In this paper, we propose a lightweight neural network for real-time electrocardiogram (ECG) anomaly detection and system level power reduction of wearable Internet of Things (IoT) Edge sensors. The proposed network utilizes a novel hybrid architecture consisting of Long Short Term Memory (LSTM) cells and Multi-Layer Perceptrons (MLP). The LSTM block takes a sequence of coefficients representing the morphology of ECG beats while the MLP input layer is fed with features derived from instantaneous heart rate. Simultaneous training of the blocks pushes the overall network to learn distinct features complementing each other for making decisions. The network was evaluated in terms of accuracy, computational complexity, and power consumption using data from the MIT-BIH arrhythmia database. To address the class imbalance in the dataset, we augmented the dataset using SMOTE algorithm for network training. The network achieved an average classification accuracy of 97% across several records in the database. Further, the network was mapped to a fixed point model, retrained in a bit accurate fixed-point environment to compensate for the quantization error, and ported to an ARM Cortex M4 based embedded platform. In laboratory testing, the overall system was successfully demonstrated, and a significant saving of ≅ 50% power was achieved by gating the wireless transmission using the classifier. Wireless transmission was enabled only to transmit the beats deemed anomalous by the classifier. The proposed technique compares favourably with current methods in terms of computational complexity and has the advantage of stand-alone operation in the edge node, without the need for always-on wireless connectivity making it ideal for IoT wearable devices.