on training and development of our core sales team rather than sales team expansion. However, our broader organization continues to grow as we add valuable team members across the teams such as clinical Science research manufacturing and service.

Yeah.

Today, our team remains hard at work stimulating awareness of our technology and placing SWOOP systems across US hospitals and various global sites, and we are pleased to share that we are continuing to successfully engage with new hospitals into the second quarter.

Today, our team remains hard at work stimulating awareness of our technology, and placing swoop systems across U S hospitals and various global sites.

And we are pleased to share that we are continuing to successfully engage with new hospitals into the second quarter.

In addition, we are observing that overall access to hospitals is continuing to improve.

As we emerge from the COVID-19 pandemic with lifting restrictions on visitor and industry Representatives attendance.

as we emerge from the COVID-19 pandemic with lifting restrictions on visitor and industry representative attendance.

We are optimistic that the outlook for the healthcare industry will continue to improve gradually over the remainder of 2022, and that against that backdrop, we can meet our growth objectives and continue to ramp our commercial business, given our strong value proposition.

We are optimistic that the outlook for the health care industry will continue to improve gradually over the remainder of 'twenty to 'twenty two.

And that against that backdrop, we can meet our growth objectives and continue to ramp our commercial business given our strong value proposition.

We are immensely proud of our progress and we continue to see a robust opportunity for growth and expansion into further hospitals and care settings going forward.

Based on current trends in our business and our outlook for the remainder of the year, we are reaffirming our revenue guidance of $10 to $12 million for fiscal year 2022.

Based on current trends in our business and our outlook for the remainder of the year. We are reaffirming our revenue guidance of 10 to 12 million for physical year 2022.

We are also reaffirming expectations to install 50 to 60 commercial units for the year roughly tripling our existing commercial installed base from twenty-seventh systems at year end 'twenty, one to 77 to 87 systems at the end of this fiscal year.

We're also reaffirming expectations to install 50 to 60 commercial units for the year, roughly tripling our existing commercial install base from 27 systems at year end 21 to 77 to 87 systems at the end of this fiscal year.

I will now turn the call over to Alok Gupta, our Chief Financial Officer, to review our first quarter performance and financial outlook in greater detail.

I will now turn the call over to a low Gupta, our chief Financial Officer to review, our first quarter performance and financial outlook in greater detail.

Thank you Dave.

Thank you, Dave. Turning to our financial results for the first quarter 2022, revenue for the first quarter ended March 31st, 2022 was $1.5 million compared to $0.3 million in the first quarter of 2021.

Turning to our financial results for the first quarter 2022 revenue for the first quarter ended March 31st 2022 was $1 $5 million compared to $3 million in the first quarter of 2021.

Gross profits for the first quarter of 2022 was 0.1 million dollars compared to negative 0.3 million dollars in the first quarter of 2021.

Gross profit for the first quarter of 2022 was point $1 million compared to negative $3 million in the first quarter of 2021.

R&D expenses for the first quarter of 2022 were $8 $3 million compared to $4 $5 million in the first quarter of 2021.

R&D expenses for the first quarter of 2022 were $8.3 million compared to $4.5 million in the first quarter of 2021.

Sales general and administrative expenses for the first quarter of 2022 were $15 $5 million compared to $3 $1 million in the fourth quarter of 2021.

Sales general and administrative expenses for the first quarter of 2022 were $15.5 million compared to $3.1 million in the first quarter of 2021.

Net loss for the first quarter was $23 $8 million equating to a net loss of 34 cents per share as compared to a net loss of $7 $8 million on a net loss of $4.86 per share for the same period of the prior year.

Net loss for the first quarter was $23.8 million, equating to net loss of $0.34 per share, as compared to net loss of $7.8 million, or a net loss of $4.86 per share, for the same period of the prior year.

We ended the first quarter of 2022 with $161.6 million in cash and cash equal.

We ended the first quarter of 2022 with $161.6 million in cash and cash equilibrium.

Yeah.

Turning to our 2022 outlook, based on our first quarter progress and current trends in our business, we are pleased to reaffirm our 2022 guidance of 10 to 12 million dollars in total revenue.

Turning to over 2022 outlook based on our first quarter progress and current trends in our business. We are pleased to reaffirm our 2022 guidance of $10 million to $12 million in total revenue.

Revenue is composed of commercial system installation and subscription revenue.

Revenues composed of commercial system installation and subscription revenues.

