Q2 2026 HeartBeam Inc Earnings Call

August 13, 2026

Operator 2: Greetings, and welcome to the HeartBeam Q2 2026 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions, but only as of the date of this presentation.

Operator: Greetings, and welcome to the HeartBeam Q2 2026 Financial Results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions, but only as of the date of this presentation.

Speaker #1: A question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded. Before we begin, the formal presentation I would like to remind everyone that statements made on the call and webcast may include predictions estimates or other information that might be considered forward-looking.

Speaker #1: While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially.

Speaker #1: You are cautioned not to place undue reliance on these forward-looking statements. Which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

Operator 2: Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results crossed the wire this afternoon and is available in the investor relations section of our company's website, heartbeam.com. Your hosts today, Richard Ferrari, Executive Chairman, Branislav Vajdic, Founder and President, and Tim Cruickshank, Chief Financial Officer, will present results of operations for the Q2 ended 30 June 2026.

Operator: Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results crossed the wire this afternoon and is available in the investor relations section of our company's website, heartbeam.com. Your hosts today, Richard Ferrari, Executive Chairman, Branislav Vajdic, Founder and President, and Tim Cruickshank, Chief Financial Officer, will present results of operations for the Q2 ended 30 June 2026.

Speaker #1: Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks.

Speaker #1: Particularly under the heading risk factors. A press release detailing these results crossed the wire this afternoon and is available in the investor relations section of our company's website.

Speaker #1: heartbeam.com. Your host today, Richard Ferrari, Executive Chairman, Branislav Vajdic, Founder and President, and Tim Cruickshank, Chief Financial Officer, will present results of operations for the second quarter ended June 30th, 2026.

Speaker #1: At this time, I will turn the call over to HeartBeam Executive Chairman, Mr. Richard Ferrari.

Operator 2: At this time, I will turn the call over to HeartBeam Executive Chairman, Mr. Richard Ferrari.

Operator: At this time, I will turn the call over to HeartBeam Executive Chairman, Mr. Richard Ferrari.

Speaker #2: Good afternoon, everyone, and thank you for taking the time. I know your schedule is very busy. We have a nice tight presentation to provide for you and the agenda as you can see.

Richard Ferrari: Good afternoon, everyone, and thank you for taking the time. I know your schedules are very busy. We have a nice tight presentation to provide for you and the agenda, as you can see. I will walk through those elements, the core technology, our highlights, heart attack detection, our initial commercial launch, and the financials. If we go to the next slide. Are we on the next slide?

Speaker #2: I will walk through those elements: the core technology, our highlights, part-time protection, our initial commercial launch, and the financials. So, if we go to the next slide.

Speaker #2: Are we on the next—We're on the next slide?

Speaker #3: Yes. We are.

Tim Cruickshank: Yes, we are.

Speaker #2: Yeah. Just if you could, because I can't see whether or not we're we've moved to the next slide, just let me know that, okay, that slide is up.

Richard Ferrari: Yeah. If you could, because I cannot see whether or not we have moved to the next slide, just let me know that, okay, that slide is up. As you can see from this slide, this to me really frames what really gets all of us at HeartBeam incredibly excited. It is the fact that every 40 seconds someone suffers from a heart attack. Our technology, which is utilizing TriCore signal capturing technology, is the only true way to evaluate the real extent of that trauma. To reach as many of these patients as possible, we have developed and tested three different form factors, each with a unique approach. As you already know, the card fits into the post-discharge space where many patients, we feel, will find comfort knowing they have a way to monitor their heart health.

Speaker #2: As you can see from this slide, this, to me, really frames what gets all of us at HeartBeam incredibly excited. It's the fact that every 40 seconds, someone suffers from a heart attack.

Speaker #2: Our technology, which is utilizing Tricor signal capturing technology, is the only true way to evaluate the real extent of that trauma. To reach as many of these patients as possible, we've developed and tested three different form factors, each with a unique approach.

Speaker #2: As you already know, the card fits into the post-discharge space, where many patients, we feel, will find comfort knowing they have a way to monitor their heart health.

Speaker #2: The patch fits into the emergency room, workflow, and in-hospital monitoring of at-risk cardiac patients, greatly reducing the time required to obtain a medical-grade 12-lead EKG and have that information ready to read in near real time.

Richard Ferrari: The patch fits into the emergency room workflow and in-hospital monitoring of at-risk cardiac patients, greatly reducing the time required to obtain a medical-grade 12-lead EKG and have that information ready to read in near real-time. The HeartBeam remote unit, which fits the needs of a device that patients can have access to in remote locations. I will touch base a little bit more as we go through the presentation on this. But as you can see, the card is on the far left, and this particular form factor is just simply ideal for the post-discharge monitoring. That is patients that leave the hospital and need some way to feel some peace of mind at home, in which they feel something, they can take a reading, they have near real-time response to that via the 24-hour reading service, and they can have something that is actionable.

Speaker #2: And the HeartBeam remote, unit which fits the needs of the device that patients can have access to in remote locations. And I will touch base a little bit more as we go through the presentation on this.

Speaker #2: But as you can see, the card is on the far left, and this particular form factor is simply ideal for post-discharge monitoring. That is, patients that leave the hospital and need some way to feel some peace of mind at home.

Speaker #2: In which they feel something, they can take a reading, they have near time response to that via the 24-hour reading service, and they can have something that's actionable.

Speaker #2: They can determine what they need to do via that reading from the physician. Beyond Demand Patch is probably the most exciting form factor from my perspective.

Richard Ferrari: They can determine what they need to do via that reading from the physician. The on-demand patch is probably the most exciting form factor from my perspective. This is a device that has extended monitoring with an on-demand 12-lead capability. So it covers two things, 24-hour monitoring as well as, once again, two fingers on those two electrodes, north and south that you see in that picture. You get a medical-grade 12-lead EKG. This device is, we will be positioning this device for emergency room departments and post-procedure in-hospital monitoring. For example, patients that go into the hospital that have an ablation procedure, that came into the emergency room having a myocardial infarction, someone that has had cardiac surgery, someone that has received stents. Many of these patients are held in the hospital for a day or two and then moved to a step-down unit.

Speaker #2: This is a device that has extended monitoring with an on-demand 12-lead capability. So it covers two things: 24-hour monitoring, as well as, once again, two fingers on those two electrodes—north and south—that you see in that picture.

Speaker #2: And you get a medical-grade 12-lead EKG. This device is we will be physicians with this device for emergency room departments, and post-procedure in-hospital monitoring.

Speaker #2: For example, patients that go into the hospital that have an ablation procedure, that came into the emergency room having a myocardial infarction, someone that's had cardiac surgery, someone that's received stents.

Speaker #2: Many of these patients are held in the hospital for a day or two and then moved to a step-down unit. Just imagine the fact that all they would need to do is have a patch and literally the nurse or the physician can just ask the patient to put two fingers onto those electrodes and they would get a near real time a true 12-lead EKG reading.

Richard Ferrari: Just imagine the fact that all they would need to do is have a patch, and literally the nurse or the physician can just ask the patient to put two fingers onto those electrodes, and they would get, in near real time, a true 12-lead EKG reading. This fits into the workflow and eliminates a lot of time that finding an EKG tech to come up from a floor, put on the sticky devices and so forth. We see this as just completely disrupting really the entire space. You have heard us talk about the HeartBeam remote unit. This is a form factor, again, using all the same technology. This is the form factor that we are currently using over in Indonesia, and we will touch base on that, so that we can have patients almost anywhere where they are access and an understanding of what is going on with their heart health.

Speaker #2: This fits into the workflow and eliminates a lot of time that finding an EKG tech to come up from a floor, put on the sticky devices, and so forth.

Speaker #2: We see this as just completely disrupting, really, the entire space. And you've heard us talk about the HeartBeam remote unit. This is a form factor, again, using all the same technology.

Speaker #2: This is the form factor that we're currently using over in Indonesia. And we'll touch base on that. So that we can get patients, almost anywhere where they are, access.

Speaker #2: And an understanding of what's going on with their heart health. Next slide, please. Okay, if we look at the—yep, I have it. If we look at the HeartBeam core technology and platform, every medical device company spends a great deal of time building a moat around their intellectual property.

Richard Ferrari: Next slide, please. Okay. If we look at the, Yep, I have it. If we look at the HeartBeam core technology and platform, every medical device company spends a great deal of time building a moat around their intellectual property. Well, that is exactly what HeartBeam has been doing. We now have 25 issued patents worldwide that are incorporating our proprietary technology, the TriCore 3D signal reconstruction. Essentially, we have the single best signal-capturing device for the interrogation of an EKG signal. That provides us with enormous opportunities to change the way patients will be interfacing with their physicians and their own personal cardiac health. As I think most of you know, this has been clinically validated. We have run numerous studies, which I will touch on before.

Speaker #2: Well, that's exactly what HeartBeam's been doing. We now have 25 issued patents worldwide that are incorporating our proprietary technology, the Tricor 3D signal reconstruction.

Speaker #2: Essentially, we have the single best signal capturing device for the interrogation of an EKG signal. That provides us with enormous opportunities to change the way patients will be interfacing with their physicians and their own personal cardiac health.

