Slides
Page 1
The Hyperfine logo, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc. The Swoop logo is a trademark of Hyperfine, Inc. PROPERTY OF HYPERFINE. ©2025. All rights reserved. AI-POWERED, PORTABLE BRAIN MRI The Swoop® Portable MR Imaging System is Driving the Future of Brain Health Corporate Investor Deck – August 2025
Page 2
PROPERTY OF HYPERFINE. ©2025. All rights reserved.2 Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s goals and commercial plans, including the Company’s expansion plans; the benefits of the Company’s products and services, including the clinical evidence supporting those benefits; the market demand and acceptance for the Company’s products and services; the Company’s cash runway; the Company’s future performance, including its financial performance; and the Company’s ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop® system is accepted and used by healthcare professionals; the Company’s ability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the ability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the ability of the Company to identify, in-license or acquire additional technology; the ability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; the ability of the Company to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using the Company’s products and services; the Company’s ability to generate clinical evidence of the benefits of the Company’s products and services; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties indicated from time to time in Company’s filings with the Securities and Exchange Commission (the “SEC”), including those under “Risk Factors” therein. The Company cautions readers that the foregoing list of factors is not exclusive and that readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Page 3
PROPERTY OF HYPERFINE. ©2025. All rights reserved.3 Who is Hyperfine? First FDA-cleared, AI-powered portable MR brain imaging system with proprietary technology, existing reimbursement and next-generation Swoop® system with Optive AI software launched mid-2025 Platform technology reshaping the care paradigm and expanding brain imaging globally to address large, unmet healthcare needs and improve brain health at multiple sites of care in hospital, office and community settings $6B+ Market Opportunity. Early commercial stage with attractive revenue growth and gross margin profile, strong spending discipline, and increased operating leverage
Page 4
MRI is the Clinical Gold Standard 4 PROPERTY OF HYPERFINE. ©2025. All rights reserved. Capacity and Availability of Conventional MRI Compromise Access and Equity Globally High-cost and complex site requirements limit access Limited availability leads to delayed diagnosis and care Need for highly trained personnel constrains capacity Inpatient transport increases risk of adverse events
Page 5
A First for Brain Health 5 PROPERTY OF HYPERFINE. ©2025. All rights reserved. UNIQUE AI-POWERED PORTABLE BRAIN MRI SYSTEM THAT AIMS TO IMPROVE BRAIN HEALTH GLOBALLY ● Improves access, equity, and affordability for clinicians, patients and providers ● Complementary to conventional MRI ● Expands brain MR imaging to multiple professional healthcare settings across hospitals, physician offices and community settings ● Use for fast triage, patients at risk and follow up cases ● Enables clinicians to make timely and early diagnosis of critical brain conditions ● Potential to reduce the burden of widespread and devastating global neurological conditions, such as stroke and neurodegenerative diseases
Page 6
PROPERTY OF HYPERFINE. ©2025. All rights reserved.6 The Swoop System is Transforming Brain Imaging Diagnostic Images Captured in Multiple Sites of Care Portable, Compact Design Goes Directly to the Patient Simplified Set Up and Scanning for Broad Usability USING THE SWOOP SYSTEM IMPROVES MRI CAPACITY AND ACCESS WITH MEANINGFUL CLINICAL AND ECONOMIC BENEFIT FOR PATIENTS, CLINICIANS AND PROVIDERS
Page 7
PROPERTY OF HYPERFINE. ©2025. All rights reserved.7 Sizable and Growing US Total Addressable Market Inpatient Settings 2025+ 2026+ Adult critical care Peds critical care Emergency departments2 Neurology clinics Infusion centers Urgent care facilities Nursing homes Concierge medicine $1.5B $6B+ $16B+ Expanding TAM1 Through New Sites of Care 2024+ Outpatient Settings Community Settings 1) TAM Calculation Based on Number of Sites of Care (Company Estimates on File) Multiplied by US Device ASP 2) Data as of 2020 4,000+ 10,000+ 25,000+
Page 8
PROPERTY OF HYPERFINE. ©2025. All rights reserved.8 Next Generation Swoop System Powered by OPTIVE AI Software1 Diagnostic-quality images with ultra-low-field MRI First mover with proprietary technology (200+ patents) and AI-powered software Platform technology designed for multiple brain imaging applications New ultra-low-field brain imaging paradigm—disrupts access and economics and expands the MRI market Broad FDA-clearance2 for brain imaging of patients of all ages Global footprint through international distributors supported by recent CE approval of 9th generation AI-Powered software Commercially available in the US through direct sales channel Reimbursement in place in the US under existing CPT codes in both hospital and office settings 1) FDA clearance May 2025, commercially available in U.S 2) Broad indication for imaging of the brain (all ages) .
