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DATE

May 13, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Robert Eno
  • Chief Commercial Officer — Bryan Humbarger
  • Chief Financial Officer — Timothy Cruickshank

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TAKEAWAYS

  • Commercial Partnerships -- Signed first commercial agreement with ClearCardio, and secured Atelier Health as a flagship account, resulting in presence across New York City, Dallas, South Florida, and Southern California.
  • Patient market focus -- Targeting the direct pay segment encompassing 5 million U.S. patients, with an initial aim at 150,000 patients in the preventative concierge market, and breakeven reached at around 30,000 patients.
  • ALIGN ACS pilot study -- Enrolled first patient; study enrollment is ahead of schedule and will include approximately 100-120 emergency department chest pain patients to support indication expansion for heart attack detection.
  • Pilot study pipeline -- Head Start ACS study in Indonesia is planned with a design similar to ALIGN ACS, expected to enroll about 500 patients, sponsored by the Indonesian government.
  • Product development -- Completed working prototype of the on-demand 12-lead patch and initiated a European pilot clinical study for ischemia detection in about 50 high-risk coronary artery disease patients.
  • AI collaboration -- Launched a strategic partnership with Mount Sinai to develop deep learning algorithms for myocardial infarction (MI) detection and personalized wellness assessment using 3D ECG data.
  • FDA status -- Received two FDA clearances for arrhythmia assessment on the HeartBeam system.
  • Pricing model and revenue recognition -- Subscription annual fee positioned between $750 and $1,000 per patient account, with revenues mostly straight-lined across the contract duration, and upfront payment expected from most customers.
  • Q1 net loss and cash burn -- Reported a net loss of $4.7 million, and net cash used in operating activities of $3.6 million, representing a 19% decrease in Q1 operating outflows year over year.
  • Q1 cash position -- Cash balance was just over $2 million as of March 31, with pro forma cash balance of about $12.4 million after an $11.5 million public equity offering in April 2026.
  • Annual cash outflow guidance -- Projected 2026 operating cash outflow will remain below $16 million, lower than prior $17 million-$19 million estimates due to leaner hiring.
  • Commercial strategy execution -- Limited commercial launch operates with one sales director and one implementation specialist, with intent to expand to one sales director and up to two implementation specialists per geography post-launch phase.
  • Market opportunity -- Management cited a $40 billion total addressable market, and a $2 billion segment for ambulatory cardiac monitoring patches with reimbursed revenue streams.

SUMMARY

HeartBeam (BEAT 7.36%) demonstrated measurable progress in commercial account onboarding, product development, and clinical validation for cardiac diagnostic solutions. The company’s recent equity financing, led by commercial partners and institutional investors, increased pro forma liquidity to approximately $12.4 million, ensuring funding into 2027. Management affirmed that the lean commercial model and downward-revised operating cash burn forecast (less than $16 million for 2026) extend the company’s runway for planned U.S. and international clinical studies supporting both heart attack detection and an AI-driven diagnostic platform. Partnerships, including the Mount Sinai AI initiative and positive pilot studies ahead of schedule, are positioned to supply critical clinical data for regulatory expansion and future commercial traction.

  • ClearCardio's direct involvement as both anchor customer and lead investor in the April offering was explicitly mentioned as a robust endorsement of HeartBeam’s business model.
  • The European ischemia pilot study is designed to benchmark HeartBeam’s 12-lead patch directly against a standard 12-lead ECG in a controlled exercise stress testing protocol.
  • Head Start ACS, underwritten by the Indonesian government for up to 500 patients, serves as both a commercial entry and AI algorithm development resource for the company.
  • Management confirmed that commercial revenue recognition from annual contracts would mostly be even throughout the year, with slight acceleration upon onboarding due to initial obligations.
  • Expanded indication efforts leverage identical HeartBeam hardware, potentially accelerating regulatory timelines for heart attack detection in home-based care settings.

