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1. Exact Sciences for heart disease diagnostics, focusing on advanced ECG analysis for earlier detection.

2. A specialized GE Healthcare, dedicated to making standard ECG machines significantly smarter for detecting heart disease.

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• MyoVista® ECG Device: A medical device that utilizes proprietary Wavelet Signal Processing™ technology to provide advanced detection and assessment of myocardial dysfunction.

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HeartSciences (symbol: HSCS) primarily sells its MyoVista wavECG™ device to other companies, operating on a Business-to-Business (B2B) model.

Based on their latest public filings, such as the 10-K for the fiscal year ended December 31, 2022, HeartSciences has explicitly stated that no single customer accounted for 10% or more of its revenue during that period. Consequently, HeartSciences does not have specific, publicly disclosed "major customers" by name, as its sales are distributed across a network of purchasers rather than concentrated with a few large entities.

Their customer base primarily consists of the following categories of organizations:

• Healthcare Providers: This category includes hospitals, cardiology clinics, physician offices, and other medical facilities that acquire and utilize the MyoVista wavECG™ device for the diagnostic assessment of heart disease in their patients.
• Medical Device Distributors: HeartSciences partners with a network of medical device distributors. These companies purchase the MyoVista wavECG™ devices from HeartSciences and then resell them to the various healthcare providers mentioned above, both domestically and internationally.

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Andrew Simpson, Chairman and Chief Executive Officer

Andrew Simpson has almost 30 years' experience across a wide variety of business sectors and sizes, from small entrepreneurial ventures to large corporate and public companies. He served as Group CEO of the Peel Group, a large private company in the U.K. with approximately $8 billion of business assets, from 2006 to 2010. During his tenure, he led a strategic restructuring, strengthened and created key divisional teams, introduced key partners into several divisions (including the sale of stakes in its £1.6 billion ports business and £200 million airport business), materially increased liquid assets by approximately £500 million, divested non-core assets, and managed £3 billion of debt funding across multiple facilities. From 2003 to 2006, he was a main board director of Speedy Hire plc. (a FTSE 250 company), where he was responsible for its development and expansion, which included seventeen acquisitions and several non-core divestments that saw the share price quadruple in value. Andrew qualified as a Chartered Accountant with Price Waterhouse and spent eight years in investment banking at Rothschild, advising on a wide variety of M&A transactions, debt and equity fundraisings, IPOs, and shareholder value issues. He was appointed CEO of HeartSciences in March 2022.

Danielle Watson, Chief Financial Officer

Danielle Watson is a CPA with over 15 years of financial experience. She has served as HeartSciences' Financial Controller since November 2021. Before joining HeartSciences, Ms. Watson held senior leadership roles at Moss Adams, LLP from November 2007 to November 2021, where she provided audit and assurance services to both public and privately held companies, with an emphasis on financial reporting, consolidations, strategic planning, purchase price accounting, and SEC reporting.

Mark Hilz, Chief Operating Officer

Mark Hilz brings over 30 years of experience as a President/CEO of multiple successful startup companies. He previously served as CEO of INX, a technology infrastructure consulting company he was asked to start as a subsidiary for a public company. Founded in 2000, INX grew to $400 million in revenue with 15 offices, 2,000 customers, and 500 employees, was traded on NASDAQ, completed multiple offerings, and was successfully sold to private equity in December 2011. Prior to that, Mr. Hilz founded and ran PC Service Source, a technology logistics outsourcing firm, as CEO. This company grew to over $160 million in revenue with 1,100 employees within an 8-year span. Mr. Hilz raised startup capital from traditional venture capital sources and, after four years of operations, successfully took the company public in an IPO on NASDAQ, followed by a successful public offering. His experience includes raising venture capital, multiple successful public offerings, and numerous M&A transactions as both a buyer and a seller.

Aaron Peterson, VP Research and Development

Aaron Peterson serves as the Vice President of Research and Development for HeartSciences.

Isabella Schmitt, VP Clinical and Regulatory Affairs

Isabella Schmitt possesses a diverse background encompassing regulatory affairs, clinical trial design and management, product management, and quality assurance. She has guided regulatory, quality, and clinical initiatives for over 100 successful regulatory filings and FDA interactions. Additionally, she has authored articles for multiple publications, participated in numerous podcasts, and engaged in speaking opportunities covering regulatory affairs submissions and interactions for medical devices and AI/ML in healthcare.

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The key risks to HeartSciences (HSCS) are primarily centered around its financial viability and the successful commercialization of its products.

