Detailed financial statements for HeartBeam, Inc. (BEAT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
HeartBeam, Inc. is a development stage company, which engages in cardiovascular diagnostic technology. Its electrocardiogram (ECG) collection device provides physicians with cardiac diagnostic information for a patient that is outside of a medical institution. The device sends ECG signals to the patient's smartphone and on to a cloud-based software expert system. The company was founded by Branislav Vajdic in 2015 and is headquartered in Santa Clara, CA.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.41, BEAT has negative trailing earnings (P/E not meaningful) and an ROE of -6.87%. Market capitalisation stands at $23M.
Balance sheet quality for BEAT: current ratio of 1.4. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $208.3M | $286.8M | $399.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $78.9M | $114.4M | $149.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $129.4M | $172.4M | $250.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $8.4M | $11.1M | $11.2M | $41000 | $133000 | $255000 | $5.7M | $6.8M | $11.1M | $13.4M |
| Selling, General & Admin | $85.2M | $123.9M | $155.3M | $253000 | $655000 | $2.0M | $7.4M | $8.5M | $8.8M | $7.7M |
| Operating Expenses | $93.6M | $135.0M | $166.5M | $294000 | $788000 | $2.3M | $13.0M | $15.3M | $19.9M | $21.1M |
| Operating Income | $35.9M | $37.4M | $84.0M | -$294000 | -$788000 | -$2.3M | -$13.0M | -$15.3M | -$19.9M | -$21.1M |
| EBITDA | $30.0M | $24.2M | $92.0M | 0 | 0 | -$2.3M | $69000 | $675000 | -$19.4M | -$21.0M |
| Interest Expense | 0 | $4.9M | $9.4M | $242000 | $280000 | $2.2M | $66000 | 0 | 0 | 0 |
| Pre-tax Income | $15.8M | -$10.4M | $41.5M | -$536000 | -$1.1M | -$4.4M | -$13.0M | -$14.6M | -$19.4M | -$21.0M |
| Income Tax | -$37.7M | $6.7M | -$370000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $53.4M | -$16.0M | $42.8M | -$536000 | -$1.1M | -$4.4M | -$13.0M | -$14.6M | -$19.4M | -$21.0M |
| EPS | $1.91 | $-0.53 | $1.20 | $-0.10 | $-0.14 | $-0.56 | $-1.59 | $-0.72 | $-0.73 | $-0.62 |
| EPS (Diluted) | $1.75 | $-0.53 | $1.20 | $-0.10 | $-0.14 | $-0.56 | $-1.59 | $-0.72 | $-0.73 | $-0.62 |
| Shares Outstanding (Diluted) | $30.5M | $30.4M | $35.8M | $8.2M | $8.2M | $7.8M | $8.2M | $20.3M | $26.6M | $33.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$24000 | 0 |
| Operating Income | -$5.3M | -$5.3M | -$4.7M | -$5.1M |
| EBITDA | -$5.2M | -$5.3M | -$4.7M | -$5.1M |
| Net Income | -$5.3M | -$5.3M | -$4.7M | -$5.0M |
| EPS | $-0.15 | $-0.15 | $-0.12 | $-0.10 |
| EPS (Diluted) | $-0.15 | $-0.15 | $-0.12 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $23.1M | $36.0M | $80.9M | $5000 | $24000 | $13.2M | $3.6M | $16.2M | $2.4M | $4.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $26.9M | $38.5M | $52.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | $5.2M | $5.3M | $7.3M | 0 | 0 | 0 | 0 | 0 | 0 | $103000 |
| Total Current Assets | $59.6M | $90.1M | $146.7M | $7000 | $51000 | $14.0M | $4.0M | $16.8M | $2.8M | $4.7M |
| Property, Plant & Equipment | $25.8M | $49.2M | $48.4M | $56.4M | 0 | 0 | 0 | $256000 | $450000 | $1.1M |
| Goodwill | $41.1M | $223.1M | $238.8M | $301.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $33.5M | $141.7M | $129.7M | $129.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $199.0M | $524.6M | $586.8M | $7000 | $51000 | $14.0M | $4.0M | $17.1M | $3.3M | $5.8M |
| Accounts Payable | $12.4M | $13.2M | $18.2M | $24.2M | $474000 | $587000 | $1.7M | $556000 | $531000 | $1.1M |
| Short-term Debt | $1.2M | $2.0M | $5.1M | $42000 | $4.3M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $31.5M | $51.0M | $49.6M | $354000 | $4.8M | $588000 | $1.7M | $1.2M | $1.6M | $3.2M |
| Long-term Debt | $23.9M | $197.3M | $193.4M | $3.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $60.1M | $274.9M | $276.3M | $3.7M | $4.8M | $588000 | $1.7M | $1.2M | $1.6M | $3.2M |
