They are currently essentially pre-revenue with only $14k in sales for all of their fiscal year ending 2022-04-30. They also have decent current ratio of about 3.53 due to their IPO in June of this year. The current cash level does look adequate for some time as the company switches from R&D to SG&A expenses.
It's always exciting to see the development of new technology. It drives our economy forward. But if the technology is not widely adopted it is useless. Apparently, this new device is on its way to becoming accepted by the marketplace.
Andrew Simpson, the Chief Executive
Officer of HeartSciences said the following:
“This is a major milestone for HeartSciences. The issuance of new CPT
codes by the AMA acknowledges the importance of AI analysis of cardiac
dysfunction using an ECG. It also further validates the commercial
opportunity for the MyoVista, One of the most significant needs in
healthcare is the ability to detect cardiac dysfunction early. An
AI-enabled ECG is a relatively low-cost, simple, and quick way to do
that. Millions of ECG tests are performed every week and we believe
adding detection of cardiac dysfunction to the ECG would make it a far
more valuable heart screening tool.”
All stocks are risky, of course, and this one is no exception. But I found this one as I was looking through the stocks on the unusual short sales transactions list.
What caught my eye was that even though it was being pretty heavily shorted it was still continuing to go up. This is clearly a sign of strength. There are so many stocks to choose from, and it is literally like trying to find a needle in a haystack so tools like this one help immensely.
Anyway, this company went public this summer at just a terrible time.
They have clawed their way back from the depths of pennyhood and are now trading at a somewhat respectable $2.75. If, and the emphasis is on "if," this product helps doctors detect heart disease earlier, it will be a smashing success. The stock price will surely follow. It's a low floater with only 8.17M shares out and a float of only 5.9M so if and when it decides to move it will really move. Also, the fee and rebate rates are extremely expensive at over 70% for both. This one is extremely hard to borrow at the moment.
I am watching this one carefully. I have not pulled the trigger on shares yet as it seems a bit short-term overbought, but that could change at any time.