Business
HeartSciences Reports Third Quarter Fiscal 2024 Financial Results
Southlake, TX, March 14, 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, March 14, 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 third quarter fiscal 2024 ended January 31, 2024 and provided a business update. Q3 FY2024 and Recent Accomplishments HeartSciences has seen a fundamental change in its business opportunity since the end of the second fiscal quarter, with material improvements to its financial position and outlook. A summary of the main changes and business highlights during Q3 FY2024 and to date include: Strategic shift from a Company with a single-device, single-algorithm to one with a broad portfolio of AI-ECG cardiovascular algorithms to be delivered via a cloud-based hardware agnostic platform. Enables the Company to provide AI-ECG solutions in any care setting worldwide in a manner that best suits different providers, either via one of the millions of ECG’s currently in clinical use or via our proprietary MyoVista® wavECG™ device; Secured a robust AI-ECG pipeline through the acquisition of licenses for an industry leading portfolio of AI-ECG algorithms, technologies and patent rights from Icahn School of Medicine at Mount Sinai, New York (Mount Sinai). Mount Sinai became the Company’s largest shareholder as a result of the acquisition; FDA pathway for the MyoVista® device changed to 510(k). Now expect that the 510(k) pathway and use of retrospective data will apply to the cloud-platform and Mount Sinai AI-ECG algorithms, which will facilitate a quicker and more cost-effective regulatory path to commercialization;Significantly strengthened both the employee base and broader team to provide for more rapid and effective operational execution: Recruited a new VP of Clinical and Regulatory and engaged a new FDA advisory firm, with specific experience delivering a 510(k) cleared AI-ECG algorithm;Recruited a senior software project director and engaged a leading software developer to develop the AI-ECG cloud-platform, on which work has already started;Strengthened our scientific advisory board with the addition of data scientists and cardiologists and broadened our overall scientific and cli...