In this work, a compressed sensing method to reduce hardware complexity of ultrasound imaging systems is proposed and experimentally verified. We provide clinical evaluation of the method with a possible high compression rates (up to 64 RF signals compressed into a single channel on receive) which uses elastic net estimation for decoding stage. This allows a reduction in size and power consumption of the front-end electronics with only a minor loss in image quality. We demonstrate an 8-fold receive channel count reduction with a 3.16 dB and 3.64 dB mean absolute error for gallbladder and kidney images, respectively, as well as 7.4% increase in the contrast-to-noise ratio for kidney images and 0.1% loss in the contrast-to noise ratio for gallbladder images, on average. The proposed method may enable a fully portable ultrasonic device with virtually no loss in image quality as compared to a full size clinical scanner to be constructed.