Heart Test Laboratories, a medical technology company, has reported minimal revenues of $19,000 for the fiscal year ended April 30, 2024, a 280% increase from the previous year's $5,000. The cost of sales rose 100% to $6,000, resulting in a gross margin of $13,000, up 550% from $2,000 in the prior year. Operating expenses totaled $6.3 million, with research and development costs at $2.9 million, marking a 17% increase due to consulting for Cloud Platform development and FDA submission support. Selling, general, and administrative expenses decreased by 6% to $3.4 million, attributed to lower insurance premiums and reduced IPO-related professional fees. The company's net loss widened by 4% to $6.6 million. Heart Test Laboratories has not yet received FDA clearance for its products and relies on equity and debt financing for operations. The company...Show More

Heart Test Laboratories, a medical technology company, has reported minimal revenues of $19,000 for the fiscal year ended April 30, 2024, a 280% increase from the previous year's $5,000. The cost of sales rose 100% to $6,000, resulting in a gross margin of $13,000, up 550% from $2,000 in the prior year. Operating expenses totaled $6.3 million, with research and development costs at $2.9 million, marking a 17% increase due to consulting for Cloud Platform development and FDA submission support. Selling, general, and administrative expenses decreased by 6% to $3.4 million, attributed to lower insurance premiums and reduced IPO-related professional fees. The company's net loss widened by 4% to $6.6 million. Heart Test Laboratories has not yet received FDA clearance for its products and relies on equity and debt financing for operations. The company's cash position improved to $5.8 million, up from $1.7 million the previous year, following capital raises through Common Stock and Warrant sales. The company's future plans include FDA submissions for its MyoVista wavECG device and MyoVista Insights Cloud Platform, aiming for the first quarter of 2025 and mid-2025, respectively. Heart Test Laboratories' success hinges on FDA clearances and additional funding for sales launches and R&D.