We also continue to anticipate installing 50 to 60 commercial systems in 2022. This compares to four commercial system installation in 2020 and 23 commercial installation in 2021 and implies that at year-end 2022, we expect to have total commercial install base of 77 to 87 subsystems.

We also continue to anticipate installing 50 to 60 commercial systems in 2022.

This compares to four commercial system installation in 'twenty.

People come in from installation in 2021 and implies that at year end 'twenty 'twenty. Two we expect to have total commercial installed base of 77 to 87 two weeks just keep systems.

To help you bridge, our commercial system installation and revenue guidance I would like to remind our listeners offer a decent shift in our pricing model.

To help you bridge our commercial system installation and revenue guidance, I would like to remind our listeners of a decent shift in our pricing model.

Over the first one and a half years of our commercial soup launch, we have worked hard to accommodate varying hospital payment preferences and budgeting capacity with many of our pre 2022 commercial contracts, including both upfront device installation and ongoing cloud and service agreements for a consistent recurring payments over three years.

The first one and a half years of our commercial soup launch we have worked hard to accommodate reading hospital payment preferences and budgeting capacity with many of our pre 2022 commercial contracts, including both upfront device installation and ongoing cloud and servicing agreements about a consistent recurring payments over three.

Yes.

As we have expanded our base of hospital customers over this time frame, we have conducted extensive ongoing market diligence around customer expectations and experience with soup to achieve a greater understanding of the immense value that our system delivers.

As a result of these insights, we introduced a new pricing model based on upfront device purchase price of $250,000 per unit and an annual subscription payment which includes our cloud and service agreements of roughly $50,000 per year.

As a result of these insights we introduced a new pricing model based on upfront device purchase price of $250000 per unit.

And an annual subscription payment, which includes our cloud and service agreement.

Roughly $50000 per year.

our contracts will continue to span on average three years.

Our contract will continue to spend on average three years.

Importantly, our booked orders and contracts and negotiations year to date are based on a mix of our legacy and new pricing models.

Importantly, our booked orders and contract negotiation ear to date are based on a mix of legacy and new pricing models.

And as we have done in the past, we will continue to offer a degree of flexibility for customers to finance a soup installation through their capital budget or through an annual subscription plan.

And as we have done in the past we will continue to offer a degree of flexibility for customers to finance, a soup installation through them capital budget or through an annual subscription plan.

However, as we disclosed in our fourth quarter earnings call in March we anticipate that as the year progresses, we will fully transition our commercial installations to our new pricing model with a greater upfront payment component.

However, as we disclosed in our fourth quarter earnings call in March, we anticipate that as the year progresses, we will fully transition our commercial installations to our new pricing model with a greater upfront payment component.

As a result, we expect our average revenue price per device to increase over the course of the year.

Shifting to our additional expectations for the year, we continue to anticipate revenues to increase quarterly throughout the year as a redness talking about value proposition and commercial traction build Amazon about new pricing model takes hold.

Shifting to our additional expectations for the year, we continue to anticipate revenues to increase quarterly throughout the year as awareness of our value proposition and commercial traction build and as our new pricing model takes hold.

We anticipate spending over $80 million in total operating expenses for the year with a slightly greater focus on SG&A relative to R&D, considering our sales team clinical success team and broader head count growth in pensions.

We anticipate spending over $80 million in total operating expenses for the year with a slightly greater focus on SG&A relative to R&D, considering our sales team, clinical success team, and broader headcount growth intention.

We anticipate total cash burn of approximately $80 million to $90 million in 2022.

We anticipate total cash burn of approximately $80 to $90 million in 2022.

At this point I would like to turn the call back to Dave for closing comments great.

At this point, I would like to turn the call back to Dave for closing comments. Great.

Great. Thank you Luke.

I'd like to close by highlighting a recent independent publication in the American Journal of Neuroradiology highlighting the successful implementation of SLEW at the Queen Elizabeth Central Hospital in Malawi in Sub-Saharan Africa.

I'd like to close by highlighting a recent independent publication in the American Journal of Neuro radiology, highlighting the successful implementation of swoop at the Queen Elizabeth Central Hospital in Malawi, and sub Sahara Africa. This hospital use swoop to acquire 260 brain scans and critically.

This hospital used SWOOP to acquire 260 brain scans in critically ill patients over one year, with the publication highlighting the transformative potential of portable MRI in establishing patient diagnosis and optimizing patient management. The authors concluded that the use of portable MRI may lead to faster diagnosis and expedited treatment.

Ill patients over one year with the publication highlighting the transformative potential of portable MRI and establishing patient diagnosis and optimizing patient management.

