HeartBeam, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsHeartBeam is a pre-revenue medical technology company developing a FDA-cleared, cable-free ambulatory 12-lead ECG system for arrhythmia assessment.
What they do
HeartBeam develops and plans to commercialize the HeartBeam System, a credit card-sized 3D ECG recording device that synthesizes a 12-lead ECG from three-dimensional cardiac signals. The system includes a patient application, a physician portal, and cloud-based algorithms, with readings reviewed by board-certified cardiologists. The company received FDA clearance for the 3D ECG technology in December 2024 and for the 12-lead synthesis software in December 2025. It has not yet generated any product revenue.
Revenue drivers
- HeartBeam System (commercial launch) — Initial product, FDA-cleared for arrhythmia assessment; planned limited market launch in early 2026 targeting concierge and preventive cardiology groups; no revenue recorded in 2025.
- Heart attack detection indication — Expansion of cleared indications to include heart attack detection, supported by proof-of-concept data; represents a potential large patient population opportunity.
- Extended wear 12L ECG patch — A working prototype has been developed for an on-demand 12L ECG extended wear monitor; targeting a multi-billion-dollar market with existing reimbursement.
Recent performance
Net losses widened from $14.6M in 2023 to $19.4M in 2024 and $21.0M in 2025. Diluted EPS improved from -$0.73 in 2024 to -$0.62 in 2025 despite higher losses, reflecting share count growth. Operating cash flow was -$14.0M in 2025, improving from -$14.5M in 2024. As of June 30, 2026, the company held $8.7M in cash and equivalents, with total assets of $10.6M and total liabilities of $2.5M.
Strategy
Management is pursuing a limited market launch in early 2026 to validate real-world performance and establish reference sites. The company is expanding its cleared indications to include heart attack detection, which could address tens of millions of U.S. patients. It is also developing an extended wear 12L ECG patch and plans to leverage its data repository to build AI-based screening and prediction algorithms. The company hired a Chief Commercial Officer in January 2026 to lead commercialization across these initiatives.
Risks
- No product revenue — The HeartBeam System has not generated any revenue, and the company is entirely dependent on successful commercialization.
- Limited cash runway — With only $8.7M in cash as of June 30, 2026 and ongoing operating losses of roughly $14M annually, the company may need to raise additional capital.
- Regulatory and clinical risk — Expanding indications to heart attack detection and launching the extended wear patch require additional FDA clearances and clinical proof.
- Nasdaq compliance risk — A July 2026 8-K disclosed a delisting notice or listing-rule failure, which could threaten the company's listing status.
Outlook
Management expects to begin a limited market launch of the HeartBeam System in early 2026, focusing on select cardiology groups. They plan to advance heart attack detection and extended wear patch development, with the goal of broader commercialization. The company will need to manage headcount in line with cash resources while pursuing these initiatives.