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HeartBeam
(NASDAQ:BEAT)
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Rating:47Neutral
Price Target:
$0.49
▼(-3.53% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by very weak financial performance (no revenue, large losses, and ongoing cash burn) and bearish technicals (price below key moving averages and negative MACD). The main support comes from the earnings call’s improving cash-efficiency guidance and tangible clinical/regulatory progress, but near-term execution and funding/regulatory uncertainty remain significant.
Positive Factors
Proprietary ECG Platform and IP
The patented TriCor platform and multiple device formats create a defensible technology base. Broad IP coverage and flexibility across post-discharge, ambulatory and remote monitoring use cases could support licensing and adoption over several years.
Negative Factors
No Revenue and Deepening Losses
A lack of reported revenue means the business has not yet demonstrated commercial demand or a self-funding model. Widening losses despite substantial operating investment reduce visibility into sustainable margins and profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary ECG Platform and IP
The patented TriCor platform and multiple device formats create a defensible technology base. Broad IP coverage and flexibility across post-discharge, ambulatory and remote monitoring use cases could support licensing and adoption over several years.
Read all positive factors
HeartBeam (BEAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.80M
Dividend YieldN/A
Average Volume (3M)936.14K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue GrowthN/A
EPS Growth26.80%
CountryUS
Employees16
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.52
Shares Outstanding56,349,170
10 Day Avg. Volume1,789,720
30 Day Avg. Volume936,141
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)31.08
Price to Sales (P/S)0.00
P/FCF Ratio-5.55
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.50Price Target Upside586.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.38
Revenue Forecast (FY)$448.75K
HeartBeam Business Overview & Revenue Model
Company Description
HeartBeam, Inc. is a development stage company, which engages in cardiovascular diagnostic technology. Its electrocardiogram (ECG) collection device provides physicians with cardiac diagnostic information for a patient that is outside of a medical...
How the Company Makes Money
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HeartBeam Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized substantial progress on clinical validation, strong IP protection, completed product development milestones, early commercial deployments, and improving cash efficiency — all meaningful positives. Key risks remain: commercial revenue is nascent, regulatory approval for the heart attack detection indication is pending (pre-submitted to FDA), cash balances require disciplined execution to reach profitability, and a leadership transition created near-term one-time costs. On balance, the highlights (clinical momentum, regulatory progress, IP strength, cost reductions and runway extension) outweigh the lowlights (early revenue, regulatory uncertainty, continued net losses), supporting a cautiously positive outlook.Positive Updates
Rapid Clinical Trial Progress
ALIGN-ACS pilot completed enrollment in under 4 months (134 ER patients) with results described as 'superb' and accepted for full presentation at TCT. HEADSTART-ACS pilot (500-patient study supported by the Indonesian government) surpassed 50% enrollment in under 3 months. Patch pilot initiated (~50 patients) and enrolling ahead of schedule.
Negative Updates
Early-Stage Commercial Revenue and Adoption Timing
Revenue generation is still in early 'learning' stage; management acknowledges revenue is not ramping as fast as some stakeholders would like. Orders and onboardings are initial/limited ('thousands' of patients) and broader adoption depends on workflow integration across practices.
Read all updates
Q2-2026 Updates
Positive
Negative
Rapid Clinical Trial Progress
ALIGN-ACS pilot completed enrollment in under 4 months (134 ER patients) with results described as 'superb' and accepted for full presentation at TCT. HEADSTART-ACS pilot (500-patient study supported by the Indonesian government) surpassed 50% enrollment in under 3 months. Patch pilot initiated (~50 patients) and enrolling ahead of schedule.
