Heartflow Reports Strong Q4 & FY25 Results, Guides for Continued Growth in 2026

summarizeSummary

Heartflow, Inc. announced robust fourth quarter and full-year 2025 financial results, featuring 40% revenue growth and expanded gross margins, alongside optimistic 2026 guidance and increased insurance coverage for its Plaque Analysis.

check_boxKey Events

• Strong Revenue Growth Reported

  Total revenue increased by 40% year-over-year for both the fourth quarter and full year 2025, reaching $49.1 million and $176.0 million, respectively.

• Gross Margin Expansion

  GAAP gross margin improved to 79.5% in Q4 2025, up from 75.0% in the prior year period, driven by increased volume and AI efficiency initiatives.

• Expanded Insurance Coverage for Plaque Analysis

  Aetna began coverage of Heartflow Plaque Analysis, increasing total U.S. covered lives for the product to approximately 75%.

• Positive 2026 Annual Guidance

  The company projects 2026 total revenue between $218 million and $222 million (24% to 26% growth year-over-year) and non-GAAP gross margin of 80% to 81%.

auto_awesomeAnalysis

Heartflow, Inc. delivered robust financial results for the fourth quarter and full year 2025, marked by significant revenue growth and expanding gross margins. The 40% year-over-year revenue increase for both periods demonstrates strong market adoption of its AI-powered coronary artery disease technology. A key development is Aetna's new coverage for Heartflow Plaque Analysis, which substantially expands the addressable market by bringing total U.S. covered lives to approximately 75%. This expanded coverage is a significant catalyst for future revenue growth and market penetration. While the company continues to report operating losses, the non-GAAP net operating loss improved year-over-year in Q4, indicating progress towards profitability. The optimistic 2026 guidance, projecting 24-26% revenue growth and further gross margin expansion, reinforces confidence in the company's trajectory and business fundamentals.