Heartflow, Inc. HTFL
We provide software and artificial intelligence ("AI") designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease ("CAD"), a leading cause of death worldwide. As of December 31, 2025, our Heartflow Platform has been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone. We believe that we are the most widely adopted AI-powered test for CAD. Our novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient's heart from a single coronary computed tomography angiography ("CCTA"), a specialized type of scan that provides detailed images of the heart's arteries. Our Heartflow Platform delivers actionable insights on blood flow, stenosis, plaque volume and plaque composition thereby overcoming the limitations of traditional non-invasive imaging tests which rely on indirect measures of coronary disease and lead to higher false negative and false positive rates, as demonstrated by our PRECISE trial. We believe the differentiated accuracy and clinical utility of our Heartflow Platform, along with its ability to enhance workflows, will continue to support our growth and advance the "CCTA + Heartflow" pathway as the definitive standard for the non-invasive diagnosis and management of CAD.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of World
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $162.7M | $115.0M | $77.7M |
| Rest of World | $13.3M | $10.8M | $9.4M |
As the company reported it, from the “Revenue and Contract Balances (Schedule of Total Revenue From Customers By Geographic Region) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $176.0M | $125.8M | $87.2M | — |
| Cost of revenue | $40.8M | $31.4M | $29.1M | — |
| Gross profit | $135.2M | $94.4M | $58.1M | — |
| R&D | $64.9M | $43.5M | $35.9M | — |
| SG&A | $134.3M | $112.2M | $95.1M | — |
| Total operating expenses | $199.3M | $155.7M | $131.0M | — |
| Operating income | -$64.1M | -$61.2M | -$72.9M | — |
| Interest expense | $15.2M | $22.8M | $24.7M | — |
| Pre-tax income | -$116.9M | -$96.4M | -$95.1M | — |
| Income tax | $76.0K | $53.0K | $547.0K | — |
| Net income | -$116.8M | -$96.4M | -$95.7M | — |
| EPS, basic | -3.17 | -17.98 | -25.32 | — |
| EPS, diluted | -3.17 | -17.98 | -25.32 | — |
| Shares, diluted (wtd. avg.) | 36.9M | 5.4M | 4.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $44.8M | $51.4M | $122.8M | $41.0M |
| Short-term investments | $132.0M | — | — | — |
| Receivables | $29.3M | $24.6M | — | — |
| Total current assets | $220.2M | $82.3M | — | — |
| Property, plant and equipment | $8.6M | $8.9M | — | — |
| Total assets | $359.5M | $118.7M | — | — |
| Accounts payable | $3.2M | $2.9M | — | — |
| Total current liabilities | $42.4M | $33.6M | — | — |
| Total liabilities | $58.8M | $209.6M | — | — |
| Retained earnings | -$1.09B | -$971.0M | -$1.1M | — |
| Total equity | $300.6M | -$859.5M | -$777.6M | -$693.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$54.0M | -$69.0M | -$76.4M | — |
| Depreciation and amortisation | $5.4M | $5.4M | $4.7M | — |
| Stock-based compensation | $14.0M | $10.2M | $11.9M | — |
| Capital expenditure | $5.0M | $4.4M | $6.1M | — |
| Investing cash flow | -$238.6M | -$4.4M | -$6.1M | — |
| Financing cash flow | $286.0M | $2.2M | $169.3M | — |
| Buybacks | — | — | $228.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001464521-26-000042.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $87.2M | $125.8M | $176.0M |
| Gross profit | — | $58.1M | $94.4M | $135.2M |
| Net income | — | -$95.7M | -$96.4M | -$116.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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