SANTA CLARA, Calif. - HeartBeam, Inc. (NASDAQ: BEAT), a company specializing in cardiac care technology, has announced the addition of Lance Myers, PhD, to its executive team as Chief Artificial Intelligence Scientist. Dr. Myers, renowned for his contributions to digital health data analytics and biosensor technologies, is set to enhance the company's strategic growth and innovation in AI applications.
The appointment comes as HeartBeam continues to develop its AI capabilities, aiming to elevate the accuracy and personalization of cardiac care. The company's core technology, which captures the heart’s electrical signals in three dimensions, is the basis for its FDA-under-review, cable-free, credit card-sized device that synthesizes a 12-lead ECG.
Dr. Myers' role will be crucial in advancing HeartBeam's AI technology to analyze the rich data captured by their device, potentially offering a longitudinal view of a patient’s cardiac health, a significant advancement from the current snapshot provided by traditional 12-lead ECGs.
Branislav Vajdic, PhD, CEO and Founder of HeartBeam, expressed confidence in Dr. Myers' ability to make an immediate impact on the company's efforts to transform cardiac care. Vajdic highlighted the company's progress in combining HeartBeam AI with a vector-based approach, which has shown equivalent performance to a 12-lead ECG and improved atrial flutter detection over single-lead ECGs.
Dr. Myers, acknowledging the honor and challenge of his new position, remarked on the potential of combining HeartBeam's technology with advanced AI to deliver groundbreaking solutions for cardiac management, including diagnostics, screening, predictive analytics, and patient management.
With 13 issued US patents and 4 international patents, HeartBeam is positioned to potentially redefine the future of cardiac health management by enabling physicians to identify health trends and acute conditions outside of medical facilities.
Prior to joining HeartBeam, Dr. Myers served as AI Advisor to the company and has held significant roles at Verily Life Sciences (formerly Google (NASDAQ:GOOGL) Life Sciences), XAI.health, Sentrian, VivoSense, Boston Neurosciences, and Vivometrics. He remains active in the field as a board member and scientific advisor for various organizations.
The information provided in this article is based on a press release statement from HeartBeam, Inc.
In other recent news, HeartBeam Inc., a developer of advanced cardiac diagnostic technology, reported a net loss of $5 million for the second quarter, up from $3.2 million in the previous year. Despite the financial loss, the company has made significant strides in its technological development, successfully completing the VALID-ECG study and preparing for a second FDA submission for its AI algorithms. These algorithms have shown effectiveness in detecting atrial flutter, a significant development in the field.
HeartBeam has also appointed Timothy Cruickshank as its new Chief Financial Officer. Cruickshank, with over 15 years of experience in public companies, is expected to strengthen the company's financial foundation. His previous role as CFO of ImpediMed saw him transforming the company's business model to a high-margin Software-as-a-Service (SaaS) platform.
Analysts at Benchmark have reiterated their Speculative Buy rating on HeartBeam, maintaining their $8.00 price target. Their confidence in HeartBeam's long-term financial prospects is underpinned by the anticipated success of its vectorelectrocardiography (VECG) technology and the forthcoming AIMIGo System. The AIMIGo System, pending FDA clearance, is projected to launch by the end of 2024.
HeartBeam is also preparing for a limited launch of its AIMIGo system by the end of 2024, pending FDA clearance. The AIMIGo system, utilizing AI to enhance deep learning algorithms, has shown promise in studies, successfully detecting atrial flutter. These recent developments reflect HeartBeam's commitment to integrating AI into cardiac care and disrupting various markets with AI-driven cardiac diagnostic technology.
InvestingPro Insights
As HeartBeam, Inc. (NASDAQ: BEAT) welcomes Dr. Lance Myers to spearhead advancements in AI for cardiac care, the company's financial health and market performance provide additional context for investors. With a market capitalization of $54.19 million, HeartBeam is navigating the competitive landscape of medical technology. A notable InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which can be a positive sign for its financial stability and potential for sustained R&D investment.
However, investors should be aware that HeartBeam is not currently profitable, as reflected in its negative P/E ratio of -3.55. This is further emphasized by an adjusted P/E ratio for the last twelve months as of Q2 2024 at -3.2, suggesting that the company has faced challenges in generating net earnings relative to its share price. Additionally, with a Price/Book ratio of 6.22, the company is trading at a higher multiple than the book value of its assets, which may indicate a premium on the price based on investor expectations for future growth.
Another InvestingPro Tip indicates that HeartBeam is quickly burning through cash, which is a critical consideration for investors given the company's focus on developing innovative technologies that may require significant capital. For those interested in a deeper analysis, InvestingPro offers additional tips on HeartBeam, Inc., providing a comprehensive view of its financial health and market position.
For further insights and tips on HeartBeam, Inc., investors can visit https://www.investing.com/pro/BEAT, where several additional InvestingPro Tips are available to help guide investment decisions.
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