HeartSciences Inc (HSCS) Q4 2024 Earnings Report

HeartSciences’ QQ4 2024 results reflect a pre-revenue, R&D-intensive stage typical of early AI-enabled medical device ventures. The quarter shows no reported revenue, with a gross loss of 9,201 and a total operating expense run-rate of 1.88 million, driven largely by R&D spend of 1.046 million and SG&A of 0.834 million. The company reported an operating loss of 1.879 million and a net loss of 1.846 million, translating to an EPS of -2.73. On a positive note, the balance sheet remains liquidity-rich: cash and cash equivalents of approximately 5.81 million and current ratios above 4x indicate a solid runway to fund ongoing product development and pre-commercial activities. Cash flow from operations was negative at about 1.54 million, with a free cash flow burn of roughly 1.65 million for the period. The sizable FX effect reported in the cash flow statement adds noise to near-term cash flows but does not alter the underlying liquidity position (net debt remains negative due to cash holdings).

Key takeaway for investors: the company is not yet monetizing its AI-enabled ECG solutions, but maintains a robust liquidity buffer to support product development, regulatory progression, and potential pilot/commercialization initiatives. Value creation will hinge on successful product validation, regulatory milestones, and the ability to convert pre-commercial activities into revenue growth over the next 6–12 quarters. Management commentary, where available, will be critical to gauge the degree of progress toward commercial traction and the anticipated timeline for revenue generation.