HeartBeam Inc (NASDAQ:BEAT) Reports Q3 2025 Earnings Miss, Focuses on Key FDA Clearance

HeartBeam Inc (NASDAQ:BEAT) has reported its financial results for the third quarter of 2025, delivering figures that largely fell short of analyst expectations. The medical technology firm, still in its pre-revenue commercial stage, continues to burn cash as it progresses toward the anticipated launch of its cardiac monitoring technology.

Earnings and Revenue Versus Estimates

The company's financial performance for the quarter reflects its ongoing development status, with no revenue generated against analyst expectations. The loss per share was also wider than what the market had projected.

• Revenue: Reported $0.0 million, compared to an analyst estimate of $0.89 million.
• Earnings Per Share (EPS): Reported a loss of $0.15 per share, which was greater than the estimated loss of $0.1319 per share.

This earnings miss comes as the company continues to invest heavily in research and development and prepare for its commercial launch, pending key regulatory clearance.

Financial Health and Operational Highlights

The quarterly report underscores a company in a critical investment phase, prioritizing regulatory milestones and commercial readiness over immediate profitability.

Financial Performance:

• Research and development expenses increased to $3.3 million, up from $2.9 million in the prior-year period, reflecting continued investment in the HeartBeam System.
• The net loss for the quarter was $5.3 million, compared to a net loss of $5.0 million for Q3 2024.
• Cash and cash equivalents totaled $1.9 million as of September 30, 2025. The company highlighted that net cash used in operating activities decreased by 8% quarter-over-quarter to $3.2 million.

Key Operational Milestones: Management emphasized several positive developments that form the core of the investment thesis, rather than providing a specific financial outlook for the coming quarters. The most significant near-term catalyst remains the potential FDA clearance of its 12-lead ECG synthesis software.

• The company is in the final stage of FDA review for the 510(k) submission of its 12-lead ECG synthesis software for arrhythmia assessment, with clearance expected by the end of the year.
• Commercial readiness plans are accelerating in anticipation of this FDA clearance. A partnership with HeartNexus, Inc. was announced to provide cardiologist reviews of synthesized ECGs.
• The company's intellectual property portfolio was strengthened with three new patents issued in the quarter, bringing the global total to 24. A third-party report recognized HeartBeam as the #2 global leader in 12-lead ECG innovation out of 243 companies analyzed.
• ROTH Capital recently initiated coverage on HeartBeam with a Buy rating and a $4 price target.

Market Reaction and Analyst Estimates

The market's reaction to the earnings report has been negative, reflecting the wider-than-expected loss and the company's ongoing cash burn as it approaches its commercial launch. The stock traded lower in after-hours activity following the release.

Looking ahead, analyst estimates for the upcoming quarter and full year reflect the uncertainty surrounding the timing of the company's first commercial revenue.

• Q4 2025 Estimates: Analysts project a loss of $0.12852 per share on sales of $1.22 million.
• Full-Year 2025 Estimates: A loss of $0.58854 per share on sales of $2.11 million is forecasted.

The absence of formal financial guidance from the company in its press release means that investor focus will remain squarely on the achievement of operational milestones, most notably the FDA decision expected by year-end.

For a detailed breakdown of past and future earnings estimates for HeartBeam Inc, you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. The information presented is based on publicly available sources and should not be relied upon as the sole basis for an investment decision.