Slides
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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 – November 2025
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.2 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. Forward-Looking Statements
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.3 Who is Hyperfine? First FDA-cleared, AI-powered portable MR brain imaging system with strong proprietary technology, accessible across multiple sites of care from ICU, to offices and community settings, with compelling clinical and economic value proposition Platform technology expanding brain imaging globally to address large, unmet healthcare needs and improve brain health with opportunity to develop for additional anatomies $6B+ Market Opportunity1. Early commercial stage with existing reimbursement, attractive revenue growth and gross margin profile, strong spending discipline, and increased operating leverage Growth strategy de-risked with recent launches of next-generation Swoop system and Optive AI software with highest performing image quality for ultra-low field MRI 1) Inpatient and Outpatient Settings TAM. See Slide 5 for additional information on TAM.
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MRI is the Clinical Gold Standard, But Capacity and Access Are Limited 4 PROPERTY OF HYPERFINE. ©2025. All rights reserved. The MRI You Know 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 The MRI You Wish For Significantly less expensive, no shielding or siting required. Available at any healthcare facility Imaging available to support triage and point of care decision making No dedicated personnel to operate. Easy to learn how to scan No patient transport; significant cost and personnel efficiencies for critical care patients
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.5 Large Market Potential Bringing MRI to Multiple Sites of Care 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+ Sizeable and Growing US TAM1 Through New Sites of Care 2023+ 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+
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.6 Swoop System Powered by Optive AI Software1 AI-enabled and a leading position in FDA cleared AI- enabled medical devices Platform technology designed for multiple brain imaging applications and additional anatomies Global footprint through distributors and partnership with King's College funded by Gates Foundation Commercial in the US hospital and office markets through direct sales channel 1) Next Gen Swoop System Powered by Optive AI FDA clearance May 2025, commercially available in U.S 2) Broad indication for imaging of the brain (all ages) . First mover advantage with proprietary position (~200 patents) across multiple fields of use Broad FDA-clearance 2 for brain imaging of patients of all ages Reimbursement in place in the US under existing CPT codes in both hospital and office settings De-risked growth strategy supported by multiple new sites of care and global reach
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.7 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
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.8 The Swoop System Transforms and Expands the Reach of 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
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AI-Enabled Imaging Software POWERING THE FUTURE OF PORTABLE MRI Available on all Swoop systems A leader in FDA cleared AI-enabled devices Reduces noise and blur with deep learning, enhances image clarity and consistency, provides sharper anatomical detail to support confident diagnoses at the point of care. Advanced, AI-driven image reconstruction to ultra-low field MRI—unlocking clearer images at lower field strengths 10 Generations of AI-enabled software . Source: U.S. FDA Artificial Intelligence-Enabled Medical Devices List (July 10, 2025) .
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Swoop System Powered by Optive AI Software (2025) SWOOP SYSTEM EARLY DAYS (CIRCA 2016) 10 Image Quality Approaching Conventional MRI 1.5 T Conventional MRI Proprietary Hardware, Software, and AI Deep Learning Innovation OPTIVE AI IS HYPERFINE'S 10TH GENERATION AI-POWERED SOFTWARE IN 5 YEARS vs Sources: T2 Images from pULF from 2016 & 2025 and representative T2 image from 1.5T conventional MRI PROPERTY OF HYPERFINE. ©2025. All rights reserved.
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.11 June 2, 2025
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Strong Market Response to Recent Launches of Next-Gen Swoop System and Optive AI Software 12 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 “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.”
