HeartSciences Inc.
- Open
- 2.56
- Day high
- 2.57
- Day low
- 2.53
- Prev close
- 2.69
- Volume
- 15K
- Mkt cap
- $8M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.1
- P/S
- 0.1
- Yield
- —
- Per share
- —
HeartSciences Inc. (HSCS) is a Healthcare company listed on NASDAQ. The stock is down 36% over the past year.
HeartSciences Inc. (HSCS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HSCS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Dec 15, 2025 | $-0.90 | $-0.85 | +5.6% | $2419 | — |
| Sep 11, 2025 | $-2.41 | $-1.58 | +34.4% | $1900 | — |
| Mar 13, 2025 | $-2.53 | $-2.57 | -1.6% | — | — |
| Dec 16, 2024 | $-2.30 | $-2.27 | +1.3% | — | — |
| Sep 12, 2024 | $-2.46 | $-2.64 | -7.3% | — | — |
| Mar 14, 2024 | $-0.06 | $-3.00 | -4900.0% | $14700 | — |
| Dec 14, 2023 | $-0.12 | $-16.00 | -13233.3% | $3900 | — |
| Sep 14, 2023 | $-0.14 | $-13.00 | -9185.7% | — | — |
| Mar 16, 2023 | $-0.16 | $-16.00 | -9900.0% | $1950 | +95.0% |
| Dec 15, 2022 | $-0.33 | $-22.00 | -6566.7% | — | — |
| Sep 12, 2022 | $-28.00 | $-0.28 | +99.0% | $3200 | +6.7% |
| Jan 31, 2022 | — | $-37.27 | — | $2740 | — |
HSCS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Watson Danielleofficer: See Remarks | Grant | 25,000 | — |
| Jun 24, 2026 | Simpson Andrewdirector, officer: See Remarks | Grant | 425,000 | — |
| Jan 12, 2026 | Wells David R.director | Grant | 15,000 | — |
| Jan 12, 2026 | Bent Brucedirector | Grant | 15,000 | — |
| Dec 22, 2025 | Watson Danielleofficer: See Remarks | Grant | 15,000 | — |
| Dec 22, 2025 | Szymczak Briandirector | Grant | 15,000 | — |
| Dec 22, 2025 | HILZ MARK Tofficer: See Remarks | Grant | 45,000 | — |
| Nov 28, 2025 | Simpson Andrewdirector, officer: See Remarks | Grant | 70,000 | $0.00 |
| Jul 30, 2025 | HILZ MARK Tdirector, officer: COO, Secretary and Director | Sell | 4,416 | $3.54 |
| Jul 14, 2025 | Bent Brucedirector | Grant | 25,000 | $4.37 |
| Jul 11, 2025 | Simpson Andrewdirector, officer: See Remarks | Grant | 68,750 | — |
| Jul 11, 2025 | Wells David R.director | Grant | 25,000 | $4.37 |
| Jul 11, 2025 | HILZ MARK Tdirector, officer: See Remarks | Grant | 225,000 | $4.37 |
| Jul 11, 2025 | HILZ MARK Tdirector, officer: See Remarks | Grant | 56,250 | — |
| Jul 11, 2025 | Watson Danielleofficer: See Remarks | Grant | 25,000 | $4.37 |
Source: HSCS SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full HSCS insider & 13F page →HeartSciences Inc. company profile
Overview
Heart Test Laboratories, Inc. (NASDAQ:HSCS) is a medical technology company founded in 2007 and headquartered in Southlake, Texas. The company went public in June 2022, focusing on developing and commercializing advanced cardiovascular diagnostic devices. Heart Test Laboratories represents an early-stage medical device company attempting to bring innovative electrocardiography technology to market, though it has faced significant challenges in generating meaningful revenue since its public debut.
Business
Heart Test Laboratories operates in the medical device industry, specifically within the cardiovascular diagnostics sector. The company's core product is the MyoVista wavECG, an advanced resting 12-lead electrocardiograph (ECG) system designed to provide enhanced diagnostic capabilities beyond traditional ECG machines. To understand the significance of this technology, it's important to know that an electrocardiograph measures the electrical activity of the heart through electrodes placed on the patient's body. Traditional 12-lead ECGs have been the standard for decades, providing basic information about heart rhythm and some structural abnormalities. However, Heart Test Laboratories claims their MyoVista wavECG can detect additional diagnostic information related to cardiac dysfunction that conventional ECG machines might miss. The company targets healthcare providers including clinics, doctor's offices, urgent care centers, and hospitals. The cardiovascular diagnostics market is substantial, as heart disease remains a leading cause of death globally, creating ongoing demand for better diagnostic tools. However, this market is also highly competitive and regulated, with established players like General Electric, Philips, and other major medical device manufacturers dominating the space. Heart Test Laboratories appears to operate as a single-segment business focused entirely on their MyoVista wavECG technology, with no meaningful diversification into other product lines or revenue streams at this time.