Page 9
9 PROPERTY OF HYPERFINE. ©2025. All rights reserved. New Hardware for Enhanced Image Quality • New symmetric magnet shape reduces artifact • Optimized head coil design creates a more uniform magnetic field, delivering more consistent image quality throughout the brain • Redesigned RF shield construction reduces noise • Improved electronics support the system in creating an improved signal-to-noise ratio
Page 10
10 PROPERTY OF HYPERFINE. ©2025. All rights reserved. POWERING THE FUTURE OF PORTABLE MRI Optive AI software brings advanced, AI-driven image reconstruction to ultra-low field MRI—unlocking clearer images at lower field strengths By reducing noise and blur with deep learning, it enhances image clarity and consistency, providing sharper anatomical detail to support confident diagnoses at the point of care.
Page 11
PROPERTY OF HYPERFINE. ©2025. All rights reserved.11 5-year Evolution of Image Quality T 1 T 2 FLAIR DWI In the Beginning (Circa 2016, Initial FDA Clearance in 2020) The New Swoop System Powered by Optive AI Software 11 PROPERTY OF HYPERFINE, INC. ©2025. All rights reserved.
Page 12
PROPERTY OF HYPERFINE. ©2025. All rights reserved.12 How Close Are We to Conventional MRI? 0.064T New Swoop System Powered by Optive AI Software 1.5 T Conventional MRI 12 PROPERTY OF HYPERFINE, INC. ©2025. All rights reserved.
Page 13
Enthusiastic Market Response to Next Gen Swoop System and Optive AI Software 13 PROPERTY OF HYPERFINE. ©2025. All rights reserved. This sleek, innovative redesign of the Swoop system is a transformational advance for the emerging field of portable MR imaging. …But the real breakthrough lies in how the hardware and software work together to deliver image quality and speed, which brings portable MRI into the realm of mainstream clinical practice. Jennifer Villa Frabizzio, MD, Neuroradiologist at Radiology Group of Abington This upgrade is a true game changer for MRI technology— an overnight leap in image quality that’s rarely seen. Portable MRI can now extend beyond the ICU to serve ER patients and outpatients— a breakthrough in every sense. Chetan Shah, MD, Chair, Pediatric Radiology, Wolfson Children’s Hospital
Page 14
PROPERTY OF HYPERFINE. ©2025. All rights reserved.14 Next Gen Swoop System on the Move in the Market MRI Onboard And Ready to Roll “We are excited to be the first hospital in the country to implement this breakthrough technology,” Jenny Breunig, Vice President of Operations at Jefferson Washington Township Hospital. “We anticipate that being able to perform diagnostic brain imaging at the bedside will shorten the time from admission to discharge, facilitating elevated patient care and optimizing our resources.” The Swoop system is on the road doing demonstrations across the country “A lot of people complain that access to scanning is a big problem. So we were really interested in this machine because, you can see it behind me. Its one that you can do here on the conference floor.” - Being Patient founder Deborah Kan Video posted on LinkedIn from influencer at AAIC Alzheimer’s conference post-launch
Page 15
PROPERTY OF HYPERFINE. ©2025. All rights reserved.15 Clinical Evidence Driving Market Expansion Inpatient Settings FUELING COMMERCIAL ADOPTION, SITE OF CARE ENTRY, AND UTILIZATION ACROSS HOSPITAL AND OUTPATIENT SETTINGS Outpatient Settings Emergency Departments Neurology clinics Pediatrics Critical Care ACTION PMR — Stroke Triage & Diagnosis: ~90% sensitivity in infarct detection1 and bedside 'tissue clock' PRIME — Broad ED Use: 200 patient study accelerating adoption SAFE PMR — Complete! Observed 100% of ischemic events. Bedside neuroimaging for critically ill patients—earlier intervention in ICU care HOPE PMR — Complete! Radiation-free bedside MRI for timely neuroimaging for children with hydrocephalus 80+ Peer Reviewed Publications 215+ Peer Reviewed Conference Presentations NEURO PMR — Clinical utility and patient experience in outpatient setting CARE PMR — Alzheimer’s: 100% ARIA-E1 detection for amyloid- targeting therapy 1) Interim results
