Heartflow Reports Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Heartflow, Inc. reported a strong financial performance for Q4 2025, achieving a 40% year-over-year revenue growth, concluding a record year for the company [3][4][13] - The company anticipates continued growth in 2026, projecting total revenue between $218 million and $222 million, representing approximately 24% to 26% growth year-over-year [11] Financial Performance - Total revenue for Q4 2025 was $49.1 million, a 40% increase from $34.98 million in Q4 2024 [4][28] - U.S. revenue reached $44.8 million, up 41% year-over-year, while international revenue was $4.3 million, a 35% increase [4] - Gross profit for Q4 2025 was $39.1 million, compared to $26.3 million in the prior year, with a gross margin of 79.5% [5][6] - Total operating expenses were $56.8 million, or 116% of total revenue, down from 121% in the prior year [7][16] - The net loss for Q4 2025 was $24.4 million, or ($0.29) per share, significantly improved from a net loss of $33 million, or ($5.59) per share, in Q4 2024 [9][10] Annual Overview - For the full year 2025, Heartflow reported total revenue of $176 million, a 40% increase from $125.8 million in 2024 [13][28] - The gross margin for the full year was 76.8%, up from 75.1% in the previous year [15] - The net loss for 2025 was $116.8 million, or ($3.17) per share, compared to a net loss of $96.4 million, or ($17.98) per share, in 2024 [17] Market Position and Growth Strategy - Heartflow's technology is being adopted by over 1,800 institutions globally, with a focus on expanding its commercial presence [20] - The company has made significant progress in scaling account activations and driving early physician adoption of Heartflow Plaque Analysis [3] - Aetna's coverage of Heartflow Plaque Analysis has increased the total U.S. covered lives for Plaque to approximately 75% [11] Future Outlook - Heartflow's 2026 guidance reflects strong business fundamentals and confidence in consistent execution, with commercial, innovation, and clinical catalysts anticipated [3] - The company expects non-GAAP gross margin to be between 80% and 81% for 2026 [11]