HTFL

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. HeartFlow (HTFL) moved after its second quarter 2026 report, which paired higher sales with a continued net loss, along with a raised full year revenue outlook that lifted investor attention on the stock. See our latest analysis for HeartFlow. HeartFlow has seen sharp share price momentum around these results, with a 1 day share price return of 35.7% and a 30 day share price return of 69.1%, helping lift the stock to US$42.08 and contributing to a 35% 1 year total shareholder return. If the recent move in HeartFlow has you thinking about where else growth and AI in healthcare might show up next, it could be worth scanning 42 healthcare AI stocks After a surge like HeartFlow has just seen, some investors prefer to wait for a pullback while others lean into the momentum. So how does the current share price compare with the fundamentals and growth profile? HeartFlow’s most followed narrative places fair value at about $42.13, almost exactly in line with the recent $42.08 close. This puts the latest surge into context. Read the complete narrative. Want to see what kind of revenue ramp, margin shift and future earnings multiple sit behind that tight fair value band? The full narrative lays out those assumptions in detail. Result: Fair Value of $42.13 (ABOUT RIGHT) Have a read of the narrative in full and understand what's behind the forecasts. However, HeartFlow’s story still leans on assumptions about sustained coronary CT adoption and Plaque Analysis uptake, and any shortfall in either area could quickly challenge this fair value view. Find out about the key risks to this HeartFlow narrative. While the analyst narrative pegs HeartFlow at about fair value around $42.13, the current P/S ratio of 17.3x paints a more expensive picture. It sits well above the US Healthcare Services industry at 2.9x and a fair ratio estimate of 7.4x, which increases valuation risk if expectations ease even slightly. So which signal do you trust more right now? For a closer look at what the numbers imply about this pricing gap, See what the numbers say about this price — find out in our valuation breakdown. If the sentiment around HeartFlow so far feels finely balanced between promise and risk, it makes sense to move quickly and test the data for yourself, then weigh up the 2 key rewards and 2 important warning signs. If HeartFlow has sharpened your focus on where to put new capital to work, now is a good time to scan fresh ideas before the next move passes you by. Spot potential value opportunities early and run your own comparisons using the 52 high quality undervalued stocks. Prioritise capital preservation by filtering for companies with steadier profiles through the 80 resilient stocks with low risk scores. Hunt for underfollowed stories that still show solid fundamentals with the screener containing 20 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HTFL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 48% was driven by the fastest acceleration in eight quarters, fueled by the rapid adoption of Plaque analysis and durable FFRCT utilization. The company is successfully leveraging its existing installed base to deploy new innovations, reaching 1,250 Plaque-activated accounts in two years compared to the eight years required for FFRCT. Management attributes competitive wins to market-leading accuracy and reproducibility, which are increasingly prioritized by clinical guidelines and independent scientific statements. Gross margin expansion to 83.3% resulted from a combination of volume leverage, a higher mix of high-margin Plaque revenue, and ongoing AI-driven production efficiencies. The breadth of the AI diagnostics platform, including Roadmap and PCI Navigator, is deepening clinical relationships and establishing HeartFlow as the 'operating system of record' for coronary artery disease. Strategic positioning is shifting toward a 'CT-first' pathway, with interventional cardiologists becoming key advocates for HeartFlow adoption within health systems. Full-year 2026 revenue guidance was raised to $246 million–$250 million, assuming steady sequential growth and typical second-half seasonality in the CCTA market. Management plans to expand the U.S. TAM from $5 billion to $11 billion by targeting high-risk asymptomatic patients through three new randomized controlled trials starting in late 2026. The 'Plaque Tracker' product and autonomous processing initiatives remain on track for 2027 rollouts, with the latter serving as a primary driver for the mid-term 85% gross margin target. Profitability remains projected for mid-2028, supported by a disciplined allocation of capital toward high-priority R&D and commercial expansion. Management expects Plaque pricing to step up more meaningfully in early 2027 as contractual schedules and clinical experience mature. Non-GAAP SG&A now excludes specific litigation-related expenses to provide better visibility into underlying operating performance during ongoing IP disputes. Management characterized the CMS proposal for AI-enabled software as a constructive multi-year process that aligns with their value proposition of improving clinical outcomes. Ongoing DOJ and patent litigation are described as multi-year processes that management does not currently view as a distraction to core operations. The exclusive selection as the plaque provider for the NIH-funded PREEMPT study is cited as a major validation of the platform's clinical utility in younger populations. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that physician adoption metrics are at record levels, with utilization ramping as clinicians apply Plaque to a broader range of patients. Success is attributed to being on the 'right side of history' as CCTA penetrates the broader non-invasive testing market, currently at only 11% penetration. Management views the 2027 proposal as positive, noting that FFRCT and Plaque rates are stable while CCTA rates are increasing by nearly 12%. They believe the shift toward aligning payments with clinical outcomes favors their evidence-heavy platform, though full implementation is likely years away. FFRCT volumes significantly exceeded plans while ASPs were ahead of expectations due to favorable customer mix, which management believes is durable. Plaque ASPs benefited from contractual step-ups and a tilt toward higher-priced accounts, with further pricing increases anticipated in 2027. The product is currently offered without a fee to drive platform differentiation and engage interventional cardiologists as internal champions. The rollout is being phased to prioritize high-volume PCI hospitals without distracting the sales force from the primary Plaque launch.

Interested in Heartflow, Inc.? Here are five stocks we like better. Strong second-quarter growth: Revenue rose 48% year over year to $64.1 million, while global case volume increased 74% to 84,491, driven by Plaque Analysis, FFR-CT utilization and broader CCTA adoption. 2026 outlook raised: Heartflow now expects full-year revenue of $246 million to $250 million and plaque revenue of $29 million to $31 million. Non-GAAP gross margin reached 83.3%, and the company remains on track for cash-flow profitability by mid-2028. Product and market expansion: The company launched Plaque Staging, continues developing PCI Navigator and plans trials targeting high-risk asymptomatic populations that could expand its U.S. addressable market from roughly $5 billion to $11 billion. Heartflow (NASDAQ:HTFL) reported second-quarter revenue of $64.1 million, up 48% from a year earlier, as growth in its Plaque Analysis offering, durable FFR-CT utilization and continued expansion of the coronary CT angiography, or CCTA, market supported results. U.S. revenue rose 51% to $59.6 million, including $7.8 million from plaque revenue, while revenue outside the U.S. and other revenue totaled $4.5 million. Global revenue cases increased 74% to 84,491 during the quarter ended June 30. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be “Our year-over-year revenue growth accelerated for the second consecutive quarter, and we finished ahead of our expectations,” President and CEO John Farquhar said. He cited plaque adoption, FFR-CT utilization at existing accounts, new-account additions and growth in the underlying CCTA market as key drivers. Following the second-quarter performance, Heartflow raised its full-year revenue forecast to $246 million to $250 million, representing 40% to 42% year-over-year growth. The company also increased its 2026 plaque revenue outlook to $29 million to $31 million and now expects approximately 1,250 plaque-activated accounts by year-end. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Chief Financial Officer Vikram Verghese said plaque revenue exceeded internal expectations, while results were broad-based across both plaque and FFR-CT. He said the company saw favorable seasonal demand in the second quarter, continued utilization growth at existing sites and contributions from recently added accounts. Heartflow said new accounts generally take about a year to approach full FFR-CT utilization. The company estimates FFR-CT is applicable to approximately 33% of CCTA scans, while plaque analysis is applicable to about 60% of scans. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Farquhar said plaque activations were ahead of plan and that ordering-physician metrics, including both new and repeat orders, reached record levels. He added that the company had roughly 78% coverage for plaque. Non-GAAP gross margin reached 83.3% in the quarter, compared with 75.6% a year earlier. The expansion reflected volume leverage, production efficiencies, a higher mix of plaque revenue and progress in AI-enabled automation, according to Verghese. The company raised its full-year non-GAAP gross-margin outlook to approximately 82%, up 500 basis points year over year. It continues to target a midterm non-GAAP gross margin of 85%, with autonomous processing expected to become a more significant margin driver in 2027. Second-quarter non-GAAP operating expenses were 96% of revenue, down from 102% a year earlier. Non-GAAP operating loss narrowed to $7.9 million from $11.5 million, while non-GAAP net loss narrowed to $5.8 million, or $0.07 per share, from $17.6 million, or $2.79 per share. On a GAAP basis, net loss was $15.7 million, or $0.18 per share. Heartflow ended the quarter with $246.8 million in cash equivalents and investments and said it remained on track to achieve cash-flow profitability by mid-2028. At the Society of Cardiovascular Computed Tomography meeting in July, Heartflow launched Plaque Staging, a tool designed to classify disease burden into four stages to help physicians assess patient risk and guide medical management. Farquhar said the tool was validated in more than 23,000 patients with up to 16 years of follow-up. The company also said PCI Navigator, launched earlier in 2026, is gaining traction and remains on track for a broader rollout in 2027. The product combines lesion-specific FFR-CT and plaque information to help interventional cardiologists plan procedures. Heartflow does not currently charge for PCI Navigator and does not plan to seek reimbursement for it, Farquhar said, describing it as a platform differentiator intended to support adoption of a CT-first pathway. Heartflow presented eight new data sets involving more than 36,000 patients at SCCT. Among the findings cited by the company, a blinded prospective study published in the Journal of the American College of Cardiology showed minimal variability in repeat scans using Heartflow Plaque Analysis. Separately, an analysis of nearly 12,000 symptomatic patients in the DECIDE registry found that Plaque Staging reclassified half of patients with a zero calcium score into a higher-risk category by identifying non-calcified plaque. Heartflow said it plans to expand plaque analysis into high-risk asymptomatic populations, which it estimates could increase its U.S. total addressable market by roughly $6 