Speaker #2: And as I think most of you know, this has been clinically validated. We have run numerous studies which I'll touch on before. The FDA has cleared us for arrhythmic assessment.

Richard Ferrari: The FDA has cleared us for arrhythmic assessment, and the body of evidence supporting expansion into heart attack detection and future indications is currently going on. I will also touch base in a minute on where we are with that initiative. We have now done hundreds and hundreds and hundreds of patients using our current technology. We do not see it as a product. Of course, we see what we are doing as a platform because you can see that the technology is embedded into three different form factors. This opportunity addresses a fundamental gap in the care by providing clinical-grade 12-lead EKGs through multiple form factors. There is just no other technology that we are aware of that does exactly what we are doing. We have designed it, again, this architecture that we are using to enable our card to be used in the patch.

Speaker #2: And the body of evidence supporting expansion into heart attack detection and future indications is currently ongoing. I will also touch base in a minute on where we are with that initiative.

Speaker #2: But we have now done hundreds and hundreds and hundreds of patients using our current technology. We don’t see it as a product. Of course, we see what we are doing as a platform, because you can see that the technology is embedded into three different form factors.

Speaker #2: And this opportunity addresses a fundamental gap in care by providing clinical-grade, 12-lead EKGs through multiple form factors. There's just no other technology that we're aware of that does exactly what we're doing.

Speaker #2: And we have designed it, again, this architecture that we're using to enable our card to be used in the patch excuse me, not the card, but to have our technology used in the card.

Richard Ferrari: Excuse me, not the card, but to have our technology used in the card, the patch, and then in the HeartBeam remote. Next slide. If you look at those key strategic priorities, top of the heap for us is heart attack detection. We are rapidly advancing the initiatives around the indication for heart attack detection. We have clinical validation efforts ahead of schedule in terms of this particular initiative. You notice on this slide, we have the Pre-Sub submitted to the FDA imminently. I am happy to tell you that we actually did submit the Pre-Sub today, and we are developing additional go-to-market and reimbursement approaches as we are working through the FDA to get approval for the heart attack detection. This will again revolutionize how patients, physicians in hospitals are looking at cardiac health. You also know that we began initial commercial launch.

Speaker #2: The patch and then in the HeartBeam remote. Next slide. So, if you look at those key strategic priorities, top and key for us is heart attack detection.

Speaker #2: We are rapidly advancing the initiatives around the indication for heart attack detection. We have clinical validation efforts are ahead of schedule in terms of this particular initiative.

Speaker #2: You notice on this slide, we have the pre-sub submitted to the FDA imminently. Well, I'm happy to tell you that we actually did submit the pre-sub today.

Speaker #2: And we are developing additional go-to-market and reimbursement approaches as we are working through the FDA to get approval for the heart attack detection. This will, again, really revolutionize how patients, physicians, and hospitals are looking at cardiac health.

Speaker #2: You also know that we began initial commercial launch, which is underway. And I think you might recall that in the first half of the year, we've referenced the fact that this was our learning stage and that in the second half of the year, we would be beginning to gain momentum in generating revenue.

Richard Ferrari: That is underway, and I think you might recall that the H1 of the year we referenced the fact that this was our learning stage and that the H2 of the year, we would be beginning to gain momentum in generating revenue. Well, that is exactly what we are doing. We are generating real-world deployment evidence with positive feedback from physicians and patients, and I will touch base on that in just a minute. That is creating a strong foundation for accelerated growth. The concierge vertical for us is a very nice vertical. There is a real need there. There are many patients, almost 2 million patients embedded into concierge services, in which many of them are at-risk cardiac patients, and the physicians and the patients are looking for something that provides them with peace of mind and real-time interpretation of the cardiac health.

Speaker #2: Well, that's exactly what we are doing. We are generating real-world deployment evidence with positive feedback from physicians and patients. And I'll touch base on that in just a minute.

Speaker #2: And that is creating a strong foundation for accelerated growth. The concierge vertical for us is a very nice vertical. There is a real need there.

Speaker #2: There are many patients, almost 2 million patients embedded into concierge services. In which many of them are at-risk cardiac patients and the physicians and the patients looking for something that provides them with peace of mind and real-time interpretation of the cardiac health.

Speaker #2: And then the integrated network partnerships. This is something that I mentioned some weeks ago. That this is where we are reaching out to large integrated networks to work with them and run pilots to see how our technology would be incorporated into their workflow.

Richard Ferrari: Then the integrated network partnerships. This is something that I mentioned some weeks ago, that this is where we are reaching out to large integrated networks to work with them and run pilots to see how our technology would be incorporated into their workflow. The two workflows that are of particular interest, obviously, is the emergency room department when patients come in feeling chest pain. How can we implement our technology in that setting? Then the setting where patients have had a post-procedure and they remain in the hospital under observation, how best can we utilize our technology in those settings? These integrated networks, as you are well known, have an enormous number of patients. One of the ones that we are talking to has 50 million visits a year, and that is not to the emergency room.

Speaker #2: And the two workflows that are of particular interest, obviously, are the emergency room department, when patients come in feeling chest pain. How can we implement our technology?

Speaker #2: And that setting, and then the setting where patients have had a post-procedure and they remain in the hospital, under observation, how best can we utilize our technology in those settings?

Speaker #2: And these integrated networks, as you well know, have an enormous number of patients. One of the ones that we're talking to has 50 million visits a year.

Speaker #2: And that's not just to the emergency room. For the emergency room, it's in the many millions. And the number of interventional procedures is north of 100,000.

Richard Ferrari: To the emergency room, it is in the many millions, and the number of interventional procedures is north of 100,000. Just in that one particular instant, you could see the power of integrating HeartBeam into that workflow to eliminate and streamline how they are interacting with the patient and getting real-time information. Next slide. I will touch base now on some more of the recent operational highlights. Next slide. Again, as I mentioned to you, at the pinnacle of what we are really driving forward on is heart attack detection. Again, to us at HeartBeam, and I think to the physicians that we speak to and practitioners, this is the most exciting areas you could really imagine.

Speaker #2: So just in that one particular instance, you could see the power of integrating HeartBeam into that workflow to eliminate and streamline how they're interacting with the patient and getting real-time information.

Speaker #2: Next slide. I'll touch base now on some more of the recent operational highlights. Next slide. And again, as I mentioned to you, at the pinnacle of what we're really driving forward on is heart attack detection.

Speaker #2: Again, to us at HeartBeam and I think to the physicians that we speak to, this is exciting areas. You could really imagine. To have a device that you could either wear or carry with you that would have an actionable response when a patient is having chest pain, and can determine whether or not that's a heart attack, and a near real-time have a reading of that to get that patient to the hospital, changes the equation dramatically.

Richard Ferrari: To have a device that you can either wear or carry with you that would have an actionable response when a patient is having chest pain and can determine whether or not that's a heart attack and in near real-time have a reading of that to get that patient to the hospital changes the equation dramatically. We know we can do that because we have run several clinical studies that are shown here on this particular slide. We completed enrollment of the ALIGN-ACS pilot study in less than four months. Again, when I tell you that the technology is very exciting and the interest level and the utilization of this technology is very exciting, that's the proof segment. Every medical device company that ever runs a clinical trial is constantly trying to accelerate the finish of that clinical trial.

Speaker #2: And we know we can do that because we have run several clinical studies that are shown here on this particular slide. So we completed enrollment of the Align ACS pilot study in less than four months.

Speaker #2: So again, when I tell you that the technology is very exciting and the interest level and the utilization of this technology is very exciting, that's the proof statement.

Speaker #2: Every medical device company that ever runs a clinical trial is constantly trying to accelerate the finish of that clinical trial. It's probably the area in which most attention is placed when that clinical trial is run.

Richard Ferrari: It's probably the area in which most attention is placed when that clinical trial is run. We finished in less than four months. That tells you there's real enthusiasm. That's 134 patients that have walked into emergency rooms with chest pain where they had a 12-lead EKG, and that reading was compared to the HeartBeam card. Those results were quite superb. In fact, they passed the criteria to be accepted at the TCT which will be held later on this year in October and November as a full presentation. Very exciting body of data. The Head Start ACS pilot study we've already surpassed 50% enrollment in less than three months. Again, another testimony to the excitement of the physicians and the nurses that are involved in this particular study. It is a 500-patient study.

Speaker #2: We finished in less than four months. That tells you there's real enthusiasm. That's 134 patients who have walked into emergency rooms with chest pain, where they had a 12-lead EKG, and that reading was compared to the HeartBeam card.

Speaker #2: And those results were quite superb. And in fact, they passed the criteria to be accepted at the TCT, which we held later on this year in October and November as a full presentation.

Speaker #2: Very exciting body of data. The Head Start ACS pilot study—we've already surpassed 50% enrollment in less than three months. Again, another testimony to the excitement of the physicians and nurses that are involved in this particular study.

Speaker #2: It is a 500-patient study. This is the one that is being supported by the Indonesian government, evaluating the accuracy, again, of the HeartBeam ECG technology in detecting heart attacks in a real-world setting.