| Retained Earnings | -$142.7M | -$158.7M | -$115.9M | -$3.7M | -$4.8M | -$9.2M | -$22.2M | -$36.8M | -$56.3M | -$77.3M |
| Total Equity | $138.9M | $250.8M | $310.5M | -$3.7M | -$4.8M | $13.4M | $2.4M | $15.9M | $1.7M | $2.6M |
| Total Debt | $25.2M | $199.4M | $198.5M | $3.4M | $4.3M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | $2.1M | $163.3M | $117.7M | $3.4M | $4.3M | -$13.2M | -$3.6M | -$16.2M | -$2.4M | -$4.4M |
| Working Capital | $28.1M | $39.2M | $97.0M | -$347000 | -$4.8M | $13.4M | $2.4M | $15.6M | $1.1M | $1.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.9M | $4.4M | $2.0M | $8.7M |
| Total Assets | $2.9M | $5.8M | $3.9M | $10.6M |
| Total Liabilities | $2.5M | $3.2M | $3.3M | $2.5M |
| Total Equity | $406000 | $2.6M | $635000 | $8.2M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $53.4M | -$16.0M | $42.8M | -$536000 | -$1.1M | -$4.4M | -$13.0M | -$14.6M | -$19.4M | -$21.0M |
| Depreciation & Amortization | $14.3M | $28.6M | $40.2M | 0 | 0 | 0 | 0 | 0 | $7000 | $40000 |
| Stock-based Compensation | $6.5M | $7.7M | 0 | 0 | $10000 | $192000 | $1.1M | $3.2M | $4.3M | $5.1M |
| Change in Working Capital | $4.9M | $11.1M | $57.9M | $76000 | $182000 | -$1.1M | $1.9M | -$662000 | $671000 | $1.6M |
| Operating Cash Flow | $38.9M | $23.8M | $72.7M | -$218000 | -$600000 | -$3.2M | -$9.9M | -$12.1M | -$14.5M | -$14.0M |
| Capital Expenditure | -$10.9M | -$13.7M | -$24.6M | 0 | 0 | 0 | 0 | -$256000 | -$201000 | -$600000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $28.0M | $10.1M | $48.1M | -$218000 | -$600000 | -$3.2M | -$9.9M | -$12.3M | -$14.7M | -$14.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$3.2M | -$2.9M | -$3.6M | -$3.3M |
| Capital Expenditure | -$82000 | -$416000 | -$246000 | -$249000 |
| Free Cash Flow | -$3.2M | -$3.3M | -$3.9M | -$3.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.4M | $1.4M | $1.2M | $1.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +37.7% | +39.3% | -100.0% | | | | | | |
| Net Income Growth (YoY) | | -129.9% | +368.4% | -101.3% | -99.3% | -314.6% | -192.7% | -12.9% | -32.9% | -8.1% |
| EPS Growth (YoY) | | -127.7% | +326.4% | -107.9% | -46.9% | -300.0% | -183.9% | +54.7% | -1.4% | +15.1% |
| Shares Change (YoY) | | -0.3% | +17.8% | -77.2% | +0.0% | -4.4% | +4.6% | +148.9% | +31.0% | +26.5% |
| FCF Growth (YoY) | | -63.9% | +377.0% | -100.5% | -175.2% | -438.3% | -208.0% | -24.1% | -18.8% | +0.6% |
| Gross Margin | 62.1% | 60.1% | 62.7% | | | | | | | |
| Operating Margin | 17.2% | 13.0% | 21.0% | | | | | | | |
| EBITDA Margin | 14.4% | 8.5% | 23.0% | | | | | | | |
| Net Margin | 25.6% | -5.6% | 10.7% | | | | | | | |
| FCF Margin | 13.4% | 3.5% | 12.0% | | | | | | | |
| Effective Tax Rate | -238.9% | -64.9% | -0.9% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.92 | $0.33 | $1.34 | $-0.03 | $-0.07 | $-0.41 | $-1.22 | $-0.61 | $-0.55 | $-0.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $27.9M | $30.4M | $35.8M | $8.2M | $8.2M | $7.8M | $8.2M | $20.3M | $26.6M | $33.7M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -686.78% |
| Return on Invested Capital | -249.58% |
| Return on Assets | -190.81% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.66 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -15.18 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 2.46 | -8.85 | 3.91 | -49.21 | -33.50 | -5.50 | -3.07 | -3.26 | -3.15 | -3.87 |
| P/B | 0.94 | 0.57 | 0.54 | -10.28 | -8.01 | 1.79 | 16.79 | 3.00 | 37.05 | 31.08 |
| P/S | 0.63 | 0.50 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 62.1% | 60.1% | 62.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 17.2% | 13.0% | 21.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 25.6% | -5.6% | 10.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |