Heartflow Reports Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

Rhea-AI Summary

Heartflow (HTFL) reported third-quarter 2026 revenue of $72.9 million and raised its full-year revenue and non-GAAP gross-margin guidance. Revenue rose 57% year over year, with U.S. revenue up 60% to $67.9 million and international and other revenue up 29% to $4.9 million. Gross margin increased to 83.6% from 76.5%. Operating loss narrowed to $13.8 million from $15.1 million, while net loss narrowed to $11.5 million, or $0.13 per share, from $50.9 million, or $1.04 per share.

Heartflow now expects 2026 revenue of $262 million to $264 million, representing approximately 49% to 50% growth, versus $246 million to $250 million previously. Non-GAAP gross-margin guidance increased to approximately 82.5% from approximately 82%. Cash, cash equivalents and investments totaled $253.0 million at September 30. Nine-month operating loss widened to $61.250 million from $46.316 million.

13 points · 1 major

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0 major · 5 points

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Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance raised to $262 million–$264 million from $246 million–$250 million; approximately 49%–50% growth expected.
• Moderate pointThird-quarter revenue increased 57% year over year to $72.9 million.
• Moderate pointThird-quarter gross margin expanded to 83.6% from 76.5% a year earlier.
• Moderate pointThird-quarter net loss narrowed to $11.5 million, or $0.13 per share, from $50.9 million, or $1.04.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 non-GAAP gross-margin guidance increased to approximately 82.5% from approximately 82%.

8 minor points

• Minor pointU.S. revenue increased 60% year over year to $67.9 million.
• Minor pointInternational and other revenue increased 29% year over year to $4.9 million.
• Minor pointThird-quarter gross profit increased to $60.9 million from $35.4 million a year earlier.
• Minor pointThird-quarter operating loss narrowed to $13.8 million from $15.1 million a year earlier.
• Minor pointAdjusted EBITDA, an adjusted earnings measure, improved to negative $3.6 million from negative $9.8 million year over year.
• Minor pointNine-month revenue increased to $189.526 million from $126.904 million in the corresponding 2025 period.
• Minor pointNine-month gross profit increased to $156.271 million from $96.134 million in the corresponding 2025 period.
• Minor pointNine-month net loss narrowed to $54.628 million, or $0.63 per share, from $92.396 million, or $4.47.

Negative

• Minor pointThird-quarter operating expenses rose to $74.8 million from $50.5 million, though revenue share declined to 103% from 109%.
• Minor pointNine-month operating loss widened to $61.250 million from $46.316 million in the corresponding 2025 period.
• Minor pointNine-month research and development expense rose to $77.368 million from $46.253 million in the corresponding 2025 period.
• Minor pointNine-month selling, general and administrative expense rose to $132.671 million from $96.197 million in the corresponding 2025 period.
• Minor pointNine-month asset impairment charge was $7.482 million, versus none in the corresponding 2025 period.

News Explained

The third-quarter net-loss comparison includes prior-year items not present in the 2026 quarter: a $32.1 million noncash warrant-liability remeasurement charge, a $4.8 million noncash derivative-liability remeasurement benefit, and a $6.4 million debt-extinguishment loss. The reported decrease in net loss therefore includes these below-operating-line prior-year effects, as well as changes in operating results.

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Market Reaction – HTFL

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On Nov 12, the day this news came out, the latest delayed price for HTFL is 1.00% above the previous close. Argus tracked a peak move of +1.2% during the session. Argus tracked a trough of -9.8% from its starting point during tracking. Our momentum scanner has recorded 10 alerts for this stock so far that day. The latest delayed price is $59.69. Relative volume is elevated at 2.9x what this stock usually trades by this time of day.

