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Heart Test Laboratories, Inc.
(NASDAQ:HSCS)
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Rating:41Neutral
Price Target:
$2.00
▼(-16.32% Downside)
Action:Reiterated
Date:08/09/26
HSCS scores low primarily due to very weak financial performance (minimal revenue scale, massive losses, and heavy cash burn) and bearish technical setup (trading below key moving averages with negative MACD). Corporate events add meaningful downside risk via Nasdaq equity noncompliance, partially offset by the potential—but uncertain—Fortitude Mining merger.
Positive Factors
Potential revenue scale from Fortitude merger
The all-stock merger with Fortitude would graft an operating, revenue-generating mining platform onto the company, adding scale, owned power and data centers, and diversified cash flows. If consummated, this materially alters underlying revenue capacity and long-term cash generation.
Negative Factors
Minimal revenue and large operating losses
Extremely low revenue against massive recurring losses and negative gross margins show the core business fails to cover basic costs. This structural mismatch undermines margin sustainability and implies the existing healthcare device operations cannot self-fund growth or absorb shocks long-term.
Read all positive and negative factors
Positive Factors
Negative Factors
Potential revenue scale from Fortitude merger
The all-stock merger with Fortitude would graft an operating, revenue-generating mining platform onto the company, adding scale, owned power and data centers, and diversified cash flows. If consummated, this materially alters underlying revenue capacity and long-term cash generation.
Read all positive factors
Heart Test Laboratories, Inc. (HSCS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.03M
Dividend YieldN/A
Average Volume (3M)58.86K
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth-0.71%
EPS Growth58.20%
CountryUS
Employees14
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-5.80
Shares Outstanding3,899,491
10 Day Avg. Volume93,774
30 Day Avg. Volume58,857
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.02
Price to Sales (P/S)1185.36
P/FCF Ratio-0.69
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$12.00Price Target Upside402.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-2.55
Revenue Forecast (FY)N/A
Heart Test Laboratories, Inc. Business Overview & Revenue Model
Company Description
HeartSciences Inc. is a medical technology company dedicated to augmenting the clinical utility of electrocardiograms (ECGs) by integrating artificial intelligence (AI). The firm develops AI-enhanced ECG (AI-ECG) solutions, including an algorithm ...
How the Company Makes Money
null...
Heart Test Laboratories, Inc. Financial Statement Overview
Summary
Income Statement
3
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
2
Very Negative
| Breakdown | TTM | Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.67K | 4.32K | 4.35K | 18.60K | 5.15K | 14.37K |
| Gross Profit | -157.59K | -128.80K | -125.48K | -82.61K | -24.56K | -20.08K |
| EBITDA | -10.30M | -8.41M | -8.22M | -6.16M | -6.08M | -4.43M |
| Net Income | -11.24M | -9.14M | -8.77M | -6.61M | -6.35M | -4.83M |
Balance Sheet | ||||||
| Total Assets | 7.55M | 5.26B | 4.22M | 9.50M | 3.29M | 2.09M |
| Cash, Cash Equivalents and Short-Term Investments | 3.40B | 1.66B | 1.10M | 5.81M | 1.66M | 918.26K |
| Total Debt | 3.87M | 3.94B | 2.99M | 1.04M | 1.57M | 6.16M |
| Total Liabilities | 4.90M | 5.04B | 4.02M | 2.19M | 3.06M | 8.15M |
| Stockholders Equity | 2.65M | 225.53M | 205.17K | 7.32M | 230.56K | -6.06M |
Cash Flow | ||||||
| Free Cash Flow | -9.07M | -7.47M | -7.44M | -6.20M | -5.79M | -3.65M |
| Operating Cash Flow | -9.02M | -7.43M | -7.41M | -6.07M | -5.77M | -3.64M |
| Investing Cash Flow | -52.26K | -44.45K | -30.19K | -125.27K | -18.31K | -1.93K |
| Financing Cash Flow | 8.13M | 8.03M | 2.73M | 10.34M | 6.53M | 3.84M |
Heart Test Laboratories, Inc. Technical Analysis
Negative
2.39
Price Trends
2.32
Negative
2.18
Negative
2.53
Negative
Market Momentum
-0.11
Positive
42.89
Neutral
29.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HSCS, the sentiment is Negative. The current price of 2.39 is above the 20-day moving average (MA) of 2.22, above the 50-day MA of 2.32, and below the 200-day MA of 2.53, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 42.89 is Neutral, neither overbought nor oversold. The STOCH value of 29.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HSCS.
Heart Test Laboratories, Inc. Risk Analysis
Heart Test Laboratories, Inc. disclosed 64 risk factors in its most recent earnings report. Heart Test Laboratories, Inc. 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
Heart Test Laboratories, Inc. 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% | |
45 Neutral | $4.88M | -1.51 | -98.14% | ― | -23.81% | 32.96% | |
44 Neutral | $3.44M | -0.11 | -268.55% | ― | 80.25% | 77.34% | |
43 Neutral | $37.23M | -0.32 | -33.51% | ― | -89.02% | -107.75% | |
41 Neutral | $8.03M | -0.53 | -358.44% | ― | -0.71% | 58.20% | |
41 Neutral | $589.00 | ― | -360.33% | ― | -8.54% | 40.91% | |
40 Underperform | $6.65M | -0.15 | -239.36% | ― | ― | 64.78% |
* Healthcare Sector Average
HSCS
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Heart Test Laboratories, Inc. Corporate Events
Delistings and Listing ChangesFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
HeartSciences Receives Nasdaq Notice on Equity Noncompliance
Negative
Aug 7, 2026
On August 4, 2026, HeartSciences Inc. disclosed that it had received a notice from Nasdaq stating the company was out of compliance with the Nasdaq Capital Market’s minimum stockholders’ equity requirement, after reporting equity of $2...
M&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
HeartSciences Amends Merger Agreement With Fortitude Mining
Neutral
Jul 27, 2026
On July 27, 2026, HeartSciences Inc. amended its previously announced June 23, 2026 merger agreement with Fortitude Mining Holdings, Inc., Fortitude Mining HoldCo, LLC and Cordis Acquisition, LLC. The amendment replaces the form of LLC agreement t...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsProduct-Related AnnouncementsRegulatory Filings and Compliance
HeartSciences Files 10-K, Highlights Fortitude Mining Deal
Positive
Jul 23, 2026
On July 23, 2026, HeartSciences Inc. filed its Form 10-K for the fiscal year ended April 30, 2026, making the report available via the SEC and its website and signaling a landmark year marked by the launch of its MyoVista Insights AI-ECG product a...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
HeartSciences Amends CFO Compensation Amid Fortitude Merger
Positive
Jul 10, 2026
On June 23, 2026, HeartSciences agreed to merge its wholly owned subsidiary Cordis Acquisition, LLC with Fortitude Mining HoldCo, LLC, leaving Fortitude as the surviving entity and making HeartSciences the sole managing member of the combined comp...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder Meetings
HeartSciences Announces Fortitude Merger and Leadership Restructuring
Positive
Jun 26, 2026
On June 23, 2026, HeartSciences signed a merger agreement under which Cordis Acquisition’s Merger Sub will merge with Fortitude Mining HoldCo, leaving Fortitude as the surviving entity and making HeartSciences the sole managing member, while...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
HeartSciences and Fortitude in all-stock Zcash mining merger
Positive
Jun 23, 2026
On June 23, 2026, HeartSciences and Fortitude Mining Holdings entered into a definitive all-stock merger agreement that will combine their businesses and create what is positioned as the first institutional-scale, publicly traded venture mining pl...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
HeartSciences and Fortitude Announce All-Stock Merger Agreement
Neutral
Jun 23, 2026
On June 23, 2026, HeartSciences Inc. and Fortitude Mining Holdings Inc. signed a definitive all-stock merger agreement under which Fortitude’s Zcash-focused venture mining platform will combine with HeartSciences and the merged entity will o...
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.