Heart Test Laboratories, Inc. (HSCS) AI Stock Analysis

Headquartered in Southlake, Texas, Heart Test Laboratories, Inc. is a medical technology company specializing in cardiovascular diagnostic devices. Established in 2007, the company develops the MyoVista wavECG, a resting 12-lead electrocardiograph (ECG) designed to provide traditional resting ECG data alongside diagnostic insights into cardiac dysfunction. The company caters to clinics, doctor's offices, urgent care centers, and hospitals to assist healthcare professionals with the early detection and management of cardiovascular conditions. In addition to its flagship device, the company conducts research and development to expand its cardiovascular diagnostic portfolio.

Heart Test Laboratories generated annual revenue of $14,373 in FY2022, $5,150 in FY2023, and $18,600 in FY2024 before revenue fell 76.6% to $4,350 in FY2025 and fell 0.7% to $4,319 in FY2026. Net losses widened over this period, reporting net income of -$4.8M in FY2022, -$6.4M in FY2023, -$6.6M in FY2024, -$8.8M in FY2025, and -$9.1M in FY2026. For FY2026, gross margin was -2982.1% and operating margin was -194787.4%. Across the five years from FY2021 to FY2026, revenue CAGR was -29.9%. Over the trailing twelve months ended July 31, 2026, revenue stood at $4,519, with quarterly revenue growing 10.5% year-over-year.

As of July 31, 2026, Heart Test Laboratories held $29.9M in cash and short-term investments against total debt of $4.0M, resulting in net cash of $25.9M. Total assets stood at $3.7M, and the current ratio was 0.12. The balance sheet reflects negative shareholders' equity of -$2.0M. For FY2026, operating cash flow was -$7.4M and free cash flow was -$7.5M, while capital expenditures totaled $44,452. Over five years, the company's share count increased 10984.3%.

Heart Test Laboratories trades at a price-to-book ratio of 70.8x, with a market capitalization of $14.6M and an enterprise value of $25.9M. Due to operating losses, trailing and forward price-to-earnings multiples are not meaningful, whereas the median of its US-listed Healthcare peers trades at a trailing P/E of 24.6x, a forward P/E of 17.3x, and a price-to-sales ratio of 4.1x. Over the past year, HSCS shares fell 11.3%, trailing the S&P 500 (SPY) return of 16.8%.

Wall Street analyst coverage includes 1 Buy rating, with 0 Strong Buy, 0 Hold, 0 Sell, and 0 Strong Sell ratings. The mean price target is $12.00, representing a 297.4% premium compared to the last close of $3.02. For the fiscal year ending April 30, 2027, the consensus revenue estimate is $17,100 with an EPS estimate of -$2.46. For the next fiscal year, 1 analyst forecasts revenue of $3.1M and an EPS of -$1.75. The company beat EPS estimates in 2 of the last 4 quarters.

This page is an AI-written research summary of Heart Test Laboratories, Inc. (HSCS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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