Heartflow Reports Third Quarter 2025 Financial Results
Rhea-AI Summary
Heartflow (Nasdaq: HTFL) reported third quarter 2025 results on November 12, 2025, with total revenue of $46.3 million, up 41% YoY, and gross margin of 76.5%. The company posted a net loss of $50.9 million (loss per share $1.04), which included a $32.1 million noncash warrant remeasurement charge and a $6.4 million loss on extinguishment of debt. Heartflow completed an IPO in August 2025, raising approximately $364.2 million, and had $291.2 million in cash and equivalents as of September 30, 2025.
The company initiated full-year 2025 revenue guidance of $173.0 million to $173.5 million (≈37.5%–38.0% growth). Operational highlights include broad commercial payor coverage for Heartflow Plaque Analysis and DECIDE registry findings showing medical management change in over half of patients versus CCTA alone.
Positive
- Total revenue +41% YoY to $46.3 million
- Gross margin 76.5%, up from 75.7% year-over-year
- IPO proceeds approximately $364.2 million raised in August 2025
- Initiated 2025 revenue guidance $173.0–$173.5 million (~37.5%–38.0% growth)
- Cash and cash equivalents $291.2 million as of September 30, 2025
Negative
- Net loss $50.9 million, or ($1.04) per share in Q3 2025
- Noncash warrant remeasurement charge of $32.1 million in Q3 2025
- Total operating expenses $50.5 million, 109% of revenue
- Loss on extinguishment of debt $6.4 million recorded in Q3 2025
News Market Reaction – HTFL
On the day this news was published, HTFL declined 13.43%, reflecting a significant negative market reaction. Argus tracked a trough of -11.6% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $450M from the company's valuation, bringing the market cap to $2.90B at that time. Trading volume was elevated at 2.4x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Initiates Full Year 2025 Revenue Guidance of
MOUNTAIN VIEW, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in artificial intelligence (AI) technology for coronary artery disease (CAD), today reported financial results for the three months ended September 30, 2025.
Third Quarter 2025 Highlights
- Total revenue of
$46.3 million , a41% increase year-over-year - Gross margin of
76.5% , non-GAAP gross margin of76.8% - Net operating loss of
$15.1 million , non-GAAP net operating loss of$11.1 million
Recent Operating Highlights
- DECIDE real-world prospective registry showed Heartflow Plaque Analysis drove medical management change in over half of patients beyond coronary computed tomography angiography (CCTA) alone
- Launched next-generation Heartflow Plaque Analysis with updated algorithm, expanded nomogram and advanced visualization
- UnitedHealthcare and Cigna began coverage of Heartflow Plaque Analysis on October 1, 2025
- Completed initial public offering, raising approximately
$364.2 million in gross proceeds
“Heartflow delivered an outstanding third quarter of 2025,” said John Farquhar, President and CEO of Heartflow. “Durable growth in our FFRCT business and rapid expansion of our installed base drove third quarter total revenue up
Third Quarter 2025 Financial Results
Total revenue was
Gross profit was
Gross margin was
Total operating expenses were
Net operating loss was
Net loss was
Non-GAAP net loss was
Adjusted EBITDA was (
Cash and cash equivalents totaled
For additional information regarding non-GAAP financial measures, see “Heartflow GAAP to Non-GAAP Reconciliations” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” below.
2025 Financial Outlook
Heartflow expects total revenue for the full year 2025 to be in the range of
Webcast and Conference Call Details
Heartflow will host a conference call today, November 12, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 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 1,400 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 500,000 patients worldwide. Key benefits include:
- Proprietary data pipeline: Built from more than 110 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 100 studies assessing over 365,000 patients. Proven in real-world practice with reproducibility and accuracy, Heartflow’s coronary CTA image acceptance rates exceed
96% . - 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 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, as appropriate, other income and expense items and stock-based compensation. 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. 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.
