Q4 2023 Hyperfine Inc Earnings Call
Thank you for standing by and welcome to the Hypersound fourth quarter 2023 in fiscal year 2023 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you will need to press star one on your telephone.
Gilmartin group: If your question has been answered and you'd like to remove yourself from the queue simply press Star One again as a reminder, today's program is being recorded and now I'd like to introduce your host for today's program most of <unk> from the Gilmartin Group. Please go ahead.
Thank you for joining today's call.
Gilmartin group: We heard today Hyperfine, Inc, released financial results for the quarter and year ended December 31 23.
Gilmartin group: Copy of the press release is available on the company's website as well as at SEC Gov.
Gilmartin group: Before we begin I'd 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 provision of the private Securities Litigation Reform Act of 1095.
Gilmartin group: Any statements contained in this call that relate to expectations or predictions of future events results or performance are forward looking statements.
Gilmartin group: All forward looking statements, including without limitation, those relating to our operating trends and future financial performance.
Gilmartin group: <unk> management.
Gilmartin group: By patients for hiring training and adoption growth and our organization market opportunity commercial and international expansion regulatory approval and product development are based upon our current estimates and various assumptions.
Gilmartin group: 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.
Gilmartin group: Accordingly, you should not place undue reliance on these statements.
Gilmartin group: A list and description of the risks and uncertainties associated with our business.
Gilmartin group: Please refer to the risk factors section of our latest periodic filing with the Securities and Exchange Commission.
Gilmartin group: This conference call contains time sensitive information and is accurate only as of the live broadcast today March 'twenty, one 'twenty bar.
Gilmartin group: Hyperfine, Inc, 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.
Gilmartin group: And with that I will turn the call over to Maria <unk>, President and Chief Executive Officer.
Maria: Good afternoon, and thank you all for joining us on.
Maria: On the call with me today is our chief administrative officer, and Chief Financial Officer Brett.
Maria: In the fourth quarter, we achieved revenue of $2 7 million up 18, 9% compared to last year.
For the full year 2023.
Maria: Revenue of $11 million.
Maria: 62% compared to 2022.
Maria: I am pleased with the growth we delivered as we continue to lead the development of these new category of ultra low yield rate MRI with our unique Puerto also system.
Maria: We drove adoption in our beachhead markets. Despite the hospital, which are critical care pediatrics and we have made significant progress to expand our use cases through clinical evidence and innovation.
Maria: In the fourth quarter, we sold seven system predominantly U S direct sales and once again recognized a record average selling price.
Maria: And we have highlighted in previous calls our deals require alignment with multiple constituents and can often demand long and variable selling cycle.
Maria: I am pleased with the deal traction we have seen so far in 2020 for many of them, we started and where cultivated in 2023.
Maria: We're exiting 2023 with many commercial accomplishment.
Maria: <unk> now sold soup systems into flagship institution, such a wildcard now in New York, Stanford and children's hospital of Philadelphia.
Maria: Further our soup implementation programs run by our clinical support team are yielding strong user advocates.
Yes.
Maria: Across different departments inside the hospital setting.
Maria: We now have two pioneers across multiple studies inside the hospital such as the operating room critical care unit Neurology clinic emergency departments and pediatric ward.
Maria: We entered 2024 with a stable of reference sites and a deeper understanding of how to target and building strong soup programs, which positions us well for further expansion.
Maria: Overall, the past year has been transformative to how we manage our business.
Maria: We have exercised strong spending discipline and we are doing more with less across our operating expense lines without compromising investments.
Maria: Great strategic pillars innovation clinical evidence and commercialization.
Maria: Most focus on execution and operating team.
I'm proud of the execution of the team the transformation of our financial profile and the strong foundation, we have established for the future of carpet.
Speaker Change: This brings me to our priorities for the year ahead.
Speaker Change: In 2024, we remain committed to our three pillars.
Speaker Change: And plan to maintain a robust cadence of innovation.
Speaker Change: Walkman clinical evidence supporting the use of suite, especially evidenced focus on stroke and in all timers.
Speaker Change: And to go commercially, including our strategy to expand to select international markets.
Speaker Change: Before I cover each of these in greater detail, let me highlight the opportunity for our technology.
Speaker Change: Yes.
One of the greatest catalysts I see for the adoption of our technology is using soup in the Alzheimer's treatment workflow.
Speaker Change: There is a strong potential to pursue puts it in reducing barriers to accessible and equitable Alzheimers scare.
