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Heartbeam, Inc. (BEAT)
:BEAT
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HeartBeam
(NASDAQ:BEAT)
33Underperform
Positive Factors
Commercial Strategy
The company has launched an Early Access Program to validate messaging and marketing and to create a funnel of early adopter sites in preparation for pilot commercialization.
Regulatory Approval
The FDA granted clearance for HeartBeam’s at-home, high-fidelity heart monitoring technology, which is foundational for future advancements.
Technological Innovation
HeartBeam received clearance for its core system, the first patient-held device leveraging vector technology that captures the heart’s electrical signals in three dimensions.
Negative Factors
Market Penetration Challenges
The commercial strategy is taking shape, with a focus on concierge and preventive cardiology practices and direct patient outreach.
HeartBeam (BEAT) vs. S&P 500 (SPY)
Market Cap
$67.79M
Dividend YieldN/A
Average Volume (3M)68.05K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue GrowthN/A
EPS Growth22.50%
CountryUS
Employees21
SectorHealthcare
Sector Strength72
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.73
Shares Outstanding33,725,468
10 Day Avg. Volume52,629
30 Day Avg. Volume68,045
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)-4.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.00Price Target Upside310.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
HeartBeam Business Overview & Revenue Model
Company DescriptionHeartBeam, Inc., a medical technology company, primarily focuses on telemedicine solutions for the detection and monitoring of cardiac disease outside a healthcare facility setting. The company also focuses on providing diagnostic data to physicians with care management of patients with cardiovascular disease. Its telehealth product comprises a credit card sized electrocardiogram machine and a cloud-based diagnostic software system to address the rapidly growing field of remote patient monitoring. The company was incorporated in 2015 and is headquartered in Santa Clara, California.
How the Company Makes MoneyHeartBeam generates revenue primarily through the sale of its heart monitoring products and related services. The company's revenue model includes direct sales to healthcare providers and institutions, as well as partnerships with medical device distributors. Additionally, HeartBeam may engage in licensing agreements for its proprietary technology, enabling other companies to integrate HeartBeam's solutions into their own offerings. Service fees for data analysis and remote monitoring support also contribute to its revenue streams.
HeartBeam Financial Statement Overview
Summary
HeartBeam is facing significant financial challenges with no revenue generation, increasing net losses, and deteriorating balance sheet health. The cash flow analysis underscores the company's reliance on external financing to sustain operations. These factors collectively raise concerns about the company's financial viability and long-term sustainability in the healthcare sector.Income Statement
HeartBeam has consistently reported zero revenue over the years, reflecting significant challenges in generating sales. The company has reported increasing net losses annually, with the latest net income at -$19.4 million. The lack of revenue growth and persistent negative EBIT and EBITDA margins highlight ongoing operational difficulties.5
Very Negative
Balance Sheet
The company's balance sheet shows signs of weakening financial health. Despite having no total debt, the equity has significantly decreased over the years, with a current equity of $1.65 million compared to $13.41 million in 2021. The equity ratio has decreased, indicating reduced financial stability. The company's assets have also shrunk, raising concerns about long-term sustainability.15
Very Negative
Cash Flow
HeartBeam's cash flow situation is concerning with negative operating cash flow and free cash flow, indicating cash outflows without corresponding inflows. This trend suggests difficulties in managing cash effectively. Additionally, the reliance on financing activities to support operations poses risks if external funding becomes constrained.10
Very Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | EBIT |
| -19.89M | -15.31M | -13.03M | -2.29M | -788.00K | EBITDA |
| -19.89M | 675.00K | -13.03M | 0.00 | -788.00K | Net Income Common Stockholders |
| -19.45M | -14.64M | -12.83M | -6.59M | -1.35M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.38M | 16.19M | 3.59M | 13.19M | 24.00K | Total Assets |
| 3.28M | 17.13M | 4.04M | 14.00M | 51.00K | Total Debt |
| 0.00 | 0.00 | 0.00 | 0.00 | 4.29M | Net Debt |
| -2.38M | -16.19M | -3.59M | -13.19M | 4.27M | Total Liabilities |
| 1.62M | 1.19M | 1.67M | 588.00K | 4.84M | Stockholders Equity |
| 1.65M | 15.94M | 2.37M | 13.41M | -4.79M |
| Cash Flow | Free Cash Flow | |||
| -14.67M | -12.35M | -9.95M | -3.23M | -600.00K | Operating Cash Flow |
| -14.47M | -12.09M | -9.95M | -3.23M | -600.00K | Investing Cash Flow |
| -201.00K | -256.00K | 0.00 | 0.00 | 0.00 | Financing Cash Flow |
| 866.00K | 24.99M | 350.00K | 16.40M | 619.00K |
HeartBeam Technical Analysis
Negative
1.95
Price Trends
2.12
Negative
2.34
Negative
2.36
Negative
Market Momentum
-0.04
Negative
47.32
Neutral
58.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BEAT, the sentiment is Negative. The current price of 1.95 is below the 20-day moving average (MA) of 2.03, below the 50-day MA of 2.12, and below the 200-day MA of 2.36, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 47.32 is Neutral, neither overbought nor oversold. The STOCH value of 58.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BEAT.
