HeartBeam (NASDAQ:BEAT) Releases Earnings Results, Beats Estimates By $0.02 EPS

HeartBeam (NASDAQ:BEAT) announced its quarterly earnings data on Wednesday. The medical research company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02, FiscalAI reports.

Here are the key takeaways from HeartBeam’s conference call:

• HeartBeam said it has now established flagship commercial accounts in all four target geographies — New York City, Dallas, South Florida and Southern California — through partnerships with ClearCardio and Atelier Health, giving the company an initial foothold in its direct-pay market.
• Management said the limited commercial launch is getting strong early physician reception, with clinicians viewing the product as a differentiated, medical-grade 12-lead ECG that can be used anytime, anywhere, rather than relying on traditional in-office or emergency department testing.
• The ALIGN-ACS pilot study for heart-attack detection is enrolling ahead of schedule, and the company expects to complete enrollment by the end of Q3 2026, using the data to inform a future FDA pivotal study and potential indication expansion.
• HeartBeam completed its first working prototype of the on-demand 12-lead patch and has begun a pilot ischemia study in Europe, while continuing partnership discussions for a $2 billion ambulatory monitoring market opportunity.
• The company strengthened its balance sheet with an $11.5 million financing and ended the quarter with just over $2 million in cash; management said pro forma cash would be about $12.4 million and now expects full-year 2026 cash outflow below $16 million, better than prior guidance.

HeartBeam Stock Performance

Shares of NASDAQ:BEAT traded up $0.10 during midday trading on Wednesday, hitting $1.01. 1,578,367 shares of the stock were exchanged, compared to its average volume of 1,331,990. The business’s 50-day moving average price is $1.13 and its 200 day moving average price is $1.52. HeartBeam has a 12 month low of $0.54 and a 12 month high of $4.00. The stock has a market capitalization of $41.50 million, a price-to-earnings ratio of -1.63 and a beta of -0.86.

Insider Activity at HeartBeam

In other HeartBeam news, Director Richard Ferrari bought 62,500 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were acquired at an average cost of $0.80 per share, for a total transaction of $50,000.00. Following the transaction, the director directly owned 291,636 shares in the company, valued at approximately $233,308.80. This represents a 27.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark E. Strome bought 750,000 shares of HeartBeam stock in a transaction on Thursday, April 16th. The shares were acquired at an average cost of $0.80 per share, for a total transaction of $600,000.00. Following the completion of the acquisition, the director directly owned 3,650,000 shares in the company, valued at approximately $2,920,000. The trade was a 25.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 1,118,750 shares of company stock worth $895,000 in the last quarter. 18.04% of the stock is owned by insiders.

Institutional Trading of HeartBeam

Several institutional investors have recently modified their holdings of BEAT. CIBC Private Wealth Group LLC bought a new position in HeartBeam during the 4th quarter worth $26,000. Geode Capital Management LLC grew its position in shares of HeartBeam by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 305,740 shares of the medical research company’s stock valued at $734,000 after buying an additional 12,142 shares during the last quarter. Raymond James Financial Inc. increased its stake in shares of HeartBeam by 102.2% in the second quarter. Raymond James Financial Inc. now owns 28,178 shares of the medical research company’s stock valued at $35,000 after buying an additional 14,242 shares during the period. Jane Street Group LLC acquired a new stake in shares of HeartBeam in the fourth quarter valued at about $55,000. Finally, Virtu Financial LLC bought a new position in shares of HeartBeam during the fourth quarter worth about $70,000. Institutional investors own 7.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. D. Boral Capital cut shares of HeartBeam from a “buy” rating to a “hold” rating in a report on Monday, April 20th. HC Wainwright reiterated a “buy” rating and set a $5.50 price objective on shares of HeartBeam in a research report on Monday, March 16th. Finally, B. Riley Financial initiated coverage on shares of HeartBeam in a research note on Tuesday, March 31st. They issued a “buy” rating and a $4.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.80.

About HeartBeam

BioTelemetry, Inc, a remote medical technology company, provides remote cardiac monitoring, remote blood glucose monitoring, centralized core laboratory services for clinical trials, and original equipment manufacturing services for healthcare and clinical research customers worldwide. It operates in two segments, Healthcare and Research. The Healthcare segment focuses on the remote cardiac monitoring to identify cardiac arrhythmias or heart rhythm disorders. This segment offers mobile cardiac telemetry services; and event monitoring services, which enable physicians to prescribe wireless event, digital loop event, memory loop event, memory loop event, and non-loop event monitors.