Speaker Change: Many of you know there are currently over 15 million people suffering from Alzheimer's disease globally.
Speaker Change: On the cost and burden to patients and health care system is enormous.
Speaker Change: In 2023, 2023, sorry, what's a breakthrough year for advancements in the fight against the Alzheimers with the FDA approval and CMS reimbursement of Biogen E site. It can be an amyloid targeting therapy or a P. P.
Speaker Change: It's one of advancements in blood testing for the diagnosis of whole Kramer.
Speaker Change: Berkeley milestones related to additional coverage.
Speaker Change: Scam.
Speaker Change: Naval Alzheimers diagnosis.
Speaker Change: Clearly, though not them up another ATT. It's also expected to be FDA approved later this year.
Speaker Change: These approvals are opening a new category for therapy, which show significant promise to delay the progression of the disease.
And potentially offer patients and their families additional years that'll be independent living.
Speaker Change: Is he the elements have also brought two issues to the forefront.
Speaker Change: The first one is associated with the FDA labeling for amyloid targeting therapy.
Speaker Change: It's required for at least three monitoring MRI doing a patient initial year on this medication.
Speaker Change: The monitored MRI must be conducted at prescribed intervals to screen for amyloid related imaging abnormalities also known ARIA.
Speaker Change: As a result of this accounting requirement for the industry It seems significant.
Speaker Change: Difficultly greater demand for brain MRI technology against what is already.
Speaker Change: Backlog burdensome and time consuming imaging workflow that patients experience.
Speaker Change: It's a scanning requirements also creates significant care navigation challenges for patients some of these trucks who must add.
Speaker Change: Imaging to the already complex monitoring and infusion schedule.
Speaker Change: But that can be surely one of access and equity for patients in low resource settings globally.
Speaker Change: 2050, it is estimated that over 70% of the people suffering from dementia, we need in low and middle income countries.
Speaker Change: We believe that our portable system can play a significant role in the dressing.
Speaker Change: Programmatic hurdles to getting treatments to patients in these low resource settings and care for them appropriately.
Speaker Change: Together these advancements to address all time received these offer an enormous incremental opportunity for brain image.
Speaker Change: Our portable system, it's highly differentiated for these use case N V ideal technology for patients taking a P T.
Speaker Change: Riding at versatile convenient and green light alternative to conventional MRI.
Competition, we're positioned to offer a unique solution by placing a portable MRI.
Speaker Change: Easy locations to support patients through their treatment.
On a global scale and affordable and portable grain MRI tool is highly desirable to improved equity in all primary care and increased access to the latest treatments available in low resource settings.
Speaker Change: Given that the Bath a compelling opportunity. This represents for hyperfine, we have mobilized a robust and comprehensive Alzheimers program quickly.
Speaker Change: She is a key focus for us in 2024.
Speaker Change: Before I discuss the aspect of the program I wanted to remind everyone that any bringing all side musk patients of Amy H is already covered under our current FDA labeling. Therefore, we do not need any additional regulatory clearances to access these new fitness vertical.
Speaker Change: Our work on all primary focuses specifically on the opportunity to simplify and streamline the imaging workflow for patients will receive like Kennedy and soon donana mob, making portable to bring him are available in a convenient less burdensome location for patients and care partners.
Speaker Change: Our Alzheimers program has several components, including data generation market building and optimizing workflow.
Speaker Change: For the most part clinician caring for all time, most patients are not familiar with portable MRI initiatives have not be within our initial commercial target.
Speaker Change: Today, we're most focused on the data generation and clinical evidence element of our program.
Speaker Change: On that front, we're excited to share that we have initiated a new study called care TMR.
Speaker Change: Her TMR ebay utility study led by Dr. Benzinger at Washington University School of Medicine in connection with P. J C health care.
Speaker Change: In this study clinicians have played school systems at local infusion centers and are comparing Highfield M. R. I and portable all told him field MRI, what does the ability of soup to detect ARIA complication.
Speaker Change: By bringing in machine closer to the patient than a conventional MRI system, we hope to significantly optimize workflow and ultimately open up the opportunity for more patients to be treated AC and efficiency.
Speaker Change: We expect to see a readout was off Kerr PMI data before the end of the year.
Speaker Change: Alongside our investment in Alzheimers would remain committed towards three strategic pillars, which I will provide an update on right now.
Speaker Change: Starting with innovation in the fourth quarter, we received FDA clearance for our latest AI powered software update and launched it in the past few months across our installed base.
