Heartflow Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

Heartflow (Nasdaq: HTFL) reported fourth-quarter and full-year 2025 results: Q4 revenue $49.1M (+40% YoY) and FY2025 revenue $176.0M (+40% YoY). Gross margin expanded to 79.5% in Q4 and 76.8% for the year. Cash, cash equivalents and investments totaled $280.2M.

Management issued 2026 revenue guidance of $218M–$222M (~24%–26% growth) and projected a non-GAAP gross margin of 80%–81%. Installed base and Plaque coverage gains cited as commercial catalysts.

Positive

• Total revenue +40% YoY to $176.0M for FY2025
• Q4 revenue +40% YoY to $49.1M
• Q4 gross margin expanded to 79.5% (450 bps improvement YoY)
• 2026 revenue guidance of $218M–$222M (≈24%–26% growth)
• Cash, cash equivalents and investments of $280.2M at year-end

Negative

• Net loss widened to $116.8M for FY2025 (+21% YoY)
• Total operating expenses were 113% of revenue for FY2025
• Net operating loss of $64.1M for FY2025 indicates continued unprofitability
• Q4 noncash warrant remeasurement charge of $9.3M affected net loss

Key Figures

Q4 2025 revenue: $49.1M Q4 2025 gross margin: 79.5% Q4 2025 net loss: $24.4M ($0.29/share) +5 more

8 metrics

Q4 2025 revenue $49.1M Fourth quarter 2025, 40% year-over-year increase

Q4 2025 gross margin 79.5% Fourth quarter 2025 GAAP gross margin

Q4 2025 net loss $24.4M ($0.29/share) Fourth quarter 2025 GAAP net loss and EPS

FY 2025 revenue $176.0M Full year 2025, 40% year-over-year increase

FY 2025 gross margin 76.8% Full year 2025 GAAP gross margin

FY 2025 net loss $116.8M ($3.17/share) Full year 2025 GAAP net loss and EPS

Cash & investments $280.2M Cash, cash equivalents and investments as of Dec 31, 2025

2026 revenue guidance $218M–$222M 2026 outlook, ~24%–26% YoY growth and 80%–81% non-GAAP gross margin

Market Reality Check

Price: $25.89 Vol: Volume 1,585,574 is 35% a...

normal vol

$25.89 Last Close

Volume Volume 1,585,574 is 35% above the 20-day average of 1,171,201, signaling elevated interest into earnings. normal

Technical Shares at $22.52 are trading below the 200-day MA of $30.58 and sit 45.37% under the 52-week high.

Peers on Argus

HTFL gained 7.34%, while key health information peers saw modest moves (e.g., PR...

HTFL gained 7.34%, while key health information peers saw modest moves (e.g., PRVA +0.05%, PINC +0.07%, BTSG +3.55%, HNGE +1.12%, WAY +0.86%). Scanner data did not flag a sector-wide momentum move, pointing to a company-specific earnings reaction.

Previous Earnings Reports

1 past event · Latest: Nov 12 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Quarterly earnings	Positive	-13.4%	Q3 2025 earnings with 41% YoY revenue growth and 76.5% gross margin.

Pattern Detected

The last earnings release with strong revenue growth triggered a sharp selloff, whereas the current report coincides with a positive price reaction, suggesting inconsistent historical responses to results.

Recent Company History

In the prior earnings update on Nov 12, 2025, Heartflow reported $46.3M in Q3 2025 revenue, up 41% YoY, with a strong 76.5% gross margin, but the stock fell 13.43% over the next day. That release also highlighted completion of the August 2025 IPO and initial full-year 2025 revenue guidance of $173.0M–$173.5M. Today’s Q4/FY 2025 results show similar ~40% growth and high-70s gross margins, so investors are reacting more favorably than to the last earnings update.

Historical Comparison

-13.4% avg move · In the past year, HTFL’s only prior earnings release saw a -13.43% move. Today’s +7.34% reaction to ...

earnings

-13.4%

Average Historical Move earnings

In the past year, HTFL’s only prior earnings release saw a -13.43% move. Today’s +7.34% reaction to Q4/FY 2025 results marks a clear break from that pattern.

