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what it is
HeartBeam is building a portable ECG system that lets patients record heart data at home and send it to doctors.
how it gets paid
Last year Heartbeam made n/a in revenue. 3-Lead ECG recording device was the main engine at $0M, or 25% of sales.
what just happened
Latest reported earnings showed an EPS loss of -$0.48, while revenue still appears negligible.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.73 fy2024 eps est
$2B fy2026 rev est
1.3 beta
~$56M market cap
xvary composite: 32/100 — weak
What they do
HeartBeam is building a portable ECG system that lets patients record heart data at home and send it to doctors.
Its edge is the hardware-plus-software stack. The system captures ECG signals from 3 directions, then synthesizes a 12-Lead ECG, which is the hospital-style read doctors already know. If that works in your home instead of a facility, the 2024 FDA clearance gives HeartBeam a real head start.
How they make money
n/a
annual revenue
3-Lead ECG recording device
$0M
patient application
$0M
physician portal
$0M
cloud-based algorithms
$0M
The products that matter
portable 3-lead ECG recorder
HeartBeam System
5 electrodes · home-use workflow
It records a patient's ECG from 5 electrodes and targets the roughly 805,000 annual heart attacks in the U.S. Big clinical need. Still no sales.
core platform
fda-cleared arrhythmia assessment
Synthesized 12-Lead ECG
nov. 2025 clearance · first cable-free at home
Received FDA clearance in November 2025 as the first cable-free 12-lead ECG system approved for at-home use. That is the credential investors are paying for.
regulatory proof
Key numbers
$0M
trailing revenue
Yahoo shows no trailing revenue. So what: you are buying a commercialization story, not a proven sales machine.
$2B
2026 sales estimate
One 2026 estimate sits at $2 billion, while Yahoo shows $0 million in trailing revenue. So what: the stock is being asked to bridge a canyon.
21
employees
HeartBeam has 21 employees. So what: you are asking a very small team to build hardware, software, clinical adoption, and sales at the same time.
5/100
price stability
A 5 out of 100 price-stability score tells you the stock can swing hard on thin evidence. So what: position size matters more here than confidence.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BEAT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest reported earnings showed an EPS loss of -$0.48, while revenue still appears negligible.
The numbers still read like an early-stage buildout, not a scaled business. Quarterly losses have persisted, with 2024 quarterly EPS running from -$0.17 to -$0.19 in the source data.
$0M
revenue
$0.48
eps
n/a
n/a
the number that mattered
The key number is the -$0.48 EPS loss because it shows HeartBeam is still spending ahead of any visible revenue base.
source: company earnings report, 2026
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What could go wrong
The core risk is simple: HeartBeam already has a real FDA win, but the company still has not shown that clearance turns into customers, reimbursement, or durable distribution. If you own this, you are underwriting the gap between regulatory proof and commercial proof.
med
pre-revenue cash burn
Management expects about $14M of baseline operating cash outflow in 2026 while trailing revenue remains $0.
At a roughly $56M market cap, one financing can change the ownership story fast. The catch is that you are not just betting on adoption. You are betting adoption arrives before dilution.
med
clearance may not become sales
The synthesized 12-lead ECG won FDA clearance in November 2025, but the company still reports no commercial revenue.
If physicians, health systems, or channel partners do not adopt it, the stock is left valuing possibility rather than proof. Permission to sell is not the same as demand.
med
the path with regulators is still bumpy
An earlier ECG submission was refused by the FDA in November 2025, and the stock reportedly fell 58% in a single day.
Future submissions, label expansions, or study results can create the same kind of gap-down risk. In a stock with 5 / 100 price stability, bad news rarely lands softly.
med
the $100M shelf is a live overhang
HeartBeam filed a $100M shelf registration in March 2026, giving it broad flexibility to issue new securities.
That shelf is larger than the current market cap. The market does not need all of it to feel the pressure. A modest raise would still reset the cap table.
The bear case is not complicated. If first revenue stays elusive and cash burn stays real, financing becomes the main event and existing shareholders pay for the wait.
source: institutional data · regulatory filings · risk analysis
Pay attention to
commercial proof
first real revenue
The stock does not need huge sales yet. It does need the first evidence that FDA clearance can produce paying customers.
clinical milestone
Heart Attac study enrollment
First patient enrollments were announced on March 5, 2026. Watch for expanded enrollment and any usable data timeline from management.
capital risk
use of the $100M shelf
The March 2026 shelf filing creates financing flexibility. For existing holders, it also creates dilution risk the moment management taps it.
cash trend
whether $14M stays the baseline
Management guided to about $14M of operating cash outflow in 2026. If that number rises before revenue appears, the financing clock speeds up.
Analyst rankings
price target
$4.72
in human-speak, analysts are underwriting a lot of future success that the income statement has not earned yet.
beta
1.3
Beta measures market sensitivity. A 1.3 beta means BEAT has historically been more volatile than the index, which fits a pre-revenue small cap living on milestones.
stability
5 / 100
A 5 / 100 price stability score means the chart is not giving you much protection. News, filings, and financing can move this fast.
source: institutional data
Institutional activity
institutional ownership data for BEAT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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