INDUSTRY GLOSSARY

  • 12-lead ECG: An electrocardiogram format obtaining heart electrical activity from twelve viewpoints, typically relying on ten electrodes, enabling comprehensive cardiac event detection.
  • Ischemia detection: The ability to identify heart muscle areas suffering from reduced blood supply, pivotal for early intervention in cardiovascular patients.
  • Arrhythmia assessment: The medical evaluation of abnormal heart rhythms, used for both diagnostic and monitoring purposes.
  • STEMI: ST-elevation myocardial infarction, an acute and severe form of heart attack visible on an ECG by elevation of ST segments.
  • NSTEMI: Non-ST-elevation myocardial infarction, a subtler heart attack type not always apparent on a standard ECG.
  • Direct pay segment: A healthcare market segment composed of patients who pay for medical solutions outside of traditional insurance reimbursement structures, often through concierge practices.

Full Conference Call Transcript

Robert Eno: Thank you, operator. The topics we will cover on today's call are listed on the slide. We will start with a brief summary of our recent progress, followed by a reminder of the HeartBeam system and our unique technology platform. Bryan Humbarger, our Chief Commercial Officer, will provide an overview of our limited commercial launch. We will then provide updates on our major growth initiatives, the on demand 12 lead patch and our heart attack detection and AI efforts, followed by the financial results. We will end with Q&A. I will briefly summarize our recent progress We will cover each of these in more detail throughout the presentation.

We continue to execute well across both commercialization and our growth initiatives, On commercialization, we signed our first commercial partnership in Q1 with ClearCardio. Anchoring us in New York City Dallas, South Florida. We have since added Atelier Health, a Beverly Hills concierge practice led by physicians affiliated with Cedars Sinai. Extending us to Southern California and giving us flagship sites in all 4 of our target geographies. Together, these partnerships establish our initial foothold in the direct pay segment, which represents roughly 5 million U.S. patients. On heart attack detection, we enrolled the first patient in our ALIGN ACS pilot study, which compares heart beam to a standard 12-week in chest pain patients in the emergency department.

Enrollment's ahead of schedule. The study is a key step toward FDA indication expansion into a market of 20 million at risk patients. On the 12 lead patch, we completed our first working prototype in Q1, and we have now initiated a pilot study focused on ischemia detection. We believe this will be the best in class patch in a $2 billion market with established reimbursement. Partnership discussions continue to progress. On AI, we announced a strategic collaboration with Mount Sinai pairing their AI and clinical expertise with our 3D ECG signal collection technology to develop next generation algorithms for heart attack detection wellness, and personalized cardiac assessment.

Before we dive into detail updates, I want to remind everyone about initial product, the HeartBeam system, and our platform technology. HeartBeam is dedicated to developing groundbreaking ECG technology for patients to use at home to empower them to feel confident about their heart health. HeartBeam has developed the first ever portable cable free ECG that can synthesize a 12-lead ECG. Our unique IP protected approach captures the heart's electrical signals in 3 dimensions or non-coplanar directions, and synthesizes the signals into a 12-lead ECG. The system is designed to be easy to carry and easy for patients to use at the time of symptom onset. Anywhere, anytime.

The technology is supported by a team of US based board certified cardiologists who are available 24/7 to interpret the clinical grade ECG and triage patients appropriately to ensure timely care. The system has received 2 FDA clearances for arrhythmia assessment, With these 2 clearances in place, we are embarking on our limited commercial launch. As you will hear, we are extremely pleased with the reception of the system among leading concierge physicians and preventive cardiologists. Heart beam's more than just the first cable free synthesized 12-lead ECG. It is a true platform technology.

The major advance that we pioneered and what our key IP is based around is our novel signal collection technology, which captures the heart's electrical signals in 3 axes, left and right, up and down, and into the body. These 3D signals can be converted into a familiar 12-lead waveform. This core technology can be applied to multiple form factors, We are embarking on the launch of the heart beam system, the credit card size form factor. Recently, we announced the second form factor, an on demand 12 lead extended wear patch. We believe that this patch can disrupt the ambulatory cardiac monitoring market at $2 billion revenue market.

The technology in these 2 form factors has the potential to enable a full range of 12 lead ECG capabilities including currently cleared arrhythmia assessment and future indications of heart attack detection and personalized AI algorithms. We will discuss our progress toward heart attack detection and AI algorithms shortly, But now we want to turn it over to Bryan Humbarger HeartBeam's chief commercial officer, to provide an update on our commercial efforts. Bryan?

Bryan Humbarger: Thank you, Robert. Our commercial goals remain consistent and execution of the plan is well underway. As a review, we stated that in 2026, which is where we are today, that we are focused on validating our premium value proposition, refining the heart beam system, systems and processes, signing and onboarding our anchor accounts, and proving the scaling efficiency of the model. In the 2026, we will shift to proving deep adoption inside those anchor accounts establishing the funnel that will support our 2027 revenue and adoption goals developing white papers and clinical proof points to drive further adoption and beginning to expand the sales team around our anchor geographies.

And then in 2027 and beyond, we will scale revenue move to a train the trainer model for implementation, expand our clinical research opportunities, and expand the sales clinical and account management teams. These are the specific goals we set for 2026 alongside our status against each 1. Our first 2 goals are focused on signing and onboarding anchor accounts in key targeted markets and executing a concentrated rollout strategy in 4 key geographies. New York City, Dallas, South Florida, and Southern California. We have now built flagship accounts in all 4 markets. Lance our last call, we have added Atelier Health, located in Beverly Hills and led by physicians affiliated with Cedars Sinai.

This establishes access of the HeartBeam technology in Southern California. Additionally, our first customer, ClearCardio, has recently expanded its footprint from Dallas to New York and South Florida bringing along our technology as part of their offering in these markets. These are technology forward customers. That are rapidly growing in the preventative cardiology space. We also set out to validate our premium value proposition, early physician engagement, and flagship account traction have clearly reinforced demand for our personalized 12 lead ECG capability. Physicians who have spent time with the technology are confirming what we believe. That this is a meaningfully differentiated tool.

And finally, we prioritize the need to refine physician workflows We have been working directly with ClearCardio and Atelier on rollout planning workflow integration, and the implementation processes. And what we are learning is informing a cleaner, faster onboarding playbook. We will continue to prove our ability to scale efficiently. We are demonstrating this by accessing large patient populations through a focused set of strategically selected practices with a lean commercial team. Our focus will be on growth which is the expansion of heart beam access in the target geography and adoption, the penetration of patients in our contracted accounts. For the limited commercial launch, we plan to execute this strategy with a sales director and 1 implementation specialist.

After this phase, we plan to have a sales director and 1 to 2 implementation specialists per geography to support our growth and adoption efforts. Finally, we will begin measuring growth and adoption in addition to other key metrics as we move into this next phase of commercialization. Now I will turn it back to Robert.

Robert Eno: Thanks so much, Bryan. Next, I want to discuss our key growth initiatives. The 12 lead on demand patch and our efforts on heart attack detection and AI. Start with the 12 lead patch. As I mentioned when we unveiled it last quarter, we believe that the heart beam 12 lead patch can disrupt the ambulatory cardiac monitoring market. This market consists of patches that are worn for up to 30 days and continually record the patient's heart rhythms. it is a rapidly growing $2 billion revenue market with existing reimbursement. Consisting of 2 segments: long term continuous monitors and mobile cardiac telemetry, or MCT. These existing devices are 1-3 leads are limited to arrhythmia detection and monitoring.

HeartBeam has developed an on demand 12-lead patch and has produced a working prototype of the device. It functions just like existing patches, continually recording the patient's heart rhythms with a single lead. By using HeartBeam's patented technology, a patient simply places 2 fingers on the front of the device to record a clinical grade 12-lead ECG. This has the potential to bring better diagnostic capabilities including ischemia detection, to the patch segment. The device integrates into existing workflows and leverages the existing reimbursement. We believe this will be the best in class patch.

During the last call, we presented the results of market research surveys of cardiologists, electrophysiologists and emergency medicine physicians The research indicated that a 12-lead patch could cause fully half of the market to shift and could grow the market as a whole by 1/3. We announced on Monday that we have initiated a pilot clinical study in Europe aimed at demonstrating the ability of the heart beam patch to detect ischemia. The pilot study will enroll approximately 50 patients with a high risk of coronary artery disease. Each patient undergoes exercise stress tests, a standard diagnostic procedure used to identify ischemic changes. While wearing the heart beam patch.

Immediately following exercise, patients will obtain a synthesized 12-lead ECG by placing 2 fingers on the front of the patch. The ECG will be compared directly with the standard 12-lead ECG recorded at the same time. The study will help inform the company's regulatory strategy for the heart beam patch. Also, as previously noted, we are in discussions with a number of industry players on a potential partnership to bring the patch to market. We have had several productive meetings since our last call, including at the American College of Cardiology and the Heart Rhythm Society meetings. And we will keep you informed of the progress.

At HeartBeam, we think about card and the patch not just as 2 products but as entry points into the patient's cardiac monitoring journey. First, as you see on the left, patients use the HeartBeam system, the card, as an episodic monitor for peace of mind and to get physician feedback as symptoms occur. They are able to use the device throughout their lives to provide the physician with information to identify and monitor heart abnormality Often a cardiologist will want more information, such as the arrhythmia burden, that will necessitate use of the patch, so the card can directly lead to the patch.

On the right hand side is the 12 lead patch, a continuous monitor for a period of weeks. It can create a 12-lead ECG on demand. This could be prescribed when physicians want discontinuous information to assist in a new diagnosis or after an emergency department visit or a procedure, such as revascularization or a cardiac ablation. A patient who finishes with the HeartBeam patch could transition to the CARD for a number of reasons. For example, to monitor intermittent episodes over their lifetime, or if the patch is prescribed after a procedure, once this acute phase is over, the patient who is still high risk could transition to the card. So the patch can directly lead to the card.

This is a flywheel that can drive further usage and deeper engagement with the technology. As we have discussed previously, 1 of the major problems in cardiology is that there is no good way for patients who experience chest pain to know if they are having a heart attack. Patients wait an average of 3 to 4 hours before seeking care, and every 30 minutes of delay increases the risk of death by 7.5%. The 12-lead ECG is the standard for heart attack detection, but traditional 12-lead ECGs have 10 wired electrodes that need to be placed by a technician and they are not applicable for home use.

This is a major problem with 20 million people in the U.S. at risk of a heart attack including 8 million who have had a previous heart attack. HeartBeam's technology has the potential to address this major need. We have multiple proof of concept studies showing that the HeartBeam ECG is similar to a standard 12-lead ECG in detecting heart attacks. 1 important point about this effort is that the same HeartBeam system that we are launching with an expanded indication. The ALIGN ACS pilot study is underway In Europe, comparing the heart beam ECG to a standard 12-lead ECG in detecting heart attacks. The study is conducted in the emergency room enrolling patients who arrive with chest pain.

This will allow the study to enroll much more rapidly than a study that prescribed devices to patients and waited for them to have events. We expect the study to complete enrollment by the end of the 2026, the study will inform the design of our FDA pivotal study. Study is enrolling well and is currently ahead of schedule. Next, I would like to describe the vision of how our system will work with heart attack detection. But first, here's the workflow today. A patient with symptoms uses the HeartBeam system, and the data is sent to a cardiologist who is available 24/7.

The cardiologist reviews the ECG and the symptoms and respond responds to the patient in just a few minutes with an ECG interpretation of the patient's arhythmic state. In our vision of heart attack detection, the workflow is very similar for a patient but with the expanded indication, the on call cardiologists will review for the presence of heart attacks, reviewing the ECG comparison with the baseline ECG symptoms and history. But the physician will also benefit from an AI algorithm specifically for MI We plan to develop a deep learning model trained on ECGs taken when patients present with chest pain. The algorithm is trained on all of the data. Including which patients go on to be revascularized.

