Heartflow, Inc. HTFL

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus Nasdaq

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.

Last close 48.91 2026-09-04
Market cap $4.25B 2026-06-30 share count
52-week range 20.13 - 51.78

Valuation FY2025 figures against the last close

P/S24.2x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-3.17

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
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 FY2025FY2024FY2023FY2022
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 FY2025FY2024FY2023FY2022
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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