Earnings releases since the August 2025 IPO have emphasized ~40% YoY revenue growth and high-70s gross margins, alongside expanding commercial adoption and payer coverage for Heartflow Plaque Analysis.

Market Pulse Summary

This announcement highlights Heartflow’s Q4 and full-year 2025 performance, with revenue reaching $4...

Analysis

This announcement highlights Heartflow’s Q4 and full-year 2025 performance, with revenue reaching $49.1M for the quarter and $176.0M for the year, both up 40% year-over-year, and gross margins in the high-70s. Guidance for 2026 targets $218M–$222M in revenue and 80%–81% non-GAAP gross margin. At the same time, the company reported a 2025 net loss of $116.8M. Investors may watch future earnings updates and cash levels of $280.2M to assess progress toward improved profitability.

Key Terms

ffrct, non-gaap, adjusted ebitda, rvus, +4 more

8 terms

ffrct medical

"The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT volume."

ffrct is a noninvasive medical test that uses standard CT heart scans plus computer models to estimate how much a coronary artery blockage reduces blood flow, similar to using a traffic simulation to see if a lane closure will cause a real slowdown. Investors care because it can change how often patients need invasive procedures, affect demand for imaging software and services, and influence regulatory approvals, reimbursement and market growth for diagnostics.

non-gaap financial

"Gross margin of 79.5%, non-GAAP gross margin of 79.9% Net operating loss of $17.8 million, non-GAAP net operating loss of $12.5 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

adjusted ebitda financial

"Adjusted EBITDA was ($11.1) million, compared to ($12.0) million in the prior year period."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

rvus financial

"Category I CPT code 75577 effective January 1, 2026, establishing 0.85 RVUs for physicians and a combined total of 4.00 RVUs."

Relative value units (RVUs) are a standardized points system used in healthcare to measure the resource intensity of medical services—combining clinician time and effort, practice overhead, and liability risk. Investors care because RVUs are a primary driver of reimbursement from government and many private payers, so shifts in RVU valuation or volume directly affect provider revenue and profitability; think of RVUs as the point score that turns clinical activity into a billing amount.

hitrust technical

"Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, ISO 13485, and ISO 27001."

HITRUST is an independent organization and a widely used security and privacy framework that helps healthcare and related companies show they protect sensitive data like patient records. Think of it as a standardized lock-and-inspection checklist auditors use to confirm an organization follows strong data security and regulatory rules. For investors, HITRUST recognition reduces the risk of costly data breaches, regulatory fines, and reputational damage, making a business a safer long-term bet.

soc 2 type 2 technical

"Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, ISO 13485, and ISO 27001."

SOC 2 Type 2 is an independent audit that verifies a service provider’s operational controls for security, availability, processing integrity, confidentiality and privacy over a sustained period. Think of it as a multi-week inspection that checks not just that security measures exist but that they actually work day to day; for investors, a clean SOC 2 Type 2 report lowers the risk of data breaches, downtime and regulatory problems and signals stronger operational reliability.

iso 13485 technical

"Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, ISO 13485, and ISO 27001."

ISO 13485 is an international quality management standard for organizations that design, produce, or service medical devices. Think of it as a factory’s rulebook and checklist that helps ensure products are safe, consistently made, and meet regulatory rules worldwide. For investors, certification signals lower operational and regulatory risk, easier market access, and greater reliability of a company’s medical products and supply chain — similar to buying from a trusted, inspected supplier.

rule 10b5-1 trading plan regulatory

"The sale was executed under a previously adopted Rule 10b5-1 trading plan dated September 12, 2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

AI-generated analysis. Not financial advice.

