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You will have to test it, I don't have a heart rate monitor to test my SW3, sorry.
"I'd rather be hated for who I am, than loved for who I am not." Kurt Cobain (1967-1994)
The specification i have only states support for headsets.
For local device to device communications, SWR50 supports the bluetooth profiles A2DP (audio streaming) and AVRCP (remote control like play and pause). The heart rate monitors i've read about requires additional bluetooth support so i'm not sure if you even can connect a heart rate monitor directly to SWR50.
I believe it's more of a question for the manufactorer of the heart rate monitor really. It would be up to the maker of the HRM to make a product that supports direct connection with an Android Wear device by providing an app for it and by using said bluetooth profiles. But i'm afraid i doubt you'll find one The ones i've seen uses either ANT+ or BLE and needs to be connected to a phone.