Authors concluded that the use of portable MRI may lead to faster diagnosis, and expedited treatment, including an comatose patients undergoing evaluation emerge in emergency departments or bed bound patients who have developed a sudden onset neurologic deficits and.

including in comatose patients undergoing evaluation in emergency departments or bedbound patients who have developed sudden onset neurologic deficits, and wrote that our technology

And wrote that our technology, maybe lifesaving.

Our mission is to democratize access to imaging and sensing globally, and as we make strides in our commercial rollout, primarily in the United States, this publication offers a powerful lens into the broader impact that SWOOP is having in the treatment and diagnosis pathway for patients without access to conventional imaging solutions around the world.

Our mission is to democratize access to imaging and sensing globally and as we make strides in our commercial rollout primarily in the United States. This publication offers a powerful lens into the broader impact that swoop is having in the treatment and diagnosis pathway for patients without access to converge.

<unk> imaging solutions around the world.

With that I want to thank you for your time and open it up to any questions.

With that, I want to thank you for your time and open it up to any questions.

And thank you as a reminder to ask a question you will need to press star one on your telephone to withdraw your question press. The pound key we please ask that you limit yourself to one question and one follow up again, we ask that you limit yourself to one question and one follow up and our first question comes from Larry Beagle.

And thank you. As a reminder, to ask a question, you'll need to press star one on your telephone. To withdraw your question, press the pound key. We please ask that you limit yourself to one question and one follow-up. Again, we ask that you limit yourself to one question and one follow-up. And our first question comes from Larry Beagleson from Wells Fargo. Your line is now open.

And from Wells Fargo. Your line is now open.

Hey, good afternoon, guys. Thanks for taking the question and congrats on the nice start to the year here. Dave, can you hear me? Okay. Yeah, I can't Larry. Good to good to hear from you.

Hey, good afternoon, guys. Thanks for taking the question and congrats on the nice start to the year here, Dave can you hear me okay.

Yes, I cant Larry good to hear from you.

Okay. So a few a few for me I'm just starting on capital you'll some companies talked about COVID-19 negatively impacting their ability to place systems in hospitals in the first quarter I'm curious if you saw that and and Dave. If you could talk also about the pipeline for new systems in and the cadence of play.

Just starting on capital, some companies talked about COVID negatively impacting their ability to place systems in hospitals in the first quarter. I'm curious if you saw that.

And Dave, if you could talk also about the pipeline for new systems and the cadence of placement you expect in 2022 to reach that guidance.

Do you expect in 2022 to reach that guidance I don't know what Luc talked about revenues, increasing I think sequentially through the year do you also expect placements increased sequentially through the year.

And I know Alok talked about revenues increasing, I think, sequentially through the year. Do you also expect placements to increase sequentially through the year? Great.

Great Yeah, great great questions Larry.

Regarding capital and the impact of Covid I mean, we you know we definitely were seeing and still see the impact of Covid on hospitals engagements in the selling process not not so much on the front end I would say you know with the clinical.

Regarding capital and the impact of COVID, we definitely were seeing and still see the impact.

of COVID on hospitals' engagement in the selling process.

Not so much on the front end, I would say. With the clinical evaluation of the system and the clinical sales process and understanding the clinical value proposition, that's going very well. Again, it's

<unk> of this system and the clinical sales process and understanding the clinical value proposition that's.

That's going very well again, it's it's in many ways the value proposition is really clear to these positions, but the buying process is definitely hampered.

In many ways, the value proposition is really clear to these physicians, but the buying process is definitely hampered.

by the, you know, the overall impact of COVID. I think a lot of hospitals are, you know, kind of

By the you know the overall impact of Covid I think a lot of hospitals are kind of.

Song their way out of the impact of Covid and certainly you know, we're all seeing a bit of a surge in COVID-19 recently again that said, where we're doing everything to counteract that we're working closely with our hospital partners and.

clong their way out of the impact of COVID. And certainly, we're all seeing a bit of a surge in COVID recently, again. That said, we're doing everything to counteract that. We're working closely with our hospital partners and.

and try and get in front of those problems to make sure that we're a very easy partner to work with in the contracting process to get deals closed.

And try and get and get in front of those problems to make sure that we're the you know.

Easy.

Very easy partner to work with in the contracting process to get deals closed.

The second part of your question regarding the pipeline in 2022.

The second part of your question regarding the pipeline in 2022, we, you know, we aren't giving any more color on, of course, on Q2, but as we discussed in the earnings call,

We you know, we arent, giving any any more color on of course on Q2, but as we discussed in the in the.

