The following is a summary of the HeartBeam, Inc. (BEAT) Q2 2024 Earnings Call Transcript:
Financial Performance:
General and administrative expenses for the second quarter of 2024 were $2.2 million, compared to $1.8 million for the second quarter of 2023.
Research and development expenses for the second quarter of 2024 were $2.8 million, compared to $1.5 million during the same period last year.
Net loss for the second quarter of 2024 was $5 million compared to a net loss of $3.2 million for the second quarter of 2023.
Business Progress:
HeartBeam continues to advance in R&D, aiming at the introduction of AIMIGo, a credit card-sized, cable-free cardiac monitoring device capable of producing a 12-Lead ECG using its core vector technology.
AIMIGo is under active FDA review, with ongoing productive discussions and nearing clearance.
The company has completed enrollment in VALID-ECG, a 198 patient trial comparing AIMIGo and 12-lead ECGs, and looks forward to presenting the study results.
Opportunities:
Expansion opportunities into heart attack detection, chronic disease monitoring, and the development of AI algorithms enhancing AIMIGo's capability.
Set to access a market with significant potential growth, estimated at $4.8 billion by 2030 for the patch market and $12 billion for coronary artery disease detection.
Risks:
FDA regulatory approval process is ongoing with additional information requested. Delays or failures in achieving clearance could impact operations.
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