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We provide software and artificial intelligence ( AI ) designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease ( CAD ), a leading cause of death worldwide. As of December 31, 2025, our Heartflow Platform has been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone.
The business is unprofitable at the operating level (-36.39% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 39.9% YoY with margins expanding 12.3pp.
Negative free cash flow of -$59M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$191M
▲ +39.9% YoY
Net Income (TTM)
-$112M
▼ -21.1% YoY
Op. Margin
-39.74%
▲ +12.3pp YoY
ROIC
-23.99%
▲ +374.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$77M
▲ +19.5% YoY
Op. Cash Flow (TTM)
-$71M
▲ +21.7% YoY
Net Debt
-$132M
Net Cash Position
Cash & Equiv.
$158M
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