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 FFRCT 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 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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 46,276 | $ | 32,934 | $ | 126,904 | $ | 90,831 | |||||||
| Cost of revenue | 10,861 | 7,997 | 30,770 | 22,632 | |||||||||||
| Gross profit | 35,415 | 24,937 | 96,134 | 68,199 | |||||||||||
| Operating Expenses: | |||||||||||||||
| Research and development | 17,297 | 11,863 | 46,253 | 31,238 | |||||||||||
| Selling, general and administrative | 33,217 | 28,003 | 96,197 | 82,125 | |||||||||||
| Total operating expenses | 50,514 | 39,866 | 142,450 | 113,363 | |||||||||||
| Loss from operations | (15,099 | ) | (14,929 | ) | (46,316 | ) | (45,164 | ) | |||||||
| Interest income | 1,725 | 820 | 2,903 | 3,474 | |||||||||||
| Interest expense | (3,451 | ) | (5,298 | ) | (15,165 | ) | (17,616 | ) | |||||||
| Change in fair value of common stock warrant liability | (32,117 | ) | (585 | ) | (34,586 | ) | (4,490 | ) | |||||||
| Change in fair value of derivative liability | 4,818 | - | 7,311 | (222 | ) | ||||||||||
| Loss on extinguishment of debt | (6,360 | ) | - | (6,360 | ) | - | |||||||||
| Other income (expense), net | (341 | ) | 852 | (94 | ) | 615 | |||||||||
| Loss before provision for income taxes | (50,825 | ) | (19,140 | ) | (92,307 | ) | (63,403 | ) | |||||||
| Provision for income taxes | (30 | ) | - | (89 | ) | (48 | ) | ||||||||
| Net loss | $ | (50,855 | ) | $ | (19,140 | ) | $ | (92,396 | ) | $ | (63,451 | ) | |||
| Comprehensive loss: | |||||||||||||||
| Net loss | $ | (50,855 | ) | $ | (19,140 | ) | $ | (92,396 | ) | $ | (63,451 | ) | |||
| Other comprehensive loss: | |||||||||||||||
| Foreign currency translation gain (loss) | 205 | (405 | ) | 260 | (504 | ) | |||||||||
| Total comprehensive loss | $ | (50,650 | ) | $ | (19,545 | ) | $ | (92,136 | ) | $ | (63,955 | ) | |||
| Net loss per share, basic and diluted | $ | (1.04 | ) | $ | (3.43 | ) | $ | (4.47 | ) | $ | (12.24 | ) | |||
| Weighted-average shares used to compute net loss per share, basic and diluted | 49,106,752 | 5,586,424 | 20,686,526 | 5,185,007 | |||||||||||
| Heartflow, Inc. Consolidated Balance Sheets (unaudited, in thousands, except par value) | |||||||
| September 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 291,167 | $ | 51,367 | |||
| Accounts receivable, net | 27,858 | 24,639 | |||||
| Restricted cash, current | - | 150 | |||||
| Prepaid expenses and other current assets | 8,761 | 6,132 | |||||
| Total current assets | 327,786 | 82,288 | |||||
| Property and equipment, net | 7,984 | 8,920 | |||||
| Operating lease right-of-use assets | 17,108 | 18,805 | |||||
| Restricted cash, non-current | 4,475 | 4,325 | |||||
| Other non-current assets | 7,045 | 4,366 | |||||
| Total assets | $ | 364,398 | $ | 118,704 | |||
| Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 1,958 | $ | 2,870 | |||
| Accrued expenses and other current liabilities | 30,368 | 25,319 | |||||
| Operating lease liabilities, current portion | 5,523 | 5,416 | |||||
| Total current liabilities | 37,849 | 33,605 | |||||
| Term loan | - | 136,431 | |||||
| Common stock warrant liability | 55,421 | 20,835 | |||||
| Operating lease liabilities, non-current portion | 16,266 | 18,537 | |||||
| Other non-current liabilities | 294 | 214 | |||||
| Total liabilities | 109,830 | 209,622 | |||||
| Redeemable convertible preferred stock issuable in series, | - | 768,566 | |||||
| Stockholders’ equity (deficit) | |||||||
| Preferred stock, | - | - | |||||
| Common stock, | 83 | 6 | |||||
| Additional paid-in capital | 1,318,352 | 112,241 | |||||
| Accumulated other comprehensive income | (512 | ) | (772 | ) | |||
| Accumulated deficit | (1,063,355 | ) | (970,959 | ) | |||
| Total stockholders’ equity (deficit) | 254,568 | (859,484 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 364,398 | $ | 118,704 | |||
| Heartflow, Inc. GAAP to Non-GAAP Reconciliations (unaudited, in thousands except per share amounts and percentage data) | |||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | ||||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
| Gross profit | $ | 35,415 | $ | 127 | (a) | $ | 35,542 | $ | 24,937 | $ | 71 | (a) | $ | 25,008 | |||||||||||
