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HSCS

HeartSciences Inc.

HSCS

HeartSciences Inc. • NASDAQ
$2.68 ▲ 0.37% (+0.01)
Market Cap $6.01 M
52w High $6.47
52w Low $2.01
Dividend Yield 0%
P/E -0.32
Volume 11.20K
Outstanding Shares 2.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $1.9M ▲ $1.875B ▲ $-2.055M ▲ -108.158% ▲ $-1.58 ▲ $-1.84M ▲
Q4-2025 $4.35K ▲ $1.923M ▼ $-2.094M ▲ -48.146K% ▼ $-1.88 ▲ $-1.882M ▲
Q3-2025 $0 $2.371M ▲ $-2.536B ▼ 0% $-2.57 ▼ $-2.328M ▲
Q2-2025 $0 $1.985M ▼ $-2.083M ▼ 0% $-2.27 ▲ $-1.985B ▼
Q1-2025 $0 $2.042M $-2.052M 0% $-2.64 $-1.996M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $2.792B ▲ $6.437B ▲ $3.296M ▼ $3.141M ▲
Q4-2025 $1.098M ▼ $4.223M ▼ $4.018M ▲ $205.171K ▼
Q3-2025 $2.597M ▼ $5.704M ▼ $3.917M ▲ $1.787M ▼
Q2-2025 $4.052B ▲ $7.777M ▼ $3.761M ▲ $4.017M ▼
Q1-2025 $4.34M $8.191M $2.257M $5.934M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-2.055B ▼ $-1.953B ▼ $-814K ▼ $3.648B ▲ $1.694B ▲ $-1.953B ▼
Q4-2025 $-2.094M ▲ $-1.591M ▲ $-7.812K ▲ $100.028K ▼ $-1.498M ▼ $-1.598M ▲
Q3-2025 $-2.536M ▲ $-1.62M ▲ $-15.701K ▼ $180.187K ▼ $-1.456M ▼ $-1.636M ▲
Q2-2025 $-4.133B ▼ $-2.184M ▼ $-5.842K ▼ $1.902M ▲ $-287.658K ▲ $-4.203B ▼
Q1-2025 $-2.052M $-2.019M $-833 $551.683K $-1.468M $-2.02M

Five-Year Company Overview

Income Statement

Income Statement HeartSciences is still a pre-revenue company. It has essentially no product sales reported yet, and its losses appear to come mainly from operating and development expenses rather than from any failed business line. The pattern is typical of an early-stage medical device firm: spending first on technology, trials, and regulatory work in the hope of future commercialization. The very large swings in per‑share loss largely reflect capital structure changes, not dramatic shifts in the underlying business performance. Overall, the income statement shows a company still firmly in the build-out phase rather than one with a mature, recurring revenue base.

Balance Sheet

Balance Sheet The balance sheet is extremely light, with modest assets and cash and almost no debt. At one point, equity was negative, which signals past financial strain and a very thin capital cushion. The company’s small asset base means it is not weighed down by heavy physical infrastructure, but it also suggests limited reserves to absorb setbacks. The big reverse stock split points to earlier pressure on the share price and a need to keep the stock listed. Financially, this is a fragile, capital-dependent balance sheet that leaves the business highly reliant on future fundraising and successful commercialization.

Cash Flow

Cash Flow Cash flows show a steady pattern of cash being used rather than generated. Operating cash flow is negative and mirrors ongoing spending on operations and development, while investment spending is minimal, indicating a focus on intellectual property and software more than physical equipment. Free cash flow is negative, which is normal for a pre-revenue med‑tech firm but underscores that the company must repeatedly access external capital to fund progress. Sustainability will depend heavily on the company’s ability to secure financing until its products, if approved, begin to generate meaningful revenue.

Competitive Edge

Competitive Edge HeartSciences is trying to carve out a niche at the intersection of cardiology and AI. Its partnership with a major academic center (Mount Sinai) and access to a very large ECG data set give it a strong foundation for developing differentiated algorithms. A sizeable patent portfolio and an FDA Breakthrough Device designation for one of its algorithms strengthen its moat and may offer a time advantage over would‑be competitors. At the same time, it operates in a space that is attracting interest from large medical device and tech companies, so future competitive pressure could be intense. Its success will depend on turning its early technological and regulatory head start into widespread clinical adoption before larger players close the gap.

Innovation and R&D

Innovation and R&D Innovation is the core of HeartSciences’ story. Its MyoVista wavECG technology applies advanced signal processing and AI to standard ECG data to detect heart problems that traditional ECGs are poor at picking up, such as early diastolic dysfunction. The cloud-based MyoVista Insights platform aims to be an “algorithm marketplace” that can plug into existing ECG hardware, which, if adopted, could scale quickly and reduce barriers for hospitals and clinics. The exclusive Mount Sinai collaboration feeds a large and growing library of AI-ECG algorithms, giving the company a deep pipeline of potential diagnostic tools. The main R&D risks are around regulatory approvals, clinical validation in real-world settings, and proving that its tools meaningfully improve outcomes and workflow, which are prerequisites for reimbursement and broad clinical use.

Summary

HeartSciences is an early-stage, pre-revenue medical device and AI company focused on transforming the standard ECG into a more powerful screening and diagnostic tool for heart disease. Financially, it is in a classic build phase: minimal assets, no sales yet, recurring losses, and ongoing cash burn, which mean it is highly dependent on external funding. Strategically, the company has assembled notable strengths—proprietary technology, a strong patent base, a high-profile academic partner, and initial regulatory recognition—all aimed at a sizable unmet need in cardiac care. The key uncertainties lie in execution: securing approvals, demonstrating clear clinical and economic value, achieving adoption in everyday practice, and maintaining sufficient funding during this long ramp-up. The story is therefore less about current financial performance and more about whether its innovation and partnerships can eventually translate into a durable commercial business.

NEWS

September 11, 2025 · 4:15 PM UTC

HeartSciences Provides Business Update and Reports First Quarter of Fiscal 2026 Financial Results

Read more