MOUNTAIN VIEW, Calif., March 18, 2026 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Total revenue of $49.1 million, a 40% increase year-over-year
• Gross margin of 79.5%, non-GAAP gross margin of 79.9%
• Net operating loss of $17.8 million, non-GAAP net operating loss of $12.5 million
• U.S. installed base of 1,465 accounts as of December 31, 2025
• U.S. Plaque installed base of 489 accounts as of December 31, 2025
• Aetna began coverage of Heartflow Plaque Analysis, bringing total U.S. covered lives for Plaque to approximately 75%

2026 Annual Guidance

• Total revenue of $218 million to $222 million (approximately 24% to 26% growth year-over-year)
• Non-GAAP gross margin of 80% to 81%

“Our strong fourth quarter performance concluded a record year for Heartflow,” said John Farquhar, President and CEO of Heartflow. “The accelerating adoption of the Heartflow Platform, combined with our disciplined execution across commercial, innovation, and clinical initiatives, drove 40% fourth quarter and full year revenue growth and record gross margins. We also made significant strides in scaling account activations and driving early physician adoption of Heartflow Plaque Analysis. Our 2026 guidance reflects strong business fundamentals, a solid foundation for growth, and high confidence in consistent execution. With commercial, innovation and clinical catalysts on the horizon, our conviction in the business has never been higher.”

Fourth Quarter 2025 Financial Results
Total revenue was $49.1 million, a 40% increase year-over-year. U.S. revenue was $44.8 million, a 41% increase year-over-year. International and other revenue was $4.3 million, a 35% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFR_CT volume.

Gross profit was $39.1 million, compared to $26.3 million in the prior year period. Non-GAAP gross profit was $39.2 million, compared to $26.3 million in the prior year period.

Gross margin was 79.5%, compared to 75.0% in the prior year period. Non-GAAP gross margin was 79.9%, compared to 75.3% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in revenue case volume and improved production team productivity driven by AI efficiency initiatives, partially offset by the hiring and training of production team personnel.

Total operating expenses were $56.8 million, or 116% of total revenue, compared to $42.3 million, or 121% of total revenue, in the prior year period. Non-GAAP total operating expenses were $51.7 million, or 105% of total revenue, compared to $39.9 million, or 114% of total revenue, in the prior year period. The year-over-year operating expense increase was primarily attributable to increased investment in sales personnel and related expenses, as well as increased investments in technology and clinical research.

Net operating loss was $17.8 million, compared to $16.1 million in the prior year period. Non-GAAP net operating loss was $12.5 million, compared to $13.5 million in the prior year period.

Net loss was $24.4 million, or ($0.29) net loss per share, compared to $33.0 million, or ($5.59) net loss per share, in the prior year period. Net loss for the fourth quarters of 2025 and 2024 included a noncash charge of $9.3 million and $11.9 million, respectively, resulting from the remeasurement of the fair value of the Company’s common stock warrant liability. As of October 22, 2025, the warrant holder net exercised all warrants in full. Therefore, the fourth quarter of 2025 is the last quarter that movements in the Company’s stock price will trigger a warrant revaluation and result in a noncash charge to net loss.

Non-GAAP net loss was $9.8 million, or ($0.12) non-GAAP net loss per share, compared to $18.6 million, or ($3.15) non-GAAP net loss per share, in the prior year period.

Adjusted EBITDA was ($11.1) million, compared to ($12.0) million in the prior year period.

Full Year 2025 Financial Results
Total revenue was $176.0 million, a 40% increase year-over-year. U.S. revenue was $160.6 million, a 41% increase year-over-year. International and other revenue was $15.4 million, a 26% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFR_CT volume.

Gross profit was $135.2 million, compared to $94.4 million in the prior year period. Non-GAAP gross profit was $135.6 million, compared to $94.8 million in the prior year period.

Gross margin was 76.8%, compared to 75.1% in the prior year period. Non-GAAP gross margin was 77.0%, compared to 75.3% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in revenue case volume and improved production team productivity driven by AI efficiency initiatives, partially offset by the hiring and training of production team personnel.

Total operating expenses were $199.3 million, or 113% of total revenue, compared to $155.7 million, or 124% of total revenue, in the prior year period. Non-GAAP total operating expenses were $185.7 million, or 105% of total revenue, compared to $145.8 million, or 116% of total revenue, in the prior year period. The year-over-year operating expense increase was primarily attributable to increased investment in personnel and related expenses, as well as increased investments in technology and clinical research.

