Heartflow (HTFL) posts 48% Q2 2026 revenue surge and lifts full-year outlook
Rhea-AI Filing Summary
Heartflow, Inc. reported strong growth for the quarter ended June 30, 2026. Total revenue was $64.1 million, a 48% increase year-over-year, driven mainly by higher U.S. case volumes in both FFRCT and Plaque. U.S. revenue reached $59.6 million, up 51%, while international and other revenue was $4.5 million, up 12%.
GAAP gross profit rose to $53.2 million with gross margin expanding to 83.0% from 75.5%, helped by AI-driven productivity and growing Plaque volumes. Operating expenses increased to $71.1 million as the company invested in sales, technology and clinical research, resulting in a GAAP net loss of $15.7 million and Adjusted EBITDA of ($6.7) million, both better than the prior-year quarter on a non-GAAP/EBITDA basis. Non-GAAP net loss improved to $5.8 million. Cash, cash equivalents and investments totaled $246.8 million as of June 30, 2026. Management stated that it raised full-year 2026 guidance and highlighted record gross margin and improving operating leverage.
Positive
- Revenue grew 48% year-over-year to $64.1 million, with U.S. revenue up 51% to $59.6 million, reflecting strong adoption of FFRCT and emerging Plaque volumes.
- Gross margin expanded to 83.0% from 75.5%, supported by higher case volumes and AI-driven efficiency, indicating improving scalability of the business model.
- Non-GAAP profitability metrics improved meaningfully: non-GAAP net loss narrowed to $5.8 million and Adjusted EBITDA to ($6.7) million from ($10.1) million.
- Robust liquidity of $246.8 million in cash, cash equivalents and investments as of June 30, 2026 provides financial flexibility for continued investment and growth.
Negative
- GAAP net loss increased to $15.7 million from $9.2 million year-over-year, as operating expenses rose with heavier spending on sales, technology and clinical research.
- Total operating expenses rose to $71.1 million from $46.5 million, reaching 111% of revenue on a GAAP basis, underscoring that the company remains in an investment and loss-making phase.
Filing Explained
This filing reports Heartflow’s second-quarter results and says improving operating leverage increased confidence in long-term profitable growth. But GAAP operating expenses rose to
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP gross margin financial
FFRCT technical
Plaque Analysis medical
stock-based compensation expense financial
coronary artery disease medical
Earnings Snapshot
Company stated it raised full-year 2026 guidance, citing record gross margin and improving operating leverage.
FAQ
How did Heartflow (HTFL) perform financially in Q2 2026?
What drove Heartflow (HTFL) revenue growth in the quarter ended June 30, 2026?
How did Heartflow’s (HTFL) margins and expenses change in Q2 2026?
How strong is Heartflow’s (HTFL) balance sheet as of June 30, 2026?
Did Heartflow (HTFL) change its 2026 outlook based on Q2 results?
What non-GAAP metrics does Heartflow (HTFL) emphasize and why?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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| Name of each exchange on which registered |
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| The (Nasdaq Global Select Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, Heartflow, Inc. issued a press release regarding its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
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Exhibit No. |
| Description |
99.1 |
| Press Release of Heartflow, Inc. issued on August 13, 2026 |
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information contained in Items 2.02 and 9.01 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| HEARTFLOW, INC. | |
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Date: August 13, 2026 | By: | /s/ Vikram Verghese |
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| Vikram Verghese |
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| Chief Financial Officer |
Exhibit 99.1
Heartflow Reports Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance
SAN FRANCISCO — August 13, 2026 – Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for diagnosing coronary artery disease (CAD), today reported financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
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Total revenue of $64.1 million, a 48% increase year-over-year |
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Gross margin of 83.0%, non-GAAP gross margin of 83.3% |
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Net operating loss of $17.9 million; non-GAAP net operating loss of $7.9 million |
2026 Annual Guidance
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Total revenue of $246 million to $250 million (approximately 40% to 42% growth year-over-year), compared to previous guidance of $228 million to $232 million (approximately 29% to 32% growth year-over-year) |
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Non-GAAP gross margin of approximately 82%, compared to previous guidance of approximately 81% |
"The second quarter reflects the growing strength of Heartflow's category leadership and unique AI technology platform for identifying, diagnosing, managing and treating coronary artery disease," said John Farquhar, President and CEO of Heartflow. "The CCTA market for detecting CAD continues to grow rapidly and remains significantly under-penetrated, providing a strong backdrop for continued growth. Our FFRCT business remains strong and durable, while Plaque is rapidly emerging as a meaningful second growth engine — helping us win new accounts, deepen physician utilization and expand the value of the Heartflow platform for our customers. At the same time, record gross margin and improving operating leverage demonstrate the increasing scalability of our model, giving us greater confidence in long-term, profitable growth."