Richard Ferrari: This is the one that is being supported by the Indonesian government, evaluating the accuracy, again, of the HeartBeam ECG technology in detecting heart attacks in a real-world setting. Of course, that study, our hope is will move forward to incorporation into their workflow in their large hospitals and some of their remote settings. That's just a gigantic market, 280 million people in that market alone. Additionally, we have an article coming out in JACC that advances the demonstration that an algorithm combining the HeartBeam ECG device with patient risk factors and symptoms can accurately identify heart attack in patients. Again, incredibly exciting study. The patch study. We initiated a pilot study evaluating the patch in approximately 50 patients that is also enrolling ahead of speed in the same two hospitals that we ran the ALIGN-ACS study.

Speaker #2: And of course, that study our hope is will move forward to incorporation into their workflow and their large hospitals and some of their remote settings.

Speaker #2: And that is a that's just a gigantic market, 280 million people in that market alone. Additionally, we have an article coming out in JAC that advances the demonstration that an algorithm combining the HeartBeam ECG device with patient risk factors and symptoms can accurately identify heart attack in patients.

Speaker #2: Again, incredibly exciting study. The PATCH study we initiated a pilot study evaluating the PATCH in approximately 50 patients that is also enrolling ahead of speed in the same two hospitals that we ran the Align ACS study.

Speaker #2: And with respect to the regulatory, the results from all of these clinical studies are what we have been using in our discussions with the FDA when we're discussing approval for the heart attack assessment indication.

Richard Ferrari: With respect to the regulatory the results from all of these clinical studies is what we have been using in our discussions with the FDA when we're discussing approval for heart attack assessment indication. As I mentioned to you, the Pre-Sub has been, in fact, submitted as of today, and we're very excited about that. In this particular case, the FDA has 75 days when you submit a Pre-Sub to get back to the company with additional information or not, and that begins the process for enabling the company to move forward with a "pivotal trial." We're very cautiously optimistic with what we've been able to achieve there. Next slide, please. In carrying on with the Q2 2026 and some of the other highlights we've obviously completed the working prototype for the 12-leading EKG patch.

Speaker #2: As I mentioned to you, the pre-sub has been, in fact, submitted as of today. And we're very, very excited about that. In this particular case, the FDA has 75 days when you submit a pre-sub to get back to the company with additional information or not.

Speaker #2: And that begins the process for enabling the company to move forward with a "pivotal trial." So we're very cautiously optimistic with what we've been able to achieve there.

Speaker #2: Next slide, please. In carrying on with the Q2 2026 and some of the other highlights, we obviously completed the working prototype for the 12-lead EKG patch.

Speaker #2: This is the first ambulatory patch device designed to aid in detecting ischemia and complex arrhythmias. The patch market alone is 2 billion in revenue.

Richard Ferrari: This is the first ambulatory patch device designed to aid in detecting ischemia and complex arrhythmias. The patch market alone is $2 billion in revenue. There is a video that is embedded into this particular slide, which unfortunately we cannot take a look at now, but I would encourage anyone that is later, when you have time, to click on that video if you have not seen it, and just watch it. It is only 50 seconds long. Just imagine how this patch will fit into the in-hospital workflow and also post-discharge workflow.

Speaker #2: And there is a video that is embedded into this particular slide, which unfortunately we can't take a look at now. But I would encourage anyone that is later when you have time to click on that video if you haven't seen it and just watch it.

Speaker #2: It's only 50 seconds long. And just imagine how this patch will fit in to the in-hospital workflow and also post-discharge workflow. But the in-hospital workflow where a nurse or a physician needs to have a reading on a patient that is held in that hospital and all they have to do is put two fingers on those two electrodes versus having to run down an EKG that come up to the floor, get a reading of the 12-lead EKG, and not actually see those results for hours and hours and hours later, versus seeing that information in real time.

Richard Ferrari: The in-hospital workflow, where a nurse or a physician needs to have a reading on a patient that is held in that hospital, and all they have to do is put two fingers on those two electrodes versus having to run down an EKG tech, come up to the floor, get a reading of the 12-lead EKG, and not actually see those results for hours and hours and hours later, versus seeing that information in real time. Additionally, I think you may have noticed we have had press releases regarding the expansion of two new patents. These are, again, two patents for the future of where we see our technology going. One is for acoustic sensing and one is for fluid monitoring. Acoustic sensing is a way to interrogate information that would give us insights into how the valves of the heart are performing.

Speaker #2: Additionally, I think you may have noticed we've had press releases regarding the expansion of two new patents these are, again, two patents for the future of where we see our technology going.

Speaker #2: One is for acoustic sensing, and one is for fluid monitoring. Now, acoustic sensing is a way to interrogate information that would give us insights into how the valves of the heart are performing.

Speaker #2: And the fluid monitoring capabilities is using impedance to determine whether or not a patient's fluid is increasing and as many of you may know, with congestive heart failure patients, this is the big gotcha.

Richard Ferrari: The fluid monitoring capabilities is using impedance to determine whether or not a patient's fluid is increasing. As many of you may know, with congestive heart failure patients, this is the big gotcha. Patients eat a bag of potato chips. They become overloaded with fluid. They call 911. They are rushed to the emergency room. But if they could determine at home what the situation is, because of our reading service and their physician, they could most likely titrate their drugs right then and there. So two future aspects that are very, very exciting for our technology. Next slide. On the commercial traction, I am going to move on this slide from the left to the right. As you well know, we commercially released this product.

Speaker #2: Patients eat a bag of potato chips. They become overloaded with fluid. They call 911. They rush to the emergency room. But if they could determine at home what the situation is, because of our reading service and their physician, they could most likely titrate their drugs right then and there.

Speaker #2: So two future aspects that are very, very exciting for our technology. Next slide. On the commercial traction and I'm going to move on this slide from the left to the right as you well know, we commercially released this product.

Speaker #2: Now, commercial release of a product like this sounds like a very simple thing. But to incorporate the end-to-end 24-hour reader service the onboarding workflow and have customer success at that level is a tremendous undertaking.

Richard Ferrari: Commercial release of a product like this sounds like a very simple thing, but to incorporate the end-to-end 24-hour reader service, the onboarding workflow, and have customer success at that level is a tremendous undertaking, which we have been able to do. That 24 by 7 reader service is a key differentiator for our offering, something the physicians and the patients truly value. So we are working now directly with practices on this rollout and planning workflow integration and implementation processes with those concierge practices that we have already signed up. Moving to the right, as you well know from Bryan, I would say Bryan would be on this call today addressing this particular slide, but he is on sort of a road trip with his daughter for looking at colleges.

Speaker #2: Which we've been able to do. And that 24/7 reader service is a key differentiator for our offering—something the physicians and the patients truly value.

Speaker #2: So we are working now directly with practices on this rollout and planning workflow integration and implementation processes with those concierge practices that we have already signed up.

Speaker #2: Moving to the right, as you well know from Brian—and by the way, I would say Brian would be on this call today addressing this particular slide, but he’s on sort of a road trip with his daughter looking at colleges.

Speaker #2: But we already have several agreements now in place covering all four of the target markets that we're most interested in initially. They're noted there: New York, Dallas, South Florida, Southern California.

Richard Ferrari: We already have several agreements now in place covering all four of the target markets that we are most interested in initially. They are noted there, New York, Dallas, South Florida, Southern California. The first orders have shipped, and initial patients are being onboarded as we speak. I can tell you that we are seeing real green shoots in this particular area. The way this process works, as you might imagine, in the concierge practices, it is the doctors and the nurses and a couple of the select patients that get the device first. They see how the device works. Are the readings accurate? Are they sharp? Are there any interruptions in any of the workflow?

Speaker #2: The first orders have shipped, and initial patients are being onboarded as we speak. I can tell you that we are seeing real green shoots in this particular area.

Speaker #2: The way this process works, if you might imagine, in the concierge practices, it's the doctors and the nurses and a couple of select patients that get the device first.

Speaker #2: They see how the device works: are the readings accurate? Are they sharp? Are there any interruptions in the workflow? Once they get past that—which is generally quite short, about two weeks or so—the next stage is to look at their patient pool and identify those patients who would be best served by having the HeartBeam technology.

Richard Ferrari: Once they get past that, which is generally quite short, two weeks or so, the next stage is then to look at their patient pool and identify those patients that would be best served by having the HeartBeam technology. That is where we are now. You will see at the end of Q3 an increasing magnitude, I would call it, in terms of the order flow. Getting the HeartBeam embedded into those workflows is critically important, and we have created a program that incorporates HeartBeam into the new patient intake at the concierge practices. This is one of the areas that the concierge physicians are very, very interested in, as the patient comes in, right up front being able to integrate that patient immediately with HeartBeam. That, we believe, will in fact accelerate adoption.

Speaker #2: And that's where we are now. You will see at the end of Q3 an increasing magnitude, I would call it, in terms of the order flow.

Speaker #2: So getting the heartbeam embedded into those workflows is critically important. And we have created a program that incorporates heartbeam into the new patient intake at the concierge practices.

Speaker #2: This is one of the areas that the concierge physicians are very, very interested in—as the patient comes in, right up front, being able to integrate that patient immediately with HeartBeam.

Speaker #2: And that we believe will, in fact, accelerate adoption. And I think over on the far right-hand corner, we've strategically selected these practices. And we will continue to contract with them.

