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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% | 21.1% |
| 2024 | $126M | $-66M | $-96M | $-73M | 11.2% | 44.3% | 0.8% |
| 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 |
| Operating 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 | 130.96 | 155.67 | 199.26 |
| Research And Development | 35.85 | 43.52 | 64.92 |
| Selling General And Administration | 95.11 | 112.15 | 134.34 |
| Total Expenses | 160.09 | 187.03 | 240.10 |
| Operating Income | -72.91 | -61.22 | -64.07 |
| Total Operating Income As Reported | -72.91 | -61.22 | -64.07 |
| EBITDA | -62.78 | -65.51 | -93.12 |
| Normalized EBITDA | -64.62 | -48.90 | -50.18 |
| EBIT | -70.41 | -73.60 | -101.69 |
| Interest Income | 5.46 | 4.07 | 5.54 |
| Interest Expense | 24.69 | 22.77 | 15.17 |
| Net Interest Income | -19.24 | -18.70 | -9.64 |
| Other Non Operating Income Expenses | -4.80 | 0.17 | -0.22 |
| Other Income Expense | -2.96 | -16.45 | -43.17 |
| Interest Income Non Operating | 5.46 | 4.07 | 5.54 |
| Interest Expense Non Operating | 24.69 | 22.77 | 15.17 |
| Net Non Operating Interest Income Expense | -19.24 | -18.70 | -9.64 |
| Pretax Income | -95.11 | -96.37 | -116.87 |
| Tax Provision | 0.55 | 0.05 | -0.08 |
| Tax Rate For Calcs | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0.39 | -3.49 | -0.04 |
| Net Income Continuous Operations | -95.66 | -96.43 | -116.79 |
| Net Income From Continuing And Discontinued Operation | -95.66 | -96.43 | -116.79 |
| Net Income From Continuing Operation Net Minority Interest | -95.66 | -96.43 | -116.79 |
| Net Income | -95.66 | -96.43 | -116.79 |
| Net Income Common Stockholders | -123.69 | -96.43 | -116.79 |
| Net Income Including Noncontrolling Interests | -95.66 | -96.43 | -116.79 |
| Normalized Income | -97.11 | -83.30 | -73.89 |
| Diluted NI Availto Com Stockholders | -123.69 | -96.43 | -116.79 |
| Basic Average Shares | 63.86 | 80.62 | 36.85 |
| Diluted Average Shares | 63.86 | 80.62 | 36.85 |
| Reconciled Depreciation | 7.63 | 8.09 | 8.57 |
| Reconciled Cost Of Revenue | 29.12 | 31.36 | 40.84 |
| Total Unusual Items | 1.84 | -16.62 | -42.94 |
| Total Unusual Items Excluding Goodwill | 1.84 | -16.62 | -42.94 |
| Preferred Stock Dividends | 28.03 | - | - |
| Special Income Charges | 0 | 0 | -6.36 |
| Other Special Charges | - | - | 6.36 |
| Gain On Sale Of Security | 1.84 | -16.62 | -36.58 |
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 | -21.27 | 8.26 | -38.8% | -26.44 |
| Definium Therapeutics, Inc. | DFTX | $2.7B | -14.59 | 8.07 | -55.3% | -13.82 |
| Alumis Inc. | ALMS | $2.6B | -10.68 | 8.63 | -80.8% | -5.66 |
| Tarsus Pharmaceuticals, Inc. | TARS | $2.6B | -39.09 | 7.56 | -19.3% | -45.85 |
| Guardian Pharmacy Services, Inc. | GRDN | $2.6B |
| 52.49 |
| 12.56 |
| 23.9% |
| 26.50 |
| IDEAYA Biosciences, Inc. | IDYA | $2.6B | -22.58 | 2.51 | -11.1% | -16.04 |
| Vera Therapeutics, Inc. | VERA | $2.4B | -8.00 | 3.96 | -49.6% | -7.27 |
| Celldex Therapeutics, Inc. | CLDX | $2.3B | -9.08 | 4.46 | -49.1% | -8.18 |
| Axogen, Inc. | AXGN | $2.3B | - | 17.49 | -12.2% | 4471.19 |
| Peer Median | - | -10.68 | 7.81 | -34.2% | -7.72 | |