In the earnings call. We are we are reaffirming our guidance from from earlier from our last call of 50 to 60 units on the year end and $10 million to $12 million.

We are reaffirming our guidance from earlier, from our last call, of 50 to 60 units on the year and 10 to 12 million, and that would suggest kind of an increasing unit placement and increasing revenues quarter over quarter.

And that would suggest kind of a.

Increasing our unit placement and increasing revenues quarter over quarter.

That's super helpful.

That's super helpful. Yep. Go ahead. Hello.

Yeah Hello.

No, sorry. So as revenue increases towards the second half of the year and as the legacy pricing transition into new pricing, we get the benefit obviously on the revenue line, but we do expect the placements to grow sequentially as well.

No sorry, so as revenue increases towards the second half of the year and as the legacy pricing transition into new pricing.

We get the benefit of.

With me on the revenue line, but we do expect the placements to grow six sequentially as well.

That's very helpful.

That's very helpful. Dave, I'd love to hear a little bit more about how the system is being used. Which settings and use cases are you seeing the most traction, and can you talk about utilization?

Dave I'd love to hear a little bit more about how the system is being used you know which settings and use cases are you seeing the most traction in and can you talk about utilization.

Yeah. So.

We're seeing great adoption in the in the ICU.

We're seeing a great adoption in the ICU. And again, I think the use case there is really, really strong. So I'll just kind of add color to that use case.

And again I think the use case, there is really really strong. So I'll just I'll just kind of add color to that use case.

You have a patient that's in the ICU. There's been maybe already a diagnosis. These patients are unstable.

You know you have a patient that that's in the ICU, there's been maybe already a diagnosis of these patients are unstable.

And for various reasons, you would like to be able to get an MRI scan on those patients, whether you're just doing sequential follow-up, you're tracking some condition, or there's been a mental status change in that patient, you don't know what's gone on and you need to get a scan.

And for various reasons, you would like to be able to get an MRI scan on those patients whether you're just doing sequential follow up you're tracking some condition or theres been a mental status change in that patient you don't know what's gone on and you need to get a scan or if you're trying to you know the patient is ready to step down.

or if the patient is ready to step down out of the ICU.

The ICU and you'd need to release them and you need to be able to do an MRI scan to release them. So theres a number of reasons like why you would like to get an MRI scan and again for all the reasons. We've discussed traditional MRI is not readily accessible to these patients. The patients are unstable they may be on a ventilator connected to lots of life support.

and you need to release them, and you need to be able to do an MRI scan to release them. So there's a number of reasons why you would like to get an MRI scan. And again, for all the reasons we discussed, traditional MRI is not readily accessible to these patients. The patients are unstable. They may be on a ventilator connected to lots of life support equipment.

They're very difficult to transport, it's unsafe to transport them as we've shared with you before there's as much of nearly 50%.

they're very difficult to transport, it's unsafe to transport them as we've shared with you before. There's as much of nearly a 50 percent rate of complications when you transport these patients. It consumes valuable hospital resources and staff to transport them and then again the data suggests

Right complications when you transport these patients.

Consumers valuable hospital resources and staff to transport them and then again the data suggests that there's a many many hours from the time you placed the order to get the scan to the time you get the scan back could be as much as 26 hours, we're even seeing in some hospitals multiple days to get to get the scan done and so the value proposition.

there's many many hours from the time you place the order to get the scan to the time you get the scan back could be as much as 26 hours we're even seeing in some hospitals multiple days to get to get the scan.

And so the value proposition in the ICU is just really, really strong. We can wheel our system into the bed.

And in our in the IC is really really strong we can wheel our system into the into the bed.

the bay of the patient and right up to their bedside and image them right there on the spot and get the answer right away. So we see that this is going to gain more and more traction.

The Bay, the Bay of the patient and right up to their bedside and an image them right. There on the spot and get the answer right away. So we see that this is going to gain more and more traction as physicians and hospitals realize the benefit of bids in and realize that hyperfine is out there in the business even in an option for them.

physicians and hospitals realize the benefit of this and realize that Hyperfine is out there and that this is even an option for them.

It's a typical new disruptive technology adoption curve.

typical new disruptive technology adoption curve. And so that's a really strong use case for us. The other space that we're seeing a lot of traction is in pediatrics.

