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- Signed First Commercial Partners in Leading Concierge Practices ClearCardio\u2122 and Atelier Health<\/i><\/li>\n
- Established Flagship Commercial Sites Across New York, Dallas, South Florida and Southern California<\/i><\/li>\n
- Strategic Collaboration with Mount Sinai to Accelerate Next-Generation AI-ECG Algorithms, Starting with Heart Attack Detection<\/i><\/li>\n
- Strengthened Balance Sheet with $11.5 Million Public Offering Including Full Exercise of Over-Allotment Option<\/i><\/li>\n
- Initiated Heart Attack Detection Pilot Study, A Key Step Toward Future FDA Indication Expansion<\/i><\/li>\n
- Initiated Pilot Study of First On-Demand 12-Lead ECG Patch to Detect Ischemia Outside the Clinic<\/i><\/li>\n
- Management to Host Webcast and Conference Call Today at 4:30 p.m. ET<\/i><\/li>\n<\/ul>\n
SANTA CLARA, Calif.–(BUSINESS WIRE<\/a>)–HeartBeam, Inc.<\/b><\/a> (NASDAQ: BEAT), a medical technology company focused on transforming cardiac care by providing powerful cardiac insights, has reported its financial and operational results for the first quarter ended March 31, 2026.<\/p>\n
First Quarter & Subsequent 2026 Operational Highlights<\/b><\/p>\n
\nThe Company continues to make significant progress entering commercialization while advancing several key initiatives as part of its growth strategy:<\/p>\n
Initial <\/i>Commercial Launch:<\/i><\/b><\/p>\n
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- \nSigned first commercial partnership with ClearCardio\u2122, a rapidly growing preventive cardiology practice with thousands of highly engaged members. The partnership includes an initial staged rollout in New York metro, Dallas and South Florida to ensure a seamless patient and physician experience.<\/p>\n<\/li>\n
- \nSigned commercial partnership with Atelier Health, a Beverly Hills-based premier concierge medical practice led by physicians affiliated with Cedars-Sinai, in the Company\u2019s expansion to the West Coast.<\/p>\n<\/li>\n
- \nThese commercial partnerships establish flagship sites across the Company\u2019s targeted geographies of New York, Dallas, South Florida and Southern California, supporting scalable expansion of HeartBeam\u2019s technology in preventive cardiology.<\/p>\n<\/li>\n
- \nThe partnerships support HeartBeam’s commercialization strategy within preventive cardiology and concierge medicine while helping refine onboarding and physician workflow integration.<\/p>\n<\/li>\n
- \nEstablishes an initial foothold in structured direct pay healthcare segment, representing approximately 5 million patients in the U.S.<\/p>\n<\/li>\n<\/ul>\n
Heart Attack Detection:<\/i><\/b><\/p>\n
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- \nEnrolled first patients in the ALIGN-ACS pilot study evaluating the HeartBeam System for heart attack detection.<\/p>\n<\/li>\n
- \nALIGN-ACS pilot study expected to complete patient enrollment quickly as study is designed to enroll chest pain patients in the emergency department.<\/p>\n<\/li>\n
- \nMilestone signifies key step toward future FDA indication expansion for heart attack assessment.<\/p>\n<\/li>\n
- \nFuture indication expansion would address a large market with over 20 million patients at risk of a heart attack.<\/p>\n<\/li>\n<\/ul>\n
12-lead ECG Extended Wear Patch:<\/i><\/b><\/p>\n
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- \nCompleted the first working prototype of an extended-wear 12-lead ECG ambulatory patch, designed to aid in detecting ischemia and complex arrythmias.<\/p>\n<\/li>\n
- \nInitiated pilot study of first on-demand 12-Lead ECG Patch to detect ischemia outside the clinic and traditional medical facilities.<\/p>\n<\/li>\n
- \nTargets a $2 billion market with established reimbursement; ischemia detection has potential to disrupt the patch market which is currently limited to atrial fibrillation detection.<\/p>\n<\/li>\n<\/ul>\n
AI Program:<\/i><\/b><\/p>\n
