Business
HeartSciences Provides Business Update and Reports Fiscal 2024 Financial Results
Southlake, TX, July 29, 2024 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) ("HeartSciences" or the "Company"),
About this update from Heartsciences Inc.
[{"type":"text","content":"Southlake, TX, July 29, 2024 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (Nasdaq: HSCS; HSCSW) (\"HeartSciences\" or the \"Company\"), an artificial intelligence (AI)-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today reported financial results for the fiscal year 2024 ended April 30, 2024 and provided a business update. Fiscal Year 2024 and subsequent update: The Company saw a number of major positive developments and resolved several significant challenges. Strategic HeartSciences has fundamentally expanded and changed its business in the period and we believe we are now uniquely positioned to bring forward both cloud-based and device-based AI-ECG solutions for the resting ECG. This provides considerable commercial benefit as it will enable us to provide AI-ECG solutions for one of the most common medical device tests worldwide across a wide range of healthcare settings from large hospital systems to a simple nurse led mobile testing service. Financial Cash and cash equivalents of $5.8 million and shareholder’s equity of $7.3 million and fully Nasdaq compliant – providing a strong balance sheet and platform for success. MyoVista InsightsTM cloud-platform and associated first cloud-based AI-ECG algorithm MyoVista Insights AI-ECG algorithm cloud-platform is progressing well – a working beta version has already been developed and is undergoing user testing and feedback. The Phase 1 version for FDA regulatory submission is expected to be completed in calendar Q4 2024. MyoVista Insights platform is being designed to be ECG device agnostic and ultimately provide an AI-ECG algorithm marketplace that will also host third-party algorithms. This would allow clinical institutions to access AI-ECG algorithms from the millions of ECG devices in use today and rapidly increase the number of available algorithms and clinical use indications. It would also increase the speed of roll-out and reduce the burden and cost of algorithm R&D on the Company. MyoVista Insights platform is planned to be rolled out on a phased basis. Phase 1 will provide an initial functional platform as a basis for FDA clearance contemporaneous with our first cloud-based AI-ECG algorithm. Together they form the software-based medical device for regulatory purposes....