Net operating loss was $64.1 million, compared to $61.2 million in the prior year period. Non-GAAP net operating loss was $50.1 million, compared to $51.0 million in the prior year period.

Net loss was $116.8 million, or ($3.17) net loss per share, compared to $96.4 million, or ($17.98) net loss per share, in the prior year period.

Non-GAAP net loss was $59.9 million, or ($1.62) non-GAAP net loss per share, compared to $69.6 million, or ($12.98) non-GAAP net loss per share, in the prior year period.

Adjusted EBITDA was ($44.7) million, compared to ($45.7) million in the prior year period.

Cash, cash equivalents and investments totaled $280.2 million as of December 31, 2025.

For additional information regarding non-GAAP financial measures, see “Use of Non-GAAP Measures,” “Heartflow GAAP to Non-GAAP Reconciliations” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” below.

Webcast and Conference Call Details
Heartflow will host a conference call today, March 18, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fourth quarter and full year 2025 financial results. Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a unique PIN to join the call. Participants are encouraged to register more than 15 minutes prior to the start of the call. A live and archived webcast of the event will also be available on the “Investor Relations” section of the Heartflow website at https://ir.heartflow.com. The archived version will be available for 12 months following completion of the live call.

About Heartflow’s Technology and Research
Heartflow’s technology is redefining precision cardiovascular care through clinically-proven AI and the world’s largest coronary imaging dataset. Heartflow has been adopted by more than 1,800 institutions globally and continues to strengthen its commercial presence to make this cutting-edge solution more widely available to an increasingly diverse patient population. Backed by American College of Cardiology and American Heart Association (ACC/AHA) guidelines and supported by more than 600 peer-reviewed publications, Heartflow has redefined how clinicians manage care for over 600,000 patients worldwide.¹ Key benefits include:

• Proprietary data pipeline: Built from more than 160 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations.
• Extensive clinical and real-world validation: Heartflow’s AI-driven solutions have been validated through clinical evidence in over 200 studies assessing over 365,000 patients. Proven in real-world practice with reproducibility and accuracy, Heartflow’s coronary CTA image acceptance rates exceed 97%.
• Seamless clinical integration via upgraded workflow: Heartflow delivers final quality-reviewed analyses instantly upon order, enabling clinicians to move from diagnosis to decision without delay.
• Quality system, global security and patient-data integrity compliance: Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, ISO 13485, and ISO 27001.

About Heartflow, Inc.
Heartflow is transforming coronary artery disease from the world’s leading cause of death into a condition that can be detected early, diagnosed accurately, and managed for life. The Heartflow One platform uses AI to turn coronary CTA images into personalized 3D models of the heart, providing clinically meaningful, actionable insights into plaque location, volume, and composition and its effect on blood flow — all without invasive procedures. Discover how we’re shaping the future of cardiovascular care at heartflow.com.

Use of Non-GAAP Measures
To supplement its consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company discloses non-GAAP gross profit and non-GAAP gross margin, non-GAAP total operating expenses, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP net operating loss, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, and Adjusted EBITDA (collectively, the “Non-GAAP Measures”) in this press release. As used by the Company, these measures are adjusted to exclude stock-based compensation expense from the comparable GAAP financial measure. Non-GAAP net loss and non-GAAP net loss per share, basic and diluted, are also adjusted for change in fair value of common stock warrant liability, change in fair value of derivative liability and loss on extinguishment of debt. In addition, Adjusted EBITDA is calculated by adding back to net loss or excluding, as appropriate, interest income and expense, provision for income taxes, and charges for depreciation and amortization and is further adjusted by adding back in or excluding, stock-based compensation and, as appropriate, other income and expense items that are not reflective of the Company’s underlying continuing operating performance. Reconciliations of the Non-GAAP Measures to their most directly comparable GAAP financial measures are provided in the financial statement tables included at the end of this press release, and investors are encouraged to review the reconciliations. The Company believes the presentation of the Non-GAAP Measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors as it provides visibility to the Company’s underlying continuing operating performance from period to period by excluding the impact of stock-based compensation and certain other items that are not reflective of the Company’s ongoing operations. Because of the variety of equity awards used by companies, the varying methodologies for determining stock-based compensation expense, the subjective assumptions used in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, we believe excluding stock-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of our business over time and compare it against our peers, a majority of whom also exclude stock-based compensation expense from their non-GAAP results. With respect to the presentation of Adjusted EBITDA, the Company believes it is a useful measure to evaluate the Company’s operating performance and it is used by the Company to evaluate ongoing operations and for planning and forecasting purposes. Adjusted EBITDA is also a measure frequently used by analysts, investors and other interested parties to evaluate companies in our same industry.