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- \nAnnounced strategic collaboration with the Icahn School of Medicine at Mount Sinai to support development and validation of next-generation AI-ECG algorithms.<\/p>\n<\/li>\n
- \nCollaboration combines Mount Sinai\u2019s AI and clinical expertise with HeartBeam\u2019s 3D ECG signal collection technology.<\/p>\n<\/li>\n
- \nAI efforts are focused on future applications including heart attack detection and personalized cardiac assessment.<\/p>\n<\/li>\n<\/ul>\n
Other Commercialization and Operational Highlights:<\/i><\/b><\/p>\n
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- \nAppointed Bryan Humbarger as Chief Commercial Officer to lead commercial strategy and execution across the Company\u2019s key growth initiatives.<\/p>\n<\/li>\n
- \nCash and cash equivalents totaled $2.0 million as of March 31, 2026, with net cash used in operating activities of $3.6 million for the three-month period ended March 31, 2026, resulting in a 19% decrease compared to same quarter in the prior year.<\/p>\n<\/li>\n
- \nIn April 2026, the Company closed an underwritten public offering of common stock for total gross proceeds of $11.5 million including full exercise of the over-allotment option, before deducting underwriting discounts, commissions, and offering expenses.<\/p>\n<\/li>\n<\/ul>\n
Management Commentary<\/b><\/p>\n
\n\u201cIn just two months since our last earnings call, we made significant progress executing against the commercialization and growth strategy we\u2019ve consistently discussed over the last several quarters. We established flagship commercial accounts across New York, Dallas, South Florida and Southern California, advanced our heart attack detection and on-demand 12-lead patch initiatives, and strengthened our balance sheet. HeartBeam\u2019s differentiated FDA-cleared synthesized 12-lead ECG platform remains the foundation of our growth, backed by strong IP and clinical evidence,\u201d said Robert Eno, Chief Executive Officer, HeartBeam.<\/p>\n
\n\u201cLooking ahead, we remain focused on expanding our commercial footprint by driving deep adoption within our flagship accounts and continuing to build out workflow integration and patient onboarding within those practices while continuing to make significant advancements with our patch, heart attack detection and AI initiatives throughout 2026,\u201d concluded Eno.<\/p>\n
First Quarter 2026 Financial Results<\/b><\/p>\n
\nResearch & development expenses for the first quarter of 2026 were $2.4 million, compared to $3.5 million for the first quarter of 2025.<\/p>\n
\nSelling, general & administrative expenses for the first quarter of 2026 were $2.3 million compared to $2.0 million for the first quarter of 2025.<\/p>\n
\nNet loss for the first quarter of 2026 was $4.7 million, compared to a net loss of $5.5 million for the first quarter of 2025.<\/p>\n
\nNet cash used in operating activities was $3.6 million for the three-month period ended March 31, 2026, a 19% decrease compared to the same quarter in the prior year.<\/p>\n
\nCash and cash equivalents totaled $2.0 million as of March 31, 2026, as compared to $4.4 million at December 31, 2025. On April 16, 2026, the Company closed an underwritten public offering of common stock for total gross proceeds of $11.5 million including full exercise of the over-allotment option, before deducting underwriting discounts, commissions, and offering expenses.<\/p>\n
First Quarter 2026 Results Conference Call<\/b><\/p>\n
\nHeartBeam CEO Robert Eno, CFO Timothy Cruickshank, and CCO Bryan Humbarger will host the conference call, followed by a question-and-answer period.<\/p>\n
\nThe conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed following the call via the investor relations section of the Company\u2019s website here<\/a>.<\/p>\n
\nTo access the call, please use the following information:<\/p>\n
- Established Flagship Commercial Sites Across New York, Dallas, South Florida and Southern California<\/i><\/li>\n
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