HeartSciences Inc (NASDAQ: HSCS) is a medical device company developing an AI-powered electrocardiogram device and cloud platform for cardiac diagnostics. Revenue has been minimal as of the fiscal year ended April 30, 2025, consisting mainly of sales of devices, electrodes, and other supplies through distributor relationships outside the U.S. The company's primary product is the MyoVista wavECG, an AI-ECG device, paired with the MyoVista Insights Cloud Platform, which uses AI-based algorithms to process ECG data. HeartSciences is pre-commercial in its core market, with operations focused on clinical, regulatory, and engineering work toward U.S. approval. The company is headquartered in the U.S. and led by Andrew Simpson as President, CEO, and Chairman of the Board. Capital structure is debt-reliant, including an unsecured note issued to Streeterville Capital in September 2024 with original principal of $2,510,000, and an ongoing Series D Preferred Stock offering that had raised approximately $3.1 million gross as of the July 24, 2025 filing date.

Revenue model

Transactional sales of devices, electrodes, and supplies through international distributor relationships. Revenues have been minimal to date (fiscal year ended April 30, 2025). No disclosed subscription or recurring revenue stream from the MyoVista Insights Cloud Platform as of the filing.

Products and services

MyoVista wavECG: an AI-powered electrocardiogram device. MyoVista Insights Cloud Platform: cloud-based AI-ECG algorithm processing and data management. Licensed AI models include HeartBEiT vision transformer-based diagnostics covering low left ventricular ejection fraction, hypertrophic cardiomyopathy, and STEMI detection.

Customers and end markets

Target end market is cardiac diagnostics, positioned as a lower-cost alternative to echocardiograms (Medicare hospital cost approximately $600 to $3,000) and nuclear stress tests. Intended customers include cardiology practices, hospitals, and primary care settings. Current commercial activity is limited to international distributor relationships during the U.S. regulatory approval process.

Value-chain role

Medical device developer and software provider. Relies on third-party cloud-based infrastructure for AI-ECG algorithm processing and data management. Manufactures or assembles the MyoVista wavECG device using materials, components, and subassemblies. Acts as a HIPAA business associate relative to covered entity customers.

Geographic exposure

Current commercial sales are outside the U.S. through distributor relationships, while the company pursues U.S. regulatory approval for the MyoVista wavECG. U.S. is the primary target market based on regulatory focus described in the 10-K filed July 24, 2025.

Source: SEC 10-K, filed 2025-07-24

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