The Company’s definition of the Non-GAAP Measures may differ from similarly titled measures used by others. The Non-GAAP Measures should be considered only as a supplement to, and not as a substitute for, or superior to, their most directly comparable GAAP financial measures. Because the Non-GAAP Measures exclude the effect of items that increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the reconciliations to the most comparable GAAP financial measures at the end of this press release and, when they become available, the Company’s consolidated financial statements and publicly filed Securities and Exchange Commission (“SEC”) reports in their entirety.

The Company is not able to provide a reconciliation without unreasonable efforts of its forward-looking guidance related to non-GAAP gross margin to the most directly comparable GAAP financial measure due to the unknown effect of stock-based compensation that is material to the comparable GAAP financial measure.

Forward-Looking Statements
This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, expected market growth and financial guidance, are forward-looking statements. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: we may not be able to achieve or sustain profitability; our dependence on the success of our one product, Heartflow FFR_CT Analysis; healthcare providers may be unwilling to change their standard practice regarding the evaluation of coronary artery disease; adoption of the Heartflow Platform by healthcare providers may be negatively impacted if third-party payors, including government payors, do not cover or provide adequate reimbursement; the concentration of our customer base; the significant competition we face in an environment of rapid technological change; the commercialization of Heartflow Plaque Analysis is nascent; risks associated with our use and development of AI models; risks related to failing to properly manage our future growth; disruption by catastrophic events; risks associated with our dependence on our information technology systems; security breaches that we cannot anticipate or successfully defend; extensive regulatory requirements we face to bring our products to market; and third parties could develop and commercial technology and products similar or identical to ours. For a more extensive description of these and other risks and uncertainties that could materially affect our results, you should read our filings with the SEC, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as such filings may be amended, supplemented or superseded from time to time by other reports Heartflow files with the SEC. You should not place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof, and we undertake no obligation to update the forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Investor Contact
Nick Laudico
nlaudico@heartflow.com

Media Contact
Elliot Levy
elevy@heartflow.com

Heartflow, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
		Three Months Ended								Year Ended
		December 31,								December 31,
			2025				2024				2025				2024
Revenue		$	49,130			$	34,977			$	176,034			$	125,808
Cost of revenue			10,067				8,727				40,837				31,359
Gross profit			39,063				26,250				135,197				94,449
Operating Expenses:
Research and development			18,665				12,279				64,918				43,517
Selling, general and administrative			38,148				30,029				134,345				112,154
Total operating expenses			56,813				42,308				199,263				155,671
Loss from operations			(17,750	)			(16,058	)			(64,066	)			(61,222	)
Interest income			2,635				592				5,538				4,066
Interest expense			(8	)			(5,152	)			(15,173	)			(22,768	)
Change in fair value of common stock warrant liability			(9,308	)			(11,905	)			(43,894	)			(16,395	)
Change in fair value of derivative liability			-				-				7,311				(222	)
Loss on extinguishment of debt			-				-				(6,360	)			-
Other income (expense), net			(129	)			(447	)			(223	)			168
Loss before provision for income taxes			(24,560	)			(32,970	)			(116,867	)			(96,373	)
(Provision for) benefit from income taxes			165				(5	)			76				(53	)
Net loss		$	(24,395	)		$	(32,975	)		$	(116,791	)		$	(96,426	)
Comprehensive loss:
Net loss		$	(24,395	)		$	(32,975	)		$	(116,791	)		$	(96,426	)
Other comprehensive income (loss):
Foreign currency translation gain (loss)			(69	)			233				191				(271	)
Unrealized gain on investments, net			156				-				156				-
Total other comprehensive income (loss)			87				233				347				(271	)
Total comprehensive loss		$	(24,308	)		$	(32,742	)		$	(116,444	)		$	(96,697	)
Net loss per share, basic and diluted		$	(0.29	)		$	(5.59	)		$	(3.17	)		$	(17.98	)
Weighted-average shares used to compute net loss per share, basic and diluted			84,828,694				5,894,840				36,853,867				5,363,435

