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HeartBeam (BEAT)
NASDAQ:BEAT
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HeartBeam
(NASDAQ:BEAT)
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Rating:44Neutral
Price Target:
$1.50
▼(-41.41% Downside)
Action:ReiteratedDate:03/13/26
The score is primarily held down by weak financial performance (no revenue, large ongoing losses, and significant cash burn with a small/volatile equity base). Technicals also lean bearish with negative MACD and price below key moving averages. Offsetting factors include encouraging earnings-call milestones (FDA progress, product development, early commercialization), but funding needs versus current cash and execution/regulatory risk remain significant.
Positive Factors
Regulatory de‑risking — FDA 510(k) clearances
Achieving multiple FDA 510(k) clearances materially reduces regulatory uncertainty for core software capabilities, enabling limited commercial launch and faster clinical adoption. This creates a durable entry barrier and a validated pathway for subsequent indications and broader device form factors.
Platform and product extensibility (card‑sized device + patch)
A patented, multi‑form‑factor platform (portable 12‑lead device plus an extended‑wear patch) supports expansion across arrhythmia, continuous monitoring and ACS detection markets. Platform breadth improves long‑term TAM optionality and enables reuse of algorithms and clinical validation across products.
Clinical & AI partnerships strengthening validation
A partnership with a leading academic health system plus experienced AI leadership accelerates algorithm validation and clinical credibility. Robust clinical/AI alliances support durable differentiation, faster regulatory acceptance of diagnostics, and stronger clinician adoption over time.
Negative Factors
No revenue and persistent large operating losses
Absence of revenue with multi‑year, expanding operating losses indicates the company remains in heavy R&D/commercial investment mode. Without demonstrated commercial revenues, the firm faces structural execution risk: scaling, validating unit economics, and converting pilots into repeatable sales remain unproven.
Severe near‑term funding gap
A multi‑quarter cash shortfall versus projected burn creates a structural need to raise capital, which can dilute shareholders, constrain investment pacing, and distract management. Ongoing funding dependence materially increases execution risk for clinical trials, commercialization and regulatory milestones.
Narrow initial go‑to‑market and reimbursement uncertainty
Relying on a premium, patient‑pay concierge segment limits near‑term scale and exposes the company to concentrated adopter risk. Long timelines and uncertainty around reimbursement and CPT adoption mean sustainable volume and payer economics are unproven, constraining durable revenue growth prospects.
HeartBeam (BEAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.77M
Dividend YieldN/A
Average Volume (3M)89.04K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue GrowthN/A
EPS Growth4.31%
CountryUS
Employees21
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.14
Shares Outstanding41,087,870
10 Day Avg. Volume76,817
30 Day Avg. Volume89,039
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 Cap0.75
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-1.85
Forecast
1Y Price Target
$4.75Price Target Upside85.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.53
Revenue Forecast (FY)$2.67M
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 Moneynull
HeartBeam Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful de‑risking of the underlying technology (two FDA 510(k) clearances, working patch prototype, ALIGN ACS pilot enrollment, AI collaboration with Mount Sinai, and an initial commercial partner) and a disciplined cost posture. However, these operational and clinical achievements are balanced by material near‑term financial risk (only $4.4M cash on hand vs. projected $17M–$19M burn in 2026), uncertain regulatory pathway for the ACS indication, and the need to validate commercial adoption beyond a small concierge initial market. Overall, the company demonstrated strong technical and strategic progress but faces significant execution and funding risks that temper the outlook.Q4-2025 Updates
Positive Updates
Regulatory Milestones — FDA Clearances
Received FDA 510(k) clearance in December 2025 for the 12-lead synthesis software for arrhythmia assessment and previously secured foundational 510(k) clearance for the HeartBeam system (Dec 2024); overturned an NSE in ~2.5 weeks demonstrating productive FDA engagement.
Product Development — Working 12‑Lead Patch Prototype
Unveiled a working on‑demand 12‑lead extended‑wear patch prototype; prospective clinical studies underway; patch integrates continuous single‑lead monitoring with instant 12‑lead capture via finger electrodes.
