Heartflow (HTFL) Q3 2025 earnings summary

Executive summary

• Achieved $46.3 million in Q3 2025 revenue, up 41% year-over-year, driven by strong U.S. FFRCT business, AI platform adoption, and a 48% increase in global revenue cases, partially offset by lower average sales price.

• Completed IPO in August 2025, raising $332–$332.3 million in net proceeds and $364.2 million gross, converting $98.3 million in convertible notes to equity, and strengthening the balance sheet.

• Ended Q3 2025 with $291.2 million in cash and no debt, supporting at least 12 months of operations under current plans.

• Net loss for Q3 2025 was $50.9 million, primarily due to non-cash charges from warrant liability remeasurement and debt extinguishment.

• Launched next-generation Plaque Analysis, secured coverage from UnitedHealthcare and Cigna, and expanded installed base.

Financial highlights

• U.S. revenue grew 42% to $42.5 million; international revenue increased 24% to $3.8 million.

• Gross margin improved to 76.8% (non-GAAP) and 77% (GAAP), reflecting higher case volume and productivity.

• Operating expenses were $50.5 million (109% of revenue), down from 121% YoY; non-GAAP operating expenses were $46.7 million (101% of revenue).

• Non-GAAP net loss was $13.2 million ($0.27/share), improved from $16.2 million ($2.90/share) last year.

• Adjusted EBITDA was ($9.8) million, an improvement from ($11.2) million in Q3 2024.

Outlook and guidance

• Full-year 2025 revenue guidance set at $173–$173.5 million, representing 37.5–38% YoY growth.

• Gross margins expected to reach 80% or higher; on track for cash flow profitability within three years of IPO.

• Management expects continued losses as investments in R&D and commercial expansion continue.

• Q4 guidance reflects a conservative approach after a strong Q3, with tougher sequential comps.