HeartSciences (HSCS) Q4 2024 earnings summary

Executive summary

• Achieved major positive developments and overcame significant challenges, fundamentally expanding business to offer both cloud-based and device-based AI-ECG solutions for resting ECGs, targeting broad healthcare settings.

• Marked a pivotal year for AI-ECG with FDA's 510(k) pathway designation and new reimbursement codes, strengthening team and clinical relationships.

Financial highlights

• Ended fiscal year 2024 with cash and cash equivalents of $5.8 million and shareholders' equity of $7.3 million.

• Raised $10.3 million in net proceeds from common stock sales and converted $1.1 million of debt to equity during the year.

• No significant revenues reported for fiscal year 2024.

Outlook and guidance

• MyoVista Insights cloud platform beta is in user testing; Phase 1 for FDA submission expected Q4 2024, with FDA submission targeted for mid-2025.

• MyoVista wavECG device final system testing underway; FDA submission expected in Q1 2025.

• Further AI-ECG algorithms to be added post-regulatory clearance, expediting future rollouts.