Heartsciences Inc. is a US-listed company in the health care equipment industry. Its financial year ends in April.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Heartsciences has little or no product revenue yet; it used $7m of cash in the twelve months to July 2026. The diluted share count is up 200.7% on a year earlier, which dilutes existing holders.
Our models give no value for Heartsciences at present, so past values are not shown.
Source: 10-Q filed September 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 87 health care equipment companies we cover. Where it lags: operating margin of -209733.1% ranks 132 of 132 health care equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.6% while net income fell 17.0%: a 25pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Heartsciences Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
We value Heartsciences Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — 0 | Does not apply: no positive value |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Heartsciences Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.46 | +29% | $17100 | +296% |
| Next | −$1.75 | +29% | $3m | +18321% |
The consensus EPS forecast for the current fiscal year is −12.9% on 90 days ago. In the last 30 days, 1 analyst raised Heartsciences Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.83 | −$1.93 |
| 60 days ago | −$2.62 | −$1.93 |
| 30 days ago | −$2.62 | −$1.86 |
| 7 days ago | −$2.46 | −$1.86 |
| Now | −$2.46 | −$1.75 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | −$0.72 | −$0.86 | −19.4% |
| Apr 2026 | −$0.67 | −$0.87 | −29.8% |
| Jan 2026 | −$0.88 | −$0.63 | +28.4% |
| Oct 2025 | −$1.27 | −$0.85 | +33.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| HSCS | −80% | −78% | −19% | −3% |
| Industry peers (median) | −8% | −19% | −16% | −15% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| HSCS | 17% | 25% | 58% | 36% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| HSCS | −96% | −86% | −62% | −54% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since June 16, 2022: 100% from February 3, 2023 to May 29, 2026. Getting back needed a 20259% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| September 15, 2026 | +7.1% | −0.9% | +30.2% | −14.7% |
| July 29, 2026 | −8.0% | +0.1% | +0.9% | +38.1% |
| March 16, 2026 | +3.2% | +1.3% | −3.8% | −22.9% |
| December 15, 2025 | −9.4% | −0.4% | −8.2% | +25.5% |
| September 11, 2025 | −9.2% | +0.8% | +6.3% | +5.4% |
| July 24, 2025 | +2.9% | +0.5% | −18.5% | −4.7% |
| March 13, 2025 | −0.8% | +0.7% | −2.0% | +16.6% |
| December 16, 2024 | +2.2% | 0.0% | −1.8% | −7.9% |
| September 12, 2024 | +7.8% | +1.4% | +9.6% | +19.9% |
| July 29, 2024 | −16.4% | −0.4% | −30.9% | −29.3% |
| March 14, 2024 | +7.6% | −0.9% | +1.7% | −12.7% |
| December 14, 2023 | +9.3% | +0.2% | −2.5% | −16.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $14.4K |
| FY23 Q1 | $10.1K |
| FY23 Q2 | $10.1K |
| FY23 Q3 | $9.3K |
| FY23 Q4 | $5.2K |
| FY26 Q2 | $8.7K |
| FY26 Q3 | $8.7K |
| FY26 Q4 | $4.3K |
| FY27 Q1 | $4.5K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | -32765.6% |
| FY23 Q1 | -54168.4% |
| FY23 Q2 | -62276.7% |
| FY23 Q3 | -69815.2% |
| FY23 Q4 | -118698.3% |
| FY26 Q2 | -95044.3% |
| FY26 Q3 | -89939.6% |
| FY26 Q4 | -194787.4% |
| FY27 Q1 | -209733.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q2 | -50130.8% |
| FY23 Q3 | -55004.9% |
| FY23 Q4 | -112463.8% |
| FY26 Q2 | -86496.2% |
| FY26 Q3 | -84678.7% |
| FY26 Q4 | -171954.3% |
| FY27 Q1 | -150303.1% |
| Fiscal year | 2022 Apr 2022 | 2023 Apr 2023 | 2024 Apr 2024 | 2025 Apr 2025 | 2026 Apr 2026 | LTM Jul 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −5 | −6 | −6 | −8 | −8 | −9 |
| Operating income | −5 | −6 | −6 | −8 | −8 | −9 |
| Net income | −5 | −6 | −7 | −9 | −9 | −10 |
| Diluted EPS | −$1.45 | −$80.00 | −$18.74 | −$9.34 | — | −$3.19 |
| Growth (year on year) | ||||||
| Revenue | — | −64.2% | +261.2% | −76.6% | −0.7% | — |
| Margins | ||||||
| Gross margin | 45.1% | 45.7% | 67.3% | 56.8% | 59.1% | 60.9% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||
| Cash from operations | −4 | −6 | −6 | −7 | −7 | −7 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −4 | −6 | −6 | −7 | −7 | −7 |