Speaker Change: Systems now have our updated DWI sequence and additional ease of use features designed to aid users with patient positioning and faster image uploads processes.
Speaker Change: This is our eighth FDA clearance since our initial system launched in 2020.
Speaker Change: It includes proprietary AI and deep learning algorithms in the VW I equally and expands our AI a noisy capabilities by incorporating advanced image post processing into the VW I seek one.
Speaker Change: The assistance other sequences, we charged that he won the teacher and player already incorporated this AI teacher.
Speaker Change: The only thing enabled Christopher image that potentially help clinicians more accurately diagnosed and make clinical decisions for their patients undergoing braking energy.
Speaker Change: As we move forward, we will continuously invest in improving our AI powered English quantity and system usability leveraging each image focused software we need to further improve the performance of our system.
Speaker Change: In 2024, we have a strong cadence of technology iterations across hardware and AI powered software plans to further advance the image quality.
Speaker Change: The speed of image acquisition.
Speaker Change: Clinical utility.
Speaker Change: So to use and clinical applications of all problem appeal MRI I look for.
Speaker Change: Forward to sharing updates here throughout the year.
Speaker Change: Turning to clinical evidence.
Speaker Change: Starting with a stroke, we have now enrolled over 100 patients and our action PMA study.
Speaker Change: Multi center evaluation towards that.
Speaker Change: The use of the subsystem, depending acute ischemic stroke.
Speaker Change: We remain bullish about this opportunity, which will open up the placement of units in EV and hub and spoke stroke networks and look forward to sharing updates in the coming quarters.
Speaker Change: Additionally, our technology was highlighted in four abstracts at the recent international stroke Conference in February.
Speaker Change: The abstract spoke to the depth and breadth of research into the clinical utility and applications affordable Ultra low creates brain MRI imaging.
Speaker Change: Now relevant to the Beach head you escape to date and inside the hospital.
Speaker Change: Imaging patients in critical care three studies, highlighting ultra luxury imaging data were presented at the RSA meeting in November.
Speaker Change: These are studies analyzed how portable MRI imaging mass its position in the diagnosis and management of neurological condition in critical care setting.
Speaker Change: This is in addition to data from the Phase MRI Ecmo study that was presented at the a perl suddenly he in Seoul, South Korea and has now been accepted for publication.
Speaker Change: These are studies further underscores the role Edmar face, New York imaging and acute brain injury detection and the potential for enabling improvement in neurological outcomes.
Speaker Change: Now turning to our final pillar of commercialization.
Speaker Change: The more tenured and experienced commercial team in the U S. Our deal pipeline is definitely work.
Speaker Change: As I mentioned earlier, our recent soup sales include system additions, we've seen several flagship U S institutions.
Speaker Change: We're very pleased that we're continuing to get traction with new U S institutions.
Speaker Change: This year, we're also expanding our commercial focus select international markets.
Speaker Change: We have strong track record of international clearances, including CE and you can see a approval of our latest AI powered software and we have now begun building a commercial infrastructure and relationships in certain countries.
Speaker Change: We see immense opportunity.
Speaker Change: I am very encouraged by the level of interest and activity, we're seeing for the Super system internationally and I remain excited about global expansion as a growth opportunity this year and beyond.
Speaker Change: Before I turn the line over to Brett I would like to reflect briefly.
Brett: The strong progress we have made over the past year.
Brett: And the fact that we have demonstrated our ability to drive meaningful progress on our three strategic pillars, while significantly reducing spending.
These have translated into strong growth.
Brett: Gross margin improvement and cash burn reduction.
Brett: I will now turn the call over to Fred to review, our recent performance and discuss our 2024 financial outlook in detail.
Fred: Thank you Maria turning to our financial results for the fourth quarter 2023.
Revenue for the quarter ended December 31, 2023, with $2 7 million up 89% compared to the fourth quarter of 2022.
Fred: For the full year 2023, we generated 11.0 million and revenue up 62% from the prior year.
Fred: Gross profit for the fourth quarter of 2023 was 1.0 million compared to zero point $3 million in the fourth quarter of 2022.
Fred: For the full year, we generated $4 8 million in gross profit compared to 0.9 billion in the prior year 2022.
Fred: For the full year gross margin was 43, 1% up 30 percentage points from the prior year.
R&D expenses for the fourth quarter of 2023, or 6.0 million compared to $5 2 million in the fourth quarter of 2022.
Fred: Sales general and administrative expenses for the fourth quarter of 2023 were $4 2 million compared to $5 8 million in the fourth quarter of 2022.
