HeartSciences reports Q1 loss and updates

• HeartSciences reported a fiscal first-quarter 2027 net loss of $3.2 million with no meaningful revenue.
• The company provided an update on its planned Fortitude Mining Holdings business combination expected in Q4 2026.
• HeartSciences expanded MyoVista Insights commercialization efforts and added an FDA-cleared AI-ECG algorithm.

HeartSciences (NASDAQ:HSCS) reported fiscal first-quarter 2027 results with no meaningful revenue, a net loss of $3.2 million, and progress updates on its proposed business combination with Fortitude Mining Holdings.

The company’s operating loss increased to $2.9 million from $1.9 million in the prior-year quarter, while results included transaction-related costs and expenses linked to commercialization activities.

HeartSciences reported approximately $0.5 million in incremental legal and professional costs related to the Fortitude transaction, about $0.5 million in non-cash share-based compensation, and a $0.3 million inventory reserve related to the MyoVista wavECG device.

HeartSciences said the proposed Fortitude Mining Holdings merger is expected to close in the fourth quarter of 2026, subject to completion conditions, while the company also raised about $2.2 million through equity funding and completed a $0.2 million debt-for-equity exchange after the quarter ended.

HeartSciences develops cardiac diagnostic technologies, including the MyoVista wavECG device and MyoVista Insights platform designed to support heart disease assessment.

The company said it signed its first U.S. MyoVista Insights commercial agreements, added its first third-party FDA-cleared AI-ECG algorithm, and expanded its patent portfolio to more than 45 granted patents.