Page 16
16 Growth Strategy SITE OF CARE AND USE CASE EXPANSION US Critical Care: Continued Expansion 9th Gen AI-Powered Software1 (Faster Image Acquisition) CARE PMR Economic Impact Data GEOGRAPHIC EXPANSION India EntryCDSCO Approval First Full Year International Expansion India Distributor Established India CDSCO Submission Europe and Asia Pacific Distributors Established Outpatient Market Entry Today Future AI-Powered Software8th Gen AI-Powered Software1 (AI Denoising)TECH DEV Site of Care and Use Case Drivers Office Pilot IAC Accreditation / CMS 2024 2025 Emergency Dept. Entry Neurology Office Entry Hospital Clinic Entry NEURO PMR 1) FDA, CE & UKCA Cleared 2) FDA Cleared 2 PRIMEACTION PMR Broad Indication and Versatile Technology Expected to Drive New Market Entrance and Adoption
Page 17
Hospital Business 17 PROPERTY OF HYPERFINE. ©2025. All rights reserved. • Swoop system scans qualify for existing reimbursement (CPT 70551) • Compelling clinical utility in critical care, emergency triage and neuro follow up in adults and peds • Strong economic value proposition o 1–1.5-year breakeven versus 3–4 years for typical capital equipment • Potential for multiple systems within same hospital o ICUs o Emergency department o Hospital-based clinics • Sales Cycle can be quicker in same IDN hospitals o ~60–70% of US hospitals are part of IDNs
Page 18
Office Business 18 PROPERTY OF HYPERFINE. ©2025. All rights reserved. • A typical neurologist orders 500–600 MRIs annually1,2 • 95% of private neurology practices don’t have on-site MR imaging 2 • Office has shorter sales cycle and fewer decision-makers than hospital business • IAC Accreditation enables medical offices to qualify for CMS reimbursement • Affordable, plug-and-play Swoop system is appealing o No specialized siting required o No helium or electrical infrastructure required o No MRI technologist required* * IAC Standards and Guidelines for MRI Accreditation. State regulations vary. 1) https://practicalneurology.com/diseases-diagnoses/imaging- testing/viewpoints-why-neuroimaging-plays-a-critical-role-in-shaping-the- future-of-neurology/30403/ 2) Source: Mindfrog market research (data on file)
Page 19
PROPERTY OF HYPERFINE. ©2025. All rights reserved.19 Commercialization: Scalable US Direct Sales and Global Distribution Network Extensive global footprint in LIMC sites through multi-year partnership with KCL funded by BMGF DISTRIBUTORS INSTALLED BASE Over 180 Swoop Systems Globally1 10+ Markets 1) Installed base includes commercial and research units as of June 2025. Healthy US Pricing & Recurring Revenue DIRECT Dedicated Selling & Implementation Teams 1 Swoop System MSRP (Hospital CAPEX)
Page 20
PROPERTY OF HYPERFINE. ©2025. All rights reserved.20 Potential Revenue Opportunity $- $100M $200M $300M $400M 1.5% 3.0% 4.5% Annual Device Revenue Annual Penetration Rate of Market Illustration of Potential US Device Revenue1 With Site Penetration Growth (Beachhead and Neuro Market Only)Market Entry Hurdles Cleared **25,000+ Additional Brain Health Market Opportunities 1) Based on Sites of Care Market Size, Penetration Rate and US Device @ $475K CAPEX Potential Sites of Care (#) FDA Cleared? Reimbursement Available? Selling Leverage Critical Care 4,000 Yes Yes Hospital Emergency Dept 5,600 Yes Yes Hospital Hospital Clinic and Infusion Centers 3,600 Yes Yes Hospital Neurology Practices 2,400 Yes Yes Accreditation in Nov ‘24 Concentrated Decision Maker Total 15,600** Critical Care Emergency Departments Neurology Practices Hospital Clinic and Infusion Centers $300M+ $200M+ $100M+ $100M US Swoop System Revenue For Every 1.5% Market Penetration
