BEAT - HeartBeam stock falls ~9% as Q3 loss widens and expenses jump
- Shares of micro-cap cardiac medical device company HeartBeam ( NASDAQ: BEAT ) declined 8.8% to $3.42 in Friday mid-day trading, after it reported a wider Q3 loss, a rise in expenses and a deterioration in its cash position.
- If the losses hold, BEAT stock would be on track to post its third negative session in four .
- Santa Clara, Calif.-based BEAT is developing a 3D-vector electrocardiogram for heart attack detection.
- The company in Q3 submitted a medical device approval request to the U.S. FDA for its HeartBeam AIMI platform.
- BEAT after hours on Thursday posted Q3 GAAP EPS of -$0.44.
- Its net loss for the quarter widened to $3.6M from a loss of $1.2M a year ago.
- BEAT's quarterly R&D expenses jumped to $1.6M from $105K last year, while its general and administrative expenses rose to $2M Y/Y from $341K.
- Its cash totaled $6.5M as of Sept. 30, 2022, compared to $13.2M as Dec. 31, 2021.
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HeartBeam stock falls ~9% as Q3 loss widens and expenses jump