In general, there are 2 types of heart attacks. ST elevation myocardial infarctions, or STEMIs, are the classic heart attack. Which can be readily identified on an ECG. But non ST elevation myocardial infarctions or NSTEMIs are more subtle and sometimes are not picked up by a physician reviewing the ECG. By training the algorithm on which patients actually need a revascularization, we believe we will be able to catch NSTEMIs as well as STEMIs.

Back to the workflow, our vision is that the patient's data will be sent to the physician, but in parallel will be run through the AI algorithm which will provide insights on the potential of both STEMI and NSTEMI heart attacks, the physician's interpretation and recommendation will be informed by the AI algorithm. We will have further updates on these efforts, including the clinical and regulatory timelines.

Our robust clinical trial pipeline, which includes the ALIGN ACS pilot study, the Indonesia Head Start ACS study, and a US pivotal study should provide on the order of 1 thousand patients to further validate the AI algorithm we are We showed this slide in the last call 2 months ago, laying out the key milestones for the year. We are making excellent progress achieving what we said we would. All of the milestones for Q1 are complete, and we are well on the way to achieving the Q2 milestones. On commercialization, as Bryan walked through, we have signed and are onboarding We laid out last quarter. The early traction in these accounts is validating our premium positioning.

Physicians who have spent meaningful time with the system are confirming that this is a highly differentiated product. For heart attack detection, enrollment for the ALIGN ACS pilot study is underway. And we expect to have updates in the coming months on head start ACS and the ALIGN ACS enrollment completion. On AI, with the Mount Sinai collaboration finalized, we are focusing on developing algorithms, including MI focused and wellness algorithms which will enhance the value of the heart beam system for our initial patient population. And finally, on the 12-lead patch, we are in the midst of partnership discussions and we added to this chart the pilot ischemia study on the patch, which is underway.

Next, Timothy will run us through the financials. Timothy?

Timothy Cruickshank: Great. Thanks, Robert. This past month, we strengthened our financial position through an $11.5 million financing. We closed the underwritten public offering of common stock on April 16. Total gross proceeds of $10 million before cost. And the underwriter also exercised the over-allotment option of $1.5 million in common stock for further gross proceeds. The offering was led by our first commercial customer, ClearCardio, alongside our executive leadership, board members, a number of existing investors as well as several fundamental institutional investors. This level of participation in the financing, including the fundamental institutional participation, a strong signal of conviction in the business model and our trajectory. We ended 03/31/2026 with a cash balance of just over $2 million.

So when you include the net proceeds from the recent offering and over allotment, we would have a pro forma cash balance of approximately $12.4 million. This provides the cash runway to advance HeartBeam into our next phase of growth. And the common stock only financing continues to provide the company with a clean cap table and lots of optionality moving forward. Our focus remains on execution, towards our operational milestones while managing cash and dilution responsibly. We believe the progress we are making commercially, combined with continued advanced development of our strategic initiatives that Robert walked us through. They position us well to execute in a meaningful way throughout 2026 and into 2027.

Taking a look at the Q1 26 financials. We had a net loss of $4.7 million, with net cash used in operating activities of $3.6 million. This is a 19% decrease in operating cash outflow compared to the same quarter in the prior year. The Q1 spend and EPS came in ahead of expectations, In Q1 of every year, there are several onetime annual payments within it. And we also made a few timely investments into our commercial launch and the 12 lead patch development. Even with these investments, we continue to show our ability to execute on our aggressive milestones while still delivering the 19% year-over-year expenditure reduction we saw in the quarter.

We have got a really lean but dedicated team, and we continue to judiciously time our investments providing us with the ability to maintain a low cost profile. To that end, we previously stated our cash outflow expectations for 2026 would be in the $17 million to $19 million range. That was based on a more aggressive hiring of the sales team than we believe is necessary in the early days. As Brian described earlier, we have the ability to continue to prove out our initial commercial launch with the focused lean team. So based on that, we estimate our cash outflow will be below $16 million for all of 2026.