And so that's a really strong use case sports the others a space that we're seeing a lot of traction is in pediatrics for hydrocephalus hydrocephalus. So these are patients that kids have assurance.

for hydrocephalus. So these are patients that can have a shunt.

and we need to image those kids with MRI. Again, for many reasons, MRI is not available, and they're getting a CT scan. The data is suggesting that these kids, by the time they turn 18, a huge percentage of them end up with brain

We need to image those kids with MRI again for many reasons MRI is not available and they're getting a C. T scan and the data, suggesting that these kids by the time, they turn 18.

A huge percentage of them end up with brain tumors and so there's a strong.

And so there's a strong desire in the pediatric community, as well as you can imagine the patients and the families to eliminate x-ray radiation from these children and use MRI. And that's exactly, again, our value proposition is being able to image them bedside.

Desire in the pediatric community as well as you can imagine that the patients and the families to eliminate X ray radiation from these children and use MRI and that's exactly again.

Our value proposition is being able to image them bedside.

Any color on utilization or how you you know how do you measure track that.

Any color on utilization or how do you measure or track that?

Well you know the.

Well, you know, just as I spoke in the earnings call, we have this data from Malawi that was just published. They imaged 265 scans over the last year. We do track

Just as I spoke on the earnings call. We have this data from Malawi that was just published the image 265 scans over over the last year, we do track.

The scans done by our systems some of our systems are connected in the hospital setting some of them are not so we don't have perfect.

the scans done by our systems. Some of our systems are connected in the hospital setting, some of them are not, so we don't have perfect data collection on that, but we are seeing strong utilization of the platforms in the locations where they're using it commercially and clinically.

Data collection on that.

But we are seeing strong utilization of the platforms in the locations, where they're using it commercially and clinically.

That's helpful.

That's helpful. You know, I wanted to switch gears maybe for Alok on, you know, the supply chain. You know, this is a high-tech device. You know, how are you feeling about, you know, supply inventory and related, obviously, on inflation? I think on the last call, you said negative, the gross margin being negative in the first half, positive in the second half. It was slightly positive in Q1. So, Alok, maybe if you could tackle those, that would be great.

I wanted to switch gears maybe for Luke.

And you know the the <unk>.

Apply chain you know this is a high tech device you know how are you feeling about supply inventory.

And unrelated obviously on inflation I think on the last call you said negative gross margin being negative in the first half positive in the second half of it was slightly positive in Q1. So look maybe if you could tackle those that would be great.

So supply chain Larry.

So supply chain, Larry, we do not anticipate any challenges for the remainder of the year, just because the way we had set up our supply chain and the procurement strategy, we are obviously very vigilant about what's going on.

We do not anticipate any challenges for the remainder of the year just because of the way we had a.

The setup of our supply chain and procurement strategy.

Obviously ready vigilant about what's going on.

excuse me, in the electronics world and looking at already starting to plan for 2023 and beyond in terms of the key components required to build up a device. So in the near term we do not see any any pressures from the supply chain.

In the electronics World and looking at.

We're already starting to plan for 2023 and beyond in terms of the key components required to build up a device. So in the near term, we do not see any any pressures from the supply chain. The inflation numbers, obviously, the inflation continues to spread across all the different goods.

The inflation numbers, obviously the inflation continues to spread across for all the different goods.

We we have seen some inflationary pressure, but not not material enough at this point for the 2022 in the near term, but we are closely watching it for the 2023 supply procurements for us from the inflationary perspective.

We have seen some inflationary pressure, but not not material enough at this point for the 2022 in the near term, but we are closely watching it for the 2023 supply procurements for us from the inflationary perspective.

And gross margin cadence through the year.

So growth margin, I mean, you saw we had a positive growth margin trend for this quarter. This is fluctuating for now as we transition from the legacy pricing to the new pricing. And as we as we have mentioned in the last earnings call, we do expect a positive growth margin the second half of this year.

So.

I mean, you saw we had a positive gross margin print for this quarter.

This is fluctuating for now as we transition from the legacy pricing to the new pricing.

And as we as we have mentioned in our last earnings call. We do expect.

A positive gross margin in the second half of this year.

And continue to improve from there onward.

Okay and then just lastly for me on Opex. It was it may have been or are kind of modeling of the cadence for the year, but opex was a little higher than we modeled in Q1.

Okay. And just lastly for me on OPEX, it was, it may have been our, our kind of modeling of the cadence for the year, but OPEX is a little higher than we modeled in Q1. I think you, you're guiding to at least 80 million. I mean, it looks like you're almost on about a hundred million dollar run rate. And, and the 80 to 90.