Commercial Launch and Early Go‑To‑Market Plan
Initiated limited commercial launch targeting concierge and preventive cardiology practices; hired CCO Brian Humbarger; signed first commercial partner ClearCardio; target price per patient $500–$1,000/year with goal of breakeven at ~30,000 patients and payback period of 3–5 months in accounts.
Clinical Validation — ALIGN ACS Pilot Study Started
Began enrollment in the ALIGN ACS European pilot study (~100 patients) comparing HeartBeam ECG to standard 12‑lead for heart attack detection; expected to inform design of a U.S. FDA pivotal study and projected pilot completion in 2026 (company expects rapid enrollment).
Market Research Supporting Patch Opportunity
Third‑party physician survey: 86% would shift some patches to a 12‑lead patch, averaging a 61% shift of prescriptions; 94% would shift other cardiac monitoring devices; 64% would prescribe more patches (avg +45%) — implying potential ~30% immediate market growth.
AI & Data Partnerships
Assembled AI team led by former Google Verily AI head and announced strategic collaboration with Mount Sinai to develop clinically annotated algorithms (initial focus includes heart attack assessment and wellness/ screening/prediction models).
Improved Cash‑flow Discipline
Net cash used in operating activities below $14.0M for full year 2025 and $2.9M in Q4 2025; company reports a 3% decrease year‑over‑year and a 30% decrease compared to the same quarter last year in operating cash usage, highlighting lower cash burn and a capital‑efficient operating model.
Negative Updates
Limited Cash on Hand and Funding Needs
Cash and cash equivalents plus restricted cash were $4.4M at 12/31/2025, while projected 2026 gross operating cash outflows are ~$17M–$19M — indicating a material near‑term funding requirement despite access to capital markets and ATM/shelf facilities.
Full‑Year Net Loss and Ongoing Losses
Full‑year 2025 net loss of $21.0M (‑$0.62 per share) and Q4 net loss of $5.3M (‑$0.15 per share); net loss is materially impacted by stock‑based compensation (non‑cash), but losses remain significant while commercialization scales.
Regulatory Pathway Uncertainty for Heart Attack Indication
Regulatory pathway for heart attack detection is not finalized (could be 510(k) or de novo); a pivotal study will be required following the pilot and additional FDA discussions — adding timing and execution risk to the ischemia/ACS indication.
Commercial Scale and Market Concentration Risk
Initial commercial strategy relies heavily on a niche, premium concierge market (targeting top ~10% of ~1.5M concierge patients ≈150k), which may limit near‑term revenue scale and makes the business sensitive to adoption in a relatively small addressable segment before broader expansion.
Clinical & Commercial Timelines Are Uncertain
Key milestones (pilot completion, pivotal study design, patch go‑to‑market timing, broader commercialization beyond concierge accounts) have optimistic target windows but remain dependent on enrollment, regulatory decisions, and potential partner negotiations—introducing timing risk.
Dependence on Future Reimbursement & Partnerships
Current GTM focuses on patient‑pay/concieirge revenue; reimbursement pathways (CPT codes, Medicare/ACO adoption) are described as optionality and longer‑term, creating uncertain upside from payor reimbursement near term and reliance on partnerships for patch scale.