Second Quarter 2026 Financial Results
Total revenue was $64.1 million, a 48% increase year-over-year. U.S. revenue was $59.6 million, a 51% increase year-over-year. International and other revenue was $4.5 million, a 12% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT revenue case volume and an increase in total U.S. Plaque revenue case volume.
Gross profit was $53.2 million, compared to $32.8 million in the prior year period. Non-GAAP gross profit was $53.4 million, compared to $32.8 million in the prior year period.
Gross margin was 83.0%, compared to 75.5% in the prior year period. Non-GAAP gross margin was 83.3%, compared to 75.6% 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 $71.1 million, or 111% of total revenue, compared to $46.5 million, or 107% of total revenue, in the prior year period. Non-GAAP total operating expenses were $61.3 million, or 96% of total revenue, compared to $44.3 million, or 102% 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 $17.9 million, compared to $13.7 million in the prior year period. Non-GAAP net operating loss was $7.9 million, compared to $11.5 million in the prior year period.
Net loss was $15.7 million, or ($0.18) net loss per share, compared to $9.2 million, or ($1.46) net loss per share, in the prior year period. Non-GAAP net loss was $5.8 million, or ($0.07) non-GAAP net loss per share, compared to $17.6 million, or ($2.79) non-GAAP net loss per share, in the prior year period.
Adjusted EBITDA was ($6.7) million, compared to ($10.1) million in the prior year period.
Cash, cash equivalents and investments totaled $246.8 million as of June 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, August 13, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second 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 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 625 peer-reviewed publications, Heartflow has redefined how clinicians manage care for more than 750,000 patients worldwide.1 Key benefits include:
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Unmatched Proprietary data pipeline: Built from the world’s largest database of more than 200 million annotated CTA images, Heartflow’s data foundation powers
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advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations. |
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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%.
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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. |
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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, 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, market conditions, 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 FFRCT 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
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1 Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol
2 Narula, et al. EHJ CVI 2024
3 Danad, et al. JAMA Cardiol 2017
4 Fairbairn et al. Coronary CT Angiography Plaque as a Predictor of Death, Cardiovascular Death and Myocardial Infarction. Presented at AHA 2025. (Real-world study with n=7,899 patients, higher TPV results in increased cardiovascular death and MI)
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)
Heartflow, Inc.
Consolidated Statements of Operations Data
(unaudited, in thousands, except share and per share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
64,082 |
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$ |
43,424 |
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$ |
116,669 |
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$ |
80,629 |
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Cost of revenue |
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10,892 |
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10,646 |
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21,315 |
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19,910 |
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Gross profit |
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53,190 |
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32,778 |
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95,354 |
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60,719 |
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Operating Expenses: |
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Research and development |
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26,261 |
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15,032 |
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47,881 |
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28,956 |
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Selling, general and administrative |
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44,829 |
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31,461 |
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87,395 |
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62,980 |
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Asset impairment charge |
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- |
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- |
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7,482 |
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- |
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Total operating expenses |
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71,090 |
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46,493 |
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142,758 |
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91,936 |
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Loss from operations |
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(17,900) |
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(13,715) |
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(47,404) |
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(31,217) |
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Interest income |
|
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2,305 |
|
|
635 |
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|
4,769 |
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|
1,178 |
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Interest expense |
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- |
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(6,621) |
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(3) |
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(11,714) |
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Change in fair value of common stock warrant liability |
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- |
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(863) |
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- |
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(2,469) |
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Change in fair value of derivative liability |
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- |
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11,538 |
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- |
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2,493 |
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Other income (expense), net |
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(126) |
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(111) |
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(440) |
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247 |
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Loss before provision for income taxes |
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(15,721) |
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(9,137) |
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(43,078) |
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(41,482) |
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Provision for income taxes |
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(22) |
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(59) |
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(45) |
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(59) |
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Net loss |
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$ |
(15,743) |
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$ |
(9,196) |
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$ |
(43,123) |
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$ |
(41,541) |
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Comprehensive loss: |
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Net loss |
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$ |
(15,743) |
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$ |
(9,196) |
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$ |
(43,123) |
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$ |
(41,541) |
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Other comprehensive loss: |
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Foreign currency translation gain (loss) |
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(9) |
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291 |
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253 |
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55 |
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Unrealized loss on investments, net |
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(204) |
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- |
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(726) |
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- |
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Total other comprehensive loss |
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(213) |
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291 |
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(473) |
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|
55 |
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Total comprehensive loss |
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$ |
(15,956) |
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$ |
(8,905) |
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$ |
(43,596) |
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$ |
(41,486) |
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Net loss per share, basic and diluted |
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$ |
(0.18) |
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$ |
(1.46) |
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$ |
(0.50) |
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$ |
(6.66) |
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Weighted-average shares used to compute net loss per share, basic and diluted |
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86,398,778 |
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6,316,315 |
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86,021,323 |
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6,240,885 |
Heartflow, Inc.
