Heartflow (HTFL) Investor presentation summary

Market opportunity and adoption

• U.S. total addressable market (TAM) for coronary artery disease (CAD) is $5B, expanding to $6B mid-term with targeted asymptomatic markets.

• Installed base reached 1,465 in the U.S. with over 25,000 active physician customers.

• Heartflow captured 60% of the U.S. CCTA market volume in 2025, with 34% of captured cases monetized, leaving significant room for further monetization.

• Plaque analysis is a key growth driver, with 489 U.S. installed base and >70% payer coverage as of January 2026.

• Commercial momentum is strong, with a 96% CAGR in processed CCTAs and 55% CAGR in monetized CCTAs from 2021 to 2025.

Clinical innovation and product portfolio

• AI platform supports end-to-end CAD care: detection, diagnosis, management, and treatment.

• Heartflow FFRCT is the only prospectively validated non-invasive tool with 78% increase in treatable patients and 69% reduction in unnecessary diagnostic caths.

• Heartflow Plaque offers 95% accuracy vs. invasive gold standard and is applicable to 60% of CCTA patients.

• Proprietary risk staging system enables personalized medical management and is the most clinically validated tool for patient risk stratification.

• Heartflow Navigator, launching in 2026, will provide CT-guided PCI planning for all FFRCT patients.

Financial performance and outlook

• LTM 3Q25 revenue reached $162MM, with 41% YoY growth in FFRCT base business.

• Non-GAAP gross margin improved to 76% in LTM 3Q25, up 2 points YoY, with a long-term target of >80%.

• Cash and cash equivalents totaled $291MM as of 3Q25.

• Gross margin expansion is driven by automation, higher case volumes, and new product revenues with no incremental COGS.

• Operating expenses as a percentage of revenue declined, reflecting improved efficiency.