HeartSciences Inc. - HSCS STOCK NEWS

HeartSciences (Nasdaq: HSCS) reported its Q1 FY2025 financial results and provided a business update. Key highlights include:

• Progress on MyoVista wavECG device and MyoVista Insights cloud platform
• Cash and cash equivalents of $4.3 million and shareholder's equity of $5.9 million
• Secured $1.9 million in non-dilutive financing post-quarter end
• MyoVista Insights AI-ECG algorithm cloud-platform on track for completion by end of 2024
• FDA 510(k) submission for MyoVista wavECG device planned for Q1 2025
• No revenues reported for Q1 FY2025

The company is developing both cloud and device-based AI-ECG solutions, aiming to transform heart disease detection across various healthcare settings.

HeartSciences (NASDAQ: HSCS), an AI-powered medical technology company focusing on early heart disease detection through ECG/EKG transformation, has secured $1.9 million in net proceeds through a non-dilutive financing. This unsecured loan note has an 18-month maturity. Additionally, the company recently extended a $500,000 loan note to September 2025. CEO Andrew Simpson highlighted that these financial moves have extended the company's capital runway by $2.4 million since late August, providing significant opportunities to achieve valuable commercial milestones. The financing comes ahead of upcoming FDA submissions, positioning HeartSciences for potential growth in the medical technology sector.

HeartSciences (Nasdaq: HSCS) reported fiscal 2024 results and provided a business update. Key highlights include:

• Cash and cash equivalents of $5.8 million and shareholder's equity of $7.3 million
• Progress on MyoVista Insights AI-ECG algorithm cloud-platform, with FDA submission expected in mid-2025
• Advancement towards FDA 510(k) submission for MyoVista wavECG device, targeted for Q1 2025
• Expansion of AI-ECG algorithm portfolio through licenses from Mount Sinai
• Strengthened team and expanded clinical relationships
• Continued expansion of IP portfolio with new patents granted

The company raised $10.3 million from stock sales and converted $1.1 million of debt to equity during fiscal 2024.

HeartSciences (NASDAQ: HSCS) announced an analysis by the Innovation Value Institute (IVI) demonstrating the potential of their MyoVista® wavECG™ to improve cardiovascular pathway efficiency. The study, focused on prescreening patients for echocardiographic examinations related to left ventricle (LV) function at an NHS hospital, showed that 49.5% of LV function test queries could potentially be eliminated from the waitlist.

Duncan Sleeman, a senior lecturer in Cardiac Physiology, stated that the MyoVista wavECG could revolutionize the management of LV function query echo referral waitlists by identifying patients who don't require further cardiology intervention. Andrew Simpson, CEO of HeartSciences, emphasized that improving cardiovascular care pathway efficiency is a key goal for their AI-ECG technology.

HeartSciences (NASDAQ: HSCS) has been selected to demonstrate its MyoVista® wavECG™ at the United Nations General Assembly Digital Health Symposium in September 2024. The Innovation Value Institute chose the technology as one that can radically transform healthcare. This selection follows HeartSciences' recent presentation at IVI's International Digital Health Summer School 2024.

Professor Martin Curley of Maynooth University emphasized the need for technologies delivering 10X improvements in healthcare, shifting towards preventative and proactive care. He highlighted MyoVista wavECG as a prime example, noting its benefits in frontline healthcare for early disease identification.

Andrew Simpson, CEO of HeartSciences, expressed honor at the recognition and anticipation for the upcoming demonstration. He also mentioned recent successes, including increased support from key opinion leaders and establishing relationships in the UK and Ireland, underscoring the commercial potential of their AI-ECG products.

Heart Test Laboratories, known as HeartSciences (NASDAQ: HSCS; HSCSW), announced the allowance of a new U.S. patent for their AI-based ECG assessment tool. This technology aims to identify left and right ventricular heart dysfunction, enhancing early detection of heart disease. With heart failure affecting 64 million people globally each year, HeartSciences' AI-ECG algorithms offer a cost-effective solution for early diagnosis, potentially improving patient outcomes and reducing healthcare costs. CEO Andrew Simpson highlighted that this addition strengthens their extensive AI-ECG intellectual property portfolio.

On June 4, 2024, Heart Test Laboratories, known as HeartSciences (NASDAQ: HSCS; HSCSW), announced that it has regained compliance with Nasdaq's listing requirements. The company received a formal notice from Nasdaq on June 3, 2024, indicating compliance with the bid price requirement under Listing Rule 5550(a)(2), thus averting a previously scheduled hearing.

HeartSciences, a company focused on AI-powered medical technology, announced the grant of Indian Patent Application 201817014481 for its MyoVista® Wavelet Technology. This patent expands its portfolio to 44 total granted patents, including nine in the US and 35 internationally, covering major markets such as China, Brazil, Canada, South Korea, Mexico, and key European nations. CEO Andrew Simpson highlighted the significance of this achievement, especially given India's large population of 1.4 billion people and the urgent need for better heart disease screening. Cardiovascular diseases are the leading cause of death in India, often presenting at an earlier age and with higher mortality rates compared to many other countries.

HeartSciences, an AI-powered medical technology company, has been granted a fundamental patent by the European Patent Office for assessing diastolic function of the heart using AI-ECG. Diastolic dysfunction is important for early detection of heart disease, preceding symptoms. The patent covers the use of AI-ECG for any echo measure of diastolic function, making it a valuable tool for heart screening in clinical settings. This patent reinforces HeartSciences' position in AI-ECG technology and is expected to drive significant growth in the ECG market.