Hyperfine, Inc. HYPR recently announced the signing of agreements with experienced and accomplished distributors in Germany, Austria, Switzerland and key Nordic markets for its Swoop system — a portable magnetic resonance (MR) brain imaging system.
With the recent addition of distributors and the previously appointed distributors in France, the United Kingdom and Italy, the company aims at commercial expansion of the Swoop system into 12 European countries.
About the Swoop System
The Swoop Portable MR Imaging system is FDA-cleared for brain imaging of patients of all age groups. It is a portable, ultra-low-field magnetic resonance imaging device for producing images that display the internal structure of the head, where a full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis.
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The system is commercialized in the United States and represents the highest-performing Swoop system to date in terms of image quality, speed and usability. Additionally, Hyperfine has received initial positive feedback from clinicians in European sites.
Hyperfine’s track record of securing international approvals supports its expansion into global markets. Along with the latest expansion in the European market, the company also announced a distribution agreement to develop Asian markets.
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Market Prospects
Per a Precedence Research report, the global portable magnetic resonance imaging (MRI) market size was valued at $3.7 billion in 2022 and is expected to grow more than $6.3 billion by 2032, at a CAGR of 5.46%. Primary factors responsible for market expansion include an increase in chronic diseases brought on by a preference for home healthcare, changing lifestyles and an increase in the population of senior citizens. Additionally, one of the major drivers of market expansion is the rising demand for wireless medical devices and wearable electronics.
Looking at the market potential, Hyperfine’s global expansion plan for the Swoop system is strategically timed.
Another Notable Development
In May 2024, Hyperfine announced a distribution agreement with Radiosurgery Global, Ltd. to develop the market in India. This agreement will give access to more than 69,000 public and private hospitals across India to its Swoop system. The system will provide clinicians with unprecedented diagnostic imaging capabilities even in the most remote areas.
Price Performance
Year to date, shares of HYPR have lost 4.5% against the industry’s 3.4% growth.
Zacks Rank and Key Picks
Hyperfine currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Hims & Hers Health, Inc. HIMS, Medpace Holdings MEDP and Haemonetics HAE, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Hims & Hers Heath stock has surged 133.1% in the past year. Estimates for the company’s earnings have moved north 10% to 20 cents per share for 2024 in the past 30 days.
HIMS’ earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%.
Estimates for Medpace’s 2024 EPS have remained unchanged at $11.29 in the past 30 days. Shares of the company have soared 73.3% in the past year compared with the industry’s 5.2% growth.
MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 12.8%. In the last reported quarter, it delivered an earnings surprise of 30.6%.
Estimates for Haemonetics’ 2024 EPS have increased 0.4% to $4.57 in the past 30 days. In the past year, shares of HAE have risen 1.6% against the industry’s 2.4% decline.
In the last reported quarter, HAE delivered an earnings surprise of 2.27%. The company has a trailing four-quarter average earnings surprise of 13.24%.
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