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Key Figures

Q3 revenue: $72.9 million; up 57% year-over-year 2026 revenue guidance: $262 million to $264 million 2026 non-GAAP gross margin guidance: Approximately 82.5% +4 more

Q3 revenue

$72.9 million; up 57% year-over-year

Third quarter 2026

2026 revenue guidance

$262 million to $264 million

Raised from previous guidance of $246 million to $250 million

2026 non-GAAP gross margin guidance

Approximately 82.5%

Raised from previous guidance of approximately 82%

Gross margin

83.6%

Third quarter 2026; compared with 76.5% in the prior-year period

Non-GAAP gross margin

83.8%

Third quarter 2026; compared with 76.8% in the prior-year period

Non-GAAP net operating loss

$5.0 million

Third quarter 2026; compared with $11.1 million in the prior-year period

Cash, cash equivalents and investments

$253.0 million

As of September 30, 2026

Previous Earnings Reports

3 past events · Latest: Mar 18

Same Type 3 events

1. Mar 18

   2025 earnings

   24h Move

   +1.6%

   Issued initial 2026 revenue guidance of $218 million to $222 million with 24%–26% growth.

2. May 14

   Q1 earnings

   24h Move

   -12.2%

   Raised 2026 revenue guidance to $228–$232 million and non-GAAP gross-margin guidance to about 81%.

3. Aug 13

   Q2 earnings

   24h Move

   +35.7%

   Raised 2026 revenue guidance to $246–$250 million and non-GAAP gross-margin guidance to approximately 82%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

coronary artery disease, non-gaap, stock-based compensation

3 terms

coronary artery disease medical

"diagnosing and managing coronary artery disease (CAD)"

Coronary artery disease is a condition in which the blood vessels that supply the heart become narrowed or blocked by fatty buildup, reducing oxygen-rich blood flow and making the heart work harder. For investors, it matters because the condition drives demand for medications, medical devices, diagnostics and procedures, can affect healthcare spending and payer policies, and influences the financial prospects of companies involved in cardiovascular care—similar to how a clogged pipe changes maintenance and replacement needs.

non-gaap financial

"Non-GAAP gross margin of 83.8%"

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.

View in glossary

stock-based compensation financial

"adjusted to exclude stock-based compensation expense"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN FRANCISCO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for diagnosing and managing coronary artery disease (CAD), today reported financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Total revenue of $72.9 million, a 57% increase year-over-year
• Gross margin of 83.6%, non-GAAP gross margin of 83.8%
• Net operating loss of $13.8 million; non-GAAP net operating loss of $5.0 million
  

2026 Annual Guidance

• Total revenue of $262 million to $264 million (approximately 49% to 50% growth year-over-year), compared to previous guidance of $246 million to $250 million (approximately 40% to 42% growth year-over-year)
• Non-GAAP gross margin of approximately 82.5%, compared to previous guidance of approximately 82%

“Our third quarter was excellent, with revenue accelerating for the third consecutive quarter and U.S. revenue growing at its fastest pace in 11 quarters,” said John Farquhar, President and CEO of Heartflow. “Our core FFR_CT business remains durable, our installed base continues to expand rapidly, and activations of Heartflow Plaque Analysis are ramping ahead of plan, with utilization broadening across a wider share of applicable CCTAs. The CCTA market continues to grow rapidly and remains significantly underpenetrated. Strong performance across our diagnostic platform, along with disciplined execution of our commercial, innovation and clinical initiatives, gives us the confidence to raise our 2026 guidance once again. With continued momentum and a scaling business, we believe we are well positioned to extend our market leadership, and we have increased confidence in our path to profitability.”

Third Quarter 2026 Financial Results
Total revenue was $72.9 million, a 57% increase year-over-year. U.S. revenue was $67.9 million, a 60% increase year-over-year. International and other revenue was $4.9 million, a 29% 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 revenue case volume and an increase in total U.S. Plaque revenue case volume.

Gross profit was $60.9 million, compared to $35.4 million in the prior year period. Non-GAAP gross profit was $61.1 million, compared to $35.5 million in the prior year period.

