HTFL

EX-99.1

2 htfl-20260514xex99_1.htm

EX-99.1

Exhibit 99.1 2026.05.14

Exhibit 99.1

Heartflow Reports First Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

SAN FRANCISCO — May 14, 2026 – Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today reported financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

·

Total revenue of $52.6 million, a 41% increase year-over-year

·

Gross margin of 80.2%, non-GAAP gross margin of 80.5%

·

Net operating loss of $29.5 million, including a $7.5 million non-cash impairment charge associated with facilities optimization and headquarters relocation to San Francisco. Non-GAAP net operating loss was $15.5 million

2026 Annual Guidance

·

Total revenue of $228 million to $232 million (approximately 29% to 32% growth year-over-year), compared to previous guidance of $218 million to $222 million (approximately 24% to 26% growth year-over-year)

·

Non-GAAP gross margin of approximately 81%, compared to previous guidance of 80% to 81%

“Heartflow entered 2026 with unprecedented momentum, expanding the category leadership we established over the last several years,” said John Farquhar, President and CEO of Heartflow. “Our AI-driven platform, deeply embedded commercial footprint, and the world’s largest database that recently expanded to over 200 million annotated CCTA images combine to create a foundational advantage that grows stronger with every quarter. The growth of our core FFRCT business remains durable, and adoption of Heartflow Plaque Analysis is ramping ahead of schedule. Most importantly, by helping physicians guide the care of over 650,000 patients worldwide, Heartflow has achieved an unrivaled scale of real-world experience. As the architects of this category, we continue to extend our leadership position, becoming the AI operating system of record for the detection, diagnosis, management, and treatment planning of coronary artery disease.”

First Quarter 2026 Financial Results

Total revenue was $52.6 million, a 41% increase year-over-year. U.S. revenue was $48.3 million, a 42% increase year-over-year. International and other revenue was $4.3 million, a 34% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT volume.

Gross profit was $42.2 million, compared to $27.9 million in the prior year period. Non-GAAP gross profit was $42.3 million, compared to $28.0 million in the prior year period.

Gross margin was 80.2%, compared to 75.1% in the prior year period. Non-GAAP gross margin was 80.5%, compared to 75.3% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in revenue case volume and improved production team productivity driven by AI efficiency initiatives, partially offset by the hiring and training of production team personnel.

Total operating expenses were $71.7 million, or 136% of total revenue, compared to $45.4 million, or 122% of total revenue, in the prior year period. GAAP operating expenses also included a $7.5 million non-cash impairment charge related to the right-of-use asset for our Mountain View, California facility. The Company optimized its facilities footprint and relocated its headquarters to San Francisco. Non-GAAP total operating expenses were $57.8 million, or 110% of total revenue, compared to $43.0 million, or 116% of total revenue, in the prior year period. The year-over-year operating expense increase was primarily attributable to increased investment in sales personnel and related expenses, as well as increased investments in technology and clinical research.

Net operating loss was $29.5 million, compared to $17.5 million in the prior year period. Non-GAAP net operating loss was $15.5 million, compared to $15.0 million in the prior year period.

Net loss was $27.4 million, or ($0.32) net loss per share, compared to $32.3 million, or ($5.25) net loss per share, in the prior year period. Non-GAAP net loss was $13.3 million, or ($0.16) non-GAAP net loss per share, compared to $19.2 million, or ($3.11) non-GAAP net loss per share, in the prior year period.

Adjusted EBITDA was ($14.0) million, compared to ($13.6) million in the prior year period.

Cash, cash equivalents and investments totaled $254.9 million as of March 31, 2026.

For additional information regarding non-GAAP financial measures, see “Use of Non-GAAP Measures,” “Heartflow GAAP to Non-GAAP Reconciliations” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” below.