Richard Ferrari: I think over on the far right-hand corner, we have strategically selected these practices, and we will continue to contract with them. Bryan has a very nice and robust list, and in a minute you will see a little testimony to one of these practices and how they think about our technology. Next slide, please. What have we learned from the first six months in the process that we are in now? The EKG quality. There has not been a single physician that has seen or used the HeartBeam technology that is not absolutely impressed with the quality of the 12-lead EKG from a pocket-sized device. In fact, I would tell you they are just truly amazed because they have never seen anything like it. They all know that 12-lead is the standard, and to have such quality is something that is truly impressive.

Speaker #2: Brian has a very nice and robust list. In a minute, you'll see a little testimony from one of these practices about how they think about our technology.

Speaker #2: Next slide, please. So what have we learned from sort of the first six months in the process that we're in now? The EKG quality.

Speaker #2: There has not been a single physician who has seen or used the HeartBeam technology that is not absolutely impressed with the quality of the 12-lead EKG from a pocket-sized device.

Speaker #2: In fact, I would tell you they're just truly amazed because they've never seen anything like it. They all know that 12-lead is the standard.

Speaker #2: And to have such quality is something that is truly impressive. Consequently, the patient has the same sense. Right? Patients have indicated their comfort in having the same quality ECG that they would receive in an office or a hospital.

Richard Ferrari: Consequently, the patient has the same sense, right? Patients have indicated their comfort in having the same quality ECG that they would receive in an office or a hospital. The patient engagement, the onboarding of patients as we have gone through this, and they are comparing to themselves when an EKG tech puts all of the leads on them versus all they need to do is take the card, put it up to their chest, and put two fingers on the electrodes, and they get real-time 12-lead readout that they can see, our 24-hour service sees, and the physician sees, has really just opened up the opportunity in just an enormous way. Next slide, please. This is a physician perspective. Dr. Rahm has a practice at particularly large, Generational Health in Beverly Hills. He was the former Chief of Cardiology at Cedars-Sinai. This is a top-notch physician.

Speaker #2: And the patient engagement, the onboarding of patients, as we've gone through this, and they're comparing to themselves when an EKG tech puts all of the leads on them versus all they need to do is take the card, put it up to their chest, and put two fingers on the electrodes, and they get a real-time 12-lead readout.

Speaker #2: That they can see. Our 24-hour service sees. And the physician sees. Has really just opened up the opportunity in just an enormous way. Next slide, please.

Speaker #2: Now, this is a physician perspective. Now, Dr. Rahm has a particularly large practice, Generation Health in Beverly Hills. He was the former Chief of Cardiology at Cedars-Sinai.

Speaker #2: So, this is a top-notch physician. I’m not going to read every point on the right-hand side, but again, I will point you to his statements.

Richard Ferrari: I am not going to read every point on the right-hand side, but again, I will point you to his statements. "It is amazing to have a 12-lead device in your pocket. This is what we have been waiting for." What he really enjoys about the technology is that he has a baseline with the HeartBeam, so that any time any of his patients have an event or a symptom and he gets a new reading, it is compared against the baseline, which enables him to really understand what is going on with his patients and respond appropriately with some kind of actionable event. This is just critical for this kind of service. Next slide, please. This is Jerry. Jerry, you might say, "Gee, hand-selected this individual," 85-year-old patient, Air Force veteran.

Speaker #2: It is amazing to have a 12-lead device in your pocket. This is what we've been waiting for. What he really enjoys about the technology is that he has a baseline with the HeartBeam.

Speaker #2: So that anytime any of his patients have an event or a symptom and he gets a new reading, it's compared against the baseline. This enables him to really understand what's going on with his patients and respond appropriately with some kind of actionable event.

Speaker #2: This is just critical for this kind of service. Next slide, please. Now, this is Jerry. Now, you might say, "Gee, we can't select this individual—85-year-old patient, Air Force veteran." We didn't.

Speaker #2: He represents the at-risk cardiac patients 8 or so million of them running around the United States. A good 2 million of them inside concierge practices.

Richard Ferrari: He represents the at-risk cardiac patients, 8 or so million of them running around the United States, a good 2 million of them inside concierge practices. This is an individual who sees the HeartBeam device as incorporated into his quality of life. You can see his statements. "When I take a HeartBeam recording because something feels off, there is an instantaneous readout to my doctor. I do not need to wait hours or days." How important is that to this kind of a patient? He goes on in his frame of reference. It is a piece of cake to use, even for himself, who is not, let us call it, technology astute. He goes on to say, every morning he checks his blood pressure, and every morning he gets an EKG reading, and that gives him comfort.

Speaker #2: This is an individual who sees the heartbeam device as incorporated into his quality of life. You can see his statements. When I take a heartbeam recording because something feels off, there's an instantaneous readout to my doctor.

Speaker #2: I don't need to wait hours or days how important is that to this kind of a patient? And then he goes on in his frame of reference.

Speaker #2: It's a piece of cake to use even for himself. Who is not, let's call it, technology astute. But he goes on to say every morning he checks his blood pressure and every morning he gets an EKG reading.

Speaker #2: And that gives him comfort. And he represents just one of millions of patients whose lives our technology is going to impact. So I'm going to stop there.

Richard Ferrari: He represents just one of millions of patients in which our technology is going to impact. I am going to stop there. I am going to turn this over to Tim on the financials.

Speaker #2: I'm going to turn this over to Tim. I’m the financials.

Speaker #1: Great, thanks, Rich. Great updates. So let's take a look at the Q2 2026 financials here. We'll focus on cash flow first. Net cash used in operating activities: $3.3 million for the quarter.

Tim Cruickshank: Great. Thanks, Rich. Great updates. Let us take a look at the Q2 2026 financials here. We will focus on cash flow first. Net cash used in operating activities, $3.3 million for the quarter. That is a 7% decrease in operating cash outflow compared to the first quarter of 2026. Also, a 3% decrease compared to the same quarter in the prior year. Over the course of the year, particularly in this past quarter, Q2 2026, we were hyper-focused on ensuring a tightly managed cost profile. We continue to do that as we gather these learnings that you saw from a commercial launch standpoint and as we advance the key initiatives like heart attack detection and other strategic initiatives. We found ways to heighten our efficiency and do more with even less resources over the past quarter.

Speaker #1: It shows a 7% decrease in operating cash outflow compared to the first quarter of 2026 and a 3% decrease compared to the same quarter in the prior year.

Speaker #1: Over the course of the year, particularly in this past quarter, Q2 2026, we were hyper-focused on ensuring a tightly managed cost profile.

Speaker #1: And we continue to do that as we gather these learnings that you saw from the commercial launch standpoint and as we advance the key initiatives like heart attack detection and other strategic initiatives.

Speaker #1: So we found ways to heighten our efficiency and do more with even less resources over the past quarter. A few examples of that. We focused on curtailing or pausing projects with contractors.

Tim Cruickshank: A few examples of that, we focused on curtailing and pausing projects with contractors that weren't directly associated with our key initiatives. Anywhere it was tangential, not directly related, we were able to turn some projects off. Continue to gain efficiencies across the organization through AI tools. It's amazing to see what the team can do from R&D to coding to lots of different opportunities. Executives and employees of the company elected to receive shares in lieu of cash in the settlement of the 2025 bonus program. This reduced our operating cash outflow by a little over $1 million, and also is a testament to the commitment of our team and the tremendous upside we all see in this opportunity. Wanting to align ourselves with shareholders every way possible. We concluded the product development of our credit card-sized device, the HeartBeam System.

Speaker #1: That weren’t directly associated with our key initiatives. So, anywhere it was tangential—not directly related—we were able to turn some projects off. We continue to gain efficiencies across the organization through AI tools, and it’s amazing to see what the team can do, from R&D to coding to lots of different opportunities.

Speaker #1: Executives and employees of the company elected to receive shares in lieu of cash in the settlement of the 2025 bonus program. So this reduced our operating cash outflow by a little over a million dollars and also is a testament to the commitment of our team and the tremendous upside we all see in this opportunity.

Speaker #1: So, wanting to align ourselves with shareholders in every way possible, we concluded the product development of our credit card-sized device, the HeartBeam system. We also completed development of the prototype 12-lead patch.

Tim Cruickshank: We also completed the development of the prototype 12-lead patch. Those were significant expenditures throughout the last few quarters that now are effectively complete and will help continue to reduce our cost profile. All this leads to our baseline Q4 2026 operating cash flow stepping down to around below $2.5 million per quarter. Q3, we'll see some additional noise related to the leadership transition as well as some final cash-related payments from some of these contract changes we made. But by the time we get into Q4, you'll see this step down to that sub $2.5 million. It's just amazing the effort the team has been able to do as much as possible with the fewest resources. Two factors to bear in mind in the sub $2.5 million number for Q4.

Speaker #1: So those were significant expenditures throughout the last few quarters that now are effectively complete and will help continue to reduce our cost profile. So all this leads to our baseline Q4 2026 operating cash flow stepping down to around below 2.5 million per quarter.

Speaker #1: So, in Q3, we'll see some additional noise related to the leadership transition, as well as some final cash-related payments from some of these contract changes we made.

Speaker #1: But by the time we get into Q4, you'll see this step down to that sub-$2.5 million. So it's just amazing the effort the team has been able to do—to do as much as possible with the fewest resources. And two factors to bear in mind in the sub-$2.5 million.

