HeartBeam (BEAT) AI Stock Analysis

• Market Cap: $56.57M
• Dividend Yield: N/A
• Average Volume (3M): 89.04K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: 4.31%
• Country: US
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.15
• Shares Outstanding: 40,117,405
• 10 Day Avg. Volume: 76,817
• 30 Day Avg. Volume: 89,039
• PEG Ratio: -2.27
• Price to Book (P/B): 37.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.18
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -5.84K
• Enterprise Value/Ebitda: -2.25
• 1Y Price Target: $5.83
• Price Target Upside: 127.86% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $1.50 ▼(-41.41% Downside)

The score is primarily constrained by very weak financial performance (no revenue, widening losses, and heavy cash burn) and bearish technicals (below major moving averages with negative MACD). Earnings-call catalysts around FDA clearance and commercial launch provide some upside support, but near-term funding and execution risks remain significant; valuation signals are limited due to negative earnings and no dividend.

Positive Factors

Clinical Performance & Validation

A 93.4% diagnostic agreement versus standard 12-lead ECG provides durable clinical credibility for HeartBeam’s synthesized ECG approach. Strong trial performance supports clinician trust, eases adoption by cardiology practices, and underpins long-term reimbursement and partnership opportunities.

Regulatory Momentum

Progress toward an additional FDA 510(k) builds on previous clearance and materially de-risks market entry. Regulatory approval is a structural enabler for U.S. commercial launch, payer engagement, and institutional procurement, improving long-term revenue prospects if achieved on schedule.

Low Financial Leverage

Zero reported debt reduces solvency pressure and interest obligations, giving the company structural flexibility during commercialization. While equity is depleted, the lack of leverage lowers fixed financial burden and preserves options for financing via equity or non-debt instruments.

Negative Factors

No Revenue & Widening Losses

Absence of revenue means the business has not yet proven commercial product-market fit; widening operating losses imply rising burn before commercial cash flow. This structural gap increases financing dependency and heightens execution risk during the transition to paid adoption.

High Cash Burn and Tight Liquidity

Persistent ~-$15M annual cash consumption against a ~$1.9M cash balance creates a structural funding shortfall ahead of planned commercialization. This elevates dilution risk and could force strategic trade-offs, potentially delaying sales scale-up and partner rollouts if financing isn't secured.

Eroded Equity Cushion

A collapsing equity base weakens the company’s shock-absorption capacity and limits borrowing alternatives. With minimal capital cushion, operational setbacks or FDA delays would more quickly force dilutive financing or cutbacks, making long-term execution and scaling more precarious.

HeartBeam Business Overview & Revenue Model

Company Description

HeartBeam, 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 Money

HeartBeam 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

Income statement and cash flow are very weak: no recorded revenue, widening losses (about -$19.4M in 2024 and -$20.6M TTM), and persistent cash burn (FCF about -$15.4M TTM). Balance sheet leverage is low (no reported debt), but equity has eroded sharply (to about $0.41M TTM), increasing reliance on external funding.

Income Statement

Results remain heavily loss-making with no recorded revenue across the historical periods provided. Losses have widened over time, with net income declining from about -$1.1M (2020) to -$19.4M (2024) and -$20.6M in TTM (Trailing-Twelve-Months), indicating rising operating cost intensity. While the pace of loss expansion from 2024 to TTM (Trailing-Twelve-Months) is modest, profitability is still far from breakeven and there is no visible top-line traction in the dataset.

Balance Sheet

Leverage appears low in the periods shown (total debt reported as $0 in 2021–TTM), which reduces solvency risk versus highly levered peers. However, equity has compressed sharply—from $15.9M (2023) to $1.65M (2024) and just $0.41M in TTM (Trailing-Twelve-Months)—reflecting sustained losses and a weakened capital cushion; return on equity is deeply negative in recent periods. Total assets have also stepped down meaningfully versus 2023, suggesting reduced financial flexibility.

Cash Flow

Cash burn is substantial and persistent, with operating cash flow at -$14.5M (2024) and -$15.2M in TTM (Trailing-Twelve-Months), and free cash flow similarly negative (-$14.7M in 2024; -$15.4M TTM). Free cash flow deterioration versus 2024 (negative growth in TTM) points to increasing funding needs. A modest positive is that free cash flow broadly tracks net losses (cash losses roughly in line with accounting losses), but the overall cash consumption profile remains high.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-8.00K	0.00	0.00	0.00	0.00	0.00
EBITDA	-20.72M	-19.88M	675.00K	69.00K	-2.29M	0.00
Net Income	-20.62M	-19.45M	-14.64M	-12.96M	-4.43M	-1.07M
Balance Sheet
Total Assets	2.88M	3.28M	17.13M	4.04M	14.00M	51.00K
Cash, Cash Equivalents and Short-Term Investments	1.86M	2.38M	16.19M	3.59M	13.19M	24.00K
Total Debt	0.00	0.00	0.00	0.00	0.00	4.29M
Total Liabilities	2.47M	1.62M	1.19M	1.67M	588.00K	4.84M
Stockholders Equity	406.00K	1.65M	15.94M	2.37M	13.41M	-4.79M
Cash Flow
Free Cash Flow	-15.42M	-14.67M	-12.35M	-9.95M	-3.23M	-600.00K
Operating Cash Flow	-15.23M	-14.47M	-12.09M	-9.95M	-3.23M	-600.00K
Investing Cash Flow	-184.00K	-201.00K	-256.00K	0.00	0.00	0.00
Financing Cash Flow	11.51M	866.00K	24.99M	350.00K	16.40M	619.00K

HeartBeam Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2.56 is above the 20-day moving average (MA) of 1.46, above the 50-day MA of 2.02, and above the 200-day MA of 1.57, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 41.18 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BEAT.

HeartBeam Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BEAT	43 Neutral	$56.57M	-2.21	-792.01%	―	―	4.31%
HCTI	41 Neutral	$5.60M	>-0.01	-182.56%	―	-21.88%	68.40%
MSPR	40 Underperform	$712.46K	―	―	―	-8.57%	-52.17%
ICCT	39 Underperform	$975.00	―	―	―	31.83%	-25.30%
VSEE	38 Underperform	$13.64M	-0.44	―	―	187.24%	82.90%