billion to approximately $11 billion. A trial involving patients with coronary artery calcium is scheduled to begin enrollment in the fourth quarter of 2026. A study involving patients with prior myocardial infarction or PCI is also expected to begin enrollment in the fourth quarter. A trial involving patients with prior plaque is planned to begin enrollment in the first quarter of 2027. Farquhar said the studies would use the company’s existing technology and would evaluate changes in physician management and outcomes measured by changes in LDL cholesterol and soft plaque. He said Heartflow does not expect to need additional FDA clearance for these uses and aims to enter the markets with reimbursed technology before 2030. The company also said it was selected as the exclusive plaque provider for the PRE-EMPT Study, an NIH-funded 1,500-patient study examining whether direct measurement of coronary disease can improve prevention among younger asymptomatic patients. HeartFlow, Inc (NASDAQ: HTFL) is a medical technology company that develops non-invasive diagnostic solutions for coronary artery disease. The company's core offering translates coronary CT angiography (CTA) data into a patient-specific, three-dimensional physiological model of the coronary arteries. Using advanced image processing and computational modeling, HeartFlow's analysis estimates fractional flow reserve (FFR) values throughout the coronary tree to identify ischemia-producing lesions without the need for invasive pressure-wire measurements. HeartFlow's cloud-based service integrates with clinical workflows: clinicians submit coronary CTA images and receive a detailed, color-coded 3D map and report that highlights lesion-specific FFR values and physiological impact. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Heartflow Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: Total revenue of $64.1 million, up 48% year over year. US Revenue: $59.6 million, up 51% year over year. Plaque Revenue: $7.8 million in the second quarter. OUS and Other Revenue: $4.5 million. Total Global Revenue Cases: 84,491, up 74% year over year. Gross Margin: 83.3%, compared to 75.6% in the second quarter of 2025. SG&A Expenses: $37.8 million. R&D Expenses: $23.5 million. Non-GAAP Operating Loss: $7.9 million, compared to $11.5 million last year. Non-GAAP Net Loss: $5.8 million, or $0.07 per share, compared to a net loss of $17.6 million, or $2.79 per share, in the second quarter of 2025. GAAP Net Loss: $15.7 million, or $0.18 per share. Cash and Investments: $246.8 million at the end of the quarter. Full-Year 2026 Revenue Guidance: Raised to $246 million to $250 million, representing 40% to 42% growth. Full-Year 2026 Plaque Revenue Guidance: Raised to $29 million to $31 million. Full-Year 2026 Non-GAAP Gross Margin Guidance: Approximately 82%. Warning! GuruFocus has detected 3 Warning Signs with HTFL. Is HTFL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue grew 48% year-over-year to $64.1 million, with US revenue up 51%, marking the fastest growth in eight quarters. Plaque revenue exceeded expectations at $7.8 million, with activations and utilization ahead of plan, supporting a raised full-year outlook. Gross margin expanded to 83.3%, up 770 basis points year-over-year, driven by AI efficiencies, volume leverage, and higher-margin Plaque mix. Launched Heartflow Plaque Staging, a clinically validated tool for risk stratification, expected to drive further adoption. Selected as exclusive Plaque provider for the NIH-funded PRE-EMPT study, highlighting clinical confidence in the technology. Non-GAAP operating loss of $7.9 million and net loss of $5.8 million persist, though improved year-over-year. FFRCT ASPs face pressure, with year-over-year declines expected to moderate only by 2027. Plaque adoption remains early, with utilization still far from the 60% applicability target. Ongoing IP litigation and CID investigation create potential legal and financial uncertainties. Full-year guidance implies only modest sequential revenue growth in H2, reflecting conservative assumptions and seasonality. Q: Can you provide more detail on what is driving the strong adoption of Plaque and what differentiates HeartFlow from competitors in this space? A: John Farquhar (CEO) stated that Plaque momentum is significant and ahead of plan, with new account activations on track to reach 1,250 by year-end, a milestone that took eight years to achieve with FFRCT. He attributes the success to market-leading accuracy and reproducibility, validated in peer-reviewed studies, which aligns with ACC scientific standards. Physician adoption metrics are at record levels, with utilization ramping above initial expectations, and coverage is ahead of plan at approximately 78%. Customers are increasingly choosing HeartFlow, signaling strong market preference. Q: How should we think about the revenue beat in Q2, and was it driven more by FFRCT or Plaque? A: Vikram Verghese (CFO) clarified that Plaque handily beat expectations, with revenues of $7.8 million, approximately $4 million above plan. However, the overall performance was broad-based, with both FFRCT and Plaque contributing. FFRCT saw strong volume growth driven by improved utilization in existing sites and ramping new accounts. Plaque was a standout, with strong utilization trends, a record