The shares of Heart Test Laboratories, Inc. (NASDAQ: HSCS) finished the previous session much higher, increasing 12.59% to $0.1771. Heart Test shares, d/b/a HeartSciences, increased when the company’s quarterly results were made public.
HeartSciences (HSCS) released a business update along with its financial results for the second quarter of its fiscal 2024, which concluded on October 31, 2023. HeartSciences made every attempt to turn a profit during the time under review, but the firm did not disclose any noteworthy revenue during the second fiscal quarter of 2024.
By October 31, 2023, there was around $100,000 in cash and cash equivalents and a $1.6 million deficiency in shareholders’ equity. At the end of the fiscal Q2 2024, $9.3 million in net proceeds from the sale of common stock were received, and $1.1 million in debt was converted to equity.
About its business upgrades, HSCS completed agreements with the Icahn School of Medicine at Mount Sinai, New York, bringing about revolutionary development. The agreements encompassed patent rights, technology, and an industry-leading portfolio of AI-based ECG/EKG algorithms for cardiovascular disease screening and diagnosis.
During the quarter under review, HeartSciences transitioned from a single-device, single-algorithm product base to a broad range of algorithms to be supplied via the MyoVista wavECG device and a cloud-based hardware agnostic platform.
Additionally, HeartSciences was given approval by the FDA to switch from the more involved De Novo process to a more regular submission method for their MyoVista wavECG device. The FDA clearance of the MyoVista is anticipated in calendar year 2024; however, the procedure will effect certain modifications to HSCS’s MyoVista application, which should result in a speedier clearance overall.
It is anticipated that the acceptance and use of retrospective data for clinical validation would save years and millions of dollars in developing new algorithms. HeartSciences also made headway in completing the core-lab work for the MyoVista validation trial after announcing earlier in the year that patient enrollment was completed.
The business continued to expand its portfolio of intellectual property, resulting in 42 overall patents (nine in the United States and 33 abroad). Additionally, HSCS increased its global distribution networks by entering into new distributor agreements in Denmark and India, which included the entirety of India as well as the Nordic nations including Denmark, Finland, Norway and Sweden.