Speaker #1: Number for Q4, the timing and of both commencing the pivotal study for MI and the speed at which we enroll patients may increase us beyond that baseline spend, but that will be a great problem to have.

Tim Cruickshank: The timing of both commencing the pivotal study for MI and the speed at which we enroll patients may increase us beyond that baseline spend, but that will be a great problem to have. Given what we're seeing with enrollment times in our two current MI studies and the collaborative work with the FDA, things are trending really positively there that we will be spending into that trial before the end of the year. But partially offsetting that spend will be cash receipts from customers in the second half of the year from the beginnings of our commercial launch from a revenue and cash perspective as we see over the next six months. Quite a few puts and takes on the baseline spend, but those are kind of the two big factors.

Speaker #1: And given what we're seeing with enrollment times in our two current MI studies, and the collaborative work with the FDA, things are trending really positively there that we will be spending into that trial before the end of the year.

Speaker #1: But partially offsetting that spend will be cash receipts from customers in the second half of the year, from the beginnings of our commercial launch, from a revenue and cash perspective.

Speaker #1: As we see over the next six months, so quite a few puts and takes on the baseline spend, but those are kind of the two big factors.

Speaker #1: All in all, we're trending to come in below $14 million for operating cash outflows for the full year 2026. On our last call, we noted the capital raise.

Tim Cruickshank: All in all, we're trending to come in below $14 million for operating cash outflows for the full year for 2026. On our last call, we noted the capital raise we completed in April of 2026 that strengthened our financial position, $11.5 million common stock only financing. At 30 June, net of the spend from the quarter, cash equivalents, and restricted cash held $8.8 million. Now, with our reduced cost profile, we've extended our cash runway a bit further into 2026 than we previously indicated. We'll continue to find ways to extend it further. Let's just quickly go on the next slide. We've got net loss for the quarter, $5 million. Q2 2026 and net loss, EPS and net loss were directly in line with our expectations.

Speaker #1: We completed in April of 2026. That strengthened our financial position—$11.5 million in common stock-only financing. So at June 30th, net of the spend from the quarter, cash, cash equivalents, and restricted cash totaled $8.8 million.

Speaker #1: Now, with our reduced cost profile, we've extended our cash runway a bit further into 2027 than we previously indicated, and we'll continue to find ways to extend it further.

Speaker #1: Let's just quickly go on to the next slide. We've got net loss for the quarter, $5 million for Q2 2026, and net loss EPS and net loss were directly in line with our expectations.

Speaker #1: And one item of note on net loss and the purpose of this slide here, the box in the bottom right, there's about 0.9 million of one-time items in that 5 million dollar net loss number, both related to the previously announced leadership transition.

Tim Cruickshank: And one item of note on net loss and the purpose of this slide here, the box in the bottom right, there is about 0.9 million USD of one-time items in that $5 million net loss number, both related to the previously announced leadership transition. So you have 600,000 USD of non-cash stock-based compensation driven by vesting of awards and equity related to the former CEO, as well as 0.3 million USD related to severance accrual payable to the former CEO. So those two things being one time in nature implies the underlying net loss in the quarter, more like $4.1 million. So that would have been a 12% decrease compared to the prior quarter and a 17% decrease compared to the same quarter in the prior year, if not for the one-off items.

Speaker #1: So we've got $600,000 of non-cash stock-based compensation driven by vesting of awards and equity related to the former CEO, as well as $300,000 related to severance accrual payable to the former CEO.

Speaker #1: So those two things being one-time in nature, implies the underlying net loss in the quarter more like a 4.1 million 4.1 million. So that would have been a 12% decrease compared to the prior quarter and a 17% decrease compared to the same quarter in the prior year, if not for the one-off items.

Speaker #1: So just to show the proof statements of how the net loss is coming down over the balance of this half-year of work already being done in this prior quarter, but there'll be a lot of evidence of that by the time we roll into Q4.

Tim Cruickshank: So just to show the first statements of how the net loss is coming down over the balance of this H2 work already being done in this prior quarter, but there will be a lot of evidence of that by the time we roll into Q4. So in summary, we continue to gain organizational efficiencies, do more with less, but we were focused in Q2 on gathering learnings from the commercial launch, finding ways to accelerate key R&D and strategic initiatives, namely what Rich walked you through with the heart attack detection program. These efforts had the coupling effect of extending our cash runway and very likely significantly reducing expected timelines related to that heart attack detection program and indication expansion. So we will continue over the balance of this year to make steady progress on these fronts as well as with our initial commercial rollout.

Speaker #1: So in summary, we continue to gain organizational efficiencies, do more with less, but we're focused in Q2 on gathering learnings from the commercial launch, finding ways to accelerate key R&D and strategic initiatives, namely what Rich walked you through with the heart attack detection program.

Speaker #1: These efforts had the coupling effect of extending our cash runway and very likely significantly reducing expected timelines related to that heart attack detection program and indication expansion.

Speaker #1: So we'll continue over the balance of this year to make steady progress on these fronts, as well as with our initial commercial rollout. With that, Rich, I'll hand it back over to you.

Tim Cruickshank: With that, Rich, I will hand it back over to you.

Speaker #2: Okay. Thanks, Tim. On the summary slide here, just to sort of recap what I walked through, this is really a gigantic opportunity. That's in front of us.

Richard Ferrari: Okay. Thanks, Tim. On the summary slide here, just to sort of recap what I walked through. This is really a gigantic opportunity that is in front of us, and HeartBeam is at the tip of the spear with the kind of technology that is really going to fit for what both physicians, networks, and patients are looking for. This is a proven technology with an incredibly strong IP and a growing body of clinical evidence which I have touched on between the trials and in the papers. The proprietary TriCore technology is something that I cannot overstate. It enables us to do things and capture the signal from a patient that others just simply cannot do.

Speaker #2: And Heartbeam's at the tip of the spear. With the kind of technology that is really going to fit for what both physicians, networks, and patients are looking for.

Speaker #2: This is a proven technology with an incredibly strong IP and a growing body of clinical evidence, which I've touched on between the trials and the papers.

Speaker #2: The proprietary Tricore technology is something that I can't overstate. I mean, it enables us to do things and capture the signal from a patient that others just simply cannot do.

Speaker #2: The richness of this signal is what makes all the difference in the quality of the interpretation. And it also will come in for future advances in how that signal capturing technology is utilized through AI and other mechanisms.

Richard Ferrari: The richness of the signal is what makes all the difference in the quality of the interpretation. It also will come in for future advances in how that signal-capturing technology is utilized through AI and other mechanisms. When you look again at the card and the patch there to the right, just think about how impactful that is going to be for a large number of at-risk cardiac patients. This technology is doing what other technologies currently are not capable of doing in a wireless format. Tim has already walked through the capital-efficient strategy based around our core priorities. We will stick to those core priorities. That is our focus. Heart attack detection is immensely disruptive. We feel very confident in how our technology works against a standard 12-lead EKG.

Speaker #2: So when you look again at the card and the patch there to the right, just think about how impactful that's going to be for a large number of at-risk cardiac patients.

Speaker #2: This technology is doing what other technologies currently are not capable of doing in a wireless format. Tim has already walked through the capital efficient strategy.

Speaker #2: Based around our core priorities, we will stick to those core priorities. That is our focus. Heart attack detection is immensely disruptive. We feel very confident in how our technology works against a standard 12-lead EKG.

Speaker #2: Obviously, the clinical studies have proven that out and the papers that have been accepted. Have been of extremely high quality. And now we have the submission to the FDA, the pre-sub, and obviously we'll have some ongoing dialogue with them.

Richard Ferrari: Obviously, the clinical studies have proven that out, and the papers that have been accepted have been of extremely high quality. Now we have the submission to the FDA, the Pre-Sub, and obviously we will have some ongoing dialogue with them. In the end, we will be moving towards approval via clinical trial, hopefully by year-end. The initial commercial launch, I think I have touched base on that. Bryan has expressed how we are rolling that out. Green shoots are showing there, and we fully expect this will accelerate now that we have a very good process and an intake strategy with these concierge services. I am personally very excited about working in the integrated network partnership arena.

Speaker #2: But in the end, we'll be moving towards approval. The clinical trial, hopefully, by year-end. The initial commercial launch—I think I've touched base on that.

Speaker #2: Brian has expressed how we were rolling that out. Green shoots are showing there and we fully expect this will accelerate. Now that we have a very good process and an intake strategy with these concierge services.

Speaker #2: And I personally am very excited about working in the integrated network partnership arena. I believe that there are so many rural hospitals but large networks, where the patch and the card coupled together via the emergency room and post-procedures will really change the workflow within a hospital. It'll benefit the hospital in many, many ways in terms of its own cost structure.

Richard Ferrari: I believe that there are so many hospitals and rural hospitals with large networks where the patch and the card coupled together via the emergency room and post-procedures will really change the workflow within a hospital. It will benefit the hospital in many ways in terms of its own cost structure, but it will also immensely benefit the patients. The fact that you can get this information in near real-time is so critically important to making decisions around a patient's health or whether or not they need to intervene further. I will stop there, and I believe we are going to open it up to some Q&A, and I am glad to expand on any questions that someone may have.

Speaker #2: It'll also immensely benefit the patients. Because the fact that you can get this information in near real-time is so critically important to making decisions around a patient's health or whether or not they need to intervene further.