number of new ordering physicians, and existing physicians using the service more frequently. Q: Can you provide an update on the DECIDE one-year outcomes and how the data might influence physician behavior? A: John Farquhar (CEO) confirmed the one-year outcomes will be presented in Q4, focusing on changes in LDL. He noted that while clinical data is important for education, the most significant driver of adoption is physicians observing real-world changes in their patients' LDL levels after using Plaque analysis. This real-world evidence is expected to create a snowball effect that will further support Plaque adoption over the long term. Q: What are the timelines and next steps for the RCTs targeting the asymptomatic market, and is FDA approval required? A: John Farquhar (CEO) explained that the company is targeting three high-risk asymptomatic subpopulations: secondary prevention (prior MI/PCI), patients with calcium, and patients with Plaque. These trials will use existing technology, so no new FDA clearance is required. Each trial will enroll 300-500 patients, with endpoints measuring changes in physician management and outcomes (LDL and soft Plaque). Enrollment begins in Q4 2026 for the first two trials and Q1 2027 for the third. This approach is capital-efficient and leverages existing sales channels, with the goal of entering these markets with reimbursed technology before 2030. Q: Can you elaborate on the operating leverage seen in Q2 and the role of AI efficiency in future margin expansion? A: Vikram Verghese (CFO) highlighted that Q2 outperformance on the top line was reinvested with discipline into R&D, yet EBIT was roughly cut in half quarter-over-quarter. The company is leveraging durable revenue growth with strong margin expansion to invest in R&D and commercial initiatives. Key drivers for future margin expansion include the autonomous processing initiative, which reduces human touch, and the scaling of Plaque revenues. Despite investments, OpEx as a percentage of revenue is expected to improve by at least 5 points year-over-year, reinforcing the path to profitability by 2028. Q: How did pricing dynamics and revenue per case perform in Q2, and what is the outlook for ASPs? A: Vikram Verghese (CFO) noted that FFRCT volumes came in significantly above plan, with ASPs finishing modestly ahead of expectations due to favorable customer mix. This mix is considered durable, and consensus estimates for full-year FFRCT ASP are in the right ballpark. For Plaque, ASP favorability was driven by contractual step-ups that went into effect and a beneficial mix of higher-priced accounts. No further pricing changes are baked into the 2026 guidance, but a more meaningful step-up is expected in early 2027. Q: What is the pace of Plaque adoption at key accounts, and is there a halo effect between FFRCT and Plaque usage? A: John Farquhar (CEO) confirmed that while the maximum applicability for Plaque is 60% of CCTAs, the ramp towards that level is ahead of expectations, though still early. Initially, there was more overlap with FFRCT patients also receiving Plaque, but this is broadening as adoption increases. The company is pleased with the progress and the expanding use of Plaque across a wider range of patients. Q: Why does the full-year gross margin guidance not assume sequential improvement, and what are the key levers for expansion? A: Vikram Verghese (CFO) explained that the 82% gross margin guidance accounts for increased Plaque revenues, with about 75% of the Q2 beat driven by revenue outperformance. The remaining beat was due to headcount favorability and less R&D amortization. The architecture of margin expansion relies on AI-driven automation, Plaque revenue growth, and volume leverage. While there are puts and takes, including additional hiring in production and customer success, the autonomous processing initiative is expected to be a more significant driver in 2027, underpinning the mid-term target of 85%. Q: Can you provide an update on the PCI Navigator product and its commercialization strategy? A: John Farquhar (CEO) stated that PCI Navigator is currently not charged for, and there are no plans to pursue reimbursement. The strategy is to use it as a differentiator to engage interventional cardiologists as champions for the CT plus HeartFlow pathway. The rollout is phased, focusing on high-volume PCI hospitals first, to avoid distracting from the primary focus on Plaque. Early feedback has been very strong, and the company plans to expand availability throughout the year and into 2027. Q: What is the company's view on the recent CMS proposal for AI-enabled software reimbursement, and how might it impact HeartFlow? A: John Farquhar (CEO) viewed the proposal as a positive in the near term, noting that the 2027 hospital payment proposal keeps FFRCT and Plaque stable while increasing CCTA payments by nearly 12%, strengthening the economics of the HeartFlow pathway. Longer-term, the new framework for AI-enabled software is seen as constructive, as CMS acknowledges AI services differ from traditional medical devices. HeartFlow believes its clinical evidence aligns well with CMS's goal of better aligning payments with clinical outcomes, and the company looks For the complete transcript of the earnings call, please refer to the full earnings call transcript.

