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HeartBeam (BEAT)
NASDAQ:BEAT
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HeartBeam
(NASDAQ:BEAT)
Rating:34Underperform
Price Target:―
Positive Factors
Regulatory Approval
HeartBeam’s proprietary system for arrhythmia assessment received 510(k) clearance from the FDA.
Strategic Collaboration
A strategic collaboration was signed with AccurKardia to add AccurECG™ algorithm to HeartBeam’s device, facilitating quicker diagnosis and faster access to clinical care.
Technological Advancement
HeartBeam is focused on applying AI to develop deep learning algorithms, further improving diagnostic accuracy and the value of the offering.
Negative Factors
Financial Performance
Cash used in operating activities was $4.5M, indicating significant expenses in the first quarter.
HeartBeam (BEAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.79M
Dividend YieldN/A
Average Volume (3M)76.91K
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue GrowthN/A
EPS Growth22.50%
CountryUS
Employees21
SectorHealthcare
Sector Strength42
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.18
Shares Outstanding33,809,708
10 Day Avg. Volume113,444
30 Day Avg. Volume76,906
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)31.41
Price to Sales (P/S)0.00
P/FCF Ratio-4.48
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 Upside384.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
HeartBeam Business Overview & Revenue Model
Company DescriptionHeartBeam, Inc. (BEAT) is a healthcare technology company focused on developing advanced solutions for cardiovascular disease detection and management. Operating in the medical device sector, the company specializes in creating innovative, portable, and easy-to-use heart monitoring products aimed at improving patient outcomes and reducing healthcare costs. Its core offerings include a proprietary system designed to enable users to take a 12-lead electrocardiogram (ECG) outside of a medical setting and transmit the data to healthcare providers.
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 Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q1-2025)
| % Change Since: -3.51%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive outlook with significant advancements in regulatory approvals, strategic collaborations, and commercial readiness efforts. While there are challenges related to financial constraints and dependencies on partnerships, the company's progress and strategic planning position it well for future commercialization and growth.Q1-2025 Updates
Positive Updates
FDA 510(k) Clearance and Progress
HeartBeam received foundational FDA 510(k) clearance for its system, including arrhythmia assessment. They are in positive discussions with the FDA for the 12-lead synthesis software and anticipate clearance by the end of the year.
VALID-ECG Study Success
The VALID-ECG study met its endpoint, supporting the FDA submission for the 12-lead synthesis software. The study showed a 93.4% agreement with standard 12-lead ECGs, demonstrating the effectiveness of HeartBeam's technology.
AccurKardia Collaboration
HeartBeam announced a strategic collaboration with AccurKardia to integrate FDA-cleared ECG algorithms, enhancing their commercial product and reducing time and expenses associated with developing their own solution.
Intellectual Property Expansion
HeartBeam has added two new issued U.S. patents, bringing the total to 20 worldwide, strengthening their proprietary technology position.
Commercial Readiness and Early Access Program
HeartBeam is progressing well towards commercial readiness, including testing with concierge accounts and patients, and has established a contract manufacturer for scaling.
Successful Fundraising
HeartBeam completed an $11.5 million common stock public offering, supporting their strategic funding approach and commercialization efforts.
Negative Updates
Limited Financial Resources
HeartBeam's operations are constrained by a relatively modest investment, with a focus on strong financial discipline to manage cash flow and strategic collaborations.
Potential Delays in Commercial Launch
The commercial launch is contingent upon FDA clearance expected by year-end, with significant activities still required for full-scale commercialization readiness.
Dependency on External Collaborations
HeartBeam's strategic collaboration with AccurKardia indicates a reliance on external partnerships for certain technology components, which may impact control over product development.
Company Guidance
During the HeartBeam First Quarter 2025 Financial Results Conference Call, CEO Rob Eno and CFO Tim Cruickshank provided guidance on the company's progress and future plans. Key metrics discussed included the achievement of several milestones, such as the presentation of the VALID-ECG study results, which showed a high level of agreement (93.4%) between synthesized and standard 12-lead ECGs for arrhythmia assessment. The company anticipates FDA clearance for their 12-lead synthesis software by the end of the year, vital for their commercial launch. They also reported financial discipline, with $4.5 million used in operating activities in Q1, and completed an $11.5 million common stock public offering. HeartBeam plans to focus on securing FDA clearance and commercial readiness, targeting a $500 million U.S. market with a projected $50-$100 monthly revenue per patient. They are preparing for a commercial launch expected by the end of 2025, with infrastructure and strategic collaborations, such as with AccurKardia, enhancing their competitive positioning.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
1.65
Price Trends
1.73
Negative
1.93
Negative
2.17
Negative
Market Momentum
-0.02
Negative
47.07
Neutral
39.17
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 1.65 is below the 20-day moving average (MA) of 1.65, below the 50-day MA of 1.73, and below the 200-day MA of 2.17, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 47.07 is Neutral, neither overbought nor oversold. The STOCH value of 39.17 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 (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $5.31B | 3.29 | -45.39% | 2.79% | 16.77% | -0.07% | |
46 Neutral | $17.86M | ― | -3190.66% | ― | ― | -806.84% | |
40 Neutral | $11.71M | ― | -458.99% | ― | 34.74% | -53.67% | |
37 Underperform | $2.63M | ― | -1718.32% | ― | 42.66% | -98.89% | |
34 Underperform | $55.79M | ― | -202.58% | ― | ― | 22.50% | |
27 Underperform | $2.65M | ― | -143.99% | ― | -64.77% | 43.53% |
* Healthcare Sector Average
Performance Comparison
BEAT
HeartBeam
1.65
-0.73
-30.67%
MSPR
MSP Recovery
1.42
-15.52
-91.62%
ICCT
iCoreConnect
0.54
-19.46
-97.30%
HCTI
Healthcare Triangle
0.04
-0.57
-93.44%
VSEE
VSee Health
1.14
-14.02
-92.48%
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.