Heartflow (HTFL) Registration Filing summary

Company overview and business model

• Pioneers AI-powered, non-invasive software for diagnosing and managing coronary artery disease (CAD), leveraging CCTA imaging and advanced computational fluid dynamics.

• Platform includes Heartflow RoadMap Analysis, FFRCT Analysis, Plaque Analysis, and PCI Planner (launching 2026), providing actionable insights for CAD diagnosis and treatment.

• Operates a scalable, capital-efficient commercial model with a pay-per-click revenue structure and no capital equipment required for customers.

• Holds regulatory approvals in the US, UK, EU, Australia, Canada, Japan, and other markets, with plans for further international expansion.

Financial performance and metrics

• Recognized revenue of $125.8M in 2024, up 44% from $87.2M in 2023; Q1 2025 revenue was $37.2M, up 39% year-over-year.

• Gross margin expanded to 75% in 2024 (from 67% in 2023) and remained at 75% in Q1 2025.

• Net losses were $96.4M in 2024 and $32.3M in Q1 2025; accumulated deficit reached $1.0B as of March 31, 2025.

• Cash and cash equivalents were $109.8M as of March 31, 2025; $98.3M in convertible notes issued in Q1 2025.

Use of proceeds and capital allocation

• Net proceeds will be used to repay $50M of outstanding debt, with the remainder allocated to sales and marketing, R&D, working capital, and potential acquisitions.

• Management has broad discretion over use of funds; a portion may be used for strategic acquisitions, though no current commitments exist.