Executive Summary
HeartSciences reported a net loss of $2.0829 million for Q2 2025, with operating income of -$1.985 million and an EBITDA placeholder of -$1.985 billion (data quality concerns noted regarding the depreciation and amortization figure). R&D spend was $1.198965 million and SG&A was $786,068, contributing to total operating expenses of $1.985033 million. Earnings per share stood at -$2.27, representing a significant YoY and QoQ swing primarily driven by the lack of recognized revenue in the quarter and the scale of non-cash and financing items captured in the report. Year-over-year, operating income declined by 26.44% and net income declined by 19.13%, while EPS rose 85.79% due to base effects in a period with limited profitability. Free cash flow was markedly negative at approximately -$4.203 billion, driven by negative operating cash flow of about -$4.200 billion. Financing activities contributed a sizable inflow of roughly $2.452 billion, leaving net cash changes near flat to modestly negative and ending cash around $4.052 million (data inconsistencies noted). Overall, the quarter underscores a precarious near-term liquidity profile and a substantial dependency on external financing to sustain operations, with meaningful execution risk around product revenue ramp and market adoption of the core MyoVista wavECG diagnostic offering.
Key Performance Indicators
QoQ: -1.52% | YoY:-19.13%
Key Insights
Revenue: No quarter-specific revenue was disclosed in the provided data for Q2 2025. Operating income: -$1,985,033 (YoY change: -26.44%; QoQ change: +4.37%). Net income: -$2,082,918 (YoY change: -19.13%; QoQ change: -1.52%). EPS: -$2.27 (YoY +85.79%; QoQ +14.02%). Depreciation & Amortization: -$1,983,047,967 (flagged as anomalous in the data and likely a data-quality issue rather than a standard non-cash charge). EBITDA: -$1,985,033,000. Total other income/expenses net: -$2,080,932,967. Oper...
Financial Highlights
Revenue: No quarter-specific revenue was disclosed in the provided data for Q2 2025. Operating income: -$1,985,033 (YoY change: -26.44%; QoQ change: +4.37%). Net income: -$2,082,918 (YoY change: -19.13%; QoQ change: -1.52%). EPS: -$2.27 (YoY +85.79%; QoQ +14.02%). Depreciation & Amortization: -$1,983,047,967 (flagged as anomalous in the data and likely a data-quality issue rather than a standard non-cash charge). EBITDA: -$1,985,033,000. Total other income/expenses net: -$2,080,932,967. Operating cash flow: -$4,200,251,280. Free cash flow: -$4,203,407,447. Cash and cash equivalents: $4,052,120,000 (note: data inconsistencies with total assets; refer to balance sheet caveats). Net debt: -$1,148,964,000, indicating net cash position when interpreting the provided numbers; however, total debt listed as $2,903,156,000. Current ratio: 1.723; Quick ratio: 1.525; Cash ratio: 1.227. Weighted average shares outstanding: 917,445. Current valuation multiples show negative P/E (-3.72) and zero-to-minimal price-to-sales readings, reflecting the loss-making status and data quality concerns. Interest coverage: -16.88.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-1.99M |
-26.44% |
4.37% |
| Net Income |
-2.08M |
-19.13% |
-1.52% |
| EPS |
-2.27 |
85.79% |
14.02% |
Key Financial Ratios
operatingCashFlowPerShare
$-4.58
freeCashFlowPerShare
$-4.58
Management Commentary
Earnings transcript: Not available in the provided dataset. Consequently, there are no management quotes or theme-based highlights to extract. In lieu of transcript-based insights, the analysis relies on the disclosed financials and any publicly reported product and market context where available.
Forward Guidance
No formal management guidance was provided in the supplied dataset for QQ2 2025. Given the absence of revenue in the quarter and the heavy reliance on financing to support operations, the forward outlook hinges on a successful revenue ramp for the MyoVista wavECG platform, potential reimbursement and adoption by clinics and hospitals, and access to additional capital to sustain product development and commercialization efforts. If management frames a path to revenue growth through clinical adoption, payer coverage expansion, and strategic partnerships, the achievability will depend on: (a) timely regulatory and clinical validation milestones, (b) ability to convert pilots or trials into durable contracts, and (c) the company’s ability to manage its cash burn while scaling commercialization. Risks include ongoing substantial cash burn, potential dilution from future financing, competitive pressures in the cardiovascular diagnostics segment, and the stochastic nature of early-stage medical device adoption.