Gross margin was 83.6%, compared to 76.5% in the prior year period. Non-GAAP gross margin was 83.8%, compared to 76.8% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in total revenue case volume, an increase in total U.S. Plaque 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 $74.8 million, or 103% of total revenue, compared to $50.5 million, or 109% of total revenue, in the prior year period. Non-GAAP total operating expenses were $66.1 million, or 91% of total revenue, compared to $46.7 million, or 101% 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 $13.8 million, compared to $15.1 million in the prior year period. Non-GAAP net operating loss was $5.0 million, compared to $11.1 million in the prior year period.

Net loss was $11.5 million, or ($0.13) net loss per share, compared to $50.9 million, or ($1.04) net loss per share, in the prior year period. Net loss in the prior year period included a $32.1 million noncash charge from the remeasurement of the fair value of the Company’s warrant liability, a $4.8 million noncash benefit from the remeasurement of the fair value of the Company’s derivative liability, and a $6.4 million loss on extinguishment of debt from the full prepayment of the Company’s term loan in August 2025.

Non-GAAP net loss was $2.7 million, or ($0.03) non-GAAP net loss per share, compared to $13.2 million, or ($0.27) non-GAAP net loss per share, in the prior year period.

Adjusted EBITDA was ($3.6) million, compared to ($9.8) million in the prior year period.

Cash, cash equivalents and investments totaled $253.0 million as of September 30, 2026.

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, November 12, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2026 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 diagnostic testing and management for coronary artery disease (CAD) 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 625 peer-reviewed publications, Heartflow has redefined how clinicians manage care for over 800,000 patients worldwide.¹ Key benefits include:

• Unmatched proprietary data pipeline: Built from the world’s largest database of more than 250 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible diagnostic 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. Heartflow is the only AI platform prospectively validated against invasive gold standards and demonstrated through real-world evidence to improve patient outcomes.^2,3,4,5 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 r2, SOC 2 Type 2, MDSAP, 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, loss on extinguishment of debt, certain litigation expenses and asset impairment charge. In addition, Adjusted EBITDA is calculated by adding back to net loss or excluding, as appropriate, interest income and expense, provision for income taxes, certain litigation expenses, 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 two products, Heartflow FFR_CT Analysis and Heartflow Plaque 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 commercialize 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 Data
(unaudited, in thousands, except share and per share data)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Revenue		$	72,857			$	46,276			$	189,526			$	126,904
Cost of revenue			11,940				10,861				33,255				30,770
Gross profit			60,917				35,415				156,271				96,134
Operating Expenses:
Research and development			29,487				17,297				77,368				46,253
Selling, general and administrative			45,276				33,217				132,671				96,197
Asset impairment charge			-				-				7,482				-
Total operating expenses			74,763				50,514				217,521				142,450
Loss from operations			(13,846	)			(15,099	)			(61,250	)			(46,316	)
Interest income			2,284				1,725				7,053				2,903
Interest expense			(5	)			(3,451	)			(8	)			(15,165	)
Change in fair value of common stock warrant liability			-				(32,117	)			-				(34,586	)
Change in fair value of derivative liability			-				4,818				-				7,311
Loss on extinguishment of debt			-				(6,360	)			-				(6,360	)
Other income (expense), net			85				(341	)			(355	)			(94	)
Loss before provision for income taxes			(11,482	)			(50,825	)			(54,560	)			(92,307	)
Provision for income taxes			(23	)			(30	)			(68	)			(89	)
Net loss		$	(11,505	)		$	(50,855	)		$	(54,628	)		$	(92,396	)
Comprehensive loss:
Net loss		$	(11,505	)		$	(50,855	)		$	(54,628	)		$	(92,396	)
Other comprehensive loss:
Foreign currency translation gain (loss)			(26	)			205				227				260
Unrealized loss on investments, net			(669	)			-				(1,395	)			-
Total other comprehensive gain (loss)			(695	)			205				(1,168	)			260
Total comprehensive loss		$	(12,200	)		$	(50,650	)		$	(55,796	)		$	(92,136	)
Net loss per share, basic and diluted		$	(0.13	)		$	(1.04	)		$	(0.63	)		$	(4.47	)
Weighted-average shares used to compute net loss per share, basic and diluted			87,249,228				49,106,752				86,435,123				20,686,526

