BEAT - InvestorNewsBreaks - HeartBeam Inc. (NASDAQ: BEAT) Releases Q3 2022 Financial Report
HeartBeam (NASDAQ: BEAT), a cardiac technology company that has developed the first and only 3D-vector electrocardiogram (“VECG”) platform for heart attack detection anytime, anywhere, is reporting its financial and operational updates for the third quarter; the quarter ended on Sept. 30, 2022. Included in the report is the fact that the company’s AIMI(TM) platform technology, which is used for diagnosing heart attacks, has been submitted to the U.S Food and Drug Administration (“FDA”) for clearance and the company is on track for initial FDA submission of its AIMIGo(TM) device in the next quarter. Other highlights include that the company broadened its portfolio pipeline during the quarter with its smartwatch connectivity that supports a daily multi-hour heart monitoring solution and received two additional AIMIGo tech patents. Financial numbers reported included R&D expenses for the quarter reaching $1.6 million, compared to $105,000 for Q3 2021; general and administrative expenses for the quarter totaled $2 million and net loss for Q3 was $3.6 million; cash totaled $6.5 million as of the end of September 2022, down from $13.2 million as of Dec. 31, 2021. “Throughout the third quarter we progressed on our commercialization pathway toward a series of important milestones, including the FDA 510(k) application submission of our HeartBeam AIMI product,” said HeartBeam CEO and founder Branislav Vajdic, PhD, in the press release. “We continue to have strong conviction in our HeartBeam AIMI software platform technology and AIMIGo, our end-to-end telemedicine solution, and their potential to offer more accurate heart attack detection and to expedite treatment. As we look toward FDA clearance for HeartBeam AIMI, we are also making significant progress with our core product, the AIMIGo as we prepare for FDA submission in late fourth quarter of this year.”
To view the full press release, visit https://ibn.fm/ZLbk2
About HeartBeam Inc.
HeartBeam is a cardiac technology company that has developed the first and only 3D-vector ECG platform for heart attack detection anytime, anywhere. By applying a suite of proprietary algorithms to simplify vector electrocardiography (“VECG”), the HeartBeam platform enables patients and their clinicians to determine quickly and easily if symptoms are due to a heart attack so care can be expedited if required. HeartBeam has two patented products in development. HeartBeam AIMI(TM) is software for acute care settings that provides a 3D comparison of baseline and symptomatic 12-lead ECG to more accurately identify a heart attack. HeartBeam AIMIGo(TM) is the first and only credit card-sized, 12-lead output ECG device coupled with a smart phone app and cloud-based diagnostic software system to facilitate remote heart-attack detection. HeartBeam AIMI and AIMIGo have not yet been cleared by the US Food and Drug Administration (“FDA”) for marketing in the United States or other geographies. For more information, visit www.HeartBeam.com.
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