Analyst Allen Klee from Maxim Group reiterated a Buy rating on Heart Test Laboratories, Inc. and keeping the price target at $12.00.
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Allen Klee has given his Buy rating due to a combination of factors that highlight Heart Test Laboratories, Inc.’s potential for growth and innovation. The company has achieved a significant milestone with the FDA breakthrough device designation for its MyoVista Insights, an ECG software management system, and has initiated early-stage launches with reference sites. This development, coupled with the availability of CPT reimbursement codes, positions the company well for future FDA submissions and potential clearance.
Additionally, Heart Test Laboratories, Inc. has secured funding through a Reg A+ offering, which is expected to support its growth initiatives. The company’s strategic shift from De Novo to 510(k) categorization with the FDA allows for a more cost-effective process by utilizing retroactive data. The projected revenue growth and improved EBITDA estimates further support the positive outlook. The potential for large-scale adoption of its software platform in hospitals, combined with favorable reimbursement rates, underscores the company’s promising market opportunity.