HeartBeam Inc (BEAT) Q3 2024 Earnings Call Highlights: Navigating Financial Challenges and ...

GuruFocus.com11-09

Net Loss: $4.979 million for the third quarter ending September 30, 2024. Net Cash Used in Operating Activities: $3.3 million, primarily allocated to R&D and clinical initiatives. Cash Balance: $5.8 ...

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href=https://finance.yahoo.com/news/heartbeam-inc-beat-q3-2024-230118805.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Loss: $4.979 million for the third quarter ending September 30, 2024.\nNet Cash Used in Operating Activities: $3.3 million, primarily allocated to R&D and clinical initiatives.\nCash Balance: $5.8 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/heartbeam-inc-beat-q3-2024-230118805.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BEATW","symbol_name":"Heartbeam Inc Warrant","start_time":0,"source_url":"https://finance.yahoo.com/news/heartbeam-inc-beat-q3-2024-230118805.html","article_id":"2482468091","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2482468091","pubTimestamp":1731106878,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Loss: $4.979 million for the third quarter ending September 30, 2024.Net Cash Used in Operating Activities: $3.3 million, primarily allocated to R&D and clinical initiatives.Cash Balance: $5.8 million as of September 30, 2024.For the complete transcript of the earnings call, please refer to the full earnings call transcript.HeartBeam Inc  has developed a groundbreaking cable-free 12-lead ECG technology that can be used by patients anywhere, offering high-resolution data capture.The company is targeting large addressable markets worth over $100 billion annually in the US alone, with a strategy to disrupt traditional cardiac care.The cash balance as of September 30, 2024, was $5.8 million, indicating limited financial runway without additional funding.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BEATW":"Heartbeam Inc Warrant","BEAT":"Heartbeam Inc"},"translate_title":"HeartBeam Inc(BEAT)2024年第三季度收益看涨期权亮点：应对财务挑战和……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BEAT":1,"BEATW":0.9},"content_text":"Net Loss: $4.979 million for the third quarter ending September 30, 2024.\nNet Cash Used in Operating Activities: $3.3 million, primarily allocated to R&D and clinical initiatives.\nCash Balance: $5.8 million as of September 30, 2024.\n\nRelease Date: November 07, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nHeartBeam Inc (NASDAQ:BEAT) has developed a groundbreaking cable-free 12-lead ECG technology that can be used by patients anywhere, offering high-resolution data capture.\nThe company is targeting large addressable markets worth over $100 billion annually in the US alone, with a strategy to disrupt traditional cardiac care.\nHeartBeam Inc (NASDAQ:BEAT) has a strong pipeline of clinical evidence, with nine peer-reviewed publications and studies involving over 500 patients.\nThe company has received industry recognition, including being named a 'Rising Star' at the Digital Health Hub Foundation Awards and winning a MedTech breakthrough award.\nHeartBeam Inc (NASDAQ:BEAT) has a robust patent portfolio with 17 issued patents worldwide, supporting its innovative technology.\n\n Negative Points \n\nThe company is still awaiting foundational FDA clearance, which is crucial for its technology and future product submissions.\nHeartBeam Inc (NASDAQ:BEAT) reported a net loss of nearly $5 million for the third quarter of 2024, highlighting ongoing financial challenges.\nThe cash balance as of September 30, 2024, was $5.8 million, indicating limited financial runway without additional funding.\nThe company does not anticipate significant revenue in 2025, suggesting a longer timeline to profitability.\nHeartBeam Inc (NASDAQ:BEAT) faces uncertainties related to FDA submission timelines and outcomes, which could impact commercialization plans.\n\n Q & A Highlights \n\nWarning! GuruFocus has detected 2 Warning Sign with BEAT.\n\nQ: Can you provide more detail on the timing of the FDA clearance and what are the outstanding items? A: Branislav Vajdic, President and Director, responded that while they cannot discuss the specifics of ongoing FDA discussions, the FDA is engaged and responsive. They remain confident in achieving FDA clearance in the near term and are preparing for an early access program post-clearance.\nQ: Given your cash burn, what are your plans for raising capital? A: Timothy Cruickshank, CFO, explained that they are managing cash burn closely, with a focus on maintaining and adding value-add investors. They plan to finance the company opportunistically while managing dilution, aligning cash requirements with upcoming milestones in advance of commercialization.\nQ: Can you provide more context on the timing and reason for the change in CEO from Branislav to Rob? A: Branislav Vajdic stated that the transition was long planned, with Rob Eno bringing a commercial background suitable for the company's current stage. Rob Eno added that Branislav will continue to lead technical efforts, ensuring the company benefits from his expertise.\nQ: Can you provide an update on the timing and results of the valid ECG study? A: Branislav Vajdic noted that the 198-patient valid ECG study has completed enrollment and data analysis. While results cannot be disclosed yet, they will form the basis of the upcoming second FDA submission. An 80-patient pilot study's results will be presented at the American Heart Association conference.\nQ: If everything goes right with the FDA, what could 2025 revenues look like for HeartBeam? A: Timothy Cruickshank mentioned that while they do not anticipate significant revenue in 2025, they are focused on refining their go-to-market strategy and pricing models through an early access program, which will inform their commercial launch strategy.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482468091"}