SAN FRANCISCO, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for diagnosing coronary artery disease (CAD), today reported financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights Total revenue of $64.1 million, a 48% increase year-over-year Gross margin of 83.0%, non-GAAP gross margin of 83.3% Net operating loss of $17.9 million; non-GAAP net operating loss of $7.9 million 2026 Annual Guidance Total revenue of $246 million to $250 million (approximately 40% to 42% growth year-over-year), compared to previous guidance of $228 million to $232 million (approximately 29% to 32% growth year-over-year) Non-GAAP gross margin of approximately 82%, compared to previous guidance of approximately 81% "The second quarter reflects the growing strength of Heartflow's category leadership and unique AI technology platform for identifying, diagnosing, managing and treating coronary artery disease," said John Farquhar, President and CEO of Heartflow. "The CCTA market for detecting CAD continues to grow rapidly and remains significantly under-penetrated, providing a strong backdrop for continued growth. Our FFRCT business remains strong and durable, while Plaque is rapidly emerging as a meaningful second growth engine — helping us win new accounts, deepen physician utilization and expand the value of the Heartflow platform for our customers. At the same time, record gross margin and improving operating leverage demonstrate the increasing scalability of our model, giving us greater confidence in long-term, profitable growth." Second Quarter 2026 Financial ResultsTotal revenue was $64.1 million, a 48% increase year-over-year. U.S. revenue was $59.6 million, a 51% increase year-over-year. International and other revenue was $4.5 million, a 12% 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 $53.2 million, compared to $32.8 million in the prior year period. Non-GAAP gross profit was $53.4 million, compared to $32.8 million in the prior year period. Gross margin was 83.0%, compared to 75.5% in the prior year period. Non-GAAP gross margin was 83.3%, compared to 75.6% 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 $71.1 million, or 111% of total revenue, compared to $46.5 million, or 107% of total revenue, in the prior year period. Non-GAAP total operating expenses were $61.3 million, or 96% of total revenue, compared to $44.3 million, or 102% 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 $17.9 million, compared to $13.7 million in the prior year period. Non-GAAP net operating loss was $7.9 million, compared to $11.5 million in the prior year period. Net loss was $15.7 million, or ($0.18) net loss per share, compared to $9.2 million, or ($1.46) net loss per share, in the prior year period. Non-GAAP net loss was $5.8 million, or ($0.07) non-GAAP net loss per share, compared to $17.6 million, or ($2.79) non-GAAP net loss per share, in the prior year period. Adjusted EBITDA was ($6.7) million, compared to ($10.1) million in the prior year period. Cash, cash equivalents and investments totaled $246.8 million as of June 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 DetailsHeartflow will host a conference call today, August 13, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second 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 ResearchHeartflow’s technology is redefining precision cardiovascular care 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 more than 750,000 patients worldwide.1 Key benefits include: Unmatched Proprietary data pipeline: Built from the world’s largest database of more than 200 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations. 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%. 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. Quality system, global security and patient-data integrity compliance: Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, 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 MeasuresTo 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, 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 StatementsThis 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, market conditions, 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 ContactNick [email protected] Media ContactElliot [email protected] ____________________1Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol2 Narula, et al. EHJ CVI 20243 Danad, et al. JAMA Cardiol 20174 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)

SAN FRANCISCO, July 23, 2026 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today announced it will release financial results for the second quarter of 2026 after market close on Thursday, August 13, 2026. Management will host a conference call to discuss financial results beginning at 1:30 p.m. PT / 4:30 p.m. ET on August 13, 2026. 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 cardiovascular care 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 650,000 patients worldwide.1 Key benefits include: Unmatched Proprietary data pipeline: Built from the world’s largest database of more than 200 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations. 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%. 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. Quality system, global security and patient-data integrity compliance: Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, 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 Investor ContactNick [email protected] Media ContactElliot [email protected] ____________________________1 Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol2 Narula, et al. E HJ CVI 20243 Danad, et al. JAMA Cardiol 20174 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)

