HeartSciences Inc. (HSCS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Sep 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HSCS SEC filings page.
HeartSciences Inc. (HSCS) reported $4K in revenue for fiscal year 2026, down 0.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not sales growth, is carrying a small operation whose fixed operating costs overwhelm gross profit.
Revenue stayed essentially flat from FY2025 to FY2026 while gross margin improved from56.8% to59.1% . Even with that improvement, operating cash flow remained near-$7.4M in both years, indicating expense scale—not gross economics—is absorbing the business.
The cash-flow shape is unusually clear: FY2026 free cash flow was
Financing supplied
Financial Health Signals
HeartSciences Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
HeartSciences Inc. scores -26.00, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($20.8M) relative to total liabilities ($5.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
HeartSciences Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
HeartSciences Inc. reported a net loss of $9.1M while operations used $7.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
HeartSciences Inc. reported an operating loss of $8.4M against $753K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
HeartSciences Inc. generated $2K in revenue in Q1 2027. This represents an increase of 10.5% from the same quarter a year earlier.
HeartSciences Inc.'s EBITDA was -$2.9M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 57.1% from the same quarter a year earlier.
HeartSciences Inc. reported -$3.2M in net income in Q1 2027. This represents a decrease of 54.4% from the same quarter a year earlier.
Not reported for Q1 2027.
Cash & Balance Sheet
HeartSciences Inc. held $1.7M in cash as of Q1 2027; long-term debt is not reported for that period.
HeartSciences Inc. paid $0.00 per share in dividends in Q1 2027.
Not reported for Q1 2027.
Margins & Returns
HeartSciences Inc.'s gross margin was 63.8% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is up 3.8 percentage points from the same quarter a year earlier.
HeartSciences Inc.'s ROE was -1403.3% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 1337.9 percentage points from the same quarter a year earlier.
Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
HeartSciences Inc. invested $907K in research and development in Q1 2027. This represents a decrease of 9.1% from the same quarter a year earlier.
Not reported for Q1 2027.
Not reported for Q1 2027.
HSCS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2K+10.5% | N/A | $0 | $2K | $2K | N/A | $0-100.0% | N/A |
| Cost of Revenue | $7600.0% | N/A | $0 | $1K | $760 | N/A | $0-100.0% | N/A |
| Gross Profit | $1K+17.5% | N/A | $0 | $1K | $1K | N/A | $0-100.0% | N/A |
| R&D Expenses | $907K-9.1% | N/A | $639K-38.2% | $727K-39.4% | $997K-18.6% | N/A | $1.0M+102.8% | $1.2M+58.3% |
| SG&A Expenses | $2.0M+131.6% | N/A | $1.3M-3.6% | $1.3M+71.5% | $878K+3.2% | N/A | $1.3M+30.4% | $786K-3.6% |
| Operating Income | -$2.9M-56.8% | N/A | -$1.9M+18.7% | -$2.1M-4.5% | -$1.9M+9.7% | N/A | -$2.4M-55.5% | -$2.0M-26.4% |
| EBITDA | -$2.9M-57.1% | N/A | -$1.9M+18.7% | -$2.1M-4.7% | -$1.9M+9.5% | N/A | -$2.4M-55.5% | -$2.0M-26.3% |
| Interest Expense | $235K+28.1% | N/A | $62K-65.7% | $280K+137.7% | $184K+715.4% | N/A | $179K+51.5% | $118K-34.1% |
| Net Income | -$3.2M-54.4% | N/A | -$2.0M+21.7% | -$2.4M-12.9% | -$2.1M-0.2% | N/A | -$2.5M-54.3% | -$2.1M-19.1% |
| EPS (Basic) | -$0.86+45.6% | -$0.87+53.7% | -$0.63+75.5% | -$0.85+62.6% | -$1.58+40.2% | -$1.88-1809.1% | -$2.57+14.6% | -$2.27+85.7% |
| EPS (Diluted) | N/A | N/A | N/A | -$0.85 | -$1.58 | -$1.88 | -$2.57 | -$2.27 |
| Diluted Shares (Avg) | N/A | N/A | N/A | 3M | 1M | N/A | 986,057 | 917,445 |
Not reported in any period shown, so not listed: Income Tax.
