HTFL · Heartflow, Inc. Common Stock

Heartflow delivered strong Q1 2026 results with total revenue of $52.6 million, up 41% year-over-year, primarily driven by a 42% increase in U.S. FFRCT volume to $48.3 million, while international revenue grew 34% to $4.3 million. Gross margins expanded significantly to 80.2% GAAP and 80.5% non-GAAP from 75.1% and 75.3% in the prior year, attributed to higher case volumes, improved production team productivity from AI efficiency initiatives, though partially offset by new hires and training. Operating expenses rose to $71.7 million GAAP (including a $7.5 million non-cash impairment from facilities optimization and HQ relocation to San Francisco), but non-GAAP opex was $57.8 million or 110% of revenue, reflecting investments in sales personnel, technology, and clinical research. This resulted in a GAAP net operating loss of $29.5 million and non-GAAP of $15.5 million, stable versus prior year. CEO John Farquhar highlighted unprecedented momentum, durable FFRCT growth, ahead-of-schedule Plaque Analysis adoption, and a database exceeding 200 million annotated CCTA images, positioning Heartflow as the AI leader in CAD with real-world scale for over 650,000 patients. The company raised FY2026 revenue guidance to $228-232 million (29-32% growth) from prior $218-222 million, with non-GAAP gross margin outlook at ~81%, signaling confidence in sustained execution amid category leadership.