Interested in Heartflow, Inc.? Here are five stocks we like better. Heartflow beat expectations in Q1, with revenue up 41% year over year to $52.6 million and global case volume rising 67%. The company also raised its full-year 2026 revenue outlook to $228 million-$232 million. Plaque Analysis is gaining traction faster than planned, with adoption ahead of expectations, Plaque coverage reaching 75% of covered lives, and full-year Plaque revenue guidance increased to $19 million-$21 million. Management expects the installed base to reach about 1,200 sites by the end of 2026. The core FFRCT business and broader platform expansion remain major growth drivers, supported by strong utilization from existing accounts, ramping new accounts, and the launch of PCI Navigator. Heartflow also highlighted its growing clinical evidence base and new studies aimed at expanding its addressable market over time. Heartflow (NASDAQ:HTFL) reported a sharply higher first-quarter revenue total and raised its full-year 2026 outlook, citing strength in its core FFRCT business, faster-than-expected adoption of its Plaque Analysis product and continued expansion of the coronary CT angiography, or CCTA, market. President and Chief Executive Officer John Farquhar said HeartFlow entered 2026 with “the strongest momentum in our history,” with first-quarter revenue rising 41% year over year to $52.6 million. Global case volume increased 67% to 67,443 cases, according to Chief Financial Officer Vikram Verghese. → Micron Investors Face a High-Stakes Moment After the Latest Rally Farquhar said four factors drove the quarter: continued FFRCT utilization across the installed base, a record group of new accounts added in 2025 that is ramping as expected, stronger-than-expected Plaque adoption and broader CCTA market growth supported by clinical guidelines and reimbursement. The company also said it has now helped physicians manage care for more than 650,000 patients worldwide. Farquhar said HeartFlow’s database now includes more than 200 million annotated CCTA images, which he described as a proprietary asset supporting the company’s artificial intelligence development and automation efforts. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? HeartFlow raised its full-year 2026 revenue forecast to a range of $228 million to $232 million, representing expected year-over-year growth of 29% to 32%. The company also increased its Plaque-specific revenue outlook to $19 million to $21 million. Verghese said U.S. revenue in the first quarter grew 42% to $48.3 million, including $3.2 million of Plaque revenue. Outside the U.S. and other revenue increased to $4.3 million. → Reading the Stripes: Is The Industrial Recession Over? Non-GAAP gross margin improved to 80.5% from 75.3% in the prior-year quarter. Management raised its full-year non-GAAP gross margin guidance to approximately 81%, citing volume efficiencies, AI-enabled automation and a higher mix of Plaque revenue. Farquhar said the company remains committed to a midterm non-GAAP gross margin target of 85%. First-quarter non-GAAP operating loss was $15.5 million, compared with $15 million a year earlier. Non-GAAP net loss was $13.3 million, or $0.16 per share, compared with a non-GAAP net loss of $19.2 million, or $3.11 per share, in the first quarter of 2025. On a GAAP basis, net loss was $27.4 million, or $0.32 per share, including a $7.5 million non-cash impairment charge related to facilities optimization and the company’s headquarters relocation to San Francisco. HeartFlow ended the quarter with $254.9 million in cash, cash equivalents and investments. Verghese said the company believes it is well-capitalized to fund operations through profitability while continuing to invest in research and development and commercial expansion. He reiterated the company’s expectation of reaching cash flow profitability within three years of its IPO, pointing to a mid-2028 timeframe during the Q&A session. Farquhar said Plaque Analysis adoption is ahead of the company’s initial expectations, with account activation ahead of schedule and strong early utilization trends. He pointed to a recently published ACC/AHA scientific statement on plaque, increasing payer coverage and clinical and economic evidence presented at the American College of Cardiology meeting in March as factors supporting awareness and demand. During the Q&A portion of the call, Farquhar said Plaque coverage had reached 75% of total covered lives as of the end of March. He said the company continues to use its DECIDE data with payers to expand coverage, while also focusing on adding Plaque to its installed base and educating cardiologists on how to use it in patient care. Farquhar said HeartFlow has held more than 1,000 medical education events focused on Plaque over the last 12 months, generating more than 100,000 physician impressions. He said the company now expects its Plaque installed base to reach approximately 1,200 sites by the end of 2026. Verghese said the first-quarter Plaque revenue performance was not a pull-forward of future demand, but reflected sustained momentum. He added that Plaque revenue is still expected to be weighted toward the back half of the year as adoption broadens. On pricing, Verghese said many early Plaque contracts were structured with attractive pricing to accelerate activation and because reimbursement was more limited at the time. He said existing contracts include mechanisms for price increases over time, with more favorable pricing becoming visible in 2027 and beyond. Management said the core FFRCT business remained strong, with durable utilization among established customers and healthy ramping from new accounts added in 2025. Farquhar said the 340 accounts added last year represented the largest annual cohort in HeartFlow’s history and are ramping in line with expectations. Verghese said new accounts generally take about a year to ramp to near full FFRCT utilization, while existing accounts continue to show durable and consistent utilization patterns. He noted that FFRCT is applicable in roughly 33% of CCTAs, meaning maximum FFRCT utilization in an account is approximately one-third of CCTA volume. The company also reported continued volume strength in the clinic setting, which Verghese described as a rapidly growing and strategically important market segment. He said HeartFlow continues to see adoption of its volume-based rebate pricing structure, which supports higher volume growth even as mix and rebates affect average selling prices. Farquhar said HeartFlow’s platform now includes four tools: RoadMap, Plaque, FFRCT and PCI Navigator. He described the platform as a unified AI solution spanning coronary artery disease detection, diagnosis, management and treatment planning. HeartFlow launched PCI Navigator in April. Farquhar said feedback from interventional cardiologists has exceeded expectations, adding that the tool allows physicians to enter the catheterization lab with a pre-procedural plan. He said the company is executing a phased rollout through 2026, with a broader introduction planned in 2027. In response to an analyst question, Farquhar said HeartFlow is initially targeting the largest PCI hospitals and is not yet disclosing specific adoption metrics for PCI Navigator. He said the