Thu, Sep 12, 8:11 PM (99 days ago)
Heart Test Laboratories, Inc. reported a net loss of $2,052,000 for the quarter ending July 31, 2024, compared to a loss of $1,367,000 in the same period last year, reflecting a 50% increase in losses. Operating expenses rose significantly to $2,076,000, driven by a 117% increase in research and development costs, primarily due to consulting fees related to the MyoVista Insights Cloud Platform and increased staffing. The company ended the quarter with cash and cash equivalents of $4,340,000, down from $5,808,000 at the end of the previous quarter. The company is actively pursuing FDA clearance for its MyoVista wav ECG device and anticipates submitting its application in Q1 2025. A reverse stock split on May 17, 2024, aimed to regain compliance with Nasdaq listing requirements, was successful. However, uncertainties regarding future funding and operational sustainability remain, as the company has incurred losses since inception and relies on equity financing to support ongoing operations and R&D initiatives. The continued development of AI-based ECG technology is critical for future revenue generation.