1. Financial Instability and Lack of Revenue: HeartSciences has consistently reported no meaningful revenue across recent fiscal periods, including the second quarter of fiscal year 2026 and all of fiscal year 2025. This lack of revenue, coupled with significantly increasing operational costs (such as a 103% increase in Research and Development expenses in Q3 2025), raises substantial concerns about the company's long-term sustainability and cash flow. The net loss has continued to widen, and the company has highlighted liquidity concerns, with cash and cash equivalents reported at approximately $2.0 million as of October 31, 2025, a decrease from earlier periods.
2. Regulatory Approval Delays and Commercialization Setbacks: A significant risk for HeartSciences is the potential for delays and hurdles in obtaining necessary regulatory approvals for its product candidates, specifically the MyoVista wavECG device, which has been submitted to the FDA for 510(k) clearance. Such delays have already led to a drastic reduction in the company's projected revenue for FY2026, from an initial estimate of $1.2 million down to $0.1 million. Uncertainties surrounding the timeline for regulatory clearances directly impact the company's ability to commercialize its key products and generate revenue.
3. Reliance on External Funding and Shareholder Dilution: Given the ongoing lack of significant revenue and widening net losses, HeartSciences has a substantial reliance on external funding sources to sustain its operations and advance its technologies. The company has engaged in strategic financial maneuvers, including preferred stock offerings and converting debt into equity, which may lead to increased dilution for existing shareholders. This continued need for external capital to fund operations without a clear path to profitability poses a risk of further dilution and impacts the company's financial flexibility.

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The clear emerging threat for HeartSciences is the rapid advancement and increasing clinical adoption of artificial intelligence (AI) and machine learning algorithms for the interpretation of standard 12-lead electrocardiograms (ECGs). These AI solutions are demonstrating growing capabilities in detecting a wide range of cardiac conditions, including myocardial ischemia, often with accuracy comparable to, or even exceeding, human interpretation or specialized signal processing technologies. If these AI algorithms become ubiquitous and highly accurate in extracting diagnostic information from any standard ECG machine, they could diminish the unique value proposition of HeartSciences' MyoVista® wavECG™ device, which relies on its proprietary signal processing to identify similar conditions. This threat is analogous to how new software platforms and algorithms can disrupt specialized hardware or fixed proprietary solutions by leveraging more accessible data and general-purpose computing power.

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HeartSciences (HSCS) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily centered around its AI-powered electrocardiogram (ECG) technology and associated platforms:

1. Commercialization and Adoption of MyoVista Insights™ Software Platform: HeartSciences successfully launched MyoVista Insights, a cloud-native software platform designed to modernize legacy ECG management systems and serve as a marketplace for AI-ECG algorithms. The platform began a phased rollout in May 2025 at early adopter reference sites. Its ability to integrate with existing ECG devices and hospital EHR systems without requiring new hardware makes adoption seamless and cost-efficient. The company aims for MyoVista Insights to become the first cloud-native ECG management software stack in a multi-billion dollar market.
2. Launch and FDA Clearance of New AI-ECG Algorithms: HeartSciences is developing and seeking regulatory clearance for additional AI-ECG algorithms. Specifically, the company targets FDA submission in the first half of calendar year 2026 for its first cloud-based algorithm for detecting reduced ejection fraction, with potential clearance later that year. Furthermore, HeartSciences has already received FDA Breakthrough Device Designation for its aortic stenosis ECG algorithm. These new diagnostic algorithms, when cleared, are expected to expand the clinical utility and market penetration of the MyoVista Insights platform.
3. FDA Clearance and Commercialization of MyoVista® wavECG™ Device: The MyoVista® wavECG™ device is HeartSciences' first product candidate for FDA clearance, a resting 12-lead ECG designed to provide diagnostic information related to cardiac dysfunction, traditionally only available through cardiac imaging, alongside conventional ECG information. The company is preparing for FDA 510(k) submission for this device. Obtaining FDA approval and subsequently commercializing the MyoVista wavECG device is a significant expected revenue driver.
4. Favorable Reimbursement Landscape for AI-ECG: The Centers for Medicare & Medicaid Services (CMS) have approved CPT reimbursement codes for AI-ECG, covering algorithms provided by MyoVista Insights at $128 per test, using any compatible ECG device. This enhanced reimbursement framework is expected to support AI-ECG adoption across the healthcare system by benefiting key stakeholders and is a crucial factor for future revenue growth.

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Share Issuance

• HeartSciences raised $3.1 million through a Regulation A+ offering and converted $0.9 million of debt to equity in fiscal year 2025.
• An offering statement was filed in May 2025 for up to 4,285,714 units of Series D Convertible Preferred Stock at $3.50 per unit, representing a maximum offering amount of $15,000,000.
• The net common equity issued was $10 million in 2024 and $7 million in 2023.

Inbound Investments

• The company raised $3.1 million through a Regulation A+ offering in fiscal year 2025.
• A $15 million offering of Series D Convertible Preferred Stock was approved in May 2025.

Capital Expenditures

• HeartSciences reported significant capital expenditures of $125.27 million in 2022.
• Capital expenditures also included $30.19 million in 2021 and $27.01 million in 2020.
• These expenditures are focused on the advancement of AI-based technology for ECGs, specifically the MyoVista wavECG device and the MyoVista Insights™ cloud-native software platform.