You're guiding to at least $80 million I mean, it looks like you're almost done about 100 million dollar run rate and in the 80 to 90.

million dollar burn rate in 2022. Does that assume that the, you know, how do we think about OPEX going forward and that burn rate, you know, the cadence of that through the year? Thanks, guys.

<unk> million dollars burn rate in 2022 does that assume that the you know how how do we think about opex going forward in that burn rate.

You know the cadence of that through through the year. Thanks, guys.

The first quarter for us, Larry, is always a little bit heavy on the spend, and especially closing the transaction coming out of that. In the first quarter, we had some some one time expenses.

The first quarter for us Larry is always a little bit heavy on the spin and especially closing the transaction coming out of that in the first quarter. We had some some one time expenses.

uh for for the q1 uh that will all be not the case in the in the future quarters uh there are all one-time expenses which are creating a little bit uh higher number for both op-ex and the cash flow but we still believe that 80 to 90 million dollars of net cash burned for the year is is is what we expect

For the Q1 that will be not the case in the future quarters.

They are all onetime expenses, which are creating a little bit.

Higher number for both Opex and the cash flow, but we still believe that $80 million to $90 million of net cash burn for the year is what we expect.

Alright. Thanks, so much guys. Thanks for taking all the questions I'll I'll drop thanks.

All right, thanks so much guys. Thanks for taking all the questions. I'll drop. Thanks.

Yeah.

Thank you Larry.

And our next question comes from by Jay Kumar from Evercore ISI. Your line is now open.

And our next question comes from Vijay Kumar from Evercore ISI. Your line is now open.

Hey, guys, thanks for taking my question. I guess maybe a big picture question to start off with. I know in the past, customer access, educating customers, that's been a process, obviously, being impacted by the pandemic.

Oh, Hey, guys. Thanks for taking taking my question I.

I guess, maybe a bit.

Big picture question to start off with the I know in the past.

Customer axis edgy.

Educating customers that that's been a process, obviously been impacted by the pandemic.

How do you feel about your salesforce access to about, you know, your ability to meet with customers, radiologists, hospitals, how will those conversations progress? Do you see a material change as the queue progressed and what it means for the back half?

How do you feel about that yourselves force access to about I believe we put that customer's radiologist hospitals, how are those conversations progress do you see a material change as acute progressed and what it means for the back half.

Hey, VJ, how are you? Good to hear from you. Yeah, on getting access to our customers, you know, again,

Hey, Vijay how are you good good good to hear from you yeah on getting access to our customers you know again.

the clinicians establishing that connection and establishing those meetings, having those clinical value proposition conversations, and then ultimately leading to them.

The clinicians are establishing that connection and establishing those meetings, having those clinical value proposition conversations and then ultimately leading to demos.

We have been able to do that. We do see some hospital systems are still a little more locked down.

We we have been able to do that we do see some hospital systems are still a little more locked down a little more difficult to access but again, because we're so early that the.

a little more difficult to access. But again, because we're so early, and the market is so huge, there's still plenty of opportunities for us.

And the market is so huge theres still plenty of opportunities for us and so we are getting in front of these customers and they're able to have those conversations and and have productive and fruitful discussions and being able to really share with them the value proposition as well as conferences, you know theres been a number of conferences that have been.

And so we are getting in front of these customers and able to have those conversations and have productive and fruitful discussions and being able to really share with them the value proposition, as well as conferences. There's been a number of conferences that have been held already early this year in the first part of the year. And so our attendance at those conferences and our opportunity to get in front of those clinicians has been excellent.

Held already early this year and the first part of the year and so our attendance at those conferences and our opportunity to get in front of those clinicians has been excellent.

And then maybe another slightly different take on this.

And Dave, maybe another, a slightly different take on, you know, this CapEx trends within your customer base.

Capex trends with them looking at your customer base.

I guess if the environment were to, you know, profitability were to be pressured, but, you know, for hospitals.

I guess, if the environment worker and the profitability were to be pressured, but you know for hospitals.

Just given all the economic benefits of your system in terms of preventing revenue leakage, improving efficiencies, in addition to clinical benefits, could this end up being a Calvin for you guys, where customers look at their capital budget priorities, and this might, in your solution, might perhaps be a way out for them to become more efficient in a tightening environment? Yeah.

Just given all the economic benefits of your system.

In terms of preventing remnant because improving efficiencies in addition to clinical benefit that.

Could this end up being a tailwind for you guys where customers look at their capital budget priorities and this might new York's evolution might perhaps.

B M lay out for them to become become more efficient.

In a tightening environment.

No I mean, that's a great great question Vijay I, you know, we really look at.

No, I mean, that's a great, a great question, Vijay. You know, we really look at.

You know, a product like this, we believe we're creating value across all of the stakeholders, not not many medical devices can do that. Of course, we start with the value proposition to the patient.

A product like this we believe we're creating value across all of the stakeholders not not many medical devices can do that.

Of course, we start with the value proposition to the patients.

And but next is the physician. We're delivering value proposition to the physician because it's going to move. They're going to get their answer quicker. It's going to move their patients through their workflow faster and give them a quicker diagnosis.

And but next as the physician, we're delivering value proposition to the position because it's gonna move they're going to get their answers quicker its going to move their patients through their workflow faster and and give them a quicker diagnosis. It delivers value to the staff. The hospital staff the nursing staff they love our system they would rather use our CIS.

it delivers value to the staff, the hospital staff, the nursing staff. They love our system. They would rather use our system than pack up a patient and have to transport them to the MRI suite.

Some of that picked up a patient and have to transport them to the MRI suite and then then to the hospital itself and this is what you're getting out as the ROI to the hospital the hospital cares about its rois cares about efficiencies and utilization.

And then to the hospital itself, and this is what you're getting at, is the ROI to the hospital. You know, the hospital cares about its ROI. It cares about efficiencies and utilization. And as we've said, being able to image a patient in the ICU or in the emergency department rather than transporting that patient

And and as we've said being able to image a patient in the ICU or in the emergency department rather than transporting that patients.

is a huge value proposition to the hospital system and it requires less hospital resources.

It is a huge value proposition to the hospital system. It requires less hospital resources to manage that patient and we're seeing as we've talked about a 20% increase in the utilization of their existing MRI suite. So there by using our platform, they're actually freeing up the <unk>.

to manage that patient. And we're seeing, as we've talked about, a 20% increase in the utilization of their existing MRI suite. So they're, by using our platform, they're actually freeing up the existing MRI suite and driving additional utilization there. And so, to your point, all of that translates to a cost savings and increased ROI to the hospital.

Existing MRI suite and driving additional utilization there and so to your point all of that translates to a cost savings and increased ROI to the hospital system.

Understood and then one on the system I thought Q1.

Understood. And then one on the systems, I thought Q1 commercial systems of 11 came in slightly ahead of expectations. They were up sequentially.

Commercial systems of 11 came in slightly ahead of expectations.

They were up sequentially.

I guess when you think about the reiteration of guidance, 50 to 60 systems, with access improving and perhaps your ability to have those conversations with customers in a tightening environment, you know, perhaps those conversations becoming easier given the value proposition.

I guess when when you think about the reiteration of guidance 50 to 60 systems with axis, improving and perhaps.

Your ability to have those conversations with customers in a tightening environment.

You know, perhaps those conversations becoming easier given the value proposition.

And if we see a sequential step up, like is that 50 to 60 seeming a little conservative, Dave, or is that too early in your mind to, you know, how should we think of that 50 to 60, just given the sequential ramp we've seen here for the last few years?

No.

P C. A sequential step up in that 50 to 60 seeming a little conservative Gabe or is that too early in your mind to bar now how should we think of that 50 to 60, just given the sequential ramp we've seen here over the last two Qs.

Yeah, you know I think it's I think it's too early to make to make that call right. Now I mean again theres just been another recent outbreak of Covid, which we don't know yet how that's going to be impacting hospital systems, and how they're going to react to that.

Yeah, you know, I think it's I think it's too early to make to make that call right now. I mean, you know, again, there's just been another recent outbreak of COVID, which we don't know yet how that's going to be impacting hospital systems and how they're going to react to that.

And, you know, none of us understand the adoption curve yet, right? We really don't understand how steep that is.

And you know, we none of us understand the adoption curve yet right, we really don't understand how steep that is and how fast you know we all believe it's there. We all know it's there as I've said bedside portable MRI is inevitable. This is going to happen and we are riding this curve. It's just none of us know the shape.

and how fast, you know, we all believe it's there. We all know it's there. As I've said, bedside portable MRI is inevitable. This is going to happen. And we are riding this curve. It's just none of us know the shape. And so I think it's too early to say yet a few more quarters. And we'll also understand better kind of what the shape of that adoption curve is. You know, we don't understand yet what the impacts of recent interest rate hikes are going to be in inflation. So we'll have to see how all those things shake out.

And so I think it's too early to say yet a few more quarters and will will also understand better kind of what the shape of that adoption curve is we don't understand yet what the impacts of our recent interest rate hikes are going to be an inflation. So we'll have to we'll have to see how those things shake out.

Understood then maybe one last on a financial question

Understood and then maybe one last one on a financial question.

A coupon or if you will the gross margins how should we think about gross margins as the revenue model change this year or perhaps is there an exit rate that we should be looking at as the revenue mix changes here.

a two-parter, if you will, the gross margins. How should we think about gross margins as the revenue model changes here? Perhaps is there an exit trade that we should be looking at as the revenue mix changes here? And on your topics, Carmen, of $80 million.

And on on your Opex, a common of 80 million.

What should be the cadence here? Are we looking at a big step down in 2Q and then sort of sequential step up into 3Q, 4Q? Any comments on what the OPEX spend level should be growing at? Is 80 going to be a constant number for you guys when you look at the medium term or is that going to step up I think will be helpful?

What should be the cadence here or are we looking at a big.

Big step down in <unk>, and then sort of sequential step up in Q4 Q.

Any comments on what the Opex spend level it should be growing that is <unk> going to be a constant number for you guys. When you look at the medium term or is that going to step up I think will be helpful.

Let me take the gross margin question first, Vijay. The gross margin, we continue to anticipate significant improvement in our gross margin as the year progresses. We do expect some fluctuation in the near term, but as we have pointed out on our last call, that we do expect our gross margin to be positive for the second half of 2022. So we feel very confident on the gross margin question.

So let me take the gross margin question first a reserve.

The gross margin, we continue to anticipate significant improvement in our gross margin as the year progresses.

We do expect some fluctuation in the near term, but as we have pointed out.

On our last call that we do expect our gross margin to be positive for the second half of 2022.

So so.

Really confident on the gross margin question.

As far as the OPEX cadence for the oncoming quarters, Q2, Q3, Q4, like I pointed out, I think our first quarter is a little bit heavy on the one-time expenses, several of them.

As far as the Opex.

Cadence for the oncoming quarters, Q2, Q3, Q4 like I pointed out I think our first quarter is a little bit heavy on the one time expenses.

Several of them.

And going forward, yes, we anticipate a step down in Q2, but then once the step down in Q2 happens, then incrementally, quarter over quarter, a little bit of step up, so a little bit more smoothing out in Q2, Q3, Q4 before we hit Q1 again. The way the business is set up, we have some one-time expenses. This year was a little bit on a higher side because the transaction closed so close to the Q1.

And going forward yet.

We anticipate a step down in Q2, but then once the step down in Q2 happens then incrementally quarter over quarter, a little bit of a step up so a little bit more smoothing out in Q2 cubic your board before be it Q1 again the way the business is set up we have some one time.

<unk> expenses this year was a little bit on the higher side, because the transaction closed so close to the Q1, but but going forward. We will anticipate Q1 to be much higher on the opex side of it.

But going forward, we will anticipate Q1 to be much higher on the OPEC side of it.

So the other three quarters.

Understood. Thanks, guys I'll step back in the line.

Yeah.

And thank you and I'm showing no further questions I would now like to turn the call back over to Dave Scott <unk>, President and CEO for closing remarks.

And thank you. And I am showing no further questions. I would now like to turn the call back over to Dave Scott, President and CEO , for closing remarks.

Thank you. Well, thank you, everyone, for joining us today and listening in on our earnings call. Really appreciate your time. I just want to close with the kind of final sentiments that we believe very strongly, again, in our value proposition in Q1 that has been further validated with publications.

Thank you will.

Thank you everyone for joining us today and listening in on our earnings call really appreciate your time I just wanted to close with the kind of final sentiments that we believe very strongly again in our value proposition in Q1 that has been further validated with publications that emphasize the strength of our <unk>.

emphasize the strength of our system now, especially in stroke, an excellent paper coming out of Yale. Again, and so we're excited by the value proposition and the validation of that and the inevitability of portable MRI. And so we look forward to

System now, especially in stroke.

Excellent paper coming out of Yale.

Again, and so we're excited by by the value proposition and the validation of that and the inevitability of affordable MRI and so we look forward to discussing.

discussing this with you further in future earnings call, and thank you very much.

Discussing this with you further and in future earnings call and thank you very much.

This concludes today's conference call. Thank you for participating you may now disconnect.

This concludes today's conference call. Thank you for participating. You may now disconnect.

Okay.

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