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13 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 CDSCO Review / Approval First Full Year International Expansion India Distributor Established India CDSCO Submission Europe and Asia Pacific Distributors Established Today Future AI-Powered Software (New DWI) 8th 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 Outpatient Market Entry 1) Software FDA, CE, and UKCA Cleared 2) Next -Gen Swoop System FDA Cleared 2 PRIMEACTION PMR Broad Indication and Versatile Technology Expected to Drive New Market Entrance and Adoption 1
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Hospital Business 14 PROPERTY OF HYPERFINE. ©2025. All rights reserved. • Compelling clinical utility in critical care, emergency triage, neurosurgery and neuro follow up in adults and peds • Strong economic value proposition o Swoop system scans qualify for existing reimbursement (CPT 70551) o Opportunity to increase revenue, cost savings and optimized patient care 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 Health Systems / IDN hospitals o ~60–70% of US hospitals part of Health Systems / IDNs
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Office Business 15 PROPERTY OF HYPERFINE. ©2025. All rights reserved. • A typical neurologist orders 500–600 MRIs annually1,2 for neurologic conditions such as headaches, dementia, tumor, MS, surgery follow-up • 90% of private neurology practices don’t have on- site MR imaging3 • Affordable and appealing, plug-and-play Swoop system o No specialized siting required o No helium or electrical infrastructure required o No MRI technologist required4 • Strong economic value proposition o Swoop system scans qualify for existing reimbursement (CPT 70551) o IAC Accreditation enables medical offices to qualify for CMS reimbursement o Opportunity to add incremental revenue stream & improve patient experience • Office has shorter sales cycle and fewer decision- makers than hospital business 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) 3) The practice of neuroimaging within a neurology office setting, 2013 American Academy of Neurology 4) IAC Standards and Guidelines for MRI Accreditation. State regulations vary.
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.16 Scalable Commercialization with US Direct Sales and Global Distribution Network Extensive global footprint in LMIC sites through multi-year partnership with KCL funded by BMGF DISTRIBUTORS INSTALLED BASE Over 190 Swoop Systems Globally1 10+ Markets (2 FTE in Total) 1) Installed base includes commercial and research units as of September 2025. Healthy US Pricing & Recurring Revenue DIRECT Dedicated Selling & Implementation Teams (~15 FTE in Total) Swoop System MSRP (Hospital CAPEX)
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.17 Potential Revenue Opportunity $- $100M $200M $300M $400M 1.5% 3.0% 4.5% Annual Device Revenue Annual Penetration Rate of Market Illustration of Estimated Potential US Device Revenue1 With Site Penetration Growth 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
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.18 Q3’25 Financials Strong Revenue and Cash Burn Performance. Substantial Sequential Improvement REVENUE $2.1 $2.7 $3.4 Q1'25 Q2'25 Q3'25 CASH BURN1 4.8 +26% +27% $10.1 $8.1 $5.9 Q1'25 Q2'25 Q3'25 -19% -27% Strong Q3 Conversion to Next Generation System Strong Q3 Effective Device ASP Driven by Next Generation System Traction, Mix & Premium Pricing 1) Cash Burn Calculated as Change in Cash and Cash Equivalent Less Net Financing Proceeds From Shares Issued Under Registered Direct Equity Financing & ATM Realizing Benefit of Spending Discipline and Jan’25 Reorganization Demonstrating Operating Leverage Units 6 8 8 % Next Gen System n/a 17% 63% Effective ASP ~$255k ~$265k ~$360k
