HeartSciences Announces Major Milestone with the Issuance of CPT® Codes by the American Medical Association for ECG AI Analysis of Cardiac Dysfunction
October 19 2022 - 9:15AM
Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS;
HSCSW) (“HeartSciences” or the “Company”), a medical technology
company focused on saving lives by making an ECG (also known as an
EKG) a far more valuable screening tool through the use of AI,
today reports that the American Medical Association (AMA) has
issued new industry-first Category III Current Procedural
Terminology (CPT®) codes for novel AI assistive algorithmic ECG
risk assessment for cardiac dysfunction. These codes are expected
to cover the AI cardiac dysfunction algorithm incorporated in the
Company’s MyoVista® Wavelet ECG Cardiac Testing Device currently in
development for FDA De Novo submission and clearance. The codes are
in addition to the long-established CPT codes in place for the
conventional ECG.
CPT Category III codes are designed to facilitate the use,
adoption, and potential reimbursement of emerging technologies. The
new CPT codes go into effect in the CPT codebook on January 1,
2023.
“This is a major milestone for HeartSciences. The issuance of
new CPT codes by the AMA acknowledges the importance of AI analysis
of cardiac dysfunction using an ECG. It also further validates the
commercial opportunity for the MyoVista,” stated Andrew Simpson,
Chief Executive Officer of HeartSciences. “One of the most
significant needs in healthcare is the ability to detect cardiac
dysfunction early. An AI-enabled ECG is a relatively low-cost,
simple, and quick way to do that. Millions of ECG tests are
performed every week and we believe adding detection of cardiac
dysfunction to the ECG would make it a far more valuable heart
screening tool.”
About HeartSciences
Heart Test Laboratories, Inc. d/b/a HeartSciences is a medical
technology company focused on applying innovative AI-based
technology to an ECG (also known as an EKG) to expand and improve
an ECG’s clinical usefulness. Millions of ECGs are performed every
week and the Company’s objective is to improve healthcare by making
an ECG a far more valuable cardiac screening tool, particularly in
frontline or point-of-care clinical settings. HeartSciences’ first
product candidate for FDA clearance, the MyoVista wavECG, or the
MyoVista, is a resting 12-lead ECG that is also designed to provide
diagnostic information related to cardiac dysfunction which has
traditionally only been available through the use of cardiac
imaging. The MyoVista also provides conventional ECG information in
the same test. The business model, which involves the use of the
MyoVista device and consumables for each test, is expected to be
“razor-razorblade” as the electrodes used with the MyoVista are
proprietary to HeartSciences, and new electrodes are required for
every test performed.
For more information, please visit:
https://www.heartsciences.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are made under the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995 and relate to the
Company's future financial and operating performance. All
statements, other than statements of historical facts, included
herein are "forward-looking statements" including, among other
things, statements about HeartSciences’ beliefs and expectations.
These statements are based on current expectations, assumptions and
uncertainties involving judgments about, among other things, future
economic, competitive and market conditions and future business
decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control. The
expectations reflected in these forward-looking statements involve
significant assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Potential risks and
uncertainties include, but are not limited to, risks discussed in
HeartSciences’ filings with the U.S. Securities and Exchange
Commission at www.sec.gov. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
For investor and media inquiries, please
contact:
Investor Relations:Crescendo Communications, LLCPhone: (212)
671-1021Email: HSCS@crescendo-ir.com
Company:Gene GephartPhone: +1-737-414-9213
(US)Email: investorrelations@heartsciences.com
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