Revenue model
Heart Test Laboratories' business model is based on product sales of their MyoVista wavECG devices to healthcare providers. The company generates revenue by selling the diagnostic equipment directly to medical facilities, which then use the devices to perform cardiovascular assessments on their patients. However, the financial data reveals a critical challenge: the company has generated virtually no meaningful revenue since going public. In fiscal year 2024, total revenue was only $18,600, and recent quarters show zero revenue, indicating severe difficulties in commercializing their product. This suggests the company is still in the early stages of market penetration or facing significant barriers to adoption. Several factors could impact the company's ability to generate revenue and maintain margins. Positive factors include the large addressable market for cardiovascular diagnostics, potential for recurring revenue through service contracts and consumables, and the possibility of premium pricing if their technology demonstrates superior diagnostic capabilities. Negative factors include intense competition from established medical device companies with extensive sales networks and brand recognition, lengthy regulatory approval processes, the conservative nature of healthcare providers when adopting new technologies, and the high cost of clinical validation and marketing required to prove superior efficacy over existing solutions. The company's ability to scale will depend heavily on demonstrating clear clinical advantages over existing ECG technology, building relationships with key opinion leaders in cardiology, and developing an effective sales and distribution network to compete against well-established incumbents.
Competitive moat
Heart Test Laboratories appears to have a weak competitive moat at this stage of development. The company's primary potential advantage lies in their proprietary wavECG technology, which they claim provides superior diagnostic information compared to traditional 12-lead ECG systems. However, this technological differentiation has not yet translated into meaningful market adoption or revenue generation. The medical device industry typically offers some protection through regulatory barriers, as FDA approval processes create hurdles for new entrants. Additionally, if the MyoVista wavECG technology proves clinically superior, it could establish some intellectual property protection and first-mover advantages in specific diagnostic applications. However, several factors weaken the company's competitive position. The cardiovascular diagnostics market is dominated by large, well-capitalized companies like GE Healthcare, Philips, and Siemens, which have extensive resources for research and development, established relationships with healthcare providers, and comprehensive service networks. These incumbents could potentially develop competing technologies or acquire innovative solutions to neutralize any technological advantages. Furthermore, the company's inability to generate meaningful revenue suggests that either the technology has not demonstrated sufficient clinical value to justify adoption, or the company lacks the commercial capabilities to effectively market and sell their products. Without strong revenue growth and market penetration, any technological moat remains theoretical rather than practical. The risk of disruption is significant, as the medical device industry continues to evolve rapidly with advances in artificial intelligence, remote monitoring, and digital health solutions that could potentially make traditional ECG technology obsolete or commoditized.
Risks & safety
Heart Test Laboratories presents significant financial risks with minimal margin of safety for investors. • Cash burn and solvency: The company is burning cash at an alarming rate, with negative operating cash flows of $1.6 million in Q3 2025 and $6.1 million for fiscal 2024. With only $2.6 million in cash and short-term investments as of Q3 2025, the company faces immediate liquidity concerns and will likely need additional financing within months. • Debt and current ratio: Current ratio of 0.98 indicates the company's current liabilities exceed current assets, creating near-term solvency pressure. However, debt levels remain relatively low with a debt-to-equity ratio of only 0.002. • Valuation metrics: Traditional valuation metrics are largely meaningless given the lack of revenue and profitability. The company trades at extremely low absolute levels but high relative to any fundamental value given zero meaningful revenue generation. • Other considerations: The company's inability to generate revenue despite being public for over two years raises serious questions about commercial viability. Net losses have exceeded $6 million annually, and the trend is worsening rather than improving.
Recent development
Based on the available financial data, Heart Test Laboratories has made limited progress in commercializing their MyoVista wavECG technology over the past few years. The most significant development has been the company's continued struggle to generate meaningful revenue, with quarterly revenues consistently at or near zero despite having a product that has presumably received necessary regulatory approvals. The company's financial trajectory shows a concerning pattern of increasing losses and cash burn without corresponding revenue growth. In fiscal 2024, the company generated only $18,600 in revenue while incurring over $6 million in net losses. This suggests that despite having their core product available, they have been unable to achieve meaningful market penetration or establish a sustainable commercial operation. The lack of recent earnings call transcripts or detailed strategic communications makes it difficult to assess specific strategic pivots or new product developments. However, the financial data suggests the company has been focused on survival rather than growth, likely seeking additional funding sources to continue operations while attempting to build market acceptance for their diagnostic technology. The company's cash position has deteriorated significantly, dropping from over $5.8 million in April 2024 to $2.6 million by the end of Q3 2025, indicating accelerating cash burn that threatens the company's ability to continue operations without additional capital infusion.
HSCS company profile · for informational purposes only — not investment advice.
Track HSCS with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free