Heartflow, Inc. (HTFL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$212.1M

Net income, last twelve months

-$118.4M

Earnings per share

-$1.83

Gross margin

80.1%

Operating margin

-37.8%

Net margin

-55.8%

Free cash flow

-$59.2M

Return on equity

-42.3%

Market value

$5.1B

Cash

$34.4M

Debt

$0

Debt to equity

0.00

Shares outstanding

86.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 13 August 2026.

• Revenue rose 48% year-over-year. Total revenue reached $64.1 million, up 48% from the prior-year quarter, when the statements of operations show $43.4 million.
• Full-year revenue guidance raised. Management raised full-year 2026 revenue guidance to $246 million to $250 million from $228 million to $232 million.
• Operating loss widened to $17.9M. Net operating loss was $17.9 million, against $13.7 million a year earlier. Non-GAAP net operating loss was $7.9 million, against $11.5 million.
• GAAP net loss rose, non-GAAP fell. GAAP net loss was $15.7 million, or $(0.18) per share, against $9.2 million a year earlier. Non-GAAP net loss was $5.8 million, against $17.6 million.
• Adjusted EBITDA improved to negative $6.7M. Adjusted EBITDA was $(6.7) million for the quarter, against $(10.1) million in the prior-year quarter.
• U.S. revenue grew 51%. U.S. revenue was $59.6 million, up 51% year-over-year, and makes up most of total revenue.
• International revenue grew 12%. International and other revenue was $4.5 million, up 12% year-over-year.
• U.S. case volumes drove growth. Management attributed the global revenue increase mainly to higher U.S. FFR CT and U.S. Plaque case volumes.
• Heartflow One platform described. The company describes the Heartflow One platform as using AI to turn coronary CTA images into personalized 3D models of the heart.
• Image acceptance above 97%. The company reports coronary CTA image acceptance rates above 97 percent in real-world practice.
• Clinical validation scale cited. Clinical evidence covers over 200 studies assessing over 365,000 patients, according to the company.
• Operating expenses rose to 111% of revenue. Total operating expenses were $71.1 million, or 111% of revenue, against $46.5 million, or 107%, a year earlier.
• Non-GAAP expenses at 96% of revenue. Non-GAAP total operating expenses were $61.3 million, or 96% of revenue, against $44.3 million, or 102%, a year earlier.
• Spending on sales, technology, research. Management attributed the operating expense increase to higher investment in sales personnel, technology and clinical research.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 9 held.

Every filing

The newest filings with the SEC of 52 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

217 funds held it at 30 Jun 2026: 140 added and 37 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

Heartflow, Inc. sells software and artificial intelligence for diagnosing and managing coronary artery disease, which it calls CAD. Its Heartflow Platform takes a single coronary computed tomography angiography scan, known as a CCTA, and builds a personalized 3D model of a patient's coronary arteries using AI and computational fluid dynamics. As of 31 December 2025 the platform had been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone.

What it sells

The company has developed three software products on the platform. It is indicated for patients with stenosis levels between 40% and 90%, and it made up 98% of total revenue. Heartflow Plaque Analysis quantifies and characterizes coronary plaque. Heartflow RoadMap Analysis gives a visual map of the coronary anatomy to guide the physician's review. It is provided to accounts as an integrated feature and is not a stand-alone product.

The company says it expects to launch a fourth product, Heartflow PCI Navigator, in the second quarter of 2026, and anticipates launching a fifth, Plaque Tracker, in 2027.

How it makes money

Heartflow earns revenue on a "pay-per-click" basis each time a physician chooses to review Heartflow FFRCT Analysis, Heartflow Plaque Analysis, or both. It bills the account directly for each analysis and recognizes the fee when the analysis is delivered. Customers do not buy any capital equipment.

Clinic and office-based accounts carry lower pricing than hospital-based accounts, and they generated 32% of U.S. revenue cases in 2025. No single customer accounted for 10% or more of revenue.

Payment depends on insurance coverage. Heartflow FFRCT Analysis is reimbursed under Category I CPT code 75580, with coverage policies applying to approximately 99% of covered lives in the United States. Heartflow Plaque Analysis has Category I CPT code 75577, effective January 2026, and its coverage represents approximately 75% of covered lives.

How an analysis is made

Images move from the hospital or imaging center to Heartflow's cloud through software embedded at the account. Machine learning algorithms extract the patient's 3D anatomy. Production analysts then review the images through proprietary software and correct them where needed. The algorithms compute stenosis, plaque and blood flow, and results go to the physician as an interactive web view, a PDF summary, or directly into the electronic medical record. Analyst corrections are stored as labels to train later versions of the algorithms. The company reports more than 160 million annotated CCTA images.

Who it sells to and where

In the United States a direct sales team has two roles. Territory Sales Managers open new accounts, and Territory Account Managers educate referring physicians to raise usage. The company also has small direct teams in the United Kingdom, Japan and other countries in the European Union. The platform has a commercial presence and regulatory approval in the United States, United Kingdom, European Union and Japan, and some or all of it is licensed or approved in Canada, Australia, Israel, Saudi Arabia, United Arab Emirates and Bahrain.

How it competes

The company names traditional non-invasive tests as its primary competition, mainly SPECT, stress echocardiography and PET. The main makers of imaging systems for these tests are Siemens Healthineers AG, GE Healthcare, Koninklijke Philips and Canon Medical Systems Corporation. It also names AI-based CCTA competitors, including Cleerly, Elucid Bioimaging and Keya Medical Technology.

Its platform has been evaluated in over 200 clinical studies and more than 365,000 patients, with results in over 600 peer-reviewed publications. The AHA and ACC guidelines give CCTA a Class 1, Level A rating and Heartflow FFRCT Analysis a Class 2a, Level B rating. It holds approximately 617 issued patents and 93 pending patent applications globally.

Rules it works under

The FDA regulates the Heartflow Platform as a Class II medical device. Heartflow FFRCT Analysis first received marketing authorization through the de novo process on 26 November 2014, and version 4.0 of the platform was cleared in July 2025. In Europe, BSI is its Notified Body. In October 2025 the company and certain employees received civil investigative demands from the U.S. Department of Justice, Civil Division. These concern an investigation under the federal Anti-Kickback Statute and Civil False Claims Act and focus on its arrangements with providers and its sales and marketing. The company says it is cooperating and cannot express a view on the outcome.

*From Heartflow's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1464521/000146452126000042/htfl-20251231x10k.htm)*

From the company's 10-K.