HeartBeam (NASDAQ:BEAT – Get Free Report) announced its quarterly earnings results on Thursday. The medical research company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01), FiscalAI reports.
Here are the key takeaways from HeartBeam’s conference call:
- Heart attack detection regulatory progress: HeartBeam submitted an FDA pre-submission for a 510(k) pathway on the AIMIGo heart attack detection indication and expects FDA feedback within 75 days. Management said a pivotal trial could potentially begin before year-end, although the required size and design remain uncertain.
- Clinical studies are advancing quickly: The ALIGN-ACS pilot enrolled 134 emergency-room patients in under four months, with results accepted for presentation at the TCT cardiology conference. The 500-patient HEADSTART-ACS study in Indonesia has surpassed 50% enrollment in less than three months, while a roughly 50-patient patch study is also enrolling ahead of schedule.
- Early commercial rollout is gaining traction: HeartBeam has agreements across New York, Dallas, South Florida, and Southern California, with initial orders shipped and patients being onboarded through concierge practices. Management is refining an intake-based workflow and expects order activity to increase toward the end of Q3, though current signed agreements cover only thousands of patients.
- Cost controls extend the cash runway: Q2 operating cash use declined to $3.3 million, and management expects quarterly operating cash outflow to fall below $2.5 million by Q4, with full-year 2026 operating cash outflows below $14 million. Cash, cash equivalents, and restricted cash totaled $8.8 million at June 30, extending the runway further into 2027, though a pivotal trial could increase spending.
- Platform expansion remains longer term: The company completed a working prototype of its 12-lead patch and highlighted future patent efforts involving acoustic sensing and fluid monitoring for potential heart-valve and congestive-heart-failure applications. These opportunities are not yet commercialized and add further development and regulatory uncertainty.
HeartBeam Stock Performance
HeartBeam stock traded up $0.02 during midday trading on Thursday, hitting $0.59. 821,979 shares of the company’s stock were exchanged, compared to its average volume of 1,096,464. The company has a market cap of $32.74 million, a P/E ratio of -1.05 and a beta of -0.78. The stock has a 50-day moving average price of $0.63 and a two-hundred day moving average price of $0.99. HeartBeam has a 52-week low of $0.48 and a 52-week high of $4.00.
Institutional Trading of HeartBeam
Wall Street Analysts Forecast Growth
Several brokerages have commented on BEAT. Wall Street Zen upgraded HeartBeam from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. D. Boral Capital downgraded shares of HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th. Benchmark cut their price objective on shares of HeartBeam from $8.00 to $5.00 and set a “speculative buy” rating for the company in a research report on Friday, May 15th. HC Wainwright reduced their price objective on shares of HeartBeam from $5.50 to $2.50 and set a “buy” rating for the company in a research note on Friday, May 22nd. Finally, Maxim Group began coverage on shares of HeartBeam in a report on Tuesday, July 14th. They set a “buy” rating and a $2.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.
View Our Latest Analysis on HeartBeam
About HeartBeam
BioTelemetry, Inc, a remote medical technology company, provides remote cardiac monitoring, remote blood glucose monitoring, centralized core laboratory services for clinical trials, and original equipment manufacturing services for healthcare and clinical research customers worldwide. It operates in two segments, Healthcare and Research. The Healthcare segment focuses on the remote cardiac monitoring to identify cardiac arrhythmias or heart rhythm disorders. This segment offers mobile cardiac telemetry services; and event monitoring services, which enable physicians to prescribe wireless event, digital loop event, memory loop event, memory loop event, and non-loop event monitors.
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