HeartSciences Reports Minimal Revenue and Increased Net Loss for Fiscal Year Ending April 30, 2026

HeartSciences Inc., a healthcare information technology company focused on advancing electrocardiography (ECG) through artificial intelligence (AI), reported minimal revenue of $4,000 for the fiscal year ending April 30, 2026, consistent with the previous year. The company incurred a net loss of approximately $9.1 million, a slight increase from the $8.8 million loss reported in the prior fiscal year. The accumulated deficit as of April 30, 2026, stood at $85.3 million, raising substantial doubt about the company's ability to continue as a going concern, as noted by its independent auditors.

In terms of operational developments, HeartSciences has made significant strides with its MyoVista Insights™ platform, which received a major upgrade in March 2026, enhancing its deployment across cardiology and healthcare IT environments. The platform is designed to streamline ECG workflows and integrate AI-ECG capabilities, and it has been designated as an Epic Toolbox for ECG Management Systems, potentially facilitating its adoption in Epic-enabled health systems. The company also launched an AI-ECG Algorithm Marketplace, allowing healthcare providers to access FDA-cleared cardiac AI tools through a single system.

The company’s research and development (R&D) expenses decreased by 35% to $2.8 million in fiscal 2026, primarily due to reduced consulting costs following the launch of MyoVista Insights™. Conversely, selling, general, and administrative expenses rose by 41% to $5.6 million, attributed to increased compensation costs and professional fees related to the company's public offerings. HeartSciences has also entered into a merger agreement with Fortitude Mining Holdings, which is subject to various closing conditions, including shareholder approvals.

HeartSciences is actively seeking additional funding to support its operations and product development, particularly for the MyoVista wavECG device, which is currently under FDA review for 510(k) premarket clearance. The company has entered into a Note Purchase Agreement with Streeterville Capital, resulting in net proceeds of approximately $3 million. As of April 30, 2026, the company had $1.7 million in cash and cash equivalents, which is insufficient to fund operations for the next twelve months without additional financing.

Looking ahead, HeartSciences anticipates that its future success will depend on obtaining regulatory approvals for its products, achieving market acceptance, and securing adequate reimbursement from third-party payors. The company is also focused on expanding its market presence both domestically and internationally, while navigating the complexities of regulatory compliance and competition in the medical device industry.