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.

• As of March 31, 2025, platform used in over 400,000 patients, with 132,000 in 2024 alone, and an installed base of 1,100+ U.S. accounts.

• Holds regulatory approvals in the U.S., UK, EU, Australia, Canada, Japan, and several Middle Eastern countries.

Financial performance and metrics

• 2024 revenue: $125.8M (44% YoY growth); Q1 2025 revenue: $37.2M (39% YoY growth).

• Gross margin: 75% for 2024 (up 8 points YoY); Q1 2025 gross margin: 75% (up 3 points YoY).

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

• Cash and cash equivalents: $109.8M as of March 31, 2025; expected to be $80.2M as of June 30, 2025.

• Revenue primarily from Heartflow FFRCT Analysis (99% of total as of March 31, 2025); limited revenue from Plaque Analysis.

Use of proceeds and capital allocation

• IPO expected to raise ~$180.5M (or $208.4M if underwriters exercise full option), assuming $16.00/share.

• $50M of proceeds to repay indebtedness under the 2024 Credit Agreement; $6.2M for related fees.

• Remaining proceeds to fund sales/marketing, R&D, working capital, operating expenses, and potential acquisitions.

• Management has broad discretion over use of proceeds.