Heartflow (HTFL) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Market position and technology

• AI-driven platform targets improved diagnosis of coronary artery disease, addressing a major global health issue with significant underdiagnosis rates.

• Technology is FDA-cleared, reimbursed by Medicare and commercial payers, and generates margins for hospitals and physicians.

• Operates in the non-invasive cardiology testing market, leveraging coronary CT angiography (CCTA) as the imaging foundation.

• Current market penetration is about 2% of a $5 billion U.S. non-invasive testing market, with CCTA itself at 10% penetration.

• Platform is cloud-based, integrating with existing hospital imaging infrastructure without owning equipment.

Platform components and clinical value

• Platform includes RoadMap Analysis (workflow tool), Plaque Analysis (measures plaque types), FFRCT Analysis (models blood flow), and a soon-to-launch PCI Navigator for procedure planning.

• Plaque Analysis provides highly detailed, reimbursed insights, measuring plaque down to the cubic millimeter, and is more broadly applicable than FFRCT.

• PCI Navigator tool will launch in 2026, supporting interventional cardiologists in planning procedures.

• Serial Plaque Analysis planned for 2027 will enable tracking of disease progression or regression over time.

• All components are supported by extensive clinical data and over 600 peer-reviewed publications.

Data, AI, and competitive moat

• Proprietary database of approximately 160 million annotated CT images, growing continuously and serving as a key competitive advantage.

• Human-in-the-loop quality control is required by FDA, but time spent per case has dropped from 20 hours to 20 minutes due to algorithm improvements.

• Bi-directional data pipes with 1,500+ U.S. accounts enable seamless data flow, rapid deployment of new features, and sticky customer relationships.

• High switching costs and complex onboarding (including InfoSec and AI board reviews) create barriers to entry for competitors.

• Strong IP portfolio and regulatory expertise further reinforce the business moat.