Hyperfine (HYPR) Releases ACTION PMR Study Data for Swoop – July 16, 2024

Hyperfine, Inc. (HYPR Quick QuoteHYPR – Free Report) recently announced the results of a multicenter observational study demonstrating the importance of using Swoop system images to rapidly assess stroke patients and assist physicians in making critical treatment decisions. The study, scheduled for publication in August 2024, includes a subset of the Acute Ischemic Stroke Detection with Portable MR (ACTION PMR) trial data.

The study provides evidence that the Swoop system is a reliable tool to provide important stroke treatment options in emergency care.

More about the ACTION PMR study

The ACTION PMR study is a prospective, international, multi-site observational study designed to investigate the integration of brain imaging using the portable Swoop system into the stroke diagnosis and treatment workflow.

ACTION PMR has enrolled more than 100 patients at four institutions and consists of a series of investigator-sponsored studies. The first 100 patients will allow a direct comparison of stroke detection between ultra-low-field magnetic resonance imaging (MRI), conventional high-field MRI and computed tomography (CT) to assess the ability of the Swoop system to detect stroke.

The study will move into a workflow phase later this year to evaluate the usability and versatility of the Swoop system in emergency departments and stroke centers within hospital networks.

More on the news

The study, titled “Diffusion-Weighted Imaging and Fluid-Attenuated Inversion Recovery Mismatch on Portable, Low-Field Magnetic Resonance Imaging Among Acute Stroke Patients,” is published in the August issue of Annals of Neurology. It included 71 patients and was conducted by a team from several institutions, including Massachusetts General Hospital and the University at Buffalo, two of the centers of the ACTION PMR trial.

The full dataset from the ACTION PMR study has yet to be published, but the company is optimistic that the images from the Swoop system will be helpful in the overall care and treatment of patients with symptoms of acute cerebral ischemic disease.

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Industry outlook

According to a report by Precedence Research, the global portable magnetic resonance imaging (MRI) market was valued at $3.7 billion in 2022 and is expected to grow to over $6.3 billion by 2032, growing at a compound annual growth rate of 5.46%. The major factors responsible for the market expansion include an increase in chronic diseases caused by the preference for home care, changing lifestyles, and an increase in the senior population. In addition, one of the major drivers of the market expansion is the increasing demand for wireless medical devices and wearable electronics.

The latest publication on the reliability of the Swoop system in treating severe strokes speaks for the company in terms of market growth.

Other current developments

Earlier this month, Hyperfine announced that it had signed agreements with experienced and competent distribution partners for its Swoop system in Germany, Austria, Switzerland and key Nordic markets. With this latest addition and the previously appointed distribution partners in France, the UK and Italy, the company is aiming for a commercial expansion of the Swoop system in 12 European countries.

In May 2024, HYPR announced a distribution agreement with Radiosurgery Global, Ltd. to enter the market in India. Under the agreement, more than 69,000 public and private hospitals across India will have access to the Swoop system. The system will provide unprecedented diagnostic imaging capabilities to physicians even in the most remote areas.

Price-performance

Since the beginning of the year, HYPR shares have lost 5.4 percent, while the industry has grown by 4.3 percent.

Zacks Rank and Important Tips

Hyperfine currently has a Zacks Rank of 3 (Hold).

Some better valued stocks in the broader medical space are Hims & Hers Health, Inc. (HIMS Quick QuoteHIMS – Free report), Azenta, Inc. (AZTA Quick QuoteAZTA – Free report) and Hemonetics (HAE Quick QuoteHAI – Free report). While Hims & Hers Health and Azenta each currently have a Zacks Rank #1 (Strong Buy), Haemonetics has a Zacks Rank #2 (Buy). You can see You can find the complete list of today’s Zacks #1 Rank stocks here.

Hims & Hers Heath stock has risen 151% over the past year, and the company’s earnings estimates have risen 11.1% over the past 30 days to 20 cents per share for 2024.

HIMS’s earnings beat estimates in three of the last four quarters and came in below estimates in one, for an average surprise of 79.2%. In the most recent quarter reported, the company posted an earnings surprise of an astonishing 150%.

Azenta’s 2024 earnings per share estimates have remained unchanged at 30 cents over the past 30 days. The company’s shares have risen 18.7% over the past year, versus a 26% decline for the industry.

AZTA’s earnings beat estimates in each of the last four quarters, with the average surprise being 627.78%.

Haemonetics’ earnings per share estimates for 2024 have increased by 2.4% to $4.57 over the past 60 days. Over the past year, HAE shares have risen 2.1% against a 0.8% decline in the industry.

In the last quarter, HAE surprised with a gain of 2.27%. The average of the last four quarters was 13.24%.