HeartBeam Risk Analysis
HeartBeam disclosed 49 risk factors in its most recent earnings report. HeartBeam reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HeartBeam Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $18.17B | 44.70 | 43.03% | ― | 22.07% | 101.95% | |
73 Outperform | $22.35B | 25.33 | 7.24% | 0.85% | 3.84% | -9.29% | |
61 Neutral | $26.47B | 47.55 | 27.63% | ― | 11.34% | 4.24% | |
48 Neutral | $6.84B | 1.02 | -53.11% | 2.50% | 16.84% | 0.92% | |
46 Neutral | $2.35B | ― | -50.74% | ― | -7.03% | -20233.78% | |
43 Neutral | $2.07B | ― | -46.67% | ― | 18.82% | 19.76% | |
33 Underperform | $67.79M | ― | -221.11% | ― | ― | 22.50% |
* Healthcare Sector Average
Performance Comparison
BEAT
HeartBeam
2.01
-0.18
-8.22%
DXCM
Dexcom
68.29
-69.65
-50.49%
PODD
Insulet
262.61
94.51
56.22%
QDEL
QuidelOrtho
34.97
-12.03
-25.60%
ZBH
Zimmer Biomet Holdings
113.18
-15.43
-12.00%
NVCR
NovoCure
17.82
2.33
15.04%
HeartBeam Earnings Call Summary
Earnings Call Date: Mar 13, 2025 | % Change Since: -3.47% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements, such as FDA clearance, successful fundraising, and strong market potential. Challenges include increased cash outflows and uncertainties in the FDA review timeline. However, the positive aspects significantly outweigh the negatives, indicating strong progress and future potential.Highlights
FDA Clearance Achieved
HeartBeam, Inc. received foundational FDA clearance for its system, a major milestone demonstrating acceptance of their novel approach.
Successful Public Offering
HeartBeam completed an $11.5 million public offering without warrants, showcasing strong support from existing and new investors.
Clinical Study Presentations
Results from pivotal studies were accepted for presentation at key conferences, including the Heart Rhythm Society Annual Meeting.
Market Expansion Strategy
HeartBeam outlined its go-to-market strategy focusing on the direct patient pay market, estimated at $1.3 to $2.6 billion annually.
Diamond Pinnacle Health Care Award
HeartBeam was awarded the Diamond Pinnacle Health Care Award in medical device innovation, its third award in the past year.
Lowlights
Increased Operating Cash Outflow
Net cash used in operating activities increased by 20% year over year, primarily due to investments in R&D and achieving FDA clearance.
Uncertain FDA Review Timeline
The timing of FDA reviews is challenging to predict, which creates uncertainty in the timeline for the second clearance.
Company Guidance
During the HeartBeam, Inc. Fourth Quarter and Full Year 2024 Financial Results Conference Call, the company highlighted several key metrics and developments. HeartBeam's net cash used in operating activities for FY 2024 was $14.5 million, which represented a 20% increase year over year, primarily due to investments in R&D and achieving FDA clearances. The company completed an $11.5 million public offering, resulting in a pro forma cash balance of $12.6 million at the end of 2024. HeartBeam is preparing for commercialization, with a strategic focus on aligning cash resources with key milestones, including a second FDA clearance expected by the end of 2025. The company's go-to-market strategy targets the direct patient pay market, particularly within concierge medicine, estimating an opportunity worth $250 to $500 million in annual revenue. Additionally, HeartBeam has initiated an early access program to refine clinical workflows and establish a sales funnel. The company aims to manage cash burn prudently while preparing for significant milestones and potential commercial launch.HeartBeam Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
HeartBeam Appoints Robert Eno as New CEO
Positive
Oct 23, 2024
HeartBeam, Inc. has appointed Robert Eno as the new CEO, effective October 21, 2024, to lead the company through commercialization and growth of its innovative vector-based cardiac technology. Eno, who brings over 30 years of experience in strategic marketing and go-to-market strategies for breakthrough medical products, will focus on maximizing shareholder value and meeting corporate goals. Concurrently, founder Branislav Vajdic transitions to President, emphasizing further innovation in cardiac technology and AI applications. This leadership change aims to capitalize on the company’s strengths and push forward its transformative cardiac care solutions.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.