Page 21
PROPERTY OF HYPERFINE. ©2025. All rights reserved.21 Solid Financial Fundamentals 0.2 0.7 5.2 8.7 10.5 1.6 2.3 2.4 $0.3 $1.5 $6.8 $11.0 $12.9 -78.0% 13.3% 43.1% 45.7% 48.5% -2.5 -2 -1.5 -1 -0.5 0 0.5 1 0 5 10 15 20 25 30 2020 2021 2022 2023 2024 2025 Service Device H2'25 Midpoint H1'25 Midpoint Gross Margin (%) $71.0 $42.3 $38.4 2022 2023 2024 2025 REVENUE AND GROSS MARGIN CASH BURN1 Systems Sold: 4 23 35 37 Revenue Fundamentals • Capital placements & recurring revenue • International Expansion began in 2024 • Revenue transformation from research to organic commercial in 2024 • 2023 & 2024 YOY Organic Revenue Growth Excluding KCL2: 23% & 70% Cash Burn Fundamentals • $25.4M of Cash & Cash Equivalents as of 6/30/25 • Current cash runway expected to end of 2026 • Operating lean & efficient • Transition to commercial stage organization accelerated by January 2025 reorganization Gross Margin Fundamentals • Established global contract manufacturing partner • Cost efficiencies: Connected ecosystem; cloud infrastructure • Scale efficiencies with volume and growing installed base 48 1) Cash Burn Calculated as Change in Cash and Cash Equivalent Less Net Financing Proceeds: $0.9M From Shares Issued Under ATM Program in 2024 and $6.0M From Shares Issued Under Direct Equity Financing & ATM in 2025 2) Excludes Revenue from Kings College of London (KCL). KCL completed a one-time purchase of 20 Swoop Systems with the support from the Bill and Melinda Gates Foundation. Revenue recognized of $0.6M and $3.4M in 2022 and 2023, respectively $27M-$29M FY25 Guidance FY25 Guidance YOY Rev Growth: 10-20% 2025 GM: 47-50% 4.8 2H’25YoY Growth +62% YoY Growth +17% $14.2-$15.5M nm Transformative 2H’25 Revenue Growth
Page 22
PROPERTY OF HYPERFINE. ©2025. All rights reserved.22 Leadership Team With Proven Track Record of Success Maria Sainz President and Chief Executive Officer Brett Hale Chief Administrative Officer and Chief Financial Officer Tom Teisseyre, PhD Chief Operating Officer Rob Fasciano, PhD Chief Regulatory and Quality Officer Edmond Knopp, MD Chief Medical Officer Rafael Donnay Senior Vice President of Hospital Strategy and Health Economics Chi Nguyen Senior Vice President of Office Strategy and Partnerships Todd Finch Vice President of US Sales Rafael O’Halloran, PhD Vice President of Technology
Page 23
PROPERTY OF HYPERFINE. ©2025. All rights reserved.23 Hyperfine, Inc. Opportunity Commercial stage company poised to solve large unmet clinical/provider needs such as stroke and neurodegenerative diseases globally Prolific engine of innovation and clinical evidence. New Swoop system with Optive AI software brings image quality close to 1.5T MRI Solid financial profile with rapid topline growth, attractive gross margins, and cash runway to end of 2026 Highly experienced executive team with deep industry expertise First FDA-cleared proprietary AI-powered portable MR brain imaging system. New Swoop system with Optive AI cleared, launched in mid-2025 Growth driven by expanding to new sites of care (emergency departments, clinics and neurology offices) and global reach and sustained innovation
Page 24
PROPERTY OF HYPERFINE. ©2025. All rights reserved.24