| Stock-based pay | 0 | 0 | 0 | 0 | 1 | 2 |
| Free cash flow after stock pay | −4 | −6 | −7 | −8 | −9 | −9 |
| Balance sheet | ||||||
| Cash | 1 | 2 | 6 | 1 | 2 | 0 |
| Total debt | 6 | 1 | 1 | 3 | 4 | 4 |
| Net debt (negative = net cash) | 5 | −1 | −5 | 1 | 2 | 4 |
| Diluted shares | — | — | — | — | 3m | 3m |
| Quarter | 2024 Q4 Apr 2024 | 2025 Q3 Jan 2025 | 2025 Q4 Apr 2025 | 2026 Q1 Jul 2025 | 2026 Q2 Oct 2025 | 2026 Q3 Jan 2026 | 2026 Q4 Apr 2026 | 2027 Q1 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 4 | 2 | 2 | 0 | 0 | 2 |
| Gross profit | 0 | 0 | 2 | 1 | 1 | 0 | 0 | 1 |
| EBITDA | −1,871 | −2,365 | −1,913 | −1,867 | −2,066 | −1,922 | −2,530 | −2,933 |
| Operating income | −1,880 | −2,371 | −1,920 | −1,874 | −2,073 | −1,929 | −2,536 | −2,939 |
| Net income | −1,846 | −2,536 | −2,094 | −2,055 | −2,351 | −1,985 | −2,751 | −3,172 |
| Diluted EPS | $0.11 | −$2.57 | −$1.88 | −$1.58 | −$0.85 | — | — | — |
| Growth (year on year) | ||||||||
| Revenue | — | −100.0% | — | — | — | — | −100.0% | +10.5% |
| Diluted EPS | — | — | <−999% | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | — | — | 56.8% | 60.0% | 58.3% | — | — | 63.8% |
| EBITDA margin | — | — | <−999% | <−999% | <−999% | — | — | <−999% |
| Operating margin | — | — | <−999% | <−999% | <−999% | — | — | <−999% |
| Net margin | — | — | <−999% | <−999% | <−999% | — | — | <−999% |
| Free-cash-flow margin | — | — | <−999% | — | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −1,577 | −1,620 | −1,591 | −1,953 | −2,334 | −1,463 | −1,677 | −1,319 |
| Capital spending | 49 | 0 | 0 | — | — | −9 | 0 | — |
| Free cash flow | −1,626 | −1,620 | −1,591 | — | — | −1,453 | −1,677 | — |
| Stock-based pay | 78 | 55 | 96 | 175 | 437 | 376 | 325 | 739 |
| Free cash flow after stock pay | −1,704 | −1,675 | −1,687 | — | — | −1,829 | −2,001 | — |
| Last 12 months unless stated | HSCS | CUPR | POAS | PAVM | NXL | QTEX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4519 | $38204 | $102806 | $112000 | $217155 | $289000 | $99m |
| Revenue growth, last 12 months | −64.2% | 5.6% | −18.2% | −89.0% | 24.2% | — | 9.2% |
| Revenue growth, 3-year average | — | — | — | −49.6% | −30.6% | — | 13.5% |
| Revenue growth, latest quarter | 10.5% | — | — | 450.0% | −82.8% | — | 10.2% |
| Gross margin | 60.9% | −1.3% | 13.1% | −220.5% | 86.2% | 0.7% | 61.2% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −8.5% |
| Operating margin, 3-year average | <−999% | — | — | <−999% | <−999% | — | −17.9% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −12.0% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −1.9% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −3.9% |
| Free-cash-flow margin, 3-year average | — | — | — | <−999% | <−999% | — | −7.0% |
| Stock pay / revenue | >999% | — | — | >999% | >999% | >999% | 6.1% |
| Change in share count | 200.7% | 13.7% | 19.7% | 14.0% | 52.1% | 60.0% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Operating margin Profitability | -209733.1% | -8.3% | 132 of 132 |
| Net margin Profitability | -227024.2% | -12.0% | 133 of 133 |
| Stock pay as % of revenue Cash generation | 41529.4% | 6.1% | 123 of 123 |
| Long-term debt as % of assets Balance sheet | 0.0% | 24.2% | 1 of 87 |
| Change in share count Balance sheet | 200.7% | 3.3% | 114 of 115 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Tfb Advisors LLC | $74,647 | 30K | 19.3% | 0.0% |
| Geode Capital Management, LLC | $57,852 | 23K | 15.0% | ▼ 20.4% |
| Astoria Strategic Wealth, Inc. | $47,507 | 19K | 12.3% | 0.0% |
| Vanguard Capital Management LLC | $45,100 | 18K | 11.7% | 0.0% |
| Vanguard Fiduciary Trust Co | $43,270 | 17K | 11.2% | 0.0% |
| Tradition Wealth Management, LLC | $42,216 | 17K | 10.9% | 0.0% |
| Citadel Advisors LLC | $36,365 | 14K | 9.4% | New |
| Citigroup Inc | $14,706 | 6K | 3.8% | New |
| UBS Group AG | $14,588 | 6K | 3.8% | ▼ 10.3% |
| Tower Research Capital LLC (TRC) | $3,936 | 2K | 1.0% | ▼ 23.5% |
| Blackrock, Inc. | $1,882 | 1K | 0.5% | New |
| Federation Des Caisses Desjardins Du Quebec | $1,757 | 1K | 0.5% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Heartsciences Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around December 14, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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