HEARTFLOW, INC.
Consolidated Balance Sheets Data
(unaudited, in thousands, except par value)
		September 30,				December 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents		$	31,649			$	44,776
Short-term investments			136,088				132,010
Accounts receivable, net			48,195				29,343
Prepaid expenses and other current assets			19,573				14,075
Total current assets			235,505				220,204
Long-term investments			85,254				103,365
Property and equipment, net			10,091				8,587
Operating lease right-of-use assets			14,123				17,488
Restricted cash			4,702				4,709
Other non-current assets			5,664				5,099
Total assets		$	355,339			$	359,452
Liabilities and stockholders' equity
Current liabilities
Accounts payable		$	4,916			$	3,169
Accrued expenses and other current liabilities			41,613				33,279
Operating lease liabilities, current portion			6,881				5,922
Total current liabilities			53,410				42,370
Operating lease liabilities, non-current portion			19,052				16,132
Other non-current liabilities			340				303
Total liabilities			72,802				58,805
Stockholders’ equity
Preferred stock, $0.001 par value			-				-
Common stock, $0.001 par value			88				85
Additional paid-in capital			1,426,420				1,388,737
Accumulated other comprehensive loss			(1,593	)			(425	)
Accumulated deficit			(1,142,378	)			(1,087,750	)
Total stockholders’ equity			282,537				300,647
Total liabilities and stockholders’ equity		$	355,339			$	359,452

HEARTFLOW, INC.
GAAP to Non-GAAP Reconciliations
(unaudited, in thousands except per share amounts and percentage data)
			Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
			GAAP				Adjustments				Non-GAAP				GAAP				Adjustments				Non-GAAP
Gross profit		$	60,917			$	164		(a)	$	61,081			$	35,415			$	127		(a)	$	35,542
Gross margin			83.6	%			0.2	%			83.8	%			76.5	%			0.3	%			76.8	%
Operating Expenses:
Research and development		$	29,487			$	(2,732	)	(a)	$	26,755			$	17,297			$	(959	)	(a)	$	16,338
Selling, general and administrative		$	45,276			$	(5,936	)	(b)	$	39,340			$	33,217			$	(2,874	)	(a)	$	30,343
Total operating expenses		$	74,763			$	(8,668	)		$	66,095			$	50,514			$	(3,833	)		$	46,681
Loss from operations		$	(13,846	)		$	8,832			$	(5,014	)		$	(15,099	)		$	3,960			$	(11,139	)
Net loss		$	(11,505	)		$	8,832		(c)	$	(2,673	)		$	(50,855	)		$	37,619		(d)	$	(13,236	)
Net loss per share, basic and diluted		$	(0.13	)		$	0.10			$	(0.03	)		$	(1.04	)		$	0.77			$	(0.27	)
(a) Represents adjustments related to stock-based compensation expense
(b) Represents adjustments for: (i) stock-based compensation expense of $4.7 million; and (ii) certain litigation expenses of $1.3 million
(c) Represents adjustments for: (i) stock-based compensation expense of $7.6 million; and (ii) certain litigation expenses of $1.3 million
(d) Represents adjustments for: (i) stock-based compensation expense of $4.0 million; (ii) change in fair value of common stock warrant liability of $32.1 million; (iii) change in fair value of derivative liability of $4.8 million; and (iv) loss on extinguishment of debt of $6.4 million

