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HTFL

Heartflow, Inc. Common Stock

HTFL

Heartflow, Inc. Common Stock • NASDAQ
$32.25 ▲ 2.61% (+0.82)
Market Cap $2.75 B
52w High $41.22
52w Low $25.75
Dividend Yield 0%
P/E -21.5
Volume 171.04K
Outstanding Shares 85.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $46.276M ▲ $50.514M ▲ $-50.855M ▼ -109.895% ▼ $0.52 ▲ $-21.858M ▼
Q2-2025 $43.424M ▲ $46.493M ▲ $-9.196M ▲ -21.177% ▲ $-0.11 ▲ $-371K ▲
Q1-2025 $37.205M ▲ $45.443M ▲ $-32.345M ▼ -86.937% ▼ $-0.35 ▲ $-25.158M ▼
Q2-2024 $31.054M ▲ $38.016M ▲ $-23.379M ▼ -75.285% ▲ $-0.37 ▼ $-15.33M ▼
Q1-2024 $26.843M $35.481M $-20.932M -77.979% $-0.33 $-12.888M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $291.167M ▲ $364.398M ▲ $109.83M ▼ $254.568M ▲
Q2-2025 $80.21M ▼ $159.363M ▼ $1.054B ▼ $-894.795M ▼
Q1-2025 $109.786M $184.441M $1.073B $-888.995M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-50.855M ▼ $-2.957M ▲ $-1.235M ▼ $214.944M ▲ $210.957M ▲ $-4.192M ▲
Q2-2025 $-9.196M ▲ $-27.304M ▼ $-790K ▲ $-1.773M ▼ $-29.576M ▼ $-28.094M ▼
Q1-2025 $-32.345M ▼ $-13.166M ▲ $-1.101M ▲ $72.922M ▲ $58.419M ▲ $-14.267M ▲
Q2-2024 $-23.379M ▼ $-22.563M ▼ $-1.256M ▲ $326K ▲ $-23.593M ▲ $-23.819M ▲
Q1-2024 $-20.932M $-22.133M $-1.749M $77K $-23.804M $-23.882M

Five-Year Company Overview

Income Statement

Income Statement HeartFlow is still very much in the build‑out stage: revenue is small but growing, and the core product clearly generates positive gross profit once sales are made. That said, spending on operations, people, and commercialization is much higher than current sales can support, so the company continues to post sizable losses. The trend over the last two years shows modest improvement in earnings per share, but the business is still far from break‑even and depends on scaling revenue meaningfully to absorb its cost base.

Balance Sheet

Balance Sheet The balance sheet shows a young company that has invested ahead of its revenue and is now carrying a heavy capital structure. Cash has come down, total assets have shrunk, and debt has stayed high, leaving shareholders’ equity deeply negative. This combination points to meaningful financial risk: HeartFlow is leveraged, has a limited cushion, and will likely need ongoing access to outside capital to fund growth and cover losses until the business matures.

Cash Flow

Cash Flow Cash flow from operations is consistently negative, reflecting ongoing losses and investment in commercialization rather than cash generation. Free cash flow is also negative, but capital spending is relatively light, suggesting most cash burn is tied to people, R&D, and market development rather than big equipment or facilities. Overall, the company is consuming cash at a steady pace and remains dependent on financing or new capital raises to support its plans.

Competitive Edge

Competitive Edge HeartFlow sits in an attractive niche at the crossroads of cardiology, imaging, and artificial intelligence. It has strong early advantages: a first‑mover position in non‑invasive functional coronary assessment, broad clinical validation, regulatory clearances, guideline mentions, and growing insurance coverage. At the same time, it competes in the shadow of large imaging and med‑tech players that have global sales forces and deep resources, so winning depends on staying ahead in technology, proof of clinical value, and integration into hospital workflows.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of HeartFlow. Its AI‑driven tools turn standard CT scans into rich, 3D functional and plaque analyses, offering cardiologists a far more complete, non‑invasive picture of coronary disease. The company has built a sizable patent portfolio, a unique data asset from years of scans, and is expanding its platform with tools for procedure planning, automated triage, and future risk scoring. Continued R&D and clinical research are central to its strategy, but they also keep expenses high in the near term.

Summary

HeartFlow is a high‑innovation, high‑risk healthcare technology company: its products are clinically validated, differentiated, and positioned in a very large disease area, but its financials are still at an early, loss‑making stage. Revenue is growing yet remains modest relative to spending, the balance sheet is stretched with negative equity and meaningful debt, and cash burn is ongoing. The long‑term story hinges on how quickly physicians adopt its platform, how broad and durable payer coverage becomes, and how well it can defend its technological lead against much larger competitors while managing its financing needs.

NEWS

November 19, 2025 · 4:33 PM UTC

Heartflow to Participate in the Piper Sandler 37th Annual Healthcare Conference

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November 12, 2025 · 4:01 PM UTC

Heartflow Reports Third Quarter 2025 Financial Results

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November 9, 2025 · 1:30 PM UTC

AHA 2025: Late-Breaking Data Reinforce the Prognostic Power of AI-Driven Heartflow Plaque Analysis as the Most Clinically Validated Framework for Coronary Risk Stratification

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November 3, 2025 · 8:00 AM UTC

Heartflow to Present Late-Breaking Data Advancing AI-Driven Heartflow Plaque Analysis at AHA 2025

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October 23, 2025 · 4:05 PM UTC

Heartflow to Report Third Quarter 2025 Financial Results on November 12, 2025

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