Consolidated Balance Sheets Data
(unaudited, in thousands)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
34,362 |
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$ |
44,776 |
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Short-term investments |
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128,189 |
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132,010 |
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Accounts receivable, net |
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42,761 |
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29,343 |
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Prepaid expenses and other current assets |
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18,657 |
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14,075 |
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Total current assets |
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223,969 |
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220,204 |
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Long-term investments |
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84,289 |
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103,365 |
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Property and equipment, net |
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9,646 |
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8,587 |
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Operating lease right-of-use assets |
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15,236 |
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17,488 |
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Restricted cash, non-current |
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4,702 |
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4,709 |
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Other non-current assets |
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6,621 |
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|
5,099 |
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Total assets |
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$ |
344,463 |
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$ |
359,452 |
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Liabilities and stockholders' equity |
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Current liabilities |
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Accounts payable |
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$ |
4,937 |
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$ |
3,169 |
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Accrued expenses and other current liabilities |
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32,367 |
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33,279 |
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Operating lease liabilities, current portion |
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6,784 |
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5,922 |
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Total current liabilities |
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44,088 |
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42,370 |
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Operating lease liabilities, non-current portion |
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20,343 |
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16,132 |
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Other non-current liabilities |
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305 |
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|
303 |
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Total liabilities |
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64,736 |
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58,805 |
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Stockholders’ equity |
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Preferred stock, $0.001 par value |
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- |
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- |
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Common stock, $0.001 par value |
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|
87 |
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85 |
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Additional paid-in capital |
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1,411,411 |
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1,388,737 |
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Accumulated other comprehensive loss |
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(898) |
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(425) |
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Accumulated deficit |
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(1,130,873) |
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(1,087,750) |
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Total stockholders’ equity |
|
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279,727 |
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|
300,647 |
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Total liabilities and stockholders’ equity |
|
$ |
344,463 |