Heartflow, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)
		December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents		$	44,776			$	51,367
Short-term investments			132,010				-
Accounts receivable, net			29,343				24,639
Restricted cash, current			-				150
Prepaid expenses and other current assets			14,075				6,132
Total current assets			220,204				82,288
Long-term investments			103,365				-
Property and equipment, net			8,587				8,920
Operating lease right-of-use assets			17,488				18,805
Restricted cash, non-current			4,709				4,325
Other non-current assets			5,099				4,366
Total assets		$	359,452			$	118,704
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Current liabilities
Accounts payable		$	3,169			$	2,870
Accrued expenses and other current liabilities			33,279				25,319
Operating lease liabilities, current portion			5,922				5,416
Total current liabilities			42,370				33,605
Term loan			-				136,431
Common stock warrant liability			-				20,835
Operating lease liabilities, non-current portion			16,132				18,537
Other non-current liabilities			303				214
Total liabilities			58,805				209,622
Redeemable convertible preferred stock issuable in series, $0.001 par value			-				768,566
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value			-				-
Common stock, $0.001 par value			85				6
Additional paid-in capital			1,388,737				112,241
Accumulated other comprehensive income			(425	)			(772	)
Accumulated deficit			(1,087,750	)			(970,959	)
Total stockholders’ equity (deficit)			300,647				(859,484	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)		$	359,452			$	118,704

Heartflow, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited, in thousands except per share amounts and percentage data)
			Three Months Ended December 31, 2025												Three Months Ended December 31, 2024
			GAAP				Adjustments				Non-GAAP				GAAP				Adjustments				Non-GAAP
Gross profit		$	39,063			$	184		(a)	$	39,247			$	26,250			$	76		(a)	$	26,326
Gross margin			79.5	%			0.4	%			79.9	%			75.0	%			0.2	%			75.3	%
Operating Expenses:
Research and development		$	18,665			$	(1,547	)	(a)	$	17,118			$	12,279			$	(585	)	(a)	$	11,694
Selling, general and administrative		$	38,148			$	(3,529	)	(a)	$	34,619			$	30,029			$	(1,853	)	(a)	$	28,176
Total operating expenses		$	56,813			$	(5,076	)		$	51,737			$	42,308			$	(2,438	)		$	39,870
Loss from operations		$	(17,750	)		$	5,260			$	(12,490	)		$	(16,058	)		$	2,514			$	(13,544	)
Net loss		$	(24,395	)		$	14,568		(b)	$	(9,827	)		$	(32,975	)		$	14,419		(c)	$	(18,556	)
Net loss per share, basic and diluted		$	(0.29	)		$	0.17			$	(0.12	)		$	(5.59	)		$	2.44			$	(3.15	)
(a) Represents adjustments related to stock-based compensation expense
(b) Represents adjustments for: (i) stock-based compensation expense of $5.3 million; and (ii) change in fair value of common stock warrant liability of $9.3 million
(c) Represents adjustments for: (i) stock-based compensation expense of $2.5 million; and (ii) change in fair value of common stock warrant liability of $11.9 million