Fred: For the full year R&D expenses were $22 5 million down from 20 to $28 2 million in the prior year, representing a 20% reduction.
Fred: For the full year SG&A expenses were $20 3 million down from $32 4 million in the prior year, representing a 35% reduction.
Fred: Net loss for the fourth quarter was $10 7 million equating to a net loss of <unk> 15 cents per share as compared to a net loss of $13 1 million or a net loss of <unk> 19 per share for the same period of the prior year.
Fred: For the full year net loss of $44 3 million is down 39, 5% from $73 2 million in the prior year.
Fred: Our cash burn in the fourth quarter was $10 2 million and as of December 31, 2023, we had $75 2 million in cash and cash equivalents on our balance sheet.
Fred: Our full year cash burn of $42 million is down 40% from $71 million in 2000 and flow to it.
Fred: Now turning to our financial guidance, beginning with our 2020 for revenue outlook, we are initiating guidance for the full year in the range of $12 million to $15 million.
Although we do not typically provide quarterly guidance and do not intend to do so on a regular basis, we want to provide you some visibility into our first quarter performance, given where we stand in the quarter.
Fred: For the first quarter of 2024, we expect revenue to be over $3 million.
Fred: Looking at gross margins, we are initiating a range of 45% to 50% for the year as we grow continue our commercial sales traction and realize strong smooth system pricing.
We are very pleased to be driving healthy gross margins and our business even at small scale.
Fred: Lastly, we are initiating total cash burn expectations of approximately $40 million for the full year 2024.
Fred: We expect our cash burn to be below our 2023 levels and we will execute this plan, while sustaining investments in our three pillars, including a robust Alzheimers program.
Fred: We see a cash runway through the business into early 2020.
We are excited about the catalyst for our business in 2024, and we are pleased to have the cash and flexibility to invest in the right areas for continued smooth system adoption.
Fred: At this point I'd like to turn the call back to Maria for closing comments.
Maria: Thank you Brett.
Maria: I'm proud of the progress of Hypersound teammate in 2020 three.
Maria: Very optimistic as to what this team can deliver.
Maria: I look forward to seeing many of you in upcoming industry as well as the Investor conference at providing updates across our three pillar and the Alzheimer's program.
Maria: Given the immense excitement we have and the potential we see for our system in the use case of Alzheimers.
Maria: Also like to see.
Maria: Sure that we are working to plan, an analyst or any vessel webinars with a spotlight on this topic. When you tend to hosting webinar midyear, we look forward to sharing more details with you over the coming months and assessing market questions at that time.
Speaker Change: With that I want to thank you for your time and we'll open up the line for questions.
Certainly one moment for our first question.
And our first question comes from the line of Larry <unk> from Wells Fargo. Your question. Please.
Speaker Change: Hi, Maria Hi, Brett This is simmering on for Larry Thanks for taking the questions here.
Larry: Maybe just starting off with Q4, you know it is usually the strongest quarter for capital businesses, but.
Larry: You did come in a little bit below at least on the revenue side you know the low end up your guidance range.
You know could you talk a little bit more about the trends you saw in Q4, and what led you to kind of deliver at the low end of the revenue guide and you know just following up there I. Appreciate the Q1 color. So maybe just talk about some of the trends.
Larry: That you've typically seen on the system side and in Q1, thus far.
Larry: Sure.
Larry: I'll start by interrupting the queue for a question and then talk a little bit about the early 2024 traction. We we do not fall exactly under the traditional capital budget, where you do see a little bit off that bolus at the end of the year more often than not given our price point in that.
Larry: $400000 range for MSRP, we are funded through our strategic funds on our phone or some other mechanism that has more variability throughout the year, but also more available alright.
Larry: Alright, more availability throughout the year.
Larry: I still believe that we have.
Larry: Two to sort of continue.
Larry: Continue to work towards higher predictability and less variability in our deal flow. So I am very companies, telling you that we do not lose deals that we ended up with a very strong and predictable closer to what we call the clinical yet from the initial H, but if we do go into a relatively variable basic theory.
Larry: The administrators.
Larry: Section of deals all the way to closing, which sometimes goes into into quiet mode for a bit and coming back up. So it was more around the variability on feel assured that hurt us a little bit coming a little shy on Q4 and that is why we were also taken here.
Larry: Our prepared remarks that some of those deals have taken a little longer but now have come to fruition and that's why we were consequently, providing more color than we usually do and that you should expect going forward around where we were tracking.
