Mission Statement, Vision, & Core Values (2024) of HeartBeam, Inc. (BEAT)

An Overview of HeartBeam, Inc. (BEAT)

General Overview of HeartBeam, Inc. (BEAT)

HeartBeam, Inc. is a cardiac technology company established in 2015, focusing on developing and commercializing advanced Electrocardiogram (ECG) solutions. The company is headquartered in Santa Clara, California, and aims to enable the detection and monitoring of cardiac diseases outside traditional healthcare settings through its proprietary Vector Electrocardiography (VECG) technology. HeartBeam's VECG technology provides three-dimensional representations of cardiac electrical activity, offering diagnostic capabilities that are equal to or superior to conventional hospital-based ECG systems. The company filed a 510(k) submission in 2023 for its initial product, a patient-held VECG device designed for ambulatory use, capable of synthesizing a 12-lead ECG for physician review.

As of 2024, HeartBeam is actively pursuing FDA clearance for its innovative products while expanding its market reach. The company continues to develop its telehealth capabilities, which are increasingly relevant in the context of remote patient monitoring.

Company's Financial Performance in Latest Financial Reports

HeartBeam reported a net loss of $14.5 million for the nine months ended September 30, 2024, compared to a net loss of $10.8 million during the same period in 2023, marking an increase of 35% year-over-year. The increase in losses was primarily attributed to rising operating expenses, which totaled $14.9 million for the nine months ended September 30, 2024, up from $11.2 million in the previous year. This reflects a 33% increase in total operating expenses, driven mainly by a significant rise in research and development expenses.

The company's research and development expenses surged by approximately 71%, totaling $8.2 million for the nine months ended September 30, 2024, compared to $4.8 million in the prior year. General and administrative expenses also increased by 6%, reaching $6.8 million for the same period.

HeartBeam's cash position as of September 30, 2024, stood at approximately $5.8 million, a decrease from $16.2 million at the end of the previous fiscal year. This decline reflects a net cash used in operating activities of $10.3 million during the nine months ended September 30, 2024. The company only generated $105,000 from financing activities during this period, a stark contrast to the $25 million generated in the previous year from equity sales.

HeartBeam: A Leader in Cardiac Technology

HeartBeam, Inc. is positioned as a leader in the cardiac technology sector, leveraging its innovative VECG technology to enhance cardiac disease detection and monitoring. The company's commitment to research and development, coupled with its strategic focus on telehealth solutions, places it at the forefront of industry advancements.

As HeartBeam continues to seek FDA clearance for its groundbreaking products, it is expected to play a significant role in the future of remote cardiac monitoring. The company's ability to raise capital and navigate the regulatory landscape will be crucial for its ongoing success and market leadership.

Mission Statement of HeartBeam, Inc. (BEAT)

Company's Mission Statement Overview

HeartBeam, Inc. (BEAT) articulates its mission statement to emphasize its commitment to transforming cardiac care through innovative technology. The mission is aimed at guiding the company's strategic initiatives and long-term goals, focusing on enhancing patient outcomes by developing advanced telehealth solutions for cardiac monitoring.

Core Component 1: Innovation

HeartBeam's dedication to innovation is reflected in its proprietary Vector Electrocardiography (VECG) technology, which enables the creation of three-dimensional representations of cardiac electrical activity. This technology aims to provide diagnostic capabilities that are equal to or superior to traditional hospital-based ECG systems. As of September 30, 2024, the company has made significant strides in this area, with research and development expenses totaling approximately $8.2 million for the nine months ended September 30, 2024, representing a 71% increase compared to the same period in the previous year.

Core Component 2: Accessibility

HeartBeam emphasizes accessibility in its mission to make cardiac monitoring more available to patients outside traditional healthcare settings. The company is developing a patient-held VECG device that will synthesize a 12-lead ECG for physician review, aiming to enhance accessibility to cardiac monitoring for patients in various environments. This initiative aligns with the company's goal to improve patient care through technology, as evidenced by the net loss of $14.5 million during the nine months ended September 30, 2024, reflecting ongoing investments in making these technologies accessible.

Core Component 3: Patient-Centric Approach

A patient-centric approach is central to HeartBeam’s mission. The company seeks to empower patients by providing them with advanced tools to monitor their heart health. This commitment is evident in the significant increase in general and administrative expenses, which rose to approximately $6.8 million for the nine months ended September 30, 2024, driven by efforts to enhance customer engagement and support.

HeartBeam, Inc. continues to focus on these core components as it advances its mission statement. The company's financial commitments reflect its strategic priority to innovate, improve accessibility, and maintain a patient-centered approach in the rapidly evolving landscape of cardiac care technology.

