Shares of Hyperfine (HYPR) are under pressure on Thursday as Wells Fargo analyst Larry Biegelsen downgraded the stock to Equal Weight following weaker than expected quarterly results and lowered guidance. The analyst noted that the miss and guidance cut are "even more disappointing" since Hyperfine had reiterated its full year outlook just six weeks ago. RESULTS: Hyperfine reported second quarter losses per share of (33c) and revenue of $1.53M, both below consensus of (27c) and $2M, respectively. The company also said that it now expects revenue for the full year to be between $7M-$8M, down from the previous from $10M-$12M. "We are revising our 2022 expectations to 35 to 45 commercial system installations and $7 million to $8 million in total revenue. Despite our lower near-term expectations, we remain highly confident in our value proposition and long-term goals," Scott Huennekens, Interim President and Chief Executive Officer of Hyperfine, said during the company's earnings conference call. MOVING TO THE SIDELINES: Following the quarterly results, Wells Fargo analyst Larry Biegelsen downgraded Hyperfine to Equal Weight from Overweight with a price target of $2.40, down from $8. The analyst noted the company reported revenue 23% below expectations and lowered its full-year guidance by 32% at the midpoint. The miss and lowered guidance are "even more disappointing" given it comes just six weeks after the company reiterated full-year guidance, Biegelsen added. PRICE ACTION: In Thursday morning trading, shares of Hyperfine have dropped 38c, or 20% to $1.48.