Speaker #2: So I will stop there. And I believe we're going to open it up to some Q&A and I'm glad to expand on any questions that someone may have.

Operator 2: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions. Your first question comes from the line of Jeremy Carlman with Maxim Group. Please go ahead.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions. Your first question comes from the line of Jeremy Carlman with Maxim Group. Please go ahead.

Speaker #1: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad.

Speaker #1: A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue.

Speaker #1: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we pull for questions.

Speaker #1: Your first question comes from the line of Jeremy Perlman with Maxim Group. Please go ahead.

Speaker #3: Good afternoon. Thank you for taking my question. First, that was a really thorough overview of the company and where it stands commercially. I just wanted to ask—in a recent press release, you mentioned a strategic shift to, in addition to your direct medical device sales, also focus on licensing out the data that you generate through your synthesized 12-lead ECG.

Jeremy Carlman: Good afternoon. Thank you for taking my question. First, a really thorough overview of the company and where it stands commercially. Recently, you mentioned in a press release a strategic shift to also, in addition to your direct medical device sales, also focusing on licensing out the data that you generate through your synthesized 12-lead ECG. Maybe you could provide some more specificity around the types of partners you are targeting, what applications you think will be the most commercially attractive, and then what would a successful licensing relationship look like? Thanks.

Jeremy Pearlman: Good afternoon. Thank you for taking my question. First, a really thorough overview of the company and where it stands commercially. Recently, you mentioned in a press release a strategic shift to also, in addition to your direct medical device sales, also focusing on licensing out the data that you generate through your synthesized 12-lead ECG. Maybe you could provide some more specificity around the types of partners you are targeting, what applications you think will be the most commercially attractive, and then what would a successful licensing relationship look like? Thanks.

Speaker #3: So maybe you could provide some more specificity around the types of partners you're targeting, what applications you think will be the most commercially attractive, and then what would look like?

Speaker #3: Thanks.

Speaker #2: Yeah, thanks for that question. I think 'licensing' may have been a bit of an overstatement, because it's embedded into the concept and the initiative of working with the integrated systems to incorporate our technology into their workflow.

Richard Ferrari: Yeah. Thanks for that question. I think licensing may have been a bit of an overstatement because it is embedded into basically the concept and the initiative of working with the integrated systems to incorporate our technology into their workflow. That is what I was referring to with respect to licensing. So that is more of a partnership than it is a direct licensing of the technology. So we have not been doing much work in the sense of a license in the purest sense. We are doing the work around partnering with those networks in which the technology could be incorporated into their workflow. Now, having said that, and yet to be determined, what we are doing with the Ministry of Health in Indonesia may in fact represent a licensing strategy, but that is yet to be determined until we finish the trial and we get into further discussions with them.

Speaker #2: That's what I was referring to with respect to licensing. So, that is more of a partnership than it is a direct licensing of the technology.

Speaker #2: So we have not been doing much work in the sense of a license in the purest sense. We're doing the work around partnering with those networks in which the technology could be incorporated into their workflow.

Speaker #2: Now, having said that, and yet to be determined, what we're doing with the Ministry of Health in Indonesia may, in fact, represent a licensing strategy, but that's yet to be determined until we finish the trial and can enter further discussions with them.

Speaker #3: Okay. Understood. Great. And then maybe also part of that, you mentioned that you wanted to accelerate global adoption. Aside from this trial going on in Indonesia, what other international markets are you prioritizing?

Jeremy Carlman: Okay, understood. Great. Then maybe also, I know in part of that you mentioned that you wanted to accelerate global adoption. Aside from the trial going on in Indonesia, what other international markets are you prioritizing?

Jeremy Pearlman: Okay, understood. Great. Then maybe also, I know in part of that you mentioned that you wanted to accelerate global adoption. Aside from the trial going on in Indonesia, what other international markets are you prioritizing?

Speaker #2: Well, I mean, to be straightforward, right now, we're only prioritizing the work with the Ministry of Health in Indonesia. Because that, I believe, holds for us the key in how that one form factor could fit into other settings outside of the United States.

Richard Ferrari: Well, to be straightforward, right now we are only prioritizing the work with the Ministry of Health in Indonesia because that, I believe, holds for us the key in how that one form factor could fit into other settings outside of the United States. So we are going to use that as getting to first base, understanding how that technology has been implemented in that particular, very large population of people, and then we will move on from there. So we will keep that-

Speaker #2: So we're going to use that as getting to first base, understanding how that technology has been implemented in that particular very, very large population of people.

Speaker #2: And then we'll move on from there. So we'll keep that one where it is. Yep. We'll continue to work on that one. But all of our focus besides that is in the United States.

Jeremy Carlman: Understood

Jeremy Pearlman: Understood

Richard Ferrari: one where it is. Yep. We'll continue to work on that one. All of our focus besides that is in the United States.

Speaker #3: Right, understood. And then, yeah, so maybe just one last question—shifting back to the United States, your initial commercial rollout to the concierge practices.

Jeremy Carlman: Right. Understood. Then, yeah, so then maybe just last question, shifting back to the United States, your initial commercial rollout to the concierge practices. Maybe if you could discuss how big is that opportunity? Maybe how many patients have you calculated fall under that umbrella of this concierge or preventative cardiac care?

Jeremy Pearlman: Right. Understood. Then, yeah, so then maybe just last question, shifting back to the United States, your initial commercial rollout to the concierge practices. Maybe if you could discuss how big is that opportunity? Maybe how many patients have you calculated fall under that umbrella of this concierge or preventative cardiac care?

Speaker #3: Maybe if you could discuss what do you how big is that opportunity? Maybe how many patients have you calculated are fall under that umbrella of this concierge or preventative cardiac care?

Speaker #3: And then what does that runway look like? What's the break-even, maybe? How many patients do you think you could onboard in the next, let's say, 12 months?

Jeremy Carlman: What does that runway look? What's the break even, maybe?

Jeremy Pearlman: What does that runway look? What's the break even, maybe?

Richard Ferrari: Yeah.

Jeremy Carlman: How many patients do you think you could onboard in the next, let's say, 12 months? Thanks.

Jeremy Pearlman: How many patients do you think you could onboard in the next, let's say, 12 months? Thanks.

Speaker #3: Thanks.

Speaker #2: Well, I can tell you—and Tim, you can correct me if I'm off base here, because I don't have this number directly in front of me.

Richard Ferrari: Well, I can tell you, and Tim, you can correct me if I am off base here because I do not have this number directly in front of me. But I believe within the concierge practices that we are talking, there are 1.9 million patients that are embedded into these concierge practices. So that is a large volume of patients. Of course, not all of them are "cardiac patients," but you can imagine that in and around 20% or so of those or more are likely cardiac-oriented patients, kind of like the Generational Health and that patient, Jerry. He is seeing more and more of those kinds of patients. So that in and of itself is a very nice market in and of itself, right? That is hundreds of thousands of patients that could in fact gain value from the HeartBeam technology.

Speaker #2: But I believe within the concierge practices, that we're talking and there are 1.9 million patients that are embedded into these concierge practices. So that is a large volume of patients.

Speaker #2: Of course, not all of them are "cardiac patients." But you can imagine that in and around 20% or so of those, or more, are likely cardiac-oriented patients—kind of like the Generation Health and that patient Jerry. He's seeing more and more of those kinds of patients.

Speaker #2: So that, in and of itself, is a very, very nice market. Right? It's hundreds of thousands of patients who could, in fact, gain value from the HeartBeam technology.

Speaker #2: Now, the question I think you're really referring to is, how fast can we roll it out? Well, we're determining that now. We're seeing the ones that we're working with represent relatively large concierge practices.

Richard Ferrari: Now, the question I think you are really referring to is how fast can we roll it out? We are determining that now. We are seeing the ones that we are working with represent relatively large concierge practices, and we are now collecting the metrics around how many patients within each of those practices would be applicable for what we are doing. But generally speaking, I think at the end of this year, we will have a very good visibility into how rapidly 2027 can basically grow. But I can tell you that the green shoots that we are seeing and the enthusiasm and the excitement from the ones that we are dealing with, I think looks quite reasonable.

Speaker #2: And we're now collecting the metrics around how many patients within each of those practices we're doing. But generally speaking, I think at the end of this year, we'll have a very good visibility into how rapidly 2027 can basically grow.

Speaker #2: But I can tell you that the green shoots that we're seeing and the enthusiasm and the excitement from the ones that we're dealing with, I think looks quite reasonable.

Speaker #3: Okay. Great. And then just from a manufacturing perspective, you could easily have the capabilities to for the ramp through '27.

Jeremy Carlman: Okay, great. Then just from a manufacturing perspective, you could easily have the capabilities for the ramp through 2027?

Jeremy Pearlman: Okay, great. Then just from a manufacturing perspective, you could easily have the capabilities for the ramp through 2027?

Speaker #2: Yes. The answer is yes.

Richard Ferrari: Yes. The answer is yes.

Speaker #3: Okay. Great. All right. Thank you so much for taking all my questions. I'll hop back on the queue.

Jeremy Carlman: Okay, great. All right. Thank you so much for taking all my questions. I will hop back in the queue.