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$4.8 $11.0 $12.943.1% 45.7% 50.0% 2023 2024 2025 0.17 0.22 0.27 0.32 0.37 0.42 0.47 0.52 0 2 4 6 8 10 12 14 16 2023 2024 2025 REVENUE AND GROSS MARGIN PROPERTY OF HYPERFINE. ©2025. All rights reserved.19 Solid Financial Fundamentals $42.3 $38.4 $18.2 0 5 10 15 20 25 30 35 40 45 2023 2024 2025 CASH BURN1 1) Cash Burn Calculated as Change in Cash and Cash Equivalent Less Net Financing Proceeds: $0.8M From Shares Issued Under ATM Program in 2024 and $8.1M From Shares Issued Under Registered Direct Equity Financing & ATM in 2025 as of September 30, 2025 2) 2025 numbers shown at mid-point of annual guidance range “Tale of 2 Halves” Revenue and Realizing Operating Leverage Key Takeaways • Next Generation Swoop System Launched Mid’25 • New Technology, US Site of Care Expansion and International Drive Revenue Growth • Volume, Robust Pricing and Efficient Manufacturing Operations Drive GM% Expansion • Transition to Commercial Stage Organization in 2025 • Lean Organization Focused on Commercial Execution Drives Cash Burn Reductions w/ Scaling Revenue • $21.6M of Cash and Cash Equivalents as of 9/30/25 • $20.1M Gross ($18.4 Net) Equity Financing in October 2025 • Cash Runway Into 2H’27 1H’25 Gross Margin (%) FY25 Guidance Q4 Rev: ~$5-6M 2025 Rev: ~$13-14M 2025 GM: 49-51% $30.0 2H’25 2H’25 1H’25 $13.5 Revenue FY25 Guidance Cash Burn: $29-31M 2 2 2
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Image Quality Driving Business Transformation 20 PROPERTY OF HYPERFINE. ©2025. All rights reserved. Commercial Outlook o Overwhelmingly Positive Feedback on Image Quality and Radiology Community Ready to Support, Read, and Endorse o Inbound Requests for Quotes, ROI Evaluation, Product Demos, and Image Reviews o Robust Pipeline of “Multiple” Deals o Actively Engaged with Several IDNs to Standardized Care o Inbound Interests For Use Case Expansion (e.g. Neurosurgery, Micro Hospitals) o NeuroNet Partnership Supporting Office Adoption; Office Pipeline Strengthening o Product Segmentation Strategically Used To Optimize Office Setting Pricing o International Launch of Optive AI Software Expected in Q4’25 and Next Generation System by end of 2026 Since Next Gen System Launch o US Hospital Pipeline Converted to Next Gen System o Majority of US Sales with Next Gen Swoop System o Realizing Increased Pricing with Next Gen System sales o Next Gen System Hospital Placements In Adult Critical Care In Pediatric Critical Care In Hospital Emergency Department Multi-System Placement in a Single Account in Single Quarter o Office Commercial Activity Focused on Lead Generation 1st Next Gen System Placement in Initial Quarter of Launch Reimbursement Validated in Office Pilot o Healthy Next Gen System Inventory Build- up to Meet to Market Demand
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PORTABLE ULTRA-LOW FIELD TECHNOLOGY CREATES OPPORTUNITIES IN NEW ANATOMIES, INTERVENTIONS AND CAPABILITIES HYPERFINE PATENTS AND KNOW-HOW ARE WELL POSITIONED TO DELIVER IN MULTIPLE MARKETS WITH ADDITIONAL GROWTH AND VALUE-ADDED SERVICES Neuro Expansion Platform expansion: Anatomy and Applications Software and Services Expanded sequence offering Contrast agents Mobile for acute care and private practice Intraoperative use Diabetic foot Breast Teleradiology integration PULSE (Developer subscription) AI-powered clinical decision support SaaS Open developer ecosystem App marketplace Data exchange platform Next FutureNow C-spine Interventions platform Mobile brain health Screening services Neonatal imaging System accessories PROPERTY OF HYPERFINE. ©2025. All rights reserved.21
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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
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PROPERTY OF HYPERFINE. ©2025. All rights reserved.23 Who is Hyperfine? First FDA-cleared, AI-powered portable MR brain imaging system with strong proprietary technology, accessible across multiple sites of care from ICU, to offices and community settings, with compelling clinical and economic value proposition Platform technology expanding brain imaging globally to address large, unmet healthcare needs and improve brain health with opportunity to develop for additional anatomies $6B+ Market Opportunity1. Early commercial stage with existing reimbursement, attractive revenue growth and gross margin profile, strong spending discipline, and increased operating leverage Growth strategy de-risked with recent launches of next-generation Swoop system and Optive AI software with highest performing image quality for ultra-low field MRI 1) Inpatient and Outpatient Settings TAM. See Slide 5 for additional information on TAM.