Vision Statement of HeartBeam, Inc. (BEAT)

Vision Statement Overview

HeartBeam, Inc. (Ticker: BEAT) aims to revolutionize cardiac care through innovative technology that enhances the detection and monitoring of heart disease. The company focuses on delivering high-resolution ambulatory Electrocardiogram (ECG) solutions that empower patients and healthcare providers alike.

Commitment to Innovation

HeartBeam is dedicated to advancing its proprietary Vector Electrocardiography (VECG) technology, which allows for the generation of three-dimensional representations of cardiac electrical activity. This innovative approach aims to provide diagnostic capabilities that are equal to or superior to traditional hospital-based ECG systems.

Focus on Accessibility

HeartBeam envisions a future where cardiac monitoring is accessible to everyone, regardless of their location. The company is developing a patient-held VECG device that will enable remote monitoring of heart conditions, facilitating timely medical intervention.

Collaboration and Partnerships

HeartBeam recognizes the importance of strategic partnerships in achieving its vision. The company has engaged in collaborations with clinical research organizations and technology partners to enhance its product offerings and expedite the development process.

Financial Overview

As of September 30, 2024, HeartBeam reported a cash balance of approximately $5.8 million, a decrease from $16.2 million at the end of 2023. The company incurred a net loss of $14.5 million for the nine months ended September 30, 2024. Operating expenses totaled $14.9 million, a 33% increase compared to $11.2 million in the same period in 2023.

Market Position and Future Goals

HeartBeam aims to secure FDA clearance for its initial telehealth products, which will be pivotal in its commercialization strategy. The company filed a 510(k) submission in 2023 for its VECG device and plans further submissions for additional products. The focus on regulatory compliance and product validation is critical for the company’s growth trajectory.

Commitment to Patient-Centric Solutions

HeartBeam's vision is anchored in a patient-centric approach, emphasizing the need for technologies that improve patient outcomes and enhance the quality of care. The company is focused on ensuring that its solutions are user-friendly and effectively integrated into patients' daily lives.

Core Values of HeartBeam, Inc. (BEAT)

Innovation

The core value of Innovation at HeartBeam, Inc. emphasizes the continuous pursuit of new ideas and advanced technologies in cardiac monitoring. This commitment is demonstrated through the development of their proprietary Vector Electrocardiography (VECG) technology, which enables higher resolution ECG solutions.

In 2024, HeartBeam has made significant strides in innovation by filing a 510(k) submission for its patient-held VECG device. Their technology has been validated through studies showing diagnostic capabilities that rival traditional systems. As of September 30, 2024, the company holds 17 issued patents worldwide, with 13 patents in the U.S. and numerous pending applications, underscoring their commitment to protecting and advancing their innovations.

Integrity

Integrity is a cornerstone of HeartBeam's operations, guiding their interactions with stakeholders and ensuring transparency in their processes. The company maintains strict adherence to ethical standards, particularly in clinical trials and regulatory submissions.

In 2024, HeartBeam has prioritized transparency by publicly sharing its financial results, including a net loss of $14.5 million for the nine months ended September 30, 2024, and detailing its cash flow challenges. The company reported a cash balance of approximately $5.8 million, highlighting their commitment to keeping investors informed about their financial health.

Collaboration

The value of Collaboration is integral to HeartBeam's strategy, fostering partnerships that enhance their research and development efforts. The company collaborates with various organizations to refine its technology and expand its market reach.

For example, HeartBeam entered into a professional services agreement with Triple Ring Technologies, Inc., committing approximately $1.7 million to co-develop their telehealth solutions. Additionally, they have engaged a Clinical Research Organization (CRO) for project management and monitoring of clinical trials, with total costs expected to be around $0.9 million.

Excellence

Excellence reflects HeartBeam's dedication to high standards in product development and operational efficiency. The company aims to provide superior cardiac monitoring solutions that improve patient outcomes.

In 2024, HeartBeam's operational expenses reached $14.9 million, driven largely by research and development costs amounting to $8.2 million for the first nine months. This investment illustrates their commitment to excellence in developing advanced medical technologies.

Customer Focus

HeartBeam places a strong emphasis on Customer Focus, ensuring that their products meet the needs of healthcare providers and patients alike. The company is dedicated to delivering innovative solutions that enhance patient care.

As part of their customer-centric approach, HeartBeam is actively preparing for the commercialization of their 12L ECG synthesizing device, which aims to provide a portable solution for heart monitoring. Their technology is designed to be user-friendly, catering to the needs of both patients and healthcare professionals.

Updated on 16 Nov 2024

Resources:

1. HeartBeam, Inc. (BEAT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of HeartBeam, Inc. (BEAT)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View HeartBeam, Inc. (BEAT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.