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HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases the United States and worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company provides Heartflow RoadMap Analysis that offers an intuitive anatomic visualization of the coronary arteries; Heartflow FFRCT Analysis, which calculates blood flow and pinpoints clinically; and Heartflow Plaque Analysis that provides a comprehensive assessment of coronary plaque, enabling optimized medical treatment strategies. Its platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. HeartFlow, Inc. was formerly known as Cardiovascular Simulation, Inc. and changed its name to HeartFlow, Inc. in May 2009. The company was incorporated in 2007 and is headquartered in Mountain View, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $176M | $-93M | $-117M | $-59M | -38.8% | 39.9% | - |
| 2024 | $126M | $-66M | $-96M | $-73M | 11.2% | 44.3% | - |
| 2023 | $87M | $-63M | $-96M | $-83M | 12.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | 87.17 | 125.81 | 176.03 |
| Cost Of Revenue | 29.12 | 31.36 | 40.84 |
| Gross Profit | 58.05 | 94.45 | 135.20 |
| Operating Expense | 130.97 | 155.67 | 199.26 |
| Operating Income | -72.91 | -61.22 | -64.07 |
| EBITDA | -62.78 | -65.51 | -93.12 |
| EBIT | -70.41 | -73.61 | -101.69 |
| Pretax Income | -95.11 | -96.37 | -116.87 |
| Tax Provision | 0.55 | 0.05 | -0.08 |
| Net Income | -95.66 | -96.43 | -116.79 |
| Net Income Common Stockholders | -123.69 | -96.43 | -116.79 |
| Total Expenses | 160.09 | 187.03 | 240.10 |
| Interest Expense | 24.69 | 22.77 | 15.17 |
| Interest Income | 5.46 | 4.07 | 5.54 |
| Research And Development | 35.85 | 43.52 | 64.92 |
| Selling General And Administration | 95.11 | 112.15 | 134.34 |
| Normalized EBITDA | -64.62 | -48.90 | -50.18 |
| Normalized Income | -97.11 | -83.30 | -73.89 |
| Basic EPS | -1.94 | -1.20 | 0 |
| Diluted EPS | -1.94 | -1.20 | 0 |
| Tax Effect Of Unusual Items | 0.39 | -3.49 | -0.04 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0 |
| Total Unusual Items | 1.84 | -16.62 | -42.94 |
| Total Unusual Items Excluding Goodwill | 1.84 | -16.62 | -42.94 |
| Net Income From Continuing Operation Net Minority Interest | -95.66 | -96.43 | -116.79 |
| Reconciled Depreciation | 7.63 | 8.09 | 8.57 |
| Reconciled Cost Of Revenue | 29.12 | 31.36 | 40.84 |
| Net Interest Income | -19.24 | -18.70 | -9.63 |
| Net Income From Continuing And Discontinued Operation | -95.66 | -96.43 | -116.79 |
| Total Operating Income As Reported | -72.91 | -61.22 | -64.07 |
| Diluted Average Shares | 63.86 | 80.62 | 0 |
| Basic Average Shares | 63.86 | 80.62 | 0 |
| Diluted NI Availto Com Stockholders | -123.69 | -96.43 | -116.79 |
| Preferred Stock Dividends | 28.03 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -95.66 | -96.43 | -116.79 |
| Net Income Continuous Operations | -95.66 | -96.43 | -116.79 |
| Other Income Expense | -2.96 | -16.45 | -43.17 |
| Other Non Operating Income Expenses | -4.79 | 0.17 | -0.22 |
| Special Income Charges | 0 | 0 | -6.36 |
| Other Special Charges | 0 | 0 | 6.36 |
| Gain On Sale Of Security | 1.84 | -16.62 | -36.58 |
| Net Non Operating Interest Income Expense | -19.24 | -18.70 | -9.63 |
| Interest Expense Non Operating | 24.69 | 22.77 | 15.17 |
| Interest Income Non Operating | 5.46 | 4.07 | 5.54 |
| Operating Revenue | 87.17 | 125.81 | 176.03 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Heartflow, Inc.this co. | HTFL | $2.5B | - | 8.38 | -38.8% | -37.97 |
| Warby Parker Inc. | WRBY | $2.6B | 2147.00 | 7.15 | 0.4% | 56.61 |
| Tarsus Pharmaceuticals, Inc. | TARS | $2.6B | - | 7.52 | -19.3% | -32.50 |
| Immunome, Inc. | IMNM | $2.6B | - | 4.09 | -33.5% | -9.20 |
| Enliven Therapeutics, Inc. | ELVN | $2.6B | - |
| 5.48 |
| -22.6% |
| -17.36 |
| Vera Therapeutics, Inc. | VERA | $2.6B | - | 4.23 | -49.6% | -6.09 |
| Celldex Therapeutics, Inc. | CLDX | $2.5B | - | 4.06 | -49.1% | -5.72 |
| Disc Medicine, Inc. | IRON | $2.5B | - | 3.38 | -28.7% | -7.48 |
| IDEAYA Biosciences, Inc. | IDYA | $2.5B | - | 2.41 | -11.1% | -11.82 |
| Peer Median | - | 2147.00 | 4.16 | -25.6% | -8.34 | |