HeartBeam expands board, appoints CEO to director role

SANTA CLARA, Calif. - HeartBeam, Inc. (NASDAQ: BEAT), a micro-cap cardiac care technology company currently valued at $61 million, has announced the appointment of its CEO, Robert Eno, to the Board of Directors. This strategic move comes as the company gears up for the commercial launch of its innovative 3D ECG technology. According to InvestingPro analysis, the company’s financial health score is currently rated as weak, with several challenges ahead in its commercialization journey.

Eno, who has been with HeartBeam since January 2023 and became CEO in October 2024, brings over three decades of medical technology experience to the board. His expertise in market development and launching medical technologies is expected to be valuable as HeartBeam transitions from product development to market readiness.

The Board, previously consisting of eight members, has been expanded to nine to include Eno. Rich Ferrari, Executive Chairman of the Board, expressed confidence in Eno’s abilities, noting that his experience in sales and market strategies will complement the board’s diverse skills and enhance strategic oversight.

HeartBeam’s groundbreaking technology, which has received FDA clearance in December 2024, is designed to capture the heart’s electrical activity in three dimensions and synthesize it into a 12-lead ECG. The company is currently waiting for FDA clearance for its 12-lead ECG synthesis software, which was submitted for approval in January 2025. Analysts tracked by InvestingPro have set price targets ranging from $2 to $8, reflecting varied expectations about the company’s commercial potential. Get exclusive access to detailed financial analysis and 6 additional ProTips with an InvestingPro subscription.

In preparation for commercialization, HeartBeam initiated an Early Access Program earlier this year to gather feedback on clinical workflows and establish a base of early adopters. With the company rapidly utilizing its cash reserves and reporting negative EBITDA of $19.88 million in the last twelve months, Eno’s leadership is anticipated to be crucial in driving the company’s commercial success and furthering its mission to transform cardiac health management. The company’s next earnings report is scheduled for May 8, 2025, which could provide crucial updates on its commercialization progress.

Eno’s previous roles include CEO of Preview Medical and senior positions at HeartFlow, OptiMedica, NeoGuide Systems, and Avantec Vascular. He holds an MBA from the Stanford Graduate School of Business and a BA from Stanford University.

The information in this article is based on a press release statement from HeartBeam, Inc.

In other recent news, HeartBeam, Inc. reported a significant miss in its Q4 2024 earnings, with an EPS of -$0.73, falling short of the projected -$0.17. Despite the earnings shortfall, the company remains focused on advancing its cable-free ECG technology, anticipating FDA clearance for its 12-lead synthesis software by the end of 2025. In a strategic move, HeartBeam announced a partnership with AccurKardia to integrate their FDA-cleared ECG analysis software into HeartBeam’s devices, aiming to enhance remote cardiac monitoring. Additionally, HeartBeam has appointed CBIZ CPAs P.C. as its new auditor following the resignation of Marcum LLP, who had no disagreements with the company on financial matters during their tenure. The company also received a Speculative Buy rating from Benchmark analysts, who maintained an $8.00 price target, noting HeartBeam’s progress towards its initial commercial launch. Furthermore, HeartBeam’s VALID-ECG pivotal study demonstrated a 93.4% diagnostic agreement with standard ECGs, supporting the reliability of its technology. HeartBeam is actively preparing for commercialization, having launched an Early Access Program to refine clinical workflows and gather feedback. Investors should note that HeartBeam completed an $11.5 million public offering in February 2025, which is expected to support its operations through the year.

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