HeartFlow Posts 40% Q4 Revenue Gain and Guides $218–222M in 2026
HeartFlow generated $49.1 million in Q4 revenue, up 40% year-over-year, with non-GAAP gross margin rising to nearly 80% and non-GAAP net loss narrowing to $9.8 million. The company ended the quarter with $280.2 million in cash and forecasted 24–26% revenue growth for 2026 to $218–222 million.
1. Q4 2025 Financial Results
HeartFlow delivered $49.1 million in Q4 2025 revenue, up 40% year-over-year, with US revenue of $44.8 million representing a 41% rise. Non-GAAP gross margin reached nearly 80%, while non-GAAP net loss narrowed to $9.8 million versus $18.6 million in the prior year.
2. Cash Position and Expense Trends
At quarter-end, cash and investments totaled $280.2 million. Operating expenses included $34.6 million in SG&A and $17.1 million in R&D, resulting in an operating loss of $12.5 million, down from $13.5 million a year earlier.
3. 2026 Guidance and Growth Outlook
Management forecasts 2026 revenue of $218–222 million, reflecting 24–26% growth, with plaque revenue guidance of $15–17 million and midterm gross margin target raised to 85%. Non-GAAP gross margin is expected at 80–81% for the year, implying further margin expansion.
4. Operational Highlights and Innovation
The company added 340 new accounts in 2025, driving global revenue cases to 57,776, a 53% increase. Accelerated launch of the AI-driven PCI Navigator planning tool and expanded reimbursement coverage to 75% of US covered lives are poised to enhance adoption and efficiency.