company believes the product can make the platform “stickier” and more compelling over time. Management also discussed its autonomous processing initiative, which entered a pilot phase in the first quarter. Farquhar said the company expects a gradual rollout through the back half of 2026, with a multi-year impact beginning in 2027. The initiative is expected to support HeartFlow’s gross margin expansion targets. Farquhar said HeartFlow has built an evidence base that includes more than 625 peer-reviewed publications and more than 200 clinical studies and trials. He said the company’s 5,000-patient NAVIGATE-PCI Registry is ramping, with sites activating and enrollment building. The study is designed to evaluate how an AI-driven pre-procedural planning tool influences PCI strategy and cath lab efficiency. The company also plans to begin two randomized controlled trials in the second half of 2026 focused on asymptomatic populations: one for patients with prior myocardial infarction or PCI, and another for patients with elevated calcium scores. A third trial focused on patients with prior Plaque is expected to begin in the first half of 2027. Farquhar said these studies are intended to expand HeartFlow’s U.S. addressable market by approximately $6 billion over time, bringing the total addressable market to $11 billion. He said the company expects this clinical path to help it begin accessing the incremental market opportunity before the end of the decade. In closing, Farquhar said the first quarter demonstrated that HeartFlow’s platform strategy is translating into financial results, with FFRCT and Plaque Analysis driving volume growth and deeper account-level adoption. Verghese said the updated outlook reflects momentum in the core business and acceleration in Plaque, while management maintained that the company will continue investing in commercial expansion, clinical evidence and product innovation. HeartFlow, Inc (NASDAQ: HTFL) is a medical technology company that develops non-invasive diagnostic solutions for coronary artery disease. The company's core offering translates coronary CT angiography (CTA) data into a patient-specific, three-dimensional physiological model of the coronary arteries. Using advanced image processing and computational modeling, HeartFlow's analysis estimates fractional flow reserve (FFR) values throughout the coronary tree to identify ischemia-producing lesions without the need for invasive pressure-wire measurements. HeartFlow's cloud-based service integrates with clinical workflows: clinicians submit coronary CTA images and receive a detailed, color-coded 3D map and report that highlights lesion-specific FFR values and physiological impact. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Heartflow Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Revenue: $52.6 million, up 41% year-over-year. US Revenue: $48.3 million, up 42%, including $3.2 million from Plaque revenue. Global Revenue Cases: 67,443, representing 67% growth. Non-GAAP Gross Margin: 80.5%, up from 75.3% in Q1 2025. Non-GAAP Operating Loss: $15.5 million, compared to $15 million last year. Non-GAAP Net Loss: $13.3 million or $0.16 per share, compared to $19.2 million or $3.11 per share in Q1 2025. GAAP Net Loss: $27.4 million or $0.32 per share, including a $7.5 million non-cash impairment charge. Cash Equivalents and Investments: $254.9 million at the end of the quarter. Full-Year Revenue Guidance: Raised to $228 million to $232 million, representing 29% to 32% growth. Plaque-Specific Revenue Guidance: Increased to $19 million to $21 million. Full-Year Non-GAAP Gross Margin Guidance: Raised to approximately 81%. Warning! GuruFocus has detected 3 Warning Signs with HTFL. Is HTFL fairly valued? Test your thesis with our free DCF calculator. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. HeartFlow Inc (NASDAQ:HTFL) reported a 41% year-over-year revenue increase in Q1 2026, reaching $52.6 million, driven by 67% global case growth. The company raised its full-year revenue guidance to $228 million to $232 million, representing 29% to 32% year-over-year growth. HeartFlow's Plaque Analysis product is outperforming expectations, leading to an increased revenue outlook of $19 million to $21 million for 2026. The company achieved a significant milestone by helping manage the care of over 650,000 patients worldwide, reinforcing its leadership position. HeartFlow's non-GAAP gross margin guidance was raised to approximately 81%, driven by AI efficiencies, volume leverage, and a higher mix of high-margin Plaque revenue. Despite strong performance, HeartFlow Inc (NASDAQ:HTFL) remains in the early stages of Plaque adoption, with a need for continued medical education and market development. Operating expenses increased, with SG&A expenses reaching $38.3 million, reflecting investments in commercial expansion and medical education. The company reported a non-GAAP net loss of $13.3 million, or $0.16 per share, indicating ongoing financial challenges despite revenue growth. HeartFlow's GAAP net loss was $27.4 million, including a $7.5 million non-cash impairment charge related to facilities optimization. The company faces challenges in expanding awareness and adoption of its Plaque Analysis product, with ongoing efforts needed to educate the clinical community and secure payer coverage. Q: How did the strong start to the year for Plaque impact the updated guidance, and what are the expectations for the rest of the year? A: John Farquhar, CEO, explained that the strong start was driven by three factors: increased coverage, integration into the installed base, and medical education efforts. They have reached 75% coverage of total lives and expect to have Plaque in 1,200 sites by year-end. Despite early success, they are still in the early adoption phase, and the guidance reflects sustained momentum rather than a pull-forward of revenue. Vikram Verghese, CFO, added that Q1 revenue was strong due to better utilization and new account additions, and they expect Plaque revenue to be back half-weighted. Q: Can you provide more details on the operating expenses and whether the first quarter run rate should be expected for the rest of the year? A: Vikram Verghese, CFO, noted that Q1 OpEx was higher due to investments made in Q4 and front-loaded investments in medical education. Despite this, EBIT was favorable to expectations. For 2026, they expect OpEx as a percentage of revenue to decline year-over-year, with some favorable cost