Start here if you're new
what it is
Heartflow sells software that turns one heart scan into a 3D map doctors use to judge coronary artery disease.
how it gets paid
Last year Heartflow made $126M in revenue. FFRCT Analysis was the main engine at $69M est., or 55% of sales.
what just happened
Revenue hit $127M, while EPS came in at -$4.47.
At a glance
n/a balance sheet
2.6x trailing p/e — the market's not buying it — or you found a deal
$12.00 fy2025 eps est
$126M fy2024 rev est
~$2B market cap
What they do
Heartflow sells software that turns one heart scan into a 3D map doctors use to judge coronary artery disease.
The moat is workflow lock-in. One CCTA scan feeds its platform, and Heartflow says FDA clearance came in 2014 for FFRCT and 2022 for Plaque Analysis. If your doctor trusts the output, switching means retraining people and retooling care.
How they make money
$126M
annual revenue
FFRCT Analysis
$69M est.
+174% Vs. last year
Plaque Analysis
$32M est.
n/a
PCI Navigator
$13M est.
n/a
Platform / services
$12M est.
n/a
The products that matter
non-invasive coronary analysis
HeartFlow FFRct Analysis
$126M revenue base · FDA-cleared
it is the entire $126M business today, and management is pitching it against a $5B annual procedure market. That is the opportunity and the concentration risk in the same sentence.
100% of revenue
Key numbers
$127M
latest revenue
That is the last quarter's sales. For a company this small, $127M is real scale, not slide-deck scale.
75.8%
gross margin
You keep 75.8 cents of every revenue dollar before overhead. That is much better than hardware, and still not enough to promise profit.
$16M
long debt
The debt load is tiny next to a $2B market cap. That lowers blow-up risk, but it does not make the stock cheap.
2.6x
trailing p/e
You pay $2.60 for each $1 of last year's earnings. That sounds cheap until you ask whether those earnings are real.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $16M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HTFL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $127M, while EPS came in at -$4.47.
Sales were up 174% vs. prior year. Gross margin was 75.8%, which is strong, but the company still posted a deep loss.
$127M
revenue
-$4.47
eps
75.8%
gross margin
the number that mattered
The most important number was $127M, because growth is obvious and profits are still absent.
source: company earnings report, 2025
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What could go wrong
the #1 risk is all revenue riding on HeartFlow FFRct Analysis. When one product generates 100% of $126M in sales, diversification is not a strategy yet.
med
single-product concentration
HeartFlow FFRct Analysis is the entire revenue base today. Any reimbursement issue, regulatory problem, or slower hospital adoption would hit the whole company at once.
this risk touches all $126M of current revenue. There is no second engine if the first one sputters.
med
cash burn outrunning confidence
Q3 2025 produced a $50.9M net loss. Low debt helps, but valuation only stays generous if growth stays fast enough to make those losses feel temporary.
if revenue growth cools before losses narrow, a 17.6x sales multiple can compress quickly.
med
the addressable market may be easier to pitch than to capture
management is targeting a $5B annual procedure market, but clinical adoption happens one hospital workflow at a time. Big markets do not automatically become fast revenue.
the stock is priced for share capture. Slower uptake would pressure both sentiment and the premium valuation.
you own a high-margin product inside a low-forgiveness setup: one product, one growth story, and a valuation that leaves little room for a stumble.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q4 2025 earnings on march 18, 2026
management guided to $173.0M–$173.5M for full-year 2025 revenue. This is the report that either validates the growth premium or starts a valuation argument.
metric
revenue versus the $173.0M–$173.5M guide
you do not need 10 dashboards here. The number that matters is whether Heartflow lands inside its own revenue range after posting $126M in annual revenue.
risk
loss trend after the $50.9M q3 deficit
75.8% gross margin says the model can work. You need to see losses move the other direction next. If they do not, growth alone stops carrying the story.
trend
new product and regulatory expansion updates
a one-product company becomes less fragile when it adds a second act. Any new clearance, workflow expansion, or pipeline progress matters more here than it would at a diversified medtech company.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for HTFL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$32
current price
n/a
target midpoint · n/a from current
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