HeartSciences (HSCS) Q3 2025 earnings summary

Executive summary

• Focused on AI-based ECG technology, advancing MyoVista wavECG and MyoVista Insights through clinical validation and regulatory phases, aiming to expand ECG's clinical utility for cardiac dysfunction detection and broader heart disease screening through proprietary algorithms and cloud-based platforms.

• Achieved significant progress toward FDA submissions for MyoVista wavECG and MyoVista Insights, with pre-submission meetings completed and clinical validation expected within weeks.

• Phase 1 of MyoVista Insights, a cloud-native, device-agnostic ECG reporting platform, completed on schedule in December 2024; early test site deployments planned for 2025.

• Recent developments include a corporate name change, successful Nasdaq compliance via a reverse stock split, new patents, and expanded licensing agreements for AI algorithms.

• CMS 2025 OPPS final rule includes reimbursement for MyoVista wavECG AI-ECG algorithms, effective January 2025, supporting commercial adoption.

Financial highlights

• Revenue for the nine months ended January 31, 2025 was $10,139, down from $18,600 year-over-year; no revenue recognized in the most recent quarter.

• Net loss for the nine months ended January 31, 2025 was $6.7 million, compared to $4.8 million for the same period last year.

• Research and development expenses rose 89% year-over-year to $3.5 million; selling, general, and administrative expenses increased 14% to $3.0 million.

• Cash and cash equivalents were $2.6 million as of January 31, 2025, down from $5.8 million at April 30, 2024.

• Shareholders' equity was approximately $1.8 million at quarter end.

Outlook and guidance

• Management believes current cash resources are 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; no assurance such financing will be available.

• FDA clearance for MyoVista wavECG and cloud platform is critical for future revenue and market entry, with submissions anticipated in H1 and H2 2025.

• Envisions MyoVista Insights evolving into a comprehensive ECG management system in Phase 3, targeting global hospital systems.