Heartflow
Turns coronary CT scans into anatomy, blood-flow, plaque, and procedure-planning analyses.
Something off on this page? Send us feedback.
Profile
Uses AI, computational fluid dynamics, and human quality control to convert coronary CT scans into anatomy, blood-flow, plaque, and intervention-planning analyses. Revenue comes mainly from per-use FFRCT and Plaque orders, with the business concentrated in the United States and dependent on reimbursement, clinical adoption, and medical-device regulation.
Turns coronary CT angiography scans into patient-specific 3D models that help physicians diagnose and manage coronary artery disease. The Heartflow Platform includes RoadMap Analysis for anatomic review, FFRCT Analysis for blood-flow restriction, Plaque Analysis for plaque burden and composition, and PCI Navigator for planning coronary interventions. AI and computational fluid dynamics perform the analysis, supported by human quality-control review.
Commercial operations are concentrated in the United States, with smaller direct teams in approved international markets. Most revenue comes from usage fees when physicians order FFRCT or Plaque analyses; RoadMap and PCI Navigator are integrated workflow features rather than standalone products. FFRCT remains the commercial foundation, while Plaque adoption is expanding. The model depends on provider use of coronary CT angiography, payer coverage and reimbursement, regulatory clearances, and the capacity to process rising case volumes.
Company facts
Key statistics
Year to date +64.9% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 14, 2026 | Morgan Stanley | Reiterate | Equal Weight | $35 | $40 |
| Aug 14, 2026 | Canaccord Genuity | Reiterate | Buy | $37 | $45 |
| Aug 14, 2026 | Piper Sandler | Reiterate | Overweight | $38 | $45 |
| Aug 14, 2026 | Stifel Nicolaus | Target | $40 | $45 | |
| Aug 14, 2026 | Robert W. Baird | Target | $34 | $45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.13 | −$0.07 | +47.6% | $56.6M | $64.1M | +13.1% | +35.70% |
| May 14, 2026Q1 FY26 | −$0.18 | −$0.16 | +11.1% | $49.7M | $52.6M | +5.8% | −12.16% |
| Mar 18, 2026Q4 FY25 | −$0.17 | −$0.12 | +29.0% | $46.6M | $49.1M | +5.5% | +1.65% |
| Nov 12, 2025Q3 FY25 | −$0.20 | −$0.27 | −35.0% | $46.3M | $46.3M | −0.1% | −13.43% |
Financial highlights
| 10 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $37.2M | $43.4M | $46.3M | $49.1M | $52.6M | $64.1M | |
| Gross profit | $27.9M | $32.8M | $35.4M | $39.1M | $42.2M | $53.2M | |
| Operating income | −$17.5M | −$13.7M | −$15.1M | −$17.8M | −$22.0M | −$17.9M | |
| Net income | −$32.3M | −$9.2M | −$50.9M | −$24.4M | −$27.4M | −$15.7M | |
| Diluted EPS | −$0.51 | −$0.11 | −$0.63 | −$0.29 | −$0.32 | −$0.18 | |
| Gross margin | 75.1% | 75.5% | 76.5% | 79.5% | 80.2% | 83.0% | |
| Operating margin | -47.0% | -31.6% | -32.6% | -36.1% | -41.9% | -27.9% |
Fiscal years (4-quarter sums)FY24 $125.8M · FY25 $176.0M
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $162.6M · Total debt $27.1M · Total assets $344.5M · Shareholders' equity $279.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 86.24M · Float 66.29M · 76.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BCLS Fund III Investments, LP | 10.45M | 12.18% | 13G | May 15, 2026 |
| Bain Capital Life Sciences Investors, LLC | 8.45M | 9.80% | 13F | Aug 14, 2026 |
| Wellington Management Group LLP | 7.86M | 9.12% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 4.93M | 5.70% | 13G | Jul 28, 2026 |
| FMR LLC | 4.82M | 5.59% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | John C.M. Farquhar | director, officer: Chief Executive Officer | −27,230 | $50.00 |
| Aug 18, 2026 | John C.M. Farquhar | director, officer: Chief Executive Officer | −32,676 | $45.00 |
| Aug 17, 2026 | Campbell Rogers | officer: Chief Medical Officer | −9,219 | $41.23 |
| Aug 14, 2026 | John C.M. Farquhar | director, officer: Chief Executive Officer | −15,560 | $39.06 |
| Aug 10, 2026 | John C.M. Farquhar | director, officer: Chief Executive Officer | −22,562 | $28.31 |
Peers
- GE HealthCare
Cardiac CT platforms compete for CAD imaging workflows
- Philips (ADR)
Imaging and iFR tools contest coronary decision support
- Abbott
Invasive FFR and OCT contest lesion assessment
- Boston Scientific
FFR, DFR, and IVUS compete at PCI guidance
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Heartflow | $47.78 | 0.00% | $4.12B | — | — | 19.4 | +47.6% |
| GE HealthCare | $71.73 | −0.01% | $32.40B | 20.8 | 13.8 | 1.6 | +5.8% |
| Philips (ADR) | $26.72 | +0.06% | $26.12B | 19.9 | 13.7 | 1.3 | −2.9% |
| Abbott | $112.20 | −0.22% | $194.62B | 36.2 | 19.4 | 4.2 | +13.0% |
| Boston Scientific | $46.85 | +0.03% | $69.62B | 19.0 | 14.2 | 3.3 | +7.5% |
| Median | 20.3 | 14.0 | 2.5 | +6.7% |