Heartflow (HTFL) Registration Filing summary

Company overview and business model

• Pioneers AI-powered, non-invasive software for diagnosing and managing coronary artery disease (CAD) using CCTA imaging.

• Heartflow Platform includes FFRCT Analysis, Plaque Analysis, RoadMap Analysis, and PCI Planner (launching 2026).

• Revenue generated primarily on a pay-per-click basis for each analysis reviewed by physicians.

• Platform integrates seamlessly into customer workflows, requires no capital equipment, and is supported by a scalable commercial model.

• Commercial presence in the US, UK, EU, Australia, Canada, Japan, and select Middle East markets.

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 percentage points YoY); Q1 2025 gross margin: 75%.

• Net losses: $96.4M in 2024; $32.3M in Q1 2025; accumulated deficit of $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 case volume increased 47% YoY in Q2 2025; operating expenses up 22–25% YoY in Q2 2025.

Use of proceeds and capital allocation

• Estimated net proceeds of $265.8M (or $306.4M if underwriters exercise option) at $17.50/share IPO price.

• $50M (or $55M) of proceeds to repay indebtedness under the 2024 Credit Agreement; $6.2M in related fees.

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

• Management has broad discretion over use of proceeds.