So if you take the cash outflows of $3.6 million in Q1 of this year. That equates to approximately $12 million in cash outflows for the remaining 3 quarters of 2026. And that is prior to factoring in cash receipts from customers from our commercialization efforts. So this provides us funding into 2027 and the runway necessary to accomplish several critical milestones we have ahead. In summary, the financing we closed this past month, extends our runway as we continue to advance our commercial launch and our exciting development initiatives in the 12 lead patch as well as our MI detection and AI initiatives.

Combined with our balanced financial discipline, including the 19% year-over-year reduction in operating cash burn delivered in Q1, we believe we have the cash runway to advance HeartBeam well into our next phase of growth. With that, Robert, I will turn it back over to you.

Robert Eno: Thanks so much, Timothy. We are pursuing a massive $40 billion opportunity and we are executing on our plan to address major markets. The technology is significantly derisked with the achievement of the first ever FDA cleared, cable free, synthesized 12 lead ECG for arrhythmia assessment. But the platform technology is backed by strong IP and clinical evidence. We strengthened our balance sheet with the April 2026 offering, and we are following a capital efficient strategy with thoughtful and judicious timing of investments as Timothy laid out. And crucially, we are executing on multiple value creation opportunities in 2026.

On the limited commercial launch, we have built flagship account presence in New York, Dallas, South Florida, Southern California, and our cost effective expansion strategy does not require a huge sales force. On heart attack detection, we are rapidly advancing clinical validation to support indication expansion with the same heart beam system. The ALIGN ACS pilot study is enrolling rapidly and is ahead of schedule. We believe that HeartBeam's on demand 12-lead patch will be the best in class product in the $2 billion revenue market with existing reimbursement. It will be the only 12 lead extended wear patch, and its ability to detect ischemia as well as arrhythmia will be game changing.

We have initiated the pilot study that is aimed at demonstrating the ischemia detection capabilities. We are advancing our efforts on a strategic partnership to speed adoption as well. And finally, the Mount Sinai agreement is key to our AI strategy, in the development of next generation algorithms, including MI detection and wellness algorithms. Longer term, we will be partnering with Mount Sinai to create a new class of 12 lead screening and predictive algorithms that are with the patient at home. We thank you all for attending, and now we would like to open it up to Q&A. Operator?

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2. If you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up a handset before pressing the star keys. 1 moment, please. I will poll for questions. The first question comes from the line of Kyle Bauser with BTIG. Please go ahead.

Analyst (Kyle Bauser): Hi, Robert, Timothy and Bryan. Thanks for taking my question. And congrats on all the recent progress here. it is impressive. Maybe I will start with the commercial rollout following your 2 anchor partners. Can you talk about how many patients are collectively managed by these partners and also any updates on pricing? Are we still thinking the $500 to $1 thousand range?

Bryan Humbarger: Yeah. Yeah. Hey, Kyle. it is Bryan. Thanks for the question. So yes, as we have discussed, really, this first half of the year is signing and getting these anchor accounts on board. So we are really focused on that. And as we move through the second half of Q2 and into the second half of the year, we will be focused much more on the adoption in those specific practices. The number of patients in those specific practices are not really shared publicly.

But as we go back and look at why we focus on these specific geographies, looking at our premium value proposition and where the patients are, Our focus is really on going after those 150 thousand patients that are in this preventative concierge market and getting to the getting to 30 thousand of those patients to our breakeven our breakeven point. And when we look at these 4 markets, they represent you know, between the anchor accounts and other similar customers in the area, tens of thousands of patients in these specific geographies. So we feel very confident about that. The regarding the pricing, spot on. I think we talked about on the last call, $750 to $1 thousand.

Is what we look at from a pricing perspective. on the annual basis for the subscription fee. And early indications that we have not received any pushback on that. So we are confident that we are coming in and being able to establish that value right out of the gates.

