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HeartSciences

HSCS
1
Medical - Devices · Healthcare
Price
$3.73
+0.37 (+11.01%)
after-hours:$3.83+2.68%
Market Cap
$8.1M
Exchange
NASDAQ Capital Market
Winston Score
1
Winston is worried
Weak fundamentals across most pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Sep 4, 2026 · filings through Jan 31, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Weak
Valuation
Data not available
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Share count rising — dilution

+7810.5% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 33K (2022) → 2.6M (2025)

§Winston Score History

The full picture

HeartSciences is a small medical device company that makes a specialized electrocardiogram (ECG) machine called the MyoVista wavECG. This device is designed to help doctors detect heart problems earlier than traditional ECG machines by using advanced signal processing technology. The company primarily targets hospitals, clinics, and physician offices in the United States.

HeartSciences plans to generate revenue by selling and leasing its MyoVista devices, along with related supplies and services. The company is still in a very early commercial stage, with minimal revenue and significant operating losses as it works toward broader regulatory clearances and market adoption. Its key growth driver is obtaining FDA clearance for expanded clinical uses of the MyoVista, but the company faces substantial risks including limited cash resources, unproven commercial demand, and competition from large established medical device makers with far greater scale and distribution networks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+75.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2.8B/ year

↑ Rising (+64627% vs prior year)

>1,000% of revenue

3651838.1x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

9.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$1.7B cash & investments at current burn rate

Heavy R&D investment

HeartSciences is putting 65733086% of revenue into R&D and that number is rising. That's 3651838.1x the sector average. With 10+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-2982.1%
Thin — -2982.1% gross margin
Profit after running costs
Operating Margin
-194787.4%
Losing money on operations — -194787.4%
Return on the money invested
ROCE
-0.2%
Weak — -0.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-0.7%
Shrinking sales (-0.7% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
N/A
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-172983.5%
Burning cash (-172983.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
16.06
Heavy debt load (16.06)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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