HeartBeam - Public Comps and Valuation Multiples

HeartBeam Overview

About HeartBeam

HeartBeam Inc is a medical technology company primarily focusing on developing and commercializing higher resolution ambulatory Electrocardiogram ("ECG") solutions that enable the detection and monitoring of cardiac disease outside a healthcare facility setting. The Company’s ability to develop higher-resolution ECG solutions is achieved through the development of the Company’s proprietary and patented Vector Electrocardiography ("VECG") technology platform. The Company has validated this technology and is seeking U.S. Food and Drug Administration ("FDA") clearance for its initial telehealth products.

Founded

2015

HQ

Employees

Website

heartbeam.com

Sectors

Medical Devices
Medical Imaging & Diagnostics
DeepTech
HealthTech

Financials

LTM Revenue $1.8M

LTM EBITDA n/a

EV

$53.6M

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HeartBeam Financials

HeartBeam has a last 12-month revenue of $1.8M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, HeartBeam achieved revenue of n/a and an EBITDA of -$19.9M.

HeartBeam expects next 12-month revenue of XXX and NTM EBITDA of XXX

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HeartBeam P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	n/a	n/a	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	-$15.3M	-$19.9M	XXX	XXX	XXX
EBITDA Margin	-Infinity%	-Infinity%	XXX	XXX	XXX
Net Profit	-$13.0M	-$14.6M	XXX	XXX	XXX
Net Margin	-Infinity%	-Infinity%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

HeartBeam Stock Performance

As of April 15, 2025, HeartBeam's stock price is $2.

HeartBeam has current market cap of $56.0M, and EV of $53.6M.

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HeartBeam Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$53.6M	$56.0M	XXX	XXX	XXX	XXX	$-0.67

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HeartBeam Valuation Multiples

As of April 15, 2025, HeartBeam has market cap of $56.0M and EV of $53.6M.

HeartBeam's trades at 30.1x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate HeartBeam's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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HeartBeam Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$53.6M	XXX	XXX	XXX
EV/Revenue	n/a	XXX	XXX	XXX
EV/EBITDA	-2.7x	XXX	XXX	XXX
P/E	-2.9x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-3.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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HeartBeam Valuation Multiples

HeartBeam's NTM/LTM revenue growth is 209%

HeartBeam's revenue per employee for the last fiscal year averaged n/a, while opex per employee averaged $0.9M for the same period.

Over next 12 months, HeartBeam's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate HeartBeam's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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HeartBeam Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	n/a	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	30%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	n/a	XXX	XXX	XXX	XXX
Opex per Employee	$0.9M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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