Summary by Moomoo AI
Heart Test Laboratories reported FY2024 financial results with revenue increasing to $19,000 from $5,000 in FY2023. The company recorded a net loss of $6.6 million compared to $6.4 million in the previous year. Research and development expenses rose 17% to $2.9 million, primarily due to cloud platform development and FDA submission preparation costs.The company made significant strategic progress, entering into multiple license agreements with Mount Sinai in September 2023 to commercialize AI-ECG algorithms. HeartSciences is preparing for FDA 510(k) submission of its MyoVista wavECG device in Q1 2025, following FDA confirmation of the submission pathway in December 2023. The company also launched its MyoVista Insights Cloud Platform development for hosting AI-ECG algorithms.As of April 30, 2024, HeartSciences had $5.8 million in cash, up from $1.7 million the previous year, strengthened by successful capital raises through ATM facilities and equity lines. The company secured key patents in Europe, Canada and India for its ECG technology, while implementing a 1-for-100 reverse stock split in May 2024 to maintain Nasdaq listing compliance.
