Heart Test Laboratories, Inc. Reports Q3 2023 Net Loss of $1.37 Million
Company Revenue Remains Steady at Zero, but Promising Developments in Research and Development
Heart Test Laboratories, Inc.(HSCSW), a medical technology company speci alizing in cardiac diagnostic solutions, has released its financial results for the third quarter of 2023. The company reported a net loss of $1.37 million for the quarter, while its revenue remained at zero. Despite the challenging financial figures, Heart Test Laboratories is making significant strides in research and development.
Steady Revenue and Operating Loss
In the unaudited financial statement for the third quarter ending July 31, 2023, Heart Test Laboratories, Inc. disclosed that its revenue remained at zero, unchanged from the previous year's third quarter revenue of $3,200. The company's cost of sales was also reported as zero for this period.
While the company's revenue showed no significant growth, Heart Test Laboratories did not shy away from investment in research and development, which is evident in its financial statements. The company reported operating expenses of $1.33 million for the third quarter of 2023. This includes $565,632 allocated to research and development and $765,023 for selling, general, and administrative expenses.
