Heartflow (HTFL) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic overview and market positioning

• Focuses on AI-driven software for coronary artery disease, targeting a $5B symptomatic market with less than 2% penetration, and plans to expand into a $6B asymptomatic market by 2030.

• Achieved record growth in 2025, adding 340 new accounts for a total of 1,465 in the U.S., with 85% sole vendor status in the installed base.

• Maintains a robust clinical evidence base with over 600 peer-reviewed publications and a proprietary database of 160M annotated CCTA images.

• Subscription-based model enables rapid deployment and monetization of new products, leveraging a cloud-based, integrated workflow.

• IPO completed in August, with leadership emphasizing continued growth and standard of care transformation.

Product innovation and clinical adoption

• Platform includes Roadmap Analysis, Plaque Analysis, FFRCT, proprietary staging, and the upcoming Navigator tool, all integrated into EMR/PACS.

• Plaque Analysis launched in 489+ accounts as of January, with expectations to surpass 1,000 by end of 2026; applicable to 60% of CCTA patients.

• FFRCT remains the cornerstone, with over 500,000 patients treated globally and 1,800+ accounts; applicable to 33% of CCTA patients.

• New tools like plaque tracking and Navigator are set for release in 2026 and 2027, respectively, to enhance patient management and follow-up.

• Medical education and evidence generation (e.g., DECIDE registry, P4 study) are key to driving adoption and payer coverage.

Financial performance and outlook

• Reported $162M in trailing 12-month revenue through Q3 2025, with 41% growth and expanding margins.

• Q4 2025 was the strongest quarter to date, beating consensus and setting up for a robust 2026.

• Plaque Analysis is expected to drive significant incremental revenue with minimal additional cost, supporting margin expansion.

• Profitability targeted within three years of IPO (mid-2028), supported by automation, volume leverage, and a capital-efficient commercial model.

• Volume-based pricing and growth in outpatient imaging are influencing ASP trends; long-term pricing upside anticipated as coverage expands.