| Gross margin | 76.5 | % | 0.3 | % | 76.8 | % | 75.7 | % | 0.2 | % | 75.9 | % | |||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||
| Research and development | $ | 17,297 | $ | (959 | ) | (a) | $ | 16,338 | $ | 11,863 | $ | (563 | ) | (a) | $ | 11,300 | |||||||||
| Selling, general and administrative | $ | 33,217 | $ | (2,874 | ) | (a) | $ | 30,343 | $ | 28,003 | $ | (1,702 | ) | (a) | $ | 26,301 | |||||||||
| Total operating expenses | $ | 50,514 | $ | (3,833 | ) | $ | 46,681 | $ | 39,866 | $ | (2,265 | ) | $ | 37,601 | |||||||||||
| Loss from operations | $ | (15,099 | ) | $ | 3,960 | $ | (11,139 | ) | $ | (14,929 | ) | $ | 2,336 | $ | (12,593 | ) | |||||||||
| Net loss | $ | (50,855 | ) | $ | 37,619 | (b) | $ | (13,236 | ) | $ | (19,140 | ) | $ | 2,921 | (c) | $ | (16,219 | ) | |||||||
| Net loss per share, basic and diluted | $ | (1.04 | ) | $ | 0.77 | $ | (0.27 | ) | $ | (3.43 | ) | $ | 0.53 | $ | (2.90 | ) | |||||||||
| (a) Represents adjustments related to stock-based compensation expense | |||||||||||||||||||||||||
| (b) Represents adjustments for: (i) stock-based compensation expense of | |||||||||||||||||||||||||
| (c) Represents adjustments for: (i) stock-based compensation expense of | |||||||||||||||||||||||||
| HEARTFLOW, INC. | |||||||||||||||||||||||||
| GAAP to Non-GAAP Reconciliations | |||||||||||||||||||||||||
| (unaudited, in thousands except per share amounts and percentage data) | |||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
| Gross profit | $ | 96,134 | $ | 229 | (a) | $ | 96,363 | $ | 68,199 | $ | 231 | (a) | $ | 68,430 | |||||||||||
| Gross margin | 75.8 | % | 0.2 | % | 75.9 | % | 75.1 | % | 0.3 | % | 75.3 | % | |||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||
| Research and development | $ | 46,253 | $ | (1,887 | ) | (a) | $ | 44,366 | $ | 31,238 | $ | (1,566 | ) | (a) | $ | 29,672 | |||||||||
| Selling, general and administrative | $ | 96,197 | $ | (6,589 | ) | (a) | $ | 89,608 | $ | 82,125 | $ | (5,902 | ) | (a) | $ | 76,223 | |||||||||
| Total operating expenses | $ | 142,450 | $ | (8,476 | ) | $ | 133,974 | $ | 113,363 | $ | (7,468 | ) | $ | 105,895 | |||||||||||
| Loss from operations | $ | (46,316 | ) | $ | 8,705 | $ | (37,611 | ) | $ | (45,164 | ) | $ | 7,699 | $ | (37,465 | ) | |||||||||
| Net loss | $ | (92,396 | ) | $ | 42,340 | (b) | $ | (50,056 | ) | $ | (63,451 | ) | $ | 12,411 | (c) | $ | (51,040 | ) | |||||||
| Net loss per share, basic and diluted | $ | (4.47 | ) | $ | 2.05 | $ | (2.42 | ) | $ | (12.24 | ) | $ | 2.40 | $ | (9.84 | ) | |||||||||
| (a) Represents adjustments related to stock-based compensation expense | |||||||||||||||||||||||||
| (b) Represents adjustments for: (i) stock-based compensation expense of | |||||||||||||||||||||||||
| (c) Represents adjustments for: (i) stock-based compensation expense of | |||||||||||||||||||||||||
| Heartflow, Inc. Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited, in thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP net loss | $ | (50,855 | ) | $ | (19,140 | ) | $ | (92,396 | ) | $ | (63,451 | ) | |||
| Non-GAAP adjustments: | |||||||||||||||
| Interest (income) expense, net | 1,726 | 4,478 | 12,262 | 14,142 | |||||||||||
| Change in fair value of common stock warrant liability | 32,117 | 585 | 34,586 | 4,490 | |||||||||||
| Change in fair value of derivative liability | (4,818 | ) | - | (7,311 | ) | 222 | |||||||||
| Loss on extinguishment of debt | 6,360 | - | 6,360 | - | |||||||||||
| Other (income) expense, net | 341 | (852 | ) | 94 | (615 | ) | |||||||||
| Provision for income taxes | 30 | - | 89 | 48 | |||||||||||
| Depreciation and amortization | 1,304 | 1,389 | 4,071 | 3,767 | |||||||||||
| Stock-based compensation expense | 3,960 | 2,336 | 8,705 | 7,699 | |||||||||||
| Adjusted EBITDA | $ | (9,835 | ) | $ | (11,204 | ) | $ | (33,540 | ) | $ | (33,698 | ) | |||
FAQ
What were Heartflow (HTFL) Q3 2025 revenue and growth figures?
What full-year 2025 revenue guidance did Heartflow (HTFL) provide on Nov 12, 2025?
How did Heartflow's August 2025 IPO affect its balance sheet?
Why did Heartflow (HTFL) record a large Q3 2025 net loss?
When did commercial payors begin coverage for Heartflow Plaque Analysis?
What clinical or registry evidence did Heartflow cite on Nov 12, 2025?
