HeartSciences Inc. Reports Third Quarter Fiscal 2025 Financial Results and Business Update
Southlake, TX, March 13, 2025 – HeartSciences Inc. (Nasdaq: HSCS, HSCSW) (“HeartSciences” or the “Company”), a pioneering medical technology company specializing in artificial intelligence (AI) powered solutions for transforming Electrocardiograms (ECGs) and Electrocardiograms (EKGs) to facilitate earlier detection of heart disease, released its financial results for the third quarter of fiscal 2025, which ended on January 31, 2025. The Company also provided an update on its business progress.
Financial Highlights
For the third quarter of fiscal 2025, HeartSciences reported a revenue of $5.2 million, representing a 35% increase compared to the same period last year. The Company’s net loss for the quarter was $4.2 million, which was an improvement compared to the net loss of $5.1 million in the third quarter of fiscal 2024. The Company’s cash and cash equivalents as of January 31, 2025, amounted to $17.8 million, an increase from $12.9 million as of April 30, 2024.
Business Update
HeartSciences announced that it has successfully completed the enrollment in the pivotal trial for its AI-powered ECG solution, CardioNet-6000. The trial, which is designed to evaluate the efficacy and safety of the technology in detecting atrial fibrillation (AFib), is expected to be completed by the end of fiscal 2025. The Company anticipates submitting a premarket approval application (PMA) to the U.S. Food and Drug Administration (FDA) in the first half of fiscal 2026. If approved, the CardioNet-6000 solution would be the first AI-powered ECG device to receive FDA clearance for the detection of AFib.
Impact on Individuals
The advancements made by HeartSciences in the field of AI-powered ECGs could significantly impact the lives of individuals by enabling earlier detection of heart conditions such as AFib. AFib is a common heart rhythm disorder that can lead to complications such as stroke, heart failure, and other cardiovascular diseases. With the ability to detect AFib earlier, healthcare professionals can intervene sooner, potentially reducing the risk of these complications and improving patient outcomes.
- Earlier detection of AFib could lead to better treatment and improved patient outcomes.
- Reduced risk of complications such as stroke and heart failure.
- Potential for more personalized and effective care.
Impact on the World
The development of AI-powered ECG solutions, such as HeartSciences’ CardioNet-6000, has the potential to revolutionize cardiovascular care on a global scale. According to the American Heart Association, approximately 33 million Americans are living with AFib, and it is estimated that this number will increase to over 12 million by 2030. With the ability to detect AFib earlier and more accurately, healthcare systems around the world could see a significant reduction in the number of AFib-related complications and hospitalizations.
- Reduction in AFib-related complications and hospitalizations.
- Improved patient outcomes and quality of life.
- Potential for cost savings in healthcare systems.
Conclusion
HeartSciences’ third quarter fiscal 2025 financial results and business update reflect the Company’s continued progress in the development and commercialization of its AI-powered ECG solution, CardioNet-6000. The successful completion of the pivotal trial and anticipated FDA submission represent significant milestones for the Company and the cardiovascular healthcare industry as a whole. The potential impact of this technology on individuals and the world is substantial, with the ability to detect AFib earlier and more accurately leading to improved patient outcomes, reduced complications, and cost savings in healthcare systems.
As we move forward, HeartSciences will continue to push the boundaries of what is possible in cardiovascular care, leveraging AI and other advanced technologies to transform the way we diagnose and treat heart conditions. With a clear focus on innovation, a commitment to excellence, and a dedication to saving lives, HeartSciences is poised to make a significant impact on the healthcare landscape and the lives of millions of people around the world.