Read all positive updates
Company Guidance
Management guided that operating cash flow will step down to below $2.5 million per quarter by Q4 2026 and full‑year 2026 operating cash outflows are expected to come in below $14 million, with $8.8 million in cash and equivalents at June 30 after an $11.5 million April financing; Q2 net cash used in operations was $3.3 million (down 7% sequentially and 3% year‑over‑year) and GAAP net loss was $5.0 million (including ~$0.9 million of one‑time items — $600k stock‑based comp and $300k severance — implying an underlying loss of ~ $4.1M, a 12% sequential and 17% YoY decrease ex‑one‑offs). They submitted a 510(k) pre‑submission to the FDA (75‑day review window) and aim to begin a pivotal MI trial potentially by year‑end, while clinical enrollment progress includes 134 patients in ALIGN‑ACS completed in <4 months, HEADSTART‑ACS >50% enrolled in <3 months of a planned 500‑patient study, and a ~50‑patient patch pilot. Commercial rollout metrics include initial orders and onboarding in multiple concierge practices covering roughly 1.9–2.0 million patients (thousands of early users), manufacturing capacity to scale through 2027, and 25 issued patents worldwide.HeartBeam Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -24.00K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -20.30M | -20.98M | -19.44M | 675.00K | 69.00K | -2.26M |
| Net Income | -20.30M | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M |
Balance Sheet | ||||||
| Total Assets | 10.64M | 5.84M | 3.28M | 17.13M | 4.04M | 14.00M |
| Cash, Cash Equivalents and Short-Term Investments | 8.72M | 4.38M | 2.38M | 16.19M | 3.59M | 13.19M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 2.46M | 3.24M | 1.62M | 1.19M | 1.67M | 588.00K |
| Stockholders Equity | 8.18M | 2.60M | 1.65M | 15.94M | 2.37M | 13.41M |
Cash Flow | ||||||
| Free Cash Flow | -14.01M | -14.59M | -14.67M | -12.35M | -9.95M | -3.23M |
| Operating Cash Flow | -13.02M | -13.99M | -14.47M | -12.09M | -9.95M | -3.23M |
| Investing Cash Flow | 804.00K | -600.00K | -201.00K | -256.00K | 0.00 | 0.00 |
| Financing Cash Flow | 17.68M | 16.59M | 866.00K | 24.99M | 350.00K | 16.40M |
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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $27.80M | -0.95 | -686.78% | ― | ― | 26.80% | |
44 Neutral | $13.16M | ― | -68.42% | ― | 116.40% | 99.31% | |
40 Underperform | $1.43K | ― | 156.01% | ― | -8.57% | -52.17% | |
37 Underperform | $1.56M | -0.06 | -9999.00% | ― | -9.31% | 89.43% |
* Healthcare Sector Average
BEAT
HeartBeam
0.49
-0.61
-55.18%
MSPR
MSP Recovery
0.01
-2.75
-99.64%
ONMD
OneMedNet
0.60
-0.16
-21.05%
HCTI
Healthcare Triangle
0.88
-162.92
-99.46%
VSEE
VSee Health
0.03
-0.80
-96.75%
HeartBeam Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
HeartBeam Launches New At-The-Market Equity Offering
Positive
Aug 14, 2026
On August 14, 2026, HeartBeam, Inc. entered into an at-the-market equity offering sales agreement with Titan Partners Securities LLC, allowing the company to sell up to $25 million of its common stock from time to time under its shelf registration...
Executive/Board ChangesShareholder Meetings
HeartBeam Shareholders Shape Governance, Reject Equity Plan Expansion
Neutral
Aug 3, 2026
At its July 31, 2026 virtual annual meeting, HeartBeam, Inc. reported that holders of approximately 52.34% of its outstanding common shares were present or represented by proxy, constituting a quorum for stockholder action. Shareholders elected se...
Delistings and Listing ChangesRegulatory Filings and Compliance
HeartBeam Receives Nasdaq Notice on Minimum Bid Price
Negative
Jul 2, 2026
On June 30, 2026, HeartBeam received a Nasdaq deficiency notice after its common stock closed below the $1.00 minimum bid price for 30 consecutive business days, putting it out of compliance with Capital Market listing rules. The stock remains lis...
Business Operations and StrategyExecutive/Board Changes
HeartBeam restructures to license 3D ECG technology
Positive
Jun 24, 2026
On June 18, 2026, HeartBeam announced a strategic reorganization centered on licensing its patented 3D ambulatory ECG signal technology to established partners rather than relying on direct medical device sales. The company is restructuring around...
Executive/Board Changes
HeartBeam Grants Founder Performance-Based Equity and Bonus Incentives
Positive
Jun 22, 2026
On June 15, 2026, HeartBeam, Inc.’s compensation committee approved a performance-based restricted stock unit award for President and founder Branislav Vajdic, covering 2,800,000 units under its 2022 Equity Incentive Plan. The award vests on...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.