Jeremy Pearlman: Okay, great. All right. Thank you so much for taking all my questions. I will hop back in the queue.

Speaker #1: Your next question, Hans, on the line of Josh Jennings with TD Cowen. Please go ahead.

Operator 2: Your next question comes from the line of Josh Jennings with TD Cowen. Please go ahead.

Operator: Your next question comes from the line of Josh Jennings with TD Cowen. Please go ahead.

Josh Jennings: With the first endometriosis program coming online in Europe, how material do you expect this business to be toward the revenue line?

Speaker #4: I'm material to expect this to, at this stage, to be towards the revenue.

Josh Jennings: Hey, Josh.

Speaker #3: Hey, Josh.

Josh Jennings: in 2024? Is this going to be something where we see a few more systems get placed directly

Speaker #4: This could be something where we're going to see a few more systems get placed directly.

Speaker #1: Excuse me, Josh Jennings, are you there?

Operator 2: Excuse me, Josh Jennings, are you there?

Operator: Excuse me, Josh Jennings, are you there?

Speaker #4: And then it might be.

Josh Jennings: And then

Tim Cruickshank: He may have had to switch over to another call. We can come back to him.

Speaker #3: He may have had to switch over to another call. We can come back then.

Speaker #1: Okay.

Operator 2: Okay.

Operator: Okay.

Speaker #2: Yeah. I can't hear him.

Richard Ferrari: Yeah, I cannot hear him.

Speaker #1: Your next question, Hans, on the line of Yi Chen with HC Wainright. Please go ahead.

Operator 2: Your next question comes from the line of Yi Chen with H.C. Wainwright. Please go ahead.

Operator: Your next question comes from the line of Yi Chen with H.C. Wainwright. Please go ahead.

Speaker #5: Hey. This is Katie on for Yi. I guess thinking about the FDA filing from today, what indication and regulatory pathway did you propose? Kind of assuming that 75-day window when do you think that pivotal could begin and number of patients, etc.?

[Analyst] (H.C. Wainwright): Hey, this is Katie on for Yi. I guess, thinking about the FDA filing from today, what indication and regulatory pathway did you propose? Assuming that 75-day window, when do you think that pivotal could begin and number of patients, et cetera, for that?

Katie Degen: Hey, this is Katie on for Yi. I guess, thinking about the FDA filing from today, what indication and regulatory pathway did you propose? Assuming that 75-day window, when do you think that pivotal could begin and number of patients, et cetera, for that?

Speaker #5: For that.

Richard Ferrari: Yeah, we went down the 510(k) path. The team did an incredible amount of work in providing the FDA with the kind of information and backup information that would be required for that. That is the pathway we went down. That is, as you might know, very exciting to us to go about that. Now, the FDA, with this particular filing, will review that information that we presented and our justification around that particular strategy. I cannot tell you yet what size of a clinical trial that might be required. It would be premature for me to say what that would be. Quite frankly, based on the fact that there were predicates that we identified, and it is a 510(k), I would not expect the trial to be of an exorbitant number.

Speaker #2: Yeah. We went down the 510(k) path. The team did an incredible amount of work in providing the FDA with the kind of information and backup information that would be required for that.

Speaker #2: So that's the pathway we went down. That's, as you might know, very exciting to us to go about that. Now, the FDA, with this particular filing, will review the information that we presented and our justification around that particular strategy. So I can't tell you yet what size of a clinical trial might be required.

Speaker #2: It would be sort of premature for me to say what that would be. But quite frankly, based on the fact that there were predicates that we identified and it's a 510(k), I wouldn't expect the trial to be of an exorbitant number.

Speaker #2: And based on the fact and the proof statements of the trials that we have previously run that have all been completed in ahead of their schedules, I think we feel cautiously optimistic we could start the trial before year-end.

Richard Ferrari: Based on the fact and the proof statements of the trials that we have previously run that have all been completed ahead of their schedules, I think we feel cautiously optimistic we could start the trial before year-end.

Speaker #5: Great. Thank you.

[Analyst] (H.C. Wainwright): Great. Thank you.

Katie Degen: Great. Thank you.

Speaker #1: Your next question, Hans, on the line of Kyle Bowser with Titan Partners. Please go ahead.

Operator 2: Your next question comes from the line of Kyle Bowser with Titan Partners. Please go ahead.

Operator: Your next question comes from the line of Kyle Bowser with Titan Partners. Please go ahead.

Speaker #2: Great. Thank you. And appreciate all the updates here. So maybe just on the kind of commercial efforts, having signed multiple agreements across your four targeted US geographies, any senses to kind of the number of covered lives that that group of agreements kind of captures?

Kyle Bowser: Great. Thank you, and appreciate all the updates here. Maybe just on the commercial efforts, having signed multiple agreements across your four targeted US geographies. Any sense as to the number of covered lives that group of agreements captures? I understand the $1.5 million concierge market as being the initial opportunity, but just trying to get a sense of the number of covered lives, and certainly those four geographies probably capture a significant opportunity within that initial target.

Kyle Bauser: Great. Thank you, and appreciate all the updates here. Maybe just on the commercial efforts, having signed multiple agreements across your four targeted US geographies. Any sense as to the number of covered lives that group of agreements captures? I understand the $1.5 million concierge market as being the initial opportunity, but just trying to get a sense of the number of covered lives, and certainly those four geographies probably capture a significant opportunity within that initial target.

Speaker #2: Understand the 1.5 million dollar concierge market as being kind of the initial opportunity, but just trying to get a sense of the number of covered lives and certainly those four geographies probably capture a significant opportunity within that initial target.

Richard Ferrari: Mm-hmm. Tim, if you wouldn't mind, could you answer that particular question? I don't have that number.

Speaker #3: Tim, I'm going to if you would mind, could you answer that particular question because I don't have that number?

Speaker #2: Sure.

Tim Cruickshank: Sure. Yeah, no problem, Kyle. Good to hear from you and connect. The four primary geographies cover the majority of the population or in terms of the pool that we're going after. That's why we selected those four geographies. In terms of the contracts signed to date, we're still talking in the thousands. The reason we haven't provided more detailed metrics on this is it's still just early days. We want to get through Q3 and really start to see the orders come in and roll this out to start to provide those metrics. We're talking thousands of patients. We just don't want to get ahead of our skis too fast early days because it's really about the workflows.

Speaker #3: Yeah, no problem. Kyle, good to hear from you and connect. Yeah, the four primary geographies cover the majority of the population, or in terms of the pool that we're going after.

Speaker #3: So that's why we selected those four geographies. In terms of the contracts signed to date, we're still talking in the thousands. The reason we haven't provided more detailed metrics on this is it's still just early days.

Speaker #3: We want to get through Q3 and really start to see orders come in and roll this out to start to provide those metrics. But we're talking thousands of patients.

Speaker #3: We just don't want to get ahead of our skis too fast in the early days, because it's really about the workflows. As soon as we have those workflows figured out—like what Rich talked about, with all new patients coming in now, getting a baseline 12-lead EKG and getting fitted for our technology, and the option to sign up through the concierge practice—that's been the number one priority, over the number of covered lives in the short term.

Tim Cruickshank: As soon as we have those workflows figured out, like what Rich talked about with all new patients coming in now, getting a baseline 12-lead EKG and getting fitted for our technology and the option to sign up through the concierge practice. That's been the number one priority over kind of the number of covered lives in the short term. Our goal is still to get. If we kind of work backwards on what we're trying to accomplish, we've told the market historically it's about 30,000 patients to get to break even or cash flow positive. That's still a true statement, and it's probably even less now based on our current cost profile that we have, so sub 30,000 patients to get there. We believe in these four geographies, there's enough patients in the pool as we continue to sign agreements and make traction to cover that.

Speaker #3: But our goal is still to get—if we kind of work backwards on what we're trying to accomplish—we've told the market historically it's about 30,000 patients to get to break-even or cash flow positive.

Speaker #3: It's still a true statement, and it's probably even less now based on our current cost profile that we have. So, sub-30,000 patients to get there.

Speaker #3: We believe in these four geographies, there's enough patients in the pool as we continue to sign agreements and make traction to cover that. And it all comes down to when in 2027 do we feel the momentum picking up?

Tim Cruickshank: It all comes down to when in 2027 do we feel the momentum picking up? What we've seen with MI detection and how fast that's moving forward, ideally, the goal will be to make really strong headways into this market. The intersection of when MI comes on, if that continues to speed up, hopefully, we get to the point where we're talking about that market and what penetration and commercialization looks like into that before we even need to talk about 30,000 patients in the concierge space.

Speaker #3: What we've seen with MI detection and how fast that's moving forward—ideally, the goal will be to make really strong headway into this market. But the intersection of when MI comes on, if that continues to speed up, hopefully, we get to the point where we're talking about that market and what penetration and commercialization look like before we even need to talk about 30,000 patients in the concierge space.

Speaker #2: Right. No, makes sense. Appreciate that, Tim. And maybe for my follow-up, just a two-part question on learnings so far and how you think they'll kind of influence how you move forward.