Company Guidance
Guidance from the call: for 2026 HeartBeam expects baseline operating cash outflows of about $14M plus incremental, milestone-driven investments of $3M–$5M, implying gross operating cash outflows of roughly $17M–$19M; cash and cash equivalents were $4.4M at 12/31/2025 and the company has access to capital via a shelf registration, an ATM facility and supportive long‑term stakeholders. 2025 results included a net loss of $21.0M (‑$0.62/share) and Q4 net loss of $5.3M (‑$0.15/share); net cash used in operations was < $14M for the year and $2.9M in Q4 (a 3% year‑over‑year decrease and a 30% decrease versus the same quarter last year). Commercial and clinical targets include a limited rollout into concierge/executive health (1.5M concierge patients, top 10% ≈150k target), a price per patient of $500–$1,000/year, expected 70% adoption within accounts, a 3–5 month payback on onboarding, and breakeven at ~30,000 patients; operational milestones: first customer ClearCardio and new CCO hired, ALIGN ACS pilot (~100 patients) enrolling with expected completion by end‑Q3 2026 to inform a pivotal FDA study, a working 12‑lead patch prototype in clinical studies, and an AI collaboration with Mount Sinai.HeartBeam Financial Statement Overview
Summary
Very weak operating profile: no reported revenue, persistent large net losses (~$21.0M in 2025) and sizable, worsening cash burn (operating cash flow about -$14.0M; FCF about -$14.6M in 2025). The main offset is low leverage (no reported debt in 2021–2025), but equity is small and volatile, leaving elevated funding/execution risk.Income Statement
Across the annual periods provided, the company reports no revenue, while operating losses have expanded meaningfully (EBIT down to -$21.1M in 2025 from -$0.8M in 2020). Net losses are persistent and sizable (about -$21.0M in 2025), indicating the business is still in a heavy investment/burn phase with no demonstrated top-line traction in these statements. A modest positive is that net loss improved vs. 2024 (-$21.0M vs. -$19.4M), but profitability remains very weak overall.8
Very Negative
Balance Sheet
The balance sheet shows no reported debt from 2021–2025 (and debt was present only in 2020), which reduces financial risk from leverage. However, equity and asset levels have been volatile: equity fell sharply from $15.9M (2023) to $1.7M (2024) before rising to $2.6M (2025), and returns on equity are consistently negative in recent years, reflecting ongoing losses. Overall, low leverage is a strength, but the small and fluctuating equity base adds fragility.28
Negative
Cash Flow
Cash burn is consistently high and worsening over time, with operating cash flow at -$14.0M (2025) vs. -$0.6M (2020) and free cash flow at -$14.6M (2025). Free cash flow remains negative every year shown, and the growth rate of free cash flow is negative in multiple periods, indicating increasing cash needs rather than improving self-funding capacity. A relative positive is that free cash flow broadly tracks net loss (free cash flow to net income ~1.0 in recent years), suggesting losses are not being materially masked by non-cash items—but the absolute burn level remains a key risk.12
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -40.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -21.14M | -19.88M | 675.00K | 69.00K | -2.29M |
| Net Income | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M |
Balance Sheet | |||||
| Total Assets | 5.84M | 3.28M | 17.13M | 4.04M | 14.00M |
| Cash, Cash Equivalents and Short-Term Investments | 4.38M | 2.38M | 16.19M | 3.59M | 13.19M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 3.24M | 1.62M | 1.19M | 1.67M | 588.00K |
| Stockholders Equity | 2.60M | 1.65M | 15.94M | 2.37M | 13.41M |
Cash Flow | |||||
| Free Cash Flow | -14.59M | -14.67M | -12.35M | -9.95M | -3.23M |
| Operating Cash Flow | -13.99M | -14.47M | -12.09M | -9.95M | -3.23M |
| Investing Cash Flow | -600.00K | -201.00K | -256.00K | 0.00 | 0.00 |
| Financing Cash Flow | 16.59M | 866.00K | 24.99M | 350.00K | 16.40M |
HeartBeam Technical Analysis
Negative
2.56
Price Trends
1.64
Negative
1.69
Negative
1.55
Negative
Market Momentum
-0.08
Positive
39.44
Neutral
9.94
Positive
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 1.42, above the 50-day MA of 1.64, and above the 200-day MA of 1.55, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 39.44 is Neutral, neither overbought nor oversold. The STOCH value of 9.94 is Positive, 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
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% | |
44 Neutral | $51.77M | -3.81 | -571.06% | ― | ― | 4.31% | |
41 Neutral | $3.28M | -0.44 | -112.81% | ― | -21.88% | 68.40% | |
40 Underperform | $416.79K | -2.13 | ― | ― | -8.57% | -52.17% | |
39 Underperform | $4.88K | ― | ― | ― | 31.83% | -25.30% | |
38 Underperform | $11.76M | -8.71 | 336.68% | ― | 187.24% | 82.90% |
* Healthcare Sector Average
BEAT
HeartBeam
1.26
-0.74
-37.00%
MSPR
MSP Recovery
0.03
-9.84
-99.71%
ONMD
OneMedNet
0.82
0.23
38.81%
ICCT
iCoreConnect
0.01
-0.49
-98.00%
HCTI
Healthcare Triangle
2.84
-5,692.29
-99.95%
VSEE
VSee Health
0.27
-0.96
-77.97%
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.