Heart Test Laboratories, Inc. (HSCS)
NASDAQ:HSCS
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Heart Test Laboratories, Inc.
(NASDAQ:HSCS)
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Rating:40Underperform
Price Target:
$2.00
▼(-40.30% Downside)
Action:DowngradedDate:03/17/26
The score is driven primarily by very weak financial performance (minimal revenue, massive losses, and heavy cash burn) and a stressed capital structure with high leverage. Technical indicators add further pressure with the stock trading below major moving averages and negative MACD, while valuation provides little support due to a negative P/E and no dividend yield.
Positive Factors
Positive TTM equity & sizable assets
Despite operational losses, the company reports positive trailing-twelve-month equity and sizable assets, providing a tangible balance-sheet buffer. This reduces immediate liquidation risk, supports potential asset-backed financing or restructuring, and preserves strategic optionality over months.
Negative Factors
Minimal and volatile revenue
Reported trailing revenue of roughly $8.7K is negligible and volatile, indicating little to no product-market traction. Such minimal top-line prevents self-funding, undermines the business model's sustainability, and means long-term viability depends on successful commercialization or ongoing external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive TTM equity & sizable assets
Despite operational losses, the company reports positive trailing-twelve-month equity and sizable assets, providing a tangible balance-sheet buffer. This reduces immediate liquidation risk, supports potential asset-backed financing or restructuring, and preserves strategic optionality over months.
Read all positive factors
Heart Test Laboratories, Inc. (HSCS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.17M
Dividend YieldN/A
Average Volume (3M)58.86K
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth-41.03%
EPS Growth35.71%
CountryUS
Employees15
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.63
Shares Outstanding3,184,700
10 Day Avg. Volume93,774
30 Day Avg. Volume58,857
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)16.05
Price to Sales (P/S)757.08
P/FCF Ratio-0.44
Enterprise Value/Market Cap-472.86
Enterprise Value/Revenue-390.85K
Enterprise Value/Gross Profit36.86K
Enterprise Value/Ebitda442.55
Forecast
1Y Price Target
$12.00Price Target Upside258.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-3.68
Revenue Forecast (FY)$50.00K
Heart Test Laboratories, Inc. Business Overview & Revenue Model
Company Description
HeartSciences Inc., a medical technology company, focuses on applying AI-based technology to an ECG to expand and improve clinical usefulness. It develops artificial intelligence-enhanced electrocardiography (AI-ECG) solutions, an algorithm to det...
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 2025 | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.67K | 4.35K | 18.60K | 5.15K | 14.37K | 25.60K |
| Gross Profit | -91.91K | -125.48K | -82.61K | -24.56K | -20.08K | -18.67K |
| EBITDA | -7.66M | -8.14M | -6.16M | -6.08M | -4.43M | -2.29M |
| Net Income | -8.49M | -8.77M | -6.61M | -6.35M | -4.83M | -2.45M |
Balance Sheet | ||||||
| Total Assets | 7.55M | 4.22M | 9.50M | 3.29M | 2.09M | 1.93M |
| Cash, Cash Equivalents and Short-Term Investments | 3.40B | 1.10M | 5.81M | 1.66M | 918.26K | 723.48K |
| Total Debt | 3.87M | 2.99M | 1.04M | 1.57M | 6.16M | 3.08M |
| Total Liabilities | 4.90M | 4.02M | 2.19M | 3.06M | 8.15M | 3.84M |
| Stockholders Equity | 2.65M | 205.17K | 7.32M | 230.56K | -6.06M | -1.91M |
Cash Flow | ||||||
| Free Cash Flow | -5.76B | -7.44M | -6.20M | -5.79M | -3.65M | -2.45M |
| Operating Cash Flow | -5.75B | -7.41M | -6.07M | -5.77M | -3.64M | -2.45M |
| Investing Cash Flow | -15.81M | -30.19K | -125.27K | -18.31K | -1.93K | -712.00 |
| Financing Cash Flow | 1.52B | 2.73M | 10.34M | 6.53M | 3.84M | 2.68M |
Heart Test Laboratories, Inc. Technical Analysis
Negative
3.35
Price Trends
2.91
Negative
2.85
Negative
3.23
Negative
Market Momentum
-0.13
Positive
29.53
Positive
5.41
Positive
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 3.35 is above the 20-day moving average (MA) of 2.58, above the 50-day MA of 2.91, and above the 200-day MA of 3.23, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 29.53 is Positive, neither overbought nor oversold. The STOCH value of 5.41 is Positive, 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% | |
47 Neutral | $6.07M | -1.24 | -84.30% | ― | -20.05% | 41.89% | |
46 Neutral | $12.98M | >-0.01 | 20.03% | ― | -99.28% | -46.17% | |
44 Neutral | $7.77M | -0.92 | -193.22% | ― | -2.47% | 91.23% | |
43 Neutral | $1.53M | ― | -476.74% | ― | -5.19% | -0.81% | |
40 Underperform | $7.17M | -1.29 | -220.42% | ― | -41.03% | 35.71% | |
| ― | $4.57M | -0.38 | -228.82% | ― | ― | 63.87% |
* Healthcare Sector Average
HSCS
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Heart Test Laboratories, Inc. Corporate Events
Private Placements and Financing
HeartSciences Secures New Private Financing Through Note Issuance
Neutral
Jan 16, 2026
On January 13, 2026, HeartSciences Inc. entered into a private Note Purchase Agreement with institutional investor Streeterville Capital, LLC, issuing an unsecured promissory note of $3.605 million that includes a $600,000 original issue discount ...
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.
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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.