Heartflow Reports Third Quarter 2025 Financial Results

Core Insights - Heartflow, Inc. reported a strong third quarter for 2025, with total revenue increasing by 41% year-over-year to $46.3 million, driven by growth in its FFRCT business and an expanding installed base [3][4][9] - The company is experiencing heightened physician interest in its Heartflow Plaque Analysis, which is expected to contribute to future growth following broader commercial payor coverage [3][9] - Heartflow's gross margin improved to 76.5%, up from 75.7% in the prior year, attributed to increased revenue case volume and enhanced production efficiency [5][9] Financial Performance - Total revenue for Q3 2025 was $46.3 million, a 41% increase from $32.9 million in Q3 2024 [4][22] - U.S. revenue reached $42.5 million, reflecting a 42% year-over-year growth, while international revenue was $3.8 million, a 24% increase [4][22] - Gross profit was $35.4 million, compared to $24.9 million in the same period last year, with a gross margin of 76.5% [5][22] - Operating expenses totaled $50.5 million, representing 109% of total revenue, down from 121% in the prior year [6][22] - The net loss for Q3 2025 was $50.9 million, or ($1.04) per share, compared to a net loss of $19.1 million, or ($3.43) per share, in Q3 2024 [8][22] Operational Highlights - Heartflow launched its next-generation Heartflow Plaque Analysis with an updated algorithm and advanced visualization features [9] - The DECIDE real-world prospective registry indicated that Heartflow Plaque Analysis led to medical management changes in over half of patients beyond coronary computed tomography angiography (CCTA) alone [9] - Major payors, including UnitedHealthcare and Cigna, began coverage of Heartflow Plaque Analysis on October 1, 2025, enhancing market access [9] Future Outlook - Heartflow anticipates total revenue for the full year 2025 to be in the range of $173.0 million to $173.5 million, indicating a year-over-year growth of approximately 37.5% to 38.0% [12]