HSCS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.3M-18.2% | $5.3M+24.6% | $4.2M-26.0% | $6.0M-22.9% | $6.4M-21.4% | $4.2M-55.6% | $5.7M-47.2% | $7.8M+228.4% |
| Current Assets | $2.6M-41.5% | $2.6M+18.9% | $2.2M-40.2% | $3.8M-33.3% | $4.4M-27.3% | $2.2M-70.5% | $3.6M-58.2% | $5.7M+213.9% |
| Cash & Equivalents | $1.7M-40.7% | $1.7M+50.6% | $1.1M-57.7% | $2.0M-51.8% | $2.8M-35.7% | $1.1M-81.1% | $2.6M-63.3% | $4.1M+3946.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $656K+0.9% | $656K+0.8% | $650K-0.3% | $657K+0.7% | $650K+1.0% | $650K+3.4% | $652K-2.7% | $653K-3.2% |
| Accounts Receivable | $0 | N/A | $4K | N/A | N/A | $4K | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.0M+52.8% | $5.0M+25.4% | $4.0M+2.6% | $1.8M-51.8% | $3.3M+46.0% | $4.0M+83.8% | $3.9M+80.8% | $3.8M-6.4% |
| Current Liabilities | $4.9M+61.3% | $4.9M+31.3% | $3.7M+3.7% | $1.6M-52.6% | $3.0M+123.0% | $3.7M+111.4% | $3.6M+109.3% | $3.3M-6.5% |
| Non-Current Liabilities | $176K-37.7% | $176K-44.2% | $315K-9.1% | $247K-46.0% | $282K-68.9% | $315K-27.5% | $346K-25.0% | $458K-6.0% |
| Total Equity | $226K-92.8% | $226K+10.2% | $205K-88.5% | $4.2M+4.1% | $3.1M-47.1% | $205K-97.2% | $1.8M-79.3% | $4.0M+343.5% |
| Retained Earnings | -$85.3M-9.1% | -$85.3M-12.0% | -$76.1M-2.8% | -$80.5M-12.6% | -$78.2M-12.6% | -$76.1M-13.0% | -$74.0M-13.0% | -$71.5M-11.9% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
HSCS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M+32.5% | -$1.7M-5.4% | -$1.5M+9.7% | -$2.3M-6.9% | -$2.0M+3.2% | -$1.6M-0.9% | -$1.6M+22.9% | -$2.2M-121.0% |
| Depreciation & Amortization | $6K-11.0% | $7K-10.0% | $7K+15.1% | $7K-42.6% | $7K-40.1% | $8K-18.3% | $6K+61.6% | $12K+60.0% |
| Stock-Based Compensation | $739K+323.3% | N/A | N/A | N/A | $175K+220.0% | N/A | N/A | N/A |
| Capital Expenditures | N/A | $0 | -$9K | N/A | N/A | $0-100.0% | $0-100.0% | N/A |
| Free Cash Flow | N/A | -$1.7M-5.4% | -$1.5M+9.1% | N/A | N/A | -$1.6M+2.1% | -$1.6M+23.2% | N/A |
| Investing Cash Flow | -$280K-34311.2% | $0+100.0% | -$28K-77.5% | -$16K-169.9% | -$814+2.3% | -$8K+88.7% | -$16K+68.1% | -$6K-199.3% |
| Financing Cash Flow | -$28K-100.8% | -$64K-163.7% | $2.9M+1529.6% | $1.5M-20.7% | $3.6M+561.3% | $100K-73.5% | $180K-98.0% | $1.9M+269.5% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
HSCS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.8%+3.8pp | N/A | N/A | 58.3% | 60.0% | N/A | N/A | N/A |
| Operating Margin | -139956.7% | N/A | N/A | -85713.2% | -98637.8% | N/A | N/A | N/A |
| Net Margin | -151064.0% | N/A | N/A | -97179.4% | -108157.6% | N/A | N/A | N/A |
| Return on Equity | -1403.3%-1337.9pp | N/A | -967.6%-825.6pp | -56.2%-4.4pp | -65.4%-30.8pp | N/A | -141.9%-122.9pp | -51.9% |
| Return on Assets | -60.3%-28.4pp | N/A | -47.0%-2.5pp | -39.2%-12.4pp | -31.9%-6.9pp | N/A | -44.5%-29.3pp | -26.8%+47.0pp |
| Current Ratio | 0.53-0.9x | 0.53-0.1x | 0.59-0.4x | 2.42+0.7x | 1.47-3.0x | 0.59-3.6x | 1.02-4.1x | 1.72+1.2x |
| Debt-to-Equity | 22.28+21.2x | 22.28+2.7x | 19.58+17.4x | 0.43-0.5x | 1.05+0.7x | 19.58+19.3x | 2.19+1.9x | 0.94 |
| Asset Turnover | 0.000.0x | N/A | 0.000.0x | 0.00 | 0.00 | N/A | 0.000.0x | N/A |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.53), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| HeartSciences Inc. HSCS | FY2026 | $4K | -$9.1M | N/A | $20.8M | — |
| BIOMERICA INC BMRA | FY2026 | $4.5M | -$3.8M | -84.8% | $10.3M | 44/100 |
| PAVmed Inc. PAVM | FY2025 | $71K | -$3.8M | N/A | $26.6M | — |
| ReShape Lifesciences, Inc. RSLS | FY2025 | $320K | -$10.3M | N/A | $7.6M | — |
| STRATA SKIN SCIENCES INC SSKN | FY2025 | $30.7M | -$6.3M | -20.4% | $1.1M | — |