Larry: In the Q1 timeframe.
Speaker Change: Understood. That's very helpful. And then maybe just looking out the 'twenty 'twenty four guidance $12 million to $15 million. You know I think the street was modeling around $18 million heading into the print. So maybe help us to bridge. The gap. There you know can you just walk through key puts and takes to consider.
Speaker Change: You know what gets you to the low end versus the high end of the guide and Bret you know it appears that you should continue to see opex growth.
Speaker Change: Stepped down nicely to get to that burn rate in 2020 for so you know it is not the right way to think about it.
Speaker Change: Okay, So maybe I'll elite and turn it over to Brett.
Brett: I like to thank our ourself, a little bit of a hybrid stage company with one half of our activity around what I would call. The early commercial stage kind of company, but the other half of our activity being more of a late stage developmental company, there's probably 130 of us. So we are.
Brett: Turning to be.
Balanced in how we're allocating our bandwidth to continue to make steady progress on our today's business, but definitely investing what we believe are incredibly compelling and very large near term not very future, but near term.
Brett: New opportunities all the time or some stroke b not to we really big one so when.
When I think about our priorities there is a steady progress on adoption and commercialization, which continues to die very healthy growth, but that's not the only thing on our board to do we are heavily investing in R&D and clinical evidence.
Brett: We are also investing in programs really to flush out these brand new opportunities, which are likely going to take us into <unk>.
Brett: Customer target sites.
Brett: Service, essentially a business model that might be different than incremental from where we are today, so I'd, rather be balanced and moderate in our expectations. So that we can keep doing all of the above which I think is the right way of thinking about the kind of business, we want to build.
Speaker Change: Yeah on the question regarding cash burn as commented in the earlier remarks.
Speaker Change: We are.
Speaker Change: Giving guidance of approximately $40 million, which is down from 2023, we continue to be very laser focused in our spending discipline in terms of the mechanics of getting to that number as I highlighted we have a margin guidance of 45% to 50, So an improvement from where we have been in 2023.
Speaker Change: And it will be continued to be very laser disciplined our spending while continuing to fund the innovation and the growth opportunities that we see going forward.
Speaker Change: Okay.
Speaker Change: Got it that's very helpful and sorry last question for me, but I know, you're not giving a placement guidance, but any color on device versus a service split and not $12 million to $15 million.
Speaker Change: Yes, we don't provide specific guidance, but I think you have seen perhaps in the.
Speaker Change: The posting of the of our service revenue and you can think about that as kind of a steady and predictable kind of consistently increasing over time.
Speaker Change: A line item in our P&L. So I think you can think about that in 2024 very similar to the probably the trend rate you've seen in prior quarters.
Yeah.
Speaker Change: Got it thank you.
Speaker Change: Thank you one moment for our next question.
Speaker Change: And our next question comes.
Comes from the line of human <unk> from B Riley Your question. Please.
Human: Thank you for taking our questions I think some of those have been addressed.
Speaker Change: Maybe we can.
Human: Talk about the cash flow so the cash flow from operations was negative $42 million in kind of your time history and the current 100%.
Any forward guidance on cash burn of about $14 million, while we have increased revenue and potentially lower cost right.
Or how to kind of help us reconcile the understand that you have completed the reorganization in early spring.
Human: Great.
Speaker Change: So maybe thank you all for the question so you're correct our guidance is.
Speaker Change: <unk> revenue from 'twenty, three to 'twenty, four and as I highlighted in the previous.
Speaker Change: <unk>, we're improving margin from <unk>.
Speaker Change: We posted 43% gross margin in 2023, and our guidance is 45 to 50 for 2024 and then we will have continued investments in the growth drivers, but we will be keeping our spending very laser focused and really tied to our growth initiatives. So we feel comfortable.
<unk> with the approximately 40% or excuse me $40 million of net cash burn for the year.
Speaker Change: Got it I'm also curious about the visibility in terms of your country or for given the performance in two <unk> time, there can be a three maybe another way to ask this question is regarding the 'twenty 'twenty four guidance.
Speaker Change: Confident power you guys to kind of work the current lease into revenue in countries around before any pushback you are hearing from the customer right now.
Speaker Change: Oh, Thank you you on them.
Speaker Change: I feel confident in the guidance. We have provided we have we are executing 2023 with important accomplishments that feeds my confidence they are our ability to really land deals two flagship institutions and then translate those seem to vary.
Speaker Change: Powerful initial successes with their use of our device in patients that otherwise would have had a very different prognosis or outcome or timeframe.