HEARTFLOW, INC.
GAAP to Non-GAAP Reconciliations
(unaudited, in thousands except per share amounts and percentage data)
			Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
			GAAP				Adjustments				Non-GAAP				GAAP				Adjustments				Non-GAAP
Gross profit		$	156,271			$	503		(a)	$	156,774			$	96,134			$	229		(a)	$	96,363
Gross margin			82.4	%			0.3	%			82.7	%			75.7	%			0.2	%			75.9	%
Operating Expenses:
Research and development		$	77,368			$	(7,602	)	(a)	$	69,766			$	46,253			$	(1,887	)	(a)	$	44,366
Selling, general and administrative		$	132,671			$	(17,674	)	(b)	$	114,997			$	96,197			$	(6,589	)	(a)	$	89,608
Asset impairment charge		$	7,482			$	(7,482	)		$	-			$	-			$	-			$	-
Total operating expenses		$	217,521			$	(32,758	)		$	184,763			$	142,450			$	(8,476	)		$	133,974
Loss from operations		$	(61,250	)		$	33,261			$	(27,989	)		$	(46,316	)		$	8,705			$	(37,611	)
Net loss		$	(54,628	)		$	33,261		(c)	$	(21,367	)		$	(92,396	)		$	42,340		(d)	$	(50,056	)
Net loss per share, basic and diluted		$	(0.63	)		$	0.38			$	(0.25	)		$	(4.47	)		$	2.05			$	(2.42	)
(a) Represents adjustments related to stock-based compensation expense
(b) Represents adjustments for: (i) stock-based compensation expense of $13.9 million; and (ii) certain litigation expenses of $3.7 million
(c) Represents adjustments for: (i) stock-based compensation expense of $22.0 million; (ii) certain litigation expenses of $3.7 million; and (iii) asset impairment charge of $7.5 million
(d) Represents adjustments for: (i) stock-based compensation expense of $8.7 million; (ii) change in fair value of common stock warrant liability of $34.6 million; (iii) change in fair value of derivative liability of $7.3 million; and (iv) loss on extinguishment of debt of $6.4 million

HEARTFLOW, INC.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited, in thousands)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
GAAP net loss		$	(11,505	)		$	(50,855	)		$	(54,628	)		$	(92,396	)
Non-GAAP adjustments:
Interest (income) expense, net			(2,279	)			1,726				(7,045	)			12,262
Asset impairment charge			-				-				7,482				-
Change in fair value of common stock warrant liability			-				32,117				-				34,586
Change in fair value of derivative liability			-				(4,818	)			-				(7,311	)
Loss on extinguishment of debt			-				6,360				-				6,360
Other (income) expense, net			(85	)			341				355				94
Provision for income taxes			23				30				68				89
Certain litigation expenses			1,259				-				3,740				-
Depreciation and amortization			1,385				1,304				4,028				4,071
Stock-based compensation expense			7,573				3,960				22,039				8,705
Adjusted EBITDA		$	(3,629	)		$	(9,835	)		$	(23,961	)		$	(33,540	)

¹ Gulati M, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCAI Guideline for the Evaluation and Diagnosis of Chest Pain. Circulation 2021; 144:e368–e454.
² Rinehart, et al. JACC Imaging. 2025.
³ Narula, et al. EHJ CVI 2024.
⁴ Danad, et al. JAMA Cardiol 2017.
⁵ Madsen KT, et al. ADVANCE-DK 7-year. Presented at TCT Scientific Sessions 2024. (n=900 patients determined a 2.5x increase in cardiovascular events or deaths at 7 years).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Heartflow's updated full-year 2026 guidance?

Heartflow expects 2026 revenue of $262 million to $264 million, or approximately 49% to 50% year-over-year growth. Previous guidance was $246 million to $250 million, or approximately 40% to 42% growth. Non-GAAP gross margin is expected to be approximately 82.5%, versus approximately 82% previously.

Why did Heartflow's gross margin improve in the third quarter of 2026?

Heartflow attributed the gross-margin improvement primarily to increased total revenue case volume, increased U.S. Plaque revenue case volume and improved production-team productivity from AI efficiency initiatives. Hiring and training production personnel partially offset those benefits. Gross margin reached 83.6%, compared with 76.5% a year earlier.

What affected Heartflow's third-quarter 2025 net loss comparison?

Heartflow's third-quarter 2025 net loss included a $32.1 million noncash warrant-liability remeasurement charge, a $4.8 million noncash derivative-liability remeasurement benefit and a $6.4 million debt-extinguishment loss. The debt-extinguishment loss followed full prepayment of its term loan in August 2025.