Heartflow (HTFL) Piper Sandler 37th Annual Healthcare Conference summary

Business overview and technology

• AI-driven software platform diagnoses coronary artery disease, aiming to set a new standard of care.

• Platform identifies disease down to the cubic millimeter and models blood flow to assess intervention needs.

• Over 500,000 patients treated commercially; database includes 110 million annotated CTA images.

• Ongoing investment in clinical data, with over 600 peer-reviewed publications supporting adoption.

• Recent IPO has strengthened the balance sheet, supporting continued investment and growth.

Compliance and investigation

• DOJ investigation is in early stages; company is fully cooperating and providing requested information.

• Strong compliance culture, with rigorous vetting, trackability, and a dedicated general counsel.

• Leadership expresses high confidence in compliance systems and does not expect the investigation to slow business.

Market opportunity and growth

• CCTA market is growing at 22% annually; current penetration is just over 13%.

• Core reimbursed technology applies to 33% of cases; new Plaque Analysis expands addressable market to 93%.

• Installed base grew by 300 centers last year, reaching over 1,100 centers.

• Significant room for expansion remains, with a hunting ground of 3,200 potential accounts.