Speaker Change: Some of those have actually been public trust from the likes of the Wild Cornell accounts that we implemented.
Speaker Change: Just a few weeks ago. So I feel really good about the kind of names that are now potentially a reference sites or other sites to follow I feel very confident in the way our customer.
Speaker Change: Success team is implementing programs I'm also incredibly enthusiastic by the international expansion that we have mentioned, which is not a peanut butter approach. We are definitely selecting market to really put in incremental effort to draw commercial.
Speaker Change: Success from them, we're bringing the product that we're commercializing today in the U S and we have a lot of inbound interest from clinicians that I think are going to contribute to <unk> revenue profile for 2024 and that actually allow me to feel that that.
Speaker Change: That guidance these days.
Speaker Change: Reasonable given where we're tracking on U S. Let's say.
Speaker Change: Select international opportunities.
Speaker Change: Got it and maybe on the last point or a follow up question are there.
Speaker Change: How are you guys standing on the direct to consumer approach versus distributor approach.
Speaker Change: The international footprint, considering the need to preserve the cash.
Speaker Change: In Washington.
Speaker Change: And where it matters the most.
Speaker Change: Excellent question tissue you on I would consider.
Speaker Change: Our international expansion to be a nice investment as we are primarily going to operate international through third party distributors. We are very fortunate that we have been in the background working too.
Speaker Change: We keep ourselves the international Optionality as we have made a lot of progress on regulatory clearances with the CE Mark under N V. R. B O N E and the UK Ta certification, which is now of course required after Brexit so that gives us.
Speaker Change: Our readiness point in in CE, and UK geography, but again, we will not.
Speaker Change: Okay.
Speaker Change: Her the asp's are going to be posting more of a blended ASP, where the distributor pricing is of course going to be a different price point that said direct to the customer sales that we do in the U S.
Speaker Change: Two sort of price increases that we've had over the last couple of years.
Speaker Change: Yes, I would add comment either way.
Speaker Change: Or is that going back to the I guess confidence in the guidance. So our international expansion is included in our guidance. So I think that's kind of further gives us confidence in the the range that we provided at the beginning of the year.
Got it thanks for the additional health recover.
Speaker Change: Thank you.
Speaker Change: This does conclude the question and answer session of today's program I'd like to hand, the program back to Maria <unk> for any further remarks.
Maria: Thank you operator, thank you everyone for listening into our call today I remain incredibly optimistic about what we're building and the future of our business I look forward to providing additional.
Maria: Reports and updates to all of you in the coming weeks.
Maria: Okay.
Maria: Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program you may now disconnect good day.
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Speaker Change: Thank you for standing by and welcome to the Hyperfine fourth quarter 2023 in fiscal year 2023 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.
Speaker Change: To ask a question. During this session you will need to press star one on your telephone. If your question has been answered and you'd like to remove yourself from the queue simply press Star One again as a reminder, today's program is being recorded and now I'd like to introduce your host for today's program <unk>.
Speaker Change: From the Gilmartin group. Please go ahead.
Gilmartin group: Thank you for joining today's call earlier today Hyperfine, Inc, released financial results for the quarter and year ended December 31 2023.
Gilmartin group: A copy of the press release is available on the company's website as well as SEC Docker.
Speaker Change: Before we begin I'd 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 1095.
Speaker Change: Any statements contained in this call that relate to expectations or predictions of future events results or performance are forward looking statements.
Speaker Change: All forward looking statements, including without limitation those relating to our operating trends and future financial performance expense management expectations for hiring training and adoption growth and our organization market opportunity commercial and international expansion regulatory approval and <unk>.
Speaker Change: Development are based upon our current estimates and various assumptions.
Speaker Change: 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.
Speaker Change: Accordingly, you should not place undue reliance on these statements.
Speaker Change: For a list and description of the risks and uncertainties associated with our business. Please.
Please refer to the risk factors section of our latest periodic filing with the Securities and Exchange Commission.
Speaker Change: This conference call contains time sensitive information and is accurate only as of the live broadcast today March 'twenty, one 2020 born.
Speaker Change: Hyperfine, Inc, 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.
Speaker Change: And with that I will turn the call over to Maria vein, President and Chief Executive Officer.
Maria Sainz: Good afternoon, and thank you all for joining us.
On the call with me today is our chief administrative officer, and Chief Financial Officer, Brett Hail.
Maria Sainz: In the fourth quarter, we achieved revenue of $2 7 million.