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$ |
359,452 |
Heartflow, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited, in thousands except for per share amounts and percentage data)
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Three Months Ended June 30, 2026 |
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Three Months Ended June 30, 2025 |
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GAAP |
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Adjustments |
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Non-GAAP |
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GAAP |
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Adjustments |
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
53,190 |
|
$ |
173 |
(a) |
$ |
53,363 |
|
$ |
32,778 |
|
$ |
45 |
(a) |
$ |
32,823 |
|
Gross margin |
|
|
83.0% |
|
|
0.3% |
|
|
83.3% |
|
|
75.5% |
|
|
0.1% |
|
|
75.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
26,261 |
|
$ |
(2,732) |
(a) |
$ |
23,529 |
|
$ |
15,032 |
|
$ |
(381) |
(a) |
$ |
14,651 |
|
Selling, general and administrative |
|
$ |
44,829 |
|
$ |
(7,071) |
(b) |
$ |
37,758 |
|
$ |
31,461 |
|
$ |
(1,827) |
(a) |
$ |
29,634 |
|
Total operating expenses |
|
$ |
71,090 |
|
$ |
(9,803) |
|
$ |
61,287 |
|
$ |
46,493 |
|
$ |
(2,208) |
|
$ |
44,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(17,900) |
|
$ |
9,976 |
|
$ |
(7,924) |
|
$ |
(13,715) |
|
$ |
2,253 |
|
$ |
(11,462) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,743) |
|
$ |
9,976 |
(c) |
$ |
(5,767) |
|
$ |
(9,196) |
|
$ |
(8,422) |
(d) |
$ |
(17,618) |
|
Net loss per share, basic and diluted |
|
$ |
(0.18) |
|
$ |
0.11 |
|
$ |
(0.07) |
|
$ |
(1.46) |
|
$ |
(1.33) |
|
$ |
(2.79) |
(a)Represents adjustments related to stock-based compensation expense
(b)Represents adjustments for: (i) stock-based compensation expense of $5.0 million; and (ii) certain litigation expenses of $2.1 million
(c)Represents adjustments for: (i) stock-based compensation expense of $7.9 million; and (ii) certain litigation expenses of $2.1 million
(d) Represents adjustments for: (i) stock-based compensation expense of $2.3 million; (ii) change in fair value of common stock warrant liability of $0.9 million; and (iii) change in fair value of derivative liability of $11.5 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
Six Months Ended June 30, 2025 |
||||||||||||
|
|
|
|
GAAP |
|
|
Adjustments |
|
|
Non-GAAP |
|
|
GAAP |
|
|
Adjustments |
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
95,354 |
|
$ |
340 |
(a) |
$ |
95,694 |
|
$ |
60,719 |
|
$ |
102 |
(a) |
$ |
60,821 |
|
Gross margin |
|
|
81.7% |
|
|
0.3% |
|
|
82.0% |
|
|
75.3% |
|
|
0.1% |
|
|
75.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
47,881 |
|
$ |
(4,871) |
(a) |
$ |
43,010 |
|
$ |
28,956 |
|
$ |
(928) |
(a) |
$ |
28,028 |
|
Selling, general and administrative |
|
$ |
87,395 |
|
$ |
(11,736) |
(b) |
$ |
75,659 |
|
$ |
62,980 |
|
$ |
(3,715) |
(a) |
$ |
59,265 |
|
Asset impairment charge |
|
$ |
7,482 |
|
$ |
(7,482) |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Total operating expenses |
|
$ |
142,758 |
|
$ |
(24,089) |
|
$ |
118,669 |
|
$ |
91,936 |
|
$ |
(4,643) |
|
$ |
87,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(47,404) |
|
$ |
24,429 |
|
$ |
(22,975) |
|
$ |
(31,217) |
|
$ |
4,745 |
|
$ |
(26,472) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(43,123) |
|
$ |
24,429 |
(c) |
$ |
(18,694) |
|
$ |
(41,541) |
|
$ |
4,721 |
(d) |
$ |
(36,820) |
|
Net loss per share, basic and diluted |
|
$ |
(0.50) |
|
$ |
0.28 |
|
$ |
(0.22) |
|
$ |
(6.66) |
|
$ |
0.76 |
|
$ |
(5.90) |
(a)Represents adjustments related to stock-based compensation expense
(b)Represents adjustments for: (i) stock-based compensation expense of $9.3 million; (ii) certain litigation expenses of $2.5 million; and (iii) asset impairment charge of $7.5 million
(c)Represents adjustments for: (i) stock-based compensation expense of $14.5 million; (ii) certain litigation expenses of $2.5 million; and (iii) asset impairment charge of $7.5 million
(d) Represents adjustments for: (i) stock-based compensation expense of $4.7 million; (ii) change in fair value of common stock warrant liability of $2.5 million; and (iii) change in fair value of derivative liability of $2.5 million
Heartflow, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
June 30, |
|
June 30, |
||||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(15,743) |
|
$ |
(9,196) |
|
$ |
(43,123) |
|
$ |
(41,541) |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense, net |
|
|
(2,305) |
|
|
5,986 |
|
|
(4,766) |
|
|
10,536 |
|
Asset impairment charge |
|
|
- |
|
|
- |
|
|
7,482 |
|
|
- |
|
Change in fair value of common stock warrant liability |
|
|
- |
|
|
863 |
|
|
- |
|
|
2,469 |
|
Change in fair value of derivative liability |
|
|
- |
|
|
(11,538) |
|
|
- |
|
|
(2,493) |
|
Other (income) expense, net |
|
|
126 |
|
|
111 |
|
|
440 |
|
|
(247) |
|
Provision for income taxes |
|
|
22 |
|
|
59 |
|
|
45 |
|
|
59 |
|
Certain litigation expenses |
|
|
2,064 |
|
|
- |
|
|
2,481 |
|
|
- |
|
Depreciation and amortization |
|
|
1,220 |
|
|
1,395 |
|
|
2,643 |
|
|
2,767 |
|
Stock-based compensation expense |
|
|
7,912 |
|
|
2,253 |
|
|
14,466 |
|
|
4,745 |
|
Adjusted EBITDA |
|
$ |
(6,704) |
|
$ |
(10,067) |
|
$ |
(20,332) |
|
$ |
(23,705) |