Heartflow (NASDAQ: HTFL) details Q2 revenue, margins and cash

Rhea-AI Filing Summary

Heartflow, Inc. released preliminary, unaudited results for the three months ended June 30, 2025, in connection with an investor presentation at a healthcare conference. The company expects revenue of approximately $43.4 million, a gross margin of about 75.5%, and operating expenses near $46.5 million.

Heartflow also reports cash and cash equivalents of roughly $80.2 million as of June 30, 2025. This cash figure excludes the estimated $333.0 million of net proceeds from its August 11, 2025 initial public offering and the repayment of amounts outstanding under a credit agreement, including $114.1 million of principal as of June 30, 2025 plus accrued interest and fees.

The company notes that these figures are preliminary and unaudited and may change when it files its Form 10-Q for the quarter ended June 30, 2025.

Insights

Equity research analyst

Heartflow shares early Q2 2025 metrics and balance sheet changes around its IPO.

Heartflow expects Q2 2025 revenue of $43.4 million with a strong gross margin of about 75.5%, indicating high-margin operations even as operating expenses of roughly $46.5 million likely keep profitability constrained at this stage.

Liquidity looks important here. Cash and cash equivalents were about $80.2 million as of June 30, 2025, not yet reflecting net IPO proceeds of roughly $333.0 million. The company also indicates full repayment during Q3 2025 of amounts outstanding under a credit agreement, including $114.1 million of principal as of June 30, 2025 plus interest and fees.

These disclosures outline a transition from a leveraged to a more equity-funded balance sheet after the IPO. The actual impact on margins, cash burn, and growth investment will become clearer once the final, reviewed Q2 2025 results are filed on Form 10-Q.

8-K Event Classification

2 items: 2.02, 7.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Understanding 8-K Material Events →

false000146452100014645212025-09-102025-09-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 10, 2025

Heartflow, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-42790			26-0506743
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

331 E. Evelyn Avenue

Mountain View, California 94041

(Address of Principal Executive Offices) (Zip Code)

(650) 241-1221

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

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:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

HTFL

The Nasdaq Stock Market LLC (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 x

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. o

Item 2.02 Results of Operations and Financial Condition.

As previously disclosed, Heartflow, Inc. (the “Company”) will participate at the Morgan Stanley 23rd Annual Global Healthcare Conference today, September 10, 2025. In connection with meetings with investors at the conference, the Company has published an Investor Presentation on its website as described in Item 7.01 below (the “Investor Presentation”).

In the Investor Presentation, the Company discloses the following preliminary unaudited results of operations for the three months ended June 30, 2025, which were initially disclosed as ranges in the Company’s Registration Statement on Form S-1 (File No. 333-288733) filed with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Company’s initial public offering completed on August 11, 2025: (i) revenue is expected to be approximately $43.4 million, (ii) gross margin is expected to be approximately 75.5%, and (iii) operating expenses are expected to be approximately $46.5 million. In addition, the Company will disclose that its cash and cash equivalents balance was approximately $80.2 million as of June 30, 2025, which does not give effect to the net proceeds to the Company of approximately $333.0 million upon the closing of its initial public offering or the repayment in full during the three months ended September 30, 2025 of all amounts outstanding under the Company’s Credit Agreement and Guaranty with Hayfin Services LLP and other parties thereto (comprising $114.1 million as of June 30, 2025) plus accrued interest and related fees thereon.

The financial information presented in this Item 2.02 is preliminary and unaudited based on the most recent information available to the Company’s management as of the date hereof and does not reflect a comprehensive statement of the Company’s financial results as of and for the three months ended June 30, 2025, which will be disclosed in the Company’s Quarterly Report on Form 10-Q when filed with the SEC. Actual results for the three months ended June 30, 2025 may differ from this preliminary information as a result of completion of the quarterly review of the Company’s consolidated financial statements for the three months ended June 30, 2025, including final adjustments, the review by the Company’s independent registered public accounting firm, and other developments that may arise between now and the filing of the Quarterly Report on Form 10-Q.

Item 7.01 Regulation FD Disclosure.

In connection with the Morgan Stanley 23rd Annual Global Healthcare Conference, the Company is publishing the Investor Presentation on the Investors page of the Company’s website at https://ir.heartflow.com.

The information contained in Items 2.02 and 7.01 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 incorporated by reference in any filing 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.

			HEARTFLOW, INC.
Date: September 10, 2025			By:			/s/ Vikram Verghese
						Vikram Verghese
						Chief Financial Officer

FAQ

What preliminary Q2 2025 revenue did Heartflow (HTFL) report?

Heartflow expects preliminary Q2 2025 revenue of approximately $43.4 million. This figure was shared in an investor presentation tied to a healthcare conference and remains unaudited until the company files its full Form 10-Q for the quarter ended June 30, 2025.

What gross margin did Heartflow (HTFL) disclose for Q2 2025?

Heartflow disclosed a preliminary gross margin of about 75.5% for Q2 2025. This high margin suggests a relatively profitable core service delivery before considering operating expenses, which are expected to be approximately $46.5 million for the same three-month period ended June 30, 2025.

How much were Heartflow’s operating expenses in Q2 2025?

Heartflow expects Q2 2025 operating expenses of approximately $46.5 million. These preliminary and unaudited costs, combined with revenue of about $43.4 million, indicate the company is still investing heavily in growth ahead of reporting final results in its upcoming Form 10-Q filing.

What was Heartflow’s cash balance as of June 30, 2025?

Heartflow reported cash and cash equivalents of roughly $80.2 million as of June 30, 2025. This balance does not include the estimated $333.0 million of net proceeds from its August 11, 2025 IPO or subsequent repayment of outstanding borrowings under its credit agreement.

How did Heartflow’s IPO and debt repayment affect its finances?

Heartflow notes net proceeds of about $333.0 million from its August 11, 2025 IPO and repayment during Q3 2025 of amounts outstanding under a credit agreement, including $114.1 million of principal as of June 30, 2025 plus accrued interest and fees, reshaping its capital structure.

Are Heartflow’s Q2 2025 financial figures final and audited?

No. Heartflow states that its Q2 2025 figures are preliminary and unaudited. Actual results may differ after the quarterly review of its consolidated financial statements and the review by its independent registered public accounting firm, to be reflected in its forthcoming Form 10-Q.