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Heart Test Laboratories, Inc.
(NASDAQ:HSCS)
Heart Test Laboratories, Inc. (HSCS) vs. SPDR S&P 500 ETF (SPY)
Heart Test Laboratories, Inc. Business Overview & Revenue Model
Heart Test Laboratories, Inc. Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.35K | 4.35K | 18.60K | 5.15K | 14.37K | 25.60K |
| Gross Profit | 2.47K | 2.47K | 12.52K | 2.35K | 6.48K | 14.94K |
| EBITDA | -1.99B | -8.14M | -6.16M | -6.08M | -4.43M | -2.29M |
| Net Income | -2.54B | -8.77M | -6.61M | -490.85M | -4.58M | -2.58M |
Balance Sheet | ||||||
| Total Assets | 4.22M | 4.22M | 9.50M | 3.29M | 2.09M | 1.93M |
| Cash, Cash Equivalents and Short-Term Investments | 1.10M | 1.10M | 5.81M | 1.66M | 918.26K | 723.48K |
| Total Debt | 2.99M | 2.99M | 1.04M | 1.57M | 6.16M | 3.08M |
| Total Liabilities | 4.02M | 4.02M | 2.19M | 3.06M | 8.15M | 3.84M |
| Stockholders Equity | 205.17K | 205.17K | 7.32M | 230.56K | -6.06M | -1.91M |
Cash Flow | ||||||
| Free Cash Flow | -4.21B | -7.44M | -6.20M | -5.79M | -3.65M | -2.45M |
| Operating Cash Flow | -7.41M | -7.41M | -6.07M | -5.77M | -3.64M | -2.45M |
| Investing Cash Flow | -30.19K | -30.19K | -125.27K | -18.31K | -1.93K | -712.00 |
| Financing Cash Flow | 2.73M | 2.73M | 10.34M | 6.53M | 3.84M | 2.68M |
Heart Test Laboratories, Inc. Technical Analysis
Heart Test Laboratories, Inc. Risk Analysis
Heart Test Laboratories, Inc. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.92B | -0.43 | -41.67% | 2.21% | 22.29% | -1.85% | |
47 Neutral | $7.47M | ― | -233.04% | ― | -76.61% | 73.25% | |
45 Neutral | $4.41M | ― | -440.77% | ― | -7.72% | 99.54% | |
43 Neutral | $4.24M | ― | -1371.21% | ― | -13.90% | 44.89% | |
42 Neutral | $12.08M | ― | -195.48% | ― | -40.47% | 96.14% | |
40 Underperform | $6.36M | ― | -195.55% | ― | ― | 65.72% | |
37 Underperform | $5.24M | ― | -101.49% | ― | -19.81% | 93.32% |
Heart Test Laboratories, Inc. Corporate Events
HeartSciences, Inc. has been actively involved in a Regulation A offering, which was qualified by the SEC on March 10, 2025, to raise up to $15 million through the sale of units comprising Series D Preferred Stock and warrants. As of August 22, 2025, the company has raised $5.2 million, with a significant portion of preferred stock being converted into common stock. Additionally, HeartSciences has executed a debt exchange, converting $1,655,000 of an unsecured promissory note into common stock, resulting in a total of 2,535,066 shares of common stock outstanding. These financial maneuvers reflect the company’s strategic efforts to strengthen its capital structure and enhance its market positioning.
Heart Test Laboratories, Inc. has entered into an Equity Distribution Agreement with Maxim Group LLC, allowing the company to offer and sell up to $25 million of its common stock in an ‘at the market’ offering. This agreement, amended several times since its inception in September 2023, outlines compensation terms for Maxim Group and ensures compliance with Form S-3 eligibility requirements. As of July 31, 2025, the company’s market value of outstanding shares held by non-affiliates was $14,737,609, and no shares have been sold under this agreement in the past 12 months.
HeartSciences, Inc. announced that as of July 29, 2025, it has successfully raised $4.3 million through its Regulation A Offering, issuing 1,241,188 Units, each comprising one share of Series D Preferred Stock and a warrant for common stock. Additionally, the company has completed a debt exchange, converting $1,105,000 of an unsecured promissory note into 301,111 shares of common stock, leading to a total of 2,244,247 shares of common stock outstanding as of the same date.
Heart Test Laboratories, Inc. announced that it filed an Offering Statement on Form 1-A with the SEC, which was qualified on March 10, 2025, to offer up to 4,285,714 units at $3.50 per unit, aiming to raise $15 million. As of July 16, 2025, the company has raised $2.8 million through several closings, issuing 797,452 units. Holders of 486,815 shares of Series D Preferred Stock have converted their shares into common stock, contributing to a total of 1,797,914 shares of common stock issued and outstanding.
Heart Test Laboratories, Inc. announced on July 9, 2025, that its Board of Directors approved an amendment to its 2023 Equity Incentive Plan to increase the maximum number of shares of common stock that can be issued. The Compensation Committee granted restricted stock units and stock options to executive officers and non-employee directors, with vesting contingent upon FDA clearance of the MyoVista Device or the MyoVista Insights platform. Additionally, the company filed a Regulation A Offering with the SEC, raising $1.7 million in gross proceeds as of July 11, 2025, and exchanged $855,000 of debt for common stock, resulting in 1,555,049 shares outstanding.
On June 27, 2025, HeartSciences Inc. amended its Bylaws in response to changes in the Texas Business Organizations Code. These amendments include a jury trial waiver for internal entity claims, an ownership threshold for shareholders to initiate derivative proceedings, and clarifications to the exclusive forum provision. The changes aim to align with Texas law and took effect immediately.
On June 4, 2025, HeartSciences Inc. announced that it received the FDA’s Breakthrough Device designation for its AI-driven ECG algorithm designed to detect aortic stenosis. This algorithm, integrated with hospital EHR systems, promises early detection of this serious heart condition, potentially transforming patient outcomes by enabling timely interventions.
HeartSciences Inc. recently filed an Offering Statement with the SEC, which was qualified on March 10, 2025, to register the offering of up to 4,285,714 units at $3.50 per unit, aiming to raise a maximum of $15,000,000. The company entered into a Selling Agency Agreement with Digital Offering, LLC, as the sole placement agent for this offering. On May 28, 2025, HeartSciences was informed by the Texas Secretary of State that its Certificate of Designations for Series D Convertible Preferred Stock was filed, effective May 21, 2025, designating 4,285,714 shares of preferred stock.
On June 3, 2025, HeartSciences Inc. announced that it was granted a foundational patent by the United States Patent and Trademark Office for estimating echocardiography parameters indicative of heart function using an ECG. This patent further strengthens HeartSciences’ extensive intellectual property portfolio, which includes 44 granted patents across the US and key international markets. The new patent underscores the company’s position as a significant player in the AI-ECG field, potentially enhancing its market positioning and offering considerable value to stakeholders.
HeartSciences Inc. announced a securities offering with the SEC for up to 4,285,714 units at $3.50 per unit, totaling a maximum of $15 million. Each unit includes one share of Series D Convertible Preferred Stock and a warrant to purchase common stock. The preferred stock, which ranks senior to common stock, is convertible into common stock and has no voting rights. The company may require conversion under certain conditions, and the stock is non-redeemable and perpetual.