Webcast and Conference Call Details

Heartflow will host a conference call today, May  14, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter 2026 financial results. Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a uniqu

EX-99.1

2 htfl-20260318xex99_1.htm

EX-99.1

Exhibit 99.1 2026.03.18

Exhibit 99.1

Heartflow Reports Fourth Quarter and Full Year 2025 Financial Results

MOUNTAIN VIEW, Calif. – March 18, 2026 – Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

"

Total revenue of $49.1 million, a 40% increase year-over-year

"

Gross margin of 79.5%, non-GAAP gross margin of 79.9%

"

Net operating loss of $17.8 million, non-GAAP net operating loss of $12.5 million

"

U.S. installed base of 1,465 accounts as of December 31, 2025

"

U.S. Plaque installed base of 489 accounts as of December 31, 2025

"

Aetna began coverage of Heartflow Plaque Analysis, bringing total U.S. covered lives for Plaque to approximately 75%

2026 Annual Guidance

"

Total revenue of $218 million to $222 million (approximately 24% to 26% growth year-over-year)

"

Non-GAAP gross margin of 80% to 81%

“Our strong fourth quarter performance concluded a record year for Heartflow,” said John Farquhar, President and CEO of Heartflow. “The accelerating adoption of the Heartflow Platform, combined with our disciplined execution across commercial, innovation, and clinical initiatives, drove 40% fourth quarter and full year revenue growth and record gross margins. We also made significant strides in scaling account activations and driving early physician adoption of Heartflow Plaque Analysis. Our 2026 guidance reflects strong business fundamentals, a solid foundation for growth, and high confidence in consistent execution. With commercial, innovation and clinical catalysts on the horizon, our conviction in the business has never been higher.”

Fourth Quarter 2025 Financial Results

Total revenue was $49.1 million, a 40% increase year-over-year. U.S. revenue was $44.8 million, a 41% increase year-over-year. International and other revenue was $4.3 million, a 35% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT volume.

Gross profit was $39.1 million, compared to $26.3 million in the prior year period. Non-GAAP gross profit was $39.2 million, compared to $26.3 million in the prior year period.

Gross margin was 79.5%, compared to 75.0% in the prior year period. Non-GAAP gross margin was 79.9%, compared to 75.3% in the prior year period. The year-over-year gross margin expansion was primarily attributable to an increase in revenue case volume and improved production team productivity driven by AI efficiency initiatives, partially offset by the hiring and training of production team personnel.

Total operating expenses were $56.8 million, or 116% of total revenue, compared to $42.3 million, or 121% of total revenue, in the prior year period. Non-GAAP total operating expenses were $51.7 million, or 105% of total revenue, compared to $39.9 million, or 114% of total revenue, in the prior year period. The year-over-year operating expense increase was primarily attributable to increased investment in sales personnel and related expenses, as well as increased investments in technology and clinical research.

Net operating loss was $17.8 million, compared to $16.1 million in the prior year period. Non-GAAP net operating loss was $12.5 million, compared to $13.5 million in the prior year period.

Net loss was $24.4 million, or ($0.29) net loss per share, compared to $33.0 million, or ($5.59) net loss per share, in the prior year period. Net loss for the fourth quarters of 2025 and 2024 included a noncash charge of $9.3 million and $11.9 million, respectively, resulting from the remeasurement of the fair value of the Company’s common stock warrant liability. As of October 22, 2025, the warrant holder net exercised all warrants in full. Therefore, the fourth quarter of 2025 is the last quarter that movements in the Company’s stock price will trigger a warrant revaluation and result in a noncash charge to net loss.

Non-GAAP net loss was $9.8 million, or ($0.12) non-GAAP net loss per share, compared to $18.6 million, or ($3.15) non-GAAP net loss per share, in the prior year period.

Adjusted EBITDA was ($11.1) million, compared to ($12.0) million in the prior year period.

Full Year 2025 Financial Results

Total revenue was $176.0 million, a 40% increase year-over-year. U.S. revenue was $160.6 million, a 41% increase year-over-year. International and other revenue was $15.4 million, a 26% increase year-over-year. The year-over-year increase in total global revenue was primarily attributable to an increase in total U.S. FFRCT volume.

Gross profit was $135.2 million, compared to $94.4 million in the prior year period. Non-GAAP gross profit was $135.6 million, compared to $94.8 million in the prior year period.

Gross margin was 76.8%, compared to 75.1% in the prior year period. No