HeartBeam, Inc. (BEAT) Q2 2023 Earnings Call Transcript


HeartBeam, Inc. (NASDAQ:BEAT) Q2 2023 Earnings Conference Call August 10, 2023 4:30 PM ET

Company Participants

Branislav Vajdic – Founder & Chief Executive Officer

Robert Eno – President

Richard Brounstein – Chief Financial Officer

Conference Call Participants

Ben Haynor – Alliance Global Partners

Operator

Greetings and welcome to the HeartBeam Second Quarter 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

At this time, I’ll turn the call over HeartBeam, Chief Executive Officer, Branislav Vajdic. Please go ahead, sir.

Branislav Vajdic

Thank you, operator and good afternoon, everyone. I’m pleased to welcome you to today’s second quarter 2023 financial results conference call. On today’s call, we will be relating some very important updates about our business and our products.

Recently, we completed $26.5 million in funding which will enable us to execute on upcoming product development, clinical and regulatory milestones and extends our cash runway into late 2024. With this funding, we took the opportunity to adjust our strategic focus to enable timely delivery of our ambulatory vector electrocardiogram, or VECG, products, our key future value drivers.

Our first step is to obtain a 510-K FDA clearance for the HeartBeam AIMIGo VECG device. This application was submitted to the FDA in May and we will be following this with a second FDA application on the system’s ability to synthesize a 12-Lead ECG. Given this strategic focus on our AIMIGo system, we withdrew the 510-K application for our AIMI product which is a software applied to 12-Lead ECG in the emergency department. This will allow us to devote all of our resources and energy to products that are being powered for our 12-Lead ECG into the hands of patients and outside of a medical facility.

We just announced the publication of our first peer-reviewed paper, a



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