FQ1 2027
Filed Sep 15, 2026HeartSciences Reports Fiscal First Quarter 2027 Financial Results and Provides Business Update
The Company reported no meaningful revenue, a wider loss from operations and net loss versus FQ1 2026, and a shareholders’ deficit of $2.0 million, while commercial activity remains at an early agreement and platform-selection stage.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | no meaningful revenue | – | – |
| Loss from operationsother | $2.9M | – | – |
| Net lossother | $3.2M | – | – |
| Increase in legal and professional costs associated with the Proposed Transactionother | approximately $0.5 million | – | – |
| Non-cash share-based compensation arising on vesting of equity awards following the passing of Mark Hilzother | approximately $0.5 million | – | – |
| Reserve against the remaining carrying value of related inventoryother | $300K | – | – |
Q4 calendar 2026 outlook
- NoteThe Company expects to close the Proposed Transaction in Q4 calendar 2026, subject to customary closing conditions, including approval by HeartSciences’ shareholders.
- NoteThe Company expects significant commercial progress in the year ahead.
What drove it
- First US commercial agreements were signed following the full launch of MyoVista Insights.
- MyoVista Insights was selected as the ECG management and AI-ECG delivery platform for a clinical program at a major European reference center, which is anticipated to extend into a larger multicenter project.
- The first third-party FDA-cleared AI-ECG algorithm became available through the AI-ECG algorithm marketplace, and the platform is now at version 1.4.
- The Company stated that its resources continue to be directed primarily to MyoVista Insights.
- The proposed business combination with Fortitude continues to progress.
Concerns
- The Company reported no meaningful revenue for FQ1 2027.
- Loss from operations increased to $2.9 million from $1.9 million in FQ1 2026.
- Net loss increased to $3.2 million from $2.1 million in FQ1 2026.
- The Company had a shareholders’ deficit of $2.0 million as of July 31, 2026.
- The FDA 510(k) submission for the MyoVista wavECG device remains under FDA review, and the Company stated that a probable timeline to commercialization cannot currently be established.
- The Company does not currently intend to commit significant additional resources to commercialization of the MyoVista wavECG device.
- Closing of the Proposed Transaction remains subject to customary closing conditions, including shareholder approval.
What to watch
- Closing of the Proposed Transaction in Q4 calendar 2026, subject to customary closing conditions and shareholder approval.
- Conversion of the first US commercial agreements and the European reference-center clinical program into revenue.
- Expansion of the number of algorithms available through the AI-ECG marketplace.
- The outcome of the pending FDA 510(k) review for the MyoVista wavECG device.
- The Company’s financing activity following the reported shareholders’ deficit.
Balance sheet and cash flow
- As of July 31, 2026, the Company had a shareholders’ deficit of $2.0 million.
- Since the period end, the Company raised gross proceeds of approximately $1.0 million from a sale of its common stock to Fortitude.
- Since the period end, the Company raised net proceeds of approximately $1.2 million for sales made pursuant to the Company’s at-the-market facility.
- Since the period end, the Company exchanged $200,000 of principal under an existing promissory note for shares of its common stock.
Analysis
HeartSciences reported no meaningful revenue for FQ1 2027. Loss from operations was $2.9 million, compared with $1.9 million in FQ1 2026, while net loss was $3.2 million, compared with $2.1 million. The operating-loss increase included approximately $0.5 million of legal and professional costs related to the Proposed Transaction, approximately $0.5 million of non-cash share-based compensation related to vesting following the passing of Mark Hilz, and a $0.3 million inventory reserve.
Commercial activity centered on MyoVista Insights rather than the MyoVista wavECG device. The Company signed its first US commercial agreements following full launch, made the first third-party FDA-cleared AI-ECG algorithm available through its marketplace, and was selected as the ECG management and AI-ECG delivery platform for a clinical program at a major European reference center. These developments show platform deployment and partner engagement, but the release did not report meaningful revenue from them.
The Company has shifted its resource focus to MyoVista Insights and recorded a $0.3 million reserve against the remaining carrying value of inventory related to the wavECG device. Management said the FDA 510(k) submission remains under review, but the submission does not include the AI algorithm necessary for commercialization. The Company does not currently intend to commit significant additional resources to device commercialization, citing the additional expenditure and uncertain timing required as well as the reduced commercial rationale for embedded proprietary algorithms.
Financial resources remain a central consideration. HeartSciences reported a shareholders’ deficit of $2.0 million as of July 31, 2026. Since period end, it raised gross proceeds of approximately $1.0 million from a common-stock sale to Fortitude, raised net proceeds of approximately $1.2 million under its at-the-market facility, and exchanged $200,000 of promissory-note principal for common stock.
The proposed combination with Fortitude is expected to close in Q4 calendar 2026, subject to customary closing conditions, including shareholder approval. Fortitude’s reported mining and facility developments are central to the strategic transaction narrative, while HeartSciences’ stated near-term operating priority is execution on MyoVista Insights, growth in revenue, reference-center relationships, and expansion of marketplace algorithms.
Management, verbatim
This has been a period of significant change for the Company. The proposed combination with Fortitude is expected to give our shareholders exposure to a business that is a meaningful participant in the Zcash ecosystem. In our view, it represents a significant opportunity for shareholders and the transaction continues to move toward closing.
Andrew Simpson, CEO of HeartSciences
We believe MyoVista Insights™ offers a best-in-class, cloud-native, vendor- and device-agnostic ECG management platform designed to modernize ECG workflows and enable scalable deployment of AI-ECG capabilities across healthcare systems.
Andrew Simpson, CEO of HeartSciences
We expect significant commercial progress in the year ahead and our efforts are focused on execution and delivery.
Andrew Simpson, CEO of HeartSciences
Not in the filing
stated, not guessed- Reported revenue amount
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AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.