| DIH HOLDINGS US INC A DHAI | FY2025 | $62.9M | -$8.7M | -13.8% | $1.6M | — |
Where HeartSciences Inc. Ranks
Frequently Asked Questions
What is HeartSciences Inc.'s annual revenue?
HeartSciences Inc. (HSCS) reported $4K in total revenue for fiscal year 2026. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is HeartSciences Inc.'s revenue growing?
HeartSciences Inc. (HSCS) revenue declined by 0.7% year-over-year, from $4K to $4K in fiscal year 2026.
Is HeartSciences Inc. profitable?
No, HeartSciences Inc. (HSCS) reported a net income of -$9.1M in fiscal year 2026.
What is HeartSciences Inc.'s EBITDA?
HeartSciences Inc. (HSCS) had EBITDA of -$8.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is HeartSciences Inc.'s gross margin?
HeartSciences Inc. (HSCS) had a gross margin of 59.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is HeartSciences Inc.'s return on equity (ROE)?
HeartSciences Inc. (HSCS) has a return on equity of -4044.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is HeartSciences Inc.'s free cash flow?
HeartSciences Inc. (HSCS) recorded an outflow of $7.4M in free cash flow during fiscal year 2026. This represents a -0.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is HeartSciences Inc.'s operating cash flow?
HeartSciences Inc. (HSCS) recorded an outflow of $7.4M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are HeartSciences Inc.'s total assets?
HeartSciences Inc. (HSCS) had $5.3M in total assets as of fiscal year 2026, including both current and long-term assets.
What are HeartSciences Inc.'s capital expenditures?
HeartSciences Inc. (HSCS) invested $4K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does HeartSciences Inc. spend on research and development?
HeartSciences Inc. (HSCS) invested $2.8M in research and development during fiscal year 2026.
What is HeartSciences Inc.'s current ratio?
HeartSciences Inc. (HSCS) had a current ratio of 0.53 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is HeartSciences Inc.'s debt-to-equity ratio?
HeartSciences Inc. (HSCS) had a debt-to-equity ratio of 22.28 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is HeartSciences Inc.'s return on assets (ROA)?
HeartSciences Inc. (HSCS) had a return on assets of -173.7% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is HeartSciences Inc.'s P/E ratio?
HeartSciences Inc. (HSCS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $20.8M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is HeartSciences Inc.'s price-to-sales ratio?
HeartSciences Inc. (HSCS) has no price-to-sales ratio at the moment: outside the range published as a multiple (on $4K revenue, FY2026). The market capitalization is $20.8M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does HeartSciences Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, HeartSciences Inc. (HSCS) held $1.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $7.4M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is HeartSciences Inc.'s Altman Z-Score?
HeartSciences Inc. (HSCS) has an Altman Z-Score of -26.00, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is HeartSciences Inc.'s Piotroski F-Score?
HeartSciences Inc. (HSCS) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are HeartSciences Inc.'s earnings high quality?
HeartSciences Inc. (HSCS) reported a net loss of $9.1M while operations used $7.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can HeartSciences Inc. cover its interest payments?
HeartSciences Inc. (HSCS) reported an operating loss of $8.4M against $753K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.