Heartflow, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited, in thousands except per share amounts and percentage data)
			Year Ended December 31, 2025												Year Ended December 31, 2024
			GAAP				Adjustments				Non-GAAP				GAAP				Adjustments				Non-GAAP
Gross profit		$	135,197			$	413		(a)	$	135,610			$	94,449			$	307		(a)	$	94,756
Gross margin			76.8	%			0.2	%			77.0	%			75.1	%			0.2	%			75.3	%
Operating Expenses:
Research and development		$	64,918			$	(3,434	)	(a)	$	61,484			$	43,517			$	(2,151	)	(a)	$	41,366
Selling, general and administrative		$	134,345			$	(10,118	)	(a)	$	124,227			$	112,154			$	(7,755	)	(a)	$	104,399
Total operating expenses		$	199,263			$	(13,552	)		$	185,711			$	155,671			$	(9,906	)		$	145,765
Loss from operations		$	(64,066	)		$	13,965			$	(50,101	)		$	(61,222	)		$	10,213			$	(51,009	)
Net loss		$	(116,791	)		$	56,908		(b)	$	(59,883	)		$	(96,426	)		$	26,830		(c)	$	(69,596	)
Net loss per share, basic and diluted		$	(3.17	)		$	1.55			$	(1.62	)		$	(17.98	)		$	5.00			$	(12.98	)
(a) Represents adjustments related to stock-based compensation expense
(b) Represents adjustments for: (i) stock-based compensation expense of $14.0 million; (ii) change in fair value of common stock warrant liability of $43.9 million; (iii) change in fair value of derivative liability of $7.3 million; and (iv) loss on extinguishment of debt of $6.4 million
(c) Represents adjustments for: (i) stock-based compensation expense of $10.2 million; (ii) change in fair value of common stock warrant liability of $16.4 million; and (iii) change in fair value of derivative liability of $0.2 million

Heartflow, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited, in thousands)
		Three Months Ended									Year Ended
		December 31,									December 31,
		2025				2024				2025				2024
GAAP net loss		$	(24,395	)		$	(32,975	)		$	(116,791	)		$	(96,426	)
Non-GAAP adjustments:
Interest (income) expense, net			(2,627	)			4,560				9,635				18,702
Change in fair value of common stock warrant liability			9,308				11,905				43,894				16,395
Change in fair value of derivative liability			-				-				(7,311	)			222
Loss on extinguishment of debt			-				-				6,360				-
Other (income) expense, net			129				447				223				(168	)
Provision for (benefit from) income taxes			(165	)			5				(76	)			53
Depreciation and amortization			1,371				1,591				5,440				5,358
Stock-based compensation expense			5,260				2,514				13,965				10,213
Adjusted EBITDA		$	(11,119	)		$	(11,953	)		$	(44,661	)		$	(45,651	)

¹ Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol.

FAQ

What were Heartflow's (HTFL) fourth-quarter 2025 revenue and growth rate?

Heartflow reported Q4 2025 revenue of $49.1 million, up 40% year-over-year. According to the company, U.S. revenue drove the increase with higher FFRCT case volume and international growth contributing.

What full-year 2025 financial results did Heartflow (HTFL) report for revenue and cash?

Heartflow reported FY2025 revenue of $176.0 million, a 40% increase, and $280.2 million in cash, cash equivalents and investments. According to the company, cash reflects year-end liquidity after 2025 investments.

What guidance did Heartflow (HTFL) provide for 2026 revenue and margins?

Heartflow guided to $218M–$222M in 2026 revenue (about 24%–26% growth) and non-GAAP gross margin of 80%–81%. According to the company, guidance reflects expected adoption and AI efficiency gains.

How did Heartflow's (HTFL) profitability metrics change in 2025?

Heartflow recorded a FY2025 net loss of $116.8 million and a net operating loss of $64.1 million. According to the company, losses reflect elevated operating investments in sales, technology and clinical research.

What commercial milestones did Heartflow (HTFL) report related to Plaque Analysis coverage?

Heartflow said Aetna began coverage of Heartflow Plaque Analysis, bringing U.S. covered lives for Plaque to ~75%. According to the company, this expands reimbursement access and supports Plaque commercialization.