Heartflow, Inc

heartflow.com

What Do They Do?

Provides software that analyzes heart scans to help physicians diagnose and manage coronary artery disease.

How Do They Make Money?

Medical providers pay each time a physician orders a requested analysis. Heartflow generally bills when it delivers the analysis to the physician; subscriptions for unlimited analyses are paid upfront and charged over the contract term.

FY2025 revenue

Who Are Their Customers?

Medical providers, including hospitals and outpatient imaging facilities, use the platform through their clinical workflows. Heartflow sells through a direct sales organization in the United States and has small direct commercial teams in the United Kingdom, Japan and other European Union countries.

Do Revenues Turn Into Profits?

No. It lost $116.8M in FY2025.

Operating income, FY2025

−36% of revenue

▲ +5% (Loss) vs FY2024 (−$61.2M, −49%)

Net income, FY2025

−66% of revenue

▲ +21% (Loss) vs FY2024 (−$96.4M, −77%)

Free cash flow, FY2025

−34% of revenue

▼ −20% (Loss) vs FY2024 (−$73.4M, −58%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +48%; vs $43.4M in Q2 FY2025
Net income: ▲ +71% (Loss); vs −$9.2M in Q2 FY2025

Aug 13, 2026 Heartflow raised its 2026 revenue guidance The company raised its full-year revenue range to $246 million to $250 million from $228 million to $232 million.

Growing. Revenue grew 2.0x in 2 years, from $87.2M in FY2023 to $176M in FY2025, about 42% a year.

Who Do They Compete With?

Competes with Siemens Healthineers, GE Healthcare, Koninklijke Philips, Canon Medical Systems, Cleerly, Elucid Bioimaging, and Keya Medical Technology

Comments