HeartBeam (NASDAQ:BEAT) said it is advancing its limited commercial launch while pursuing several clinical and product development initiatives, including a 12-lead ECG patch, heart attack detection studies and artificial intelligence algorithms, according to management comments on the company’s first-quarter 2026 earnings call.
Chief Executive Officer Rob Eno said the company signed its first commercial partnership in the first quarter with ClearCardio, giving HeartBeam a presence in New York City, Dallas and South Florida. He said the company has since added Atelier Health, a Beverly Hills concierge practice led by physicians affiliated with Cedars-Sinai, extending its footprint to Southern California.
Commercial Launch Focused on Concierge and Preventive Cardiology
HeartBeam is launching a portable, cable-free ECG system designed for at-home use. The company said the system can synthesize a 12-lead ECG from signals captured in three dimensions and is supported by U.S.-based board-certified cardiologists available around the clock to interpret ECGs and triage patients. The system has received two FDA clearances for arrhythmia assessment.
Chief Commercial Officer Bryan Humbarger said the first half of 2026 is focused on validating the company’s premium value proposition, refining systems and processes, signing and onboarding anchor accounts, and proving the efficiency of its commercialization model.
Humbarger said HeartBeam now has flagship accounts in its four initial target markets: New York City, Dallas, South Florida and Southern California. He said the company is working directly with ClearCardio and Atelier Health on rollout planning, workflow integration and implementation processes.
In response to an analyst question, Humbarger said the company is still targeting an annual subscription fee in the range of $750 to $1,000 and has not seen early pushback on that pricing. He said HeartBeam is focused on reaching patients in the preventive concierge market, with management previously identifying 30,000 patients as a break-even point.
Chief Financial Officer Tim Cruickshank said early accounts can range from 400 to 4,000 patients, and that a middle-case example of 2,000 patients could translate to 500 to 1,000 patients adopting HeartBeam technology. He said that, at $750 to $1,000 annually, such an account could represent $750,000 to $1 million in annual revenue if adoption reaches those levels, while emphasizing he was speaking generally and not about the first two accounts specifically.
12-Lead Patch Study Underway
Eno said HeartBeam has completed a working prototype of its on-demand 12-lead patch, which the company believes can compete in the ambulatory cardiac monitoring market. He described that market as a $2 billion revenue opportunity with existing reimbursement.
The patch is designed to continuously record a patient’s heart rhythm with a single lead, while allowing the patient to place two fingers on the device to record a synthesized 12-lead ECG. Eno said existing extended-wear patches generally use one to three leads and are limited to arrhythmia detection and monitoring.
HeartBeam has initiated a pilot clinical study in Europe aimed at demonstrating the patch’s ability to detect ischemia. The study is expected to enroll about 50 patients at high risk of coronary artery disease. Participants will undergo exercise stress testing while wearing the HeartBeam patch, and the synthesized 12-lead ECG will be compared with a standard 12-lead ECG recorded at the same time.
Eno said the study will help inform the company’s regulatory strategy for the patch. He also said HeartBeam remains in discussions with industry players about a potential partnership to bring the patch to market.
Heart Attack Detection and AI Efforts Advance
HeartBeam is also working to expand the indication of its system into heart attack detection. Eno said the company has enrolled the first patient in its ALIGN-ACS pilot study, which compares the HeartBeam ECG to a standard 12-lead ECG in emergency department patients presenting with chest pain. He said enrollment is ahead of schedule and is expected to complete by the end of the third quarter of 2026.
During the Q&A portion of the call, Eno said ALIGN-ACS is expected to enroll approximately 100 to 120 patients and will help guide discussions with the FDA on the design of a pivotal study.
Eno also discussed the HEADSTART-ACS study in Indonesia, which he said will have a broadly similar design and is expected to enroll about 500 patients. He said the study is sponsored by the government of Indonesia and is largely paid for by the government.
The company is also developing AI algorithms for myocardial infarction detection and wellness applications. Eno said HeartBeam’s collaboration with Mount Sinai pairs Mount Sinai’s AI and clinical expertise with HeartBeam’s 3D ECG signal collection technology.
Eno said HeartBeam plans to develop a deep learning model trained on ECGs taken when patients present with chest pain, including data on which patients ultimately require revascularization. He said the company believes such an algorithm could help identify both ST-elevation myocardial infarctions and more subtle non-ST-elevation myocardial infarctions.
First-Quarter Financial Results and Cash Position
For the first quarter of 2026, HeartBeam reported a net loss of $4.7 million and net cash used in operating activities of $3.6 million. Cruickshank said operating cash outflow was down 19% compared with the same quarter a year earlier.
The company ended March 31, 2026, with just over $2 million in cash. Cruickshank said HeartBeam strengthened its balance sheet in April through an underwritten public offering of common stock that generated $10 million in gross proceeds before costs, plus an additional $1.5 million from the underwriter’s exercise of an over-allotment option.
Including the net proceeds from the offering and over-allotment, Cruickshank said HeartBeam would have had a pro forma cash balance of approximately $12.4 million. He said the financing was led by ClearCardio, along with executive leadership, board members, existing investors and several institutional investors.
Cruickshank said the company now expects 2026 cash outflow to be below $16 million, down from a prior expectation of $17 million to $19 million, citing a more measured approach to commercial hiring. He said the company expects some revenue and cash receipts from customers in the second quarter, but added that the first half of the year is not primarily a revenue story.
“We’re focused on driving the right partners to this technology, proving deep adoption so that we have a repeatable, scalable model for the long term,” Cruickshank said.
Eno closed the call by saying HeartBeam is pursuing multiple value-creation opportunities in 2026, including the limited commercial launch, heart attack detection studies, the 12-lead patch and AI development through its Mount Sinai collaboration.
About HeartBeam (NASDAQ:BEAT)
BioTelemetry, Inc, a remote medical technology company, provides remote cardiac monitoring, remote blood glucose monitoring, centralized core laboratory services for clinical trials, and original equipment manufacturing services for healthcare and clinical research customers worldwide. It operates in two segments, Healthcare and Research. The Healthcare segment focuses on the remote cardiac monitoring to identify cardiac arrhythmias or heart rhythm disorders. This segment offers mobile cardiac telemetry services; and event monitoring services, which enable physicians to prescribe wireless event, digital loop event, memory loop event, memory loop event, and non-loop event monitors.
