Heartflow (HTFL) Q2 2025 earnings summary

Executive summary

• Completed IPO in August 2025, raising $332.8 million net proceeds; convertible notes converted to equity at IPO close.

• Revenue grew 40% year-over-year to $43.4 million for Q2 2025, driven by a 47% increase in revenue case volume.

• Net loss for Q2 2025 was $9.2 million, a significant improvement from $23.4 million in Q2 2024.

• Cash and cash equivalents were $80.2 million as of June 30, 2025, prior to IPO proceeds.

• Heartflow FFRCT Analysis accounted for 98% of total revenue; Plaque Analysis commercialization remains nascent.

Financial highlights

• Q2 2025 revenue: $43.4 million, up from $31.1 million in Q2 2024 (40% increase).

• Gross margin was 75% in Q2 2025, down from 77% in Q2 2024 due to increased hiring and training.

• Operating expenses rose 22% year-over-year to $46.5 million, mainly from R&D and SG&A growth.

• Net loss per share improved to $(1.46) from $(4.66) year-over-year.

• Six-month revenue ended June 30, 2025: $80.6 million, up 39% year-over-year.

Outlook and guidance

• Management expects sufficient liquidity for at least 12 months post-IPO, with continued investment in R&D and commercial expansion.

• Anticipates continued losses as the company scales, but expects long-term gross margin improvement through automation and product mix.

• Key growth drivers include adoption of CCTA + Heartflow pathway and successful commercialization of new products.