Kyle Bowser: Right. No, makes sense. Appreciate that, Tim. Maybe for my follow-up, just a two-part question on learnings so far and how you think they will kind of influence how you move forward. So first on the heart attack pivotal study. You talked a little bit about this. You have been able to enroll very quickly, which has been impressive and maybe not terribly surprising, just given the favorable way you are able to enroll through ERs. But can you talk about any learnings you have had from these pilot studies and how they have kind of influenced your submission and interaction with the FDA for the pivotal? Then on commercial efforts, any sort of learnings for onboarding? Do you feel like you have been able to do that nicely for the first order shipped and patients onboarded there? Anything that you have learned that is helping you to kind of move forward?

Kyle Bauser: Right. No, makes sense. Appreciate that, Tim. Maybe for my follow-up, just a two-part question on learnings so far and how you think they will kind of influence how you move forward. So first on the heart attack pivotal study. You talked a little bit about this. You have been able to enroll very quickly, which has been impressive and maybe not terribly surprising, just given the favorable way you are able to enroll through ERs. But can you talk about any learnings you have had from these pilot studies and how they have kind of influenced your submission and interaction with the FDA for the pivotal? Then on commercial efforts, any sort of learnings for onboarding? Do you feel like you have been able to do that nicely for the first order shipped and patients onboarded there? Anything that you have learned that is helping you to kind of move forward?

Speaker #2: So first on the heart attack pivotal study, you talked a little bit about this. You've been able to enroll very quickly which has been impressive.

Speaker #2: And maybe not terribly surprising, just given the favorable way you're able to enroll through ERs. But can you talk about any learnings you've had from these pilot studies and how they've kind of influenced your submission and interaction with the FDA for the pivotal?

Speaker #2: And then on commercial efforts, any sort of learnings for onboarding? Do you feel like you've been able to do that nicely for the first orders shipped and patients onboarded there?

Speaker #2: Anything that you've learned that's helping you to kind of move forward?

Speaker #4: First off, why don't you answer the first part of that question because I know that you've been very intimately involved in those initiatives.

Richard Ferrari: Branislav, why don't you answer the first part of that question? Because I know that you have been very intimately involved in those initiatives.

Speaker #6: Yes, absolutely. So the benefits of the pilot study we've just finished are twofold. First and foremost are the results, right? The performance of our technology against the 12-lead ECG.

Branislav Vajdic: Yes, absolutely. So the benefit of the pilot study we just finished is twofold. One and foremost are the results, right? The performance of our technology against the 12-lead ECG, and a good indication of how well we have done is an accepted presentation at the prestigious TCT International Cardiologist Conference, right? So we are very pleased with what we have seen in terms of results on this pilot study. The second, perhaps a bit less, but it is very important aspect is the execution, right? Many of these studies run into problems in the execution. We have debugged. We have seen some of the issues that needed to be addressed, and we now, with full confidence, will go into the pivotal study that, if everything goes well, could start by the end of the year.

Speaker #6: And a good indication of how well we have done is an accepted presentation at the prestigious TCT, International Cardiologists Conference, right? So we are very pleased with what we have seen in terms of results.

Speaker #6: On this pilot study, the second perhaps a bit less, but it's very important aspect is the execution, right? Many of these studies are run into problems in the execution.

Speaker #6: We have debugged, we've seen some of the issues that needed to be addressed, and we now, with full confidence, will go into the pivotal study that, if everything goes well, could start by the end of the year. We're going to go into that trial armed with this experience in terms of execution and with confidence that our performance, based on what we've seen in the pilot study, will be such that it will meet our goals for the pivotal study.

David Brown: We are going to go into that trial armed with this experience in terms of execution and with confidence that our performance, based on what we have seen in the pilot study, will be such that it will meet our goals for the pivotal study. So all in all, super important that we have executed this pilot study, and will be supplemented by the Head Start ACS study in Jakarta, in Indonesia, that will have a similar number of patients with our pivotal study. So all in all, the pilot in Belgrade, plus the current study in Jakarta that is being executed, will mean that we will go into the pivotal study feeling very good about the outcome.

Branislav Vajdic: We are going to go into that trial armed with this experience in terms of execution and with confidence that our performance, based on what we have seen in the pilot study, will be such that it will meet our goals for the pivotal study. So all in all, super important that we have executed this pilot study, and will be supplemented by the Head Start ACS study in Jakarta, in Indonesia, that will have a similar number of patients with our pivotal study. So all in all, the pilot in Belgrade, plus the current study in Jakarta that is being executed, will mean that we will go into the pivotal study feeling very good about the outcome.

Speaker #6: So all in all, super important that we have executed this pilot study and we'll be supplemented by the Head Start ACS study in Jakarta in Indonesia that will have a similar number of patients with our pivotal study.

Speaker #6: So all in all, pilots in Belgrade plus the current study in Jakarta that is being executed will mean that we will go into the pivotal study feeling very good about the outcome.

Speaker #2: Yeah. And on the other part of your question, I would say that probably the biggest learning from the initial work with the concierge practice is streamlining the workflow.

Richard Ferrari: Yeah. On the other part of your question, I would say that probably the biggest learning from the initial work with the concierge practice is streamlining the workflow. When we first were speaking to the concierge practices, there is some hesitancy because they are trying to figure out how this would get implemented into their patient population. What would be the best technique to do that? From our point of view, we wanted to make sure that we had a truly robust end-to-end system in terms of the collection of the information, the reading service, and the feedback. What we have learned from that experience is that the best way to go about it is to do what Tim had just referenced, which is the intake criteria.

Speaker #2: When we first were speaking to the concierge practices, there was some hesitancy because they're trying to figure out how this would get implemented into their patient population.

Speaker #2: What would be the best technique to do that? And also from our point of view, we wanted to make sure that we had a truly robust end-to-end system in terms of the collection of the information, the reading service, and the feedback.

Speaker #2: So what we've learned from that experience is that the best way to go about it is to do what Tim had just referenced, which is the intake criteria we get alignment with the concierge practice that all patients that are coming in for intake will get a 12-lead EKG.

Richard Ferrari: We get alignment with the concierge practice that all patients that are coming in for intake will get a 12-lead EKG, and that becomes a baseline for the HeartBeam. Then if that particular patient is a patient that has concerns about their cardiac health or the physician thinks that they should in fact have the HeartBeam card, the card then gets deployed to them. That is really the biggest learning, is to get more embedded into the workflow. It is easier, more streamlined, and faster adoption overall, as you might imagine.

Speaker #2: And that becomes a baseline for the HeartBeam. And then, if that particular patient is a patient who has concerns about their cardiac health, or the physician thinks that they should, in fact, have the HeartBeam card, the card then gets deployed to them.

Speaker #2: So that's really the biggest learning—to get more embedded into the workflow. It's easier, more streamlined, and adoption overall is faster, as you might imagine.

Speaker #1: Sure. No, okay. Excellent. Well, thanks for all the updates and for taking my questions.

Kyle Bowser: Sure. No. Okay, excellent. Well, thanks for all the updates and for taking my questions.

Kyle Bauser: Sure. No. Okay, excellent. Well, thanks for all the updates and for taking my questions.

Speaker #2: You bet.

Richard Ferrari: You bet.

Speaker #3: Once again, if you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Operator 2: Once again, if you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. This now concludes our question and answer session. I would like to turn the floor back over to Richard Ferrari for closing comments.

Operator: Once again, if you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. This now concludes our question and answer session. I would like to turn the floor back over to Richard Ferrari for closing comments.

Speaker #3: You may press star two if you'd like to remove your question from the queue. This now concludes our question-and-answer session. I would like to turn the floor back over to Richard Ferrari for closing comments.

Speaker #2: Again, thank you, everybody, for joining the call and really monitoring and watching what we're doing with HeartBeam. I can't say it enough—the opportunity that we have in front of us is truly enormous.

Richard Ferrari: Again, thank you everybody for joining the call. Really monitoring and watching what we are doing with HeartBeam, I cannot say it enough, the opportunity that we have in front of us is truly enormous. The technology that we have developed is proven, it is accurate, and it is making a difference in patient lives. And it is going to make an even bigger difference in patient lives once we get through the FDA on the heart attack detection because we will be the first to have sort of pioneered that approach with a handheld device or a wearable, i.e. patch device that can in fact detect a heart attack. So we are really very excited about what we are doing. I know that many of you want to see revenue increase faster.

Speaker #2: The technology that we have developed is proven, it's accurate, and it's making a difference in patients' lives. And it's going to make an even bigger difference in patients' lives once we get through the FDA on the heart attack detection, because we will be the first to have sort of pioneered that approach with a handheld device or a wearable—i.e., patch—device that can, in fact, detect a heart attack.

Speaker #2: So, we're really very, very excited about what we're doing. I know that many of you want to see revenue increase faster—so do we—but there's a process that all companies go through as they are pioneering completely new technology in a completely new area.

Richard Ferrari: So do we, but there is a process that all companies go through as they are pioneering completely new technology in a completely new area. But we are very confident in what we are doing. The results speak for themselves in terms of the clinical data, our IP protection, the feedback that we are getting from physicians, the excitement that patients that get our technology have. So we thank you for your continued interest, and we look forward to updating you in the future.

Speaker #2: But we are very confident in what we're doing. The results speak for themselves in terms of the clinical data, our IP protection, the feedback that we're getting from physicians, and the excitement that patients have to get our technology.

Speaker #2: So we thank you for your continued interest, and we look forward to updating you in the future.

Operator 2: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.