Hyperfine, Inc. (Nasdaq: HYPR), (“Hyperfine” or “the Company”), the
groundbreaking medical device company that created Swoop®, the
world's first FDA-cleared portable MRI system™, today announced
that Dave Scott will step down from his role as President, Chief
Executive Officer (CEO), and Board Member for personal reasons,
effective July 29, 2022. Scott Huennekens, who currently serves as
Executive Chairperson of the Board, will succeed Mr. Scott as
interim President and CEO, also effective July 29, 2022. The
Company is engaging in a search for a long-term CEO as it continues
to execute its business strategy focused on commercial expansion of
the Swoop system. The Company will host a conference call to
discuss the CEO transition today, June 29, 2022, at 4:30 PM Eastern
Time.
Mr. Huennekens is a successful CEO, Chairperson, board member,
and entrepreneur, having been involved in more than 20 medtech
startup, growth, and public companies with market valuations
totaling over $20 billion and benefitting over 20 million patients
with the therapies and diagnostics they deliver. As interim
President and CEO, Mr. Huennekens will oversee the ongoing
expansion of Hyperfine to become a leading medical imaging
provider.
“First of all, we would like to thank Dave for his tremendous
contributions to Hyperfine over the last year. He has led the
expansion of our commercial efforts, taken the company public,
developed plans for expanded clinical indications, and built a
world class management team. We wish him well as he addresses the
personal reasons limiting his ability to continue as President and
CEO of Hyperfine. Very importantly, Hyperfine has demonstrated
strong early adoption and is well positioned to continue driving
commercial traction while expanding global access to critical
imaging and healthcare,” said Mr. Huennekens. “I look forward to
overseeing this stage of the company’s growth while we partner with
a seasoned executive search firm to select an experienced leader in
an expeditious manner, who will assume the longer-term CEO position
and drive the next phase of Hyperfine’s growth.”
“I am disappointed to have to step back from my role as
President and CEO of Hyperfine. It has been an honor to lead the
company through our first full year of commercialization and our
transition to becoming a publicly listed company. The Swoop device
is a remarkable technology with the power to truly change the
landscape of healthcare for both caregivers and patients, and we
are only beginning to recognize its immense potential through our
85-system installed-base* and expanding clinical use cases,” said
Mr. Scott. “With broader clinical indications, portable MRI is well
positioned for expanded adoption, and under the leadership of an
incredible management team with the right tools and experience, I
have no doubt Hyperfine will continue to expand its footprint
through 2022 and
beyond.”
“We founded Hyperfine to democratize access to medical imaging and
transform the care continuum with the first FDA-cleared portable
MRI system – and Hyperfine is delivering on that mission,” said Dr.
Jonathan Rothberg, Founder & Vice Chairperson of Hyperfine. “We
remain very optimistic about the growing impact and future
potential of the world's first portable MRI system to provide
healthcare professionals with better insight to improve clinical
care from the ambulance to the hospital and ultimately to the home.
We are passionate about bringing equity to healthcare for people
around the world and look forward to identifying a long-term
successor to continue leading Hyperfine’s path forward."
In conjunction, Hyperfine is reaffirming Full Year 2022
Financial Guidance as follows:
- Management expects revenue for the full year 2022 to be $10 to
$12 million.
- Management expects 50 to 60 commercial units installed in
2022.
CEO Transition Conference CallHyperfine will
host a conference call to discuss the appointment of Scott
Huennekens as Interim President and CEO today, June 29, 2022, at
4:30 PM Eastern Time. Individuals interested in listening to the
conference call may do so by dialing (877) 407-0789 for domestic
callers or (201) 689-8562 for international callers and entering
Conference ID #13731156. A live and archived webcast of the event
will be available on the Investors section of the Hyperfine website
under Events & Presentations.
*85 total, global Swoop systems installed as of March 31,
2022.
About Hyperfine
Hyperfine, Inc. is the groundbreaking medical device company
that created Swoop®, the world’s first FDA-cleared portable MRI
system™. Hyperfine designed Swoop to enable rapid diagnoses and
treatment for every patient regardless of income, resources, or
location, pushing the boundaries of conventional imaging technology
and expanding patient access to life-saving care. The Swoop
Portable MR Imaging System™ produces high-quality images at a lower
magnetic field strength, allowing clinicians to quickly scan,
diagnose, and treat patients in various clinical settings. Swoop
can be wheeled directly to the patient’s bedside, plugged into a
standard electrical wall outlet, and controlled by an iPad®.
Designed as a complementary system to conventional MRIs at a
fraction of the cost, Swoop captures images in minutes, providing
critical decision-making capabilities in emergency departments,
operating rooms outside the sterile field, and intensive care
units, among others.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Hyperfine’s actual
results 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, expectations about
Hyperfine’s financial and operating results, the benefits of
Hyperfine’s products and services, and Hyperfine’s future
performance and its 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 Hyperfine’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 Hyperfine product
development and commercialization activities, including the degree
that Swoop is accepted and used by healthcare professionals; the
impact of COVID-19 on Hyperfine’s business; the inability to
maintain the listing of Hyperfine’s Class A common stock on the
Nasdaq; the inability to recognize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition and Hyperfine’s ability to grow and manage growth
profitably and retain its key employees; changes in applicable laws
or regulations; the inability of Hyperfine to raise financing in
the future; the inability of Hyperfine to obtain and maintain
regulatory clearance or approval for its products, and any related
restrictions and limitations of any cleared or approved product;
the inability of Hyperfine to identify, in-license or acquire
additional technology; the inability of Hyperfine to maintain its
existing or future license, manufacturing, supply and distribution
agreements and to obtain adequate supply of its products; the
inability of Hyperfine to compete with other companies currently
marketing or engaged in the development of products and services
that Hyperfine is currently marketing or developing; the size and
growth potential of the markets for Hyperfine’s products and
services, and its ability to serve those markets, either alone or
in partnership with others; the pricing of Hyperfine’s products and
services and reimbursement for medical procedures conducted using
Hyperfine’s products and services; Hyperfine’s estimates regarding
expenses, future revenue, capital requirements and needs for
additional financing; Hyperfine’s financial performance; and other
risks and uncertainties indicated from time to time in Hyperfine’s
filings with the Securities and Exchange Commission, including
those under “Risk Factors” therein. Hyperfine 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. Hyperfine 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.
Investor ContactMarissa BychGilmartin Group
LLCinvestors@hyperfine.io
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