Robert Eno: And, hey, Kyle. This is Robert. Great to hear from you. Just to add 1 quick thing to what Bryan said. Great answer, Bryan. The on the number of patients, as Bryan said, because they are private accounts, they do not like us saying that, but I think you can expect in the near future, as we have more and more accounts, we will be able to give a number that says collectively under these accounts this number of patients is being managed.

Just like you are getting to. it is a little early because it exposes too much about the customers, but you can expect us to report that as part of what Bryan said, some of the metrics that we are looking at.

Analyst (Kyle Bauser): Okay. Excellent. Makes sense. Appreciate that. And then maybe moving on to heart attack detection in the ALIGN ACS pilot study. Robert, I believe you mentioned previously it will be about 100 patients. Correct me if I am wrong. And given the nice design of just enrolling ER chest pain patients, it sounds like it is ahead of schedule. Once you finalize the design for the pivotal study, can you talk a little bit about the timing and what that will look like for the enrollment of that pivotal?

Robert Eno: Sure. So, yeah, the Align ACS is on the order of 100 to 120 patients. it is enrolling well ahead of schedule. We still believe we are comfortable in that enrollment by the end of end of Q3. You know, what we are doing is, as I mentioned, is that study design we are learning a lot from, and that will inform the discussions with FDA for the pivotal study design. So we are in communication with FDA on everything from the regulatory pathway to the clinical study design. We are also talking with potential investigators in The US.

So nothing more to update in terms of further timing beyond Align ACS, but as soon as we know more, we will make sure that we lay it out for you.

Analyst (Kyle Bauser): Okay. Appreciate that. And maybe I can just slip 1 more in regarding the Head Start ACS study. How will that differ from ALIGN ACS? And, you know, number of patients, etcetera?

Robert Eno: Yeah. We will talk more about that in a little bit, but it is broadly the same design, meaning that it is looking at patients in emergency rooms with chest pain and comparing it to a 12 lead ECG. it is been sponsored by the government of Indonesia that very interested in potential usage of our system. So it is going to be a bigger study on the order of 500 patients. And because of the design and the interest from Indonesia, it is largely paid for by the government.

So it is a good opportunity for us to get more patients both for our overall learning of the manual interpretation but also, as I suggested, to be able to have a pool of patients to validate our upcoming AI algorithm as well. So more details on that, you know, in the coming weeks, I believe.

Analyst (Kyle Bauser): Okay. Got it. Appreciate that. Thanks for taking my question.

Robert Eno: Thanks, Kyle.

Operator: Thank you. Next question comes from the line of Yi Chen. With H.C. Wainwright. Please go ahead.

Analyst: Hi. This is Katie on for Yi Chen. I was hoping we could get a little bit more clarification on how we should model revenue from this subscription billing? Is it, do you expect it to build consistently quarter over quarter, or is it going to be ebb and flow throughout the year? And then what is a realistic revenue expectation for full year 2026 with the current number of deployed accounts?

Robert Eno: Great. Thank you, Katie. Happy to take that. Okay. Go ahead, Timothy.

Timothy Cruickshank: Yeah. Thank you. So from a revenue perspective, it will it will be largely straight lined over the course of the year. it is all about performance obligations and the commitment we have to, you know, these annual contracts with customers. So you know, if you take $750 as an average price, you know, that is largely you know, straight lined over the course of the year.

There will be a portion that you may expect to see recognized earlier in the contract in recognition of some of the obligations we have of onboarding a customer, some of the additional costs required, you know, getting the device out the door, onboarding, and so there will be you know, a slight higher portion of revenue early in the contract, and then from there, straight lining of it. what is interesting or what is helpful to the company from a cash flow perspective, we expect the majority of customers to pay for the first year upfront.

So when you look at it from a P&L or from a cash perspective, you take the majority of that right up front, From a p and l perspective, it is straight-lined, if that helps.

Analyst: Great. Thank you. Yep. But could I ask 1 more? Looking at your discussion on deep adoption within those flagship accounts, can you give us an idea of what that full adoption looks like in a single practice Like, how many devices per practice and what is a fully penetrated flagship account? Generate annually?