sequencing and incremental legal spend. Overall, they anticipate modest sequential increases in OpEx, with continued margin expansion driving a narrower operating loss compared to 2025. Q: How is the distribution of Plaque accounts trending across the installed base? A: John Farquhar, CEO, stated that the distribution is fairly even across cohorts, with existing accounts being the first to adopt Plaque. Moving forward, more new accounts will come online with the full platform. The demand is strong, and they have visibility into the funnel, expecting to reach 1,200 Plaque accounts by year-end. Q: What are the expectations for Plaque ASPs this year, and how are existing contracts structured for price increases? A: Vikram Verghese, CFO, explained that early Plaque contracts had attractive pricing to accelerate adoption and due to limited reimbursement. Contracts include mechanisms for price increases over time. They have already increased Plaque ASP expectations for 2026 and see more favorable pricing in 2027 and beyond. Q: How is the rapid accumulation of annotated CCTA images impacting HeartFlow's platform and margins? A: John Farquhar, CEO, highlighted that surpassing 200 million annotated images strengthens their competitive advantage. This data set drives innovation, customer-facing improvements, and gross margin expansion. It supports their track record of annual major launches and efficiency improvements, contributing to their growth strategy. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

SAN FRANCISCO, May 14, 2026 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today reported financial results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights Total revenue of $52.6 million, a 41% increase year-over-year Gross margin of 80.2%, non-GAAP gross margin of 80.5% Net operating loss of $29.5 million, including a $7.5 million non-cash impairment charge associated with facilities optimization and headquarters relocation to San Francisco. Non-GAAP net operating loss was $15.5 million 2026 Annual Guidance Total revenue of $228 million to $232 million (approximately 29% to 32% growth year-over-year), compared to previous guidance of $218 million to $222 million (approximately 24% to 26% growth year-over-year) Non-GAAP gross margin of approximately 81%, compared to previous guidance of 80% to 81% “Heartflow entered 2026 with unprecedented momentum, expanding the category leadership we established over the last several years,” said John Farquhar, President and CEO of Heartflow. “Our AI-driven platform, deeply embedded commercial footprint, and the world’s largest database that recently expanded to over 200 million annotated CCTA images combine to create a foundational advantage that grows stronger with every quarter. The growth of our core FFRCT business remains durable, and adoption of Heartflow Plaque Analysis is ramping ahead of schedule. Most importantly, by helping physicians guide the care of over 650,000 patients worldwide, Heartflow has achieved an unrivaled scale of real-world experience. As the architects of this category, we continue to extend our leadership position, becoming the AI operating system of record for the detection, diagnosis, management, and treatment planning of coronary artery disease.” First Quarter 2026 Financial Results Total revenue was $52.6 million, a 41% increase year-over-year. U.S. revenue was $48.3 million, a 42% increase year-over-year. International and other revenue was $4.3 million, a 34% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT volume. Gross profit was $42.2 million, compared to $27.9 million in the prior year period. Non-GAAP gross profit was $42.3 million, compared to $28.0 million in the prior year period. Gross margin was 80.2%, compared to 75.1% in the prior year period. Non-GAAP gross margin was 80.5%, compared to 75.3% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in 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 $71.7 million, or 136% of total revenue, compared to $45.4 million, or 122% of total revenue, in the prior year period. GAAP operating expenses also included a $7.5 million non-cash impairment charge related to the right-of-use asset for our Mountain View, California facility. The Company optimized its facilities footprint and relocated its headquarters to San Francisco. Non-GAAP total operating expenses were $57.8 million, or 110% of total revenue, compared to $43.0 million, or 116% 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 $29.5 million, compared to $17.5 million in the prior year period. Non-GAAP net operating loss was $15.5 million, compared to $15.0 million in the prior year period. Net loss was $27.4 million, or ($0.32) net loss per share, compared to $32.3 million, or ($5.25) net loss per share, in the prior year period. Non-GAAP net loss was $13.3 million, or ($0.16) non-GAAP net loss per share, compared to $19.2 million, or ($3.11) non-GAAP net loss per share, in the prior year period. Adjusted EBITDA was ($14.0) million, compared to ($13.6) million in the prior year period. Cash, cash equivalents and investments totaled $254.9 million as of March 31, 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, May 14, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first 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 cardiovascular care 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 nearly 650,000 patients worldwide.1 Key benefits include: Unmatched Proprietary data pipeline: Built from the world’s largest database of more than 200 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations. 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%. 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. Quality system, global security and patient-data integrity compliance: Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, 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 and, in the case of non-GAAP total operating expenses, non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share, basic and diluted, and an asset impairment charge. 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, 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, 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 one product, Heartflow FFRCT 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 [email protected] Media Contact Elliot Levy [email protected] 1 Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol 2 Narula, et al. E HJ 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)