Heartflow Q3 revenue hits $72.9M, raises 2026 guidance
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Heartflow, Inc. (HTFL) reported third-quarter 2026 revenue of $72.9 million, up 57% year over year, and raised its full-year 2026 guidance. U.S. revenue was $67.9 million, up 60%; international and other revenue was $4.9 million, up 29%.
GAAP gross margin was 83.6%, compared with 76.5% a year earlier, and gross profit was $60.9 million versus $35.4 million. Net loss was $11.5 million, or $0.13 per share, compared with $50.9 million, or $1.04 per share. The prior-year net loss included a $32.1 million noncash warrant-liability charge, a $4.8 million noncash derivative-liability benefit, and a $6.4 million debt-extinguishment loss. Adjusted EBITDA loss narrowed to $3.6 million from $9.8 million.
Cash, cash equivalents and investments totaled $253.0 million as of September 30, 2026. Operating expenses increased as Heartflow invested in sales personnel, technology and clinical research.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Revenue increased 57% to $72.9 million year over year; Heartflow raised full-year 2026 guidance.
- Moderate pointAdjusted EBITDA loss narrowed to $3.6 million from $9.8 million.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
FFRCT technical
CCTAs technical
Adjusted EBITDA financial
stock-based compensation financial
warrant liability financial
derivative liability financial
Earnings Snapshot
Raised full-year 2026 guidance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did HTFL report in Q3 2026?
Did HTFL raise its 2026 guidance?
What drove HTFL's revenue increase in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Exact name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
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(Registrant’s Telephone Number, Including Area Code)
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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) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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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| 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 November 12, 2026, Heartflow, Inc. issued a press release regarding its financial results for the quarter ended September 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 November 12, 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: November 12, 2026 | By: | /s/ Vikram Verghese |
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| Vikram Verghese |
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| Chief Financial Officer |
Exhibit 99.1
Heartflow Reports Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance
SAN FRANCISCO — November 12, 2026 – 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
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Total revenue of $72.9 million, a 57% increase year-over-year |
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Gross margin of 83.6%, non-GAAP gross margin of 83.8% |
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Net operating loss of $13.8 million; non-GAAP net operating loss of $5.0 million |
2026 Annual Guidance
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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) |
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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 FFRCT 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. FFRCT 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:
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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. |
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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 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 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
_________________________
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 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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Nine Months Ended |
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September 30, |
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September 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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$ |
72,857 |
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$ |
46,276 |
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$ |
189,526 |
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$ |
126,904 |
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Cost of revenue |
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11,940 |
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10,861 |
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33,255 |
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30,770 |
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Gross profit |
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60,917 |
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35,415 |
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156,271 |
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96,134 |
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Operating Expenses: |
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Research and development |
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29,487 |
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17,297 |
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77,368 |
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46,253 |
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Selling, general and administrative |
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45,276 |
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33,217 |
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132,671 |
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96,197 |
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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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74,763 |
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50,514 |
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217,521 |
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142,450 |
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Loss from operations |
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(13,846) |
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(15,099) |
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(61,250) |
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(46,316) |
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Interest income |
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2,284 |
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|
1,725 |
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|
7,053 |
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|
2,903 |
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Interest expense |
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(5) |
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(3,451) |
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(8) |
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(15,165) |
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Change in fair value of common stock warrant liability |
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- |
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(32,117) |
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- |
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(34,586) |
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Change in fair value of derivative liability |
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- |
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4,818 |
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- |
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7,311 |
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Loss on extinguishment of debt |
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- |
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(6,360) |
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- |
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(6,360) |
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Other income (expense), net |
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85 |
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(341) |
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(355) |
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(94) |
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Loss before provision for income taxes |
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(11,482) |
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(50,825) |
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(54,560) |
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(92,307) |
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Provision for income taxes |
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(23) |
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(30) |
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(68) |
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(89) |
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Net loss |
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$ |
(11,505) |
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$ |
(50,855) |
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$ |
(54,628) |
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$ |
(92,396) |
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Comprehensive loss: |
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Net loss |
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$ |
(11,505) |
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$ |
(50,855) |
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$ |
(54,628) |
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$ |
(92,396) |
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Other comprehensive loss: |
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Foreign currency translation gain (loss) |
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(26) |
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205 |
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227 |
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|
260 |
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Unrealized loss on investments, net |
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(669) |
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- |
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(1,395) |
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- |
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Total other comprehensive gain (loss) |
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(695) |
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|
205 |
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|
(1,168) |
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|
260 |
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Total comprehensive loss |
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$ |
(12,200) |
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$ |
(50,650) |
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$ |
(55,796) |
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$ |
(92,136) |
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Net loss per share, basic and diluted |
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$ |
(0.13) |
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$ |
(1.04) |
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$ |
(0.63) |
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$ |
(4.47) |
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Weighted-average shares used to compute net loss per share, basic and diluted |
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87,249,228 |
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49,106,752 |
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86,435,123 |
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20,686,526 |
Heartflow, Inc.
Consolidated Balance Sheets Data
(unaudited, in thousands)
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September 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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$ |
31,649 |
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$ |
44,776 |
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Short-term investments |
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136,088 |
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132,010 |
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Accounts receivable, net |
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48,195 |
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29,343 |
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Prepaid expenses and other current assets |
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19,573 |
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14,075 |
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Total current assets |
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235,505 |
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220,204 |
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Long-term investments |
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85,254 |
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|
103,365 |
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Property and equipment, net |
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10,091 |
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|
8,587 |
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Operating lease right-of-use assets |
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14,123 |
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17,488 |
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Restricted cash |
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4,702 |
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|
4,709 |
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Other non-current assets |
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5,664 |
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|
5,099 |
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Total assets |
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$ |
355,339 |
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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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$ |
4,916 |
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$ |
3,169 |
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Accrued expenses and other current liabilities |
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41,613 |
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33,279 |
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Operating lease liabilities, current portion |
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6,881 |
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5,922 |
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Total current liabilities |
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53,410 |
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42,370 |
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Operating lease liabilities, non-current portion |
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19,052 |
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16,132 |
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Other non-current liabilities |
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340 |
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303 |
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Total liabilities |
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72,802 |
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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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88 |
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85 |
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Additional paid-in capital |
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1,426,420 |
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1,388,737 |
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Accumulated other comprehensive loss |
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(1,593) |
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(425) |
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Accumulated deficit |
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(1,142,378) |
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(1,087,750) |
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Total stockholders’ equity |
|
|
282,537 |
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|
300,647 |
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Total liabilities and stockholders’ equity |
|
$ |
355,339 |
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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 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |