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
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.
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