Heartflow Inc (HTFL) is a medical technology company that provides AI-powered coronary artery analysis products to physicians through its cloud-based Heartflow Platform. Revenue is generated on a pay-per-click basis, recognized each time a physician orders and receives a Heartflow FFRCT Analysis, Heartflow Plaque Analysis, or both, with each delivered analysis counted as a separate revenue case. The platform runs on cloud infrastructure, including Amazon Web Services, and production-related computing is housed at facilities in Mountain View, California and Austin, Texas. Heartflow competes against other companies offering plaque analysis products, some of which launched competing products before Heartflow's own Heartflow Plaque Analysis and may hold a first-mover advantage. Reimbursement for the Heartflow Platform is tied to Category I CPT codes and is subject to coverage decisions by government and private payors. John C.M. Farquhar serves as President and Chief Executive Officer, and Vikram Verghese serves as Chief Financial Officer, as of the 10-K filed March 18, 2026.

Revenue model

Pay-per-click, transactional model. Revenue is recognized upon delivery of each requested analysis to the physician. A single CCTA scan ordering both Heartflow FFRCT Analysis and Heartflow Plaque Analysis generates two revenue cases. Reimbursement flows through government and private payors via Category I CPT codes.

Products and services

Heartflow Platform, comprising Heartflow FFRCT Analysis (fractional flow reserve from CT) and Heartflow Plaque Analysis. Both are delivered digitally to ordering physicians via a cloud-based platform hosted on AWS.

Customers and end markets

Physicians, hospitals, and other healthcare facilities (referred to as accounts) that order coronary artery analyses. End market is cardiac diagnostics, specifically non-invasive assessment of coronary artery disease from coronary CT angiography (CCTA). Reimbursement depends on payor coverage decisions, including CMS and private insurers.

Value-chain role

Technology platform provider sitting between imaging facilities and reading physicians. Receives CCTA data, performs AI-based analysis, and delivers results back to the ordering physician. Relies on third-party cloud infrastructure (AWS) and employs analysts in its production process.

Geographic exposure

Corporate headquarters in Mountain View, California. Production computing in Mountain View, California and Austin, Texas. U.S. healthcare provider consolidation is cited as a commercial risk factor. No other geographic markets are described with specificity in the filing excerpts.

Competitors

Unnamed early-stage plaque analysis companies (referenced in 10-K filed 2026-03-18 as having launched competing plaque analysis products prior to Heartflow Plaque Analysis)

Source: SEC 10-K, filed 2026-03-18

Industry: Surgical & Medical Instruments & Apparatus