HeartSciences (HSCS) Q2 2026 earnings summary

Executive summary

• Significant progress in commercializing the MyoVista Insights healthcare IT platform, launched in May 2025, with strong validation from early adopters and ongoing commercial discussions.

• MyoVista wavECG device submitted for FDA 510(k) clearance in December 2025, with regulatory strategy adjusted following updated ASE guidelines.

• The platform is designed to generate SaaS-based revenues and host third-party AI-ECG algorithms, targeting a multibillion-dollar market opportunity.

• Minimal revenues to date, primarily from international device sales; U.S. sales pending regulatory approval.

• Ongoing need for additional funding to support operations, R&D, and commercialization efforts.

Financial highlights

• Revenue for the three and six months ended October 31, 2025, was $2,000 and $4,000, respectively, with gross margin of $1,000 and $2,000; no meaningful revenue reported for fiscal Q2 2026.

• Net loss for the quarter was $2.35 million, and $4.41 million for the six months, compared to $2.08 million and $4.13 million in the prior year periods.

• Research and development expenses decreased 39% year-over-year for the quarter, while selling, general, and administrative expenses increased 71%.

• Interest expense rose 137% year-over-year for the quarter, mainly due to debt service and write-off of unamortized costs.

• Cash and cash equivalents were $2.0 million as of October 31, 2025, up from $1.1 million at April 30, 2025; shareholders' equity was $4.2 million.

Outlook and guidance

• Management believes current cash is insufficient to fund operations for the next twelve months, raising substantial doubt about going concern.

• Plans to raise additional capital through equity, debt, or strategic partnerships, but no assurance of success.

• Future revenue growth depends on FDA clearance and commercialization of MyoVista wavECG and AI algorithms.

• Expectation to announce multiple key customer wins for MyoVista Insights in the near term.

• Plans to host an investor call early in the new year to demonstrate the software and discuss commercialization strategy.