Q4 2025 Heartflow Inc Earnings Call Transcript
Key Points
- HeartFlow Inc (HTFL) reported a 40% year-over-year revenue growth for Q4 2025, reaching $49.1 million.
- The company achieved a record non-GAAP gross margin of nearly 80%, reaching its long-term target just over 7 months from its IPO.
- HeartFlow Inc (HTFL) added 340 new accounts in 2025, marking the strongest new account growth in the company's history.
- The reimbursement landscape for HeartFlow's plaque analysis has strengthened, with coverage now across approximately 75% of US covered lives.
- HeartFlow Inc (HTFL) is launching PCI Navigator, an AI-driven planning tool, earlier than planned, which is expected to enhance procedural efficiency for interventional cardiologists.
- HeartFlow Inc (HTFL) reported a non-GAAP net loss of $9.8 million for Q4 2025.
- Operating expenses were 105% of revenue, indicating high costs relative to income.
- The company is still in the early stages of plaque analysis adoption, with utilization not yet reaching its full potential.
- HeartFlow Inc (HTFL) faces competition from other AI vendors, although it maintains a focus on data quality and product improvement.
- The company is not charging for PCI Navigator initially, which may impact short-term revenue growth.
Good day everyone and welcome to Heartflow 4th quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press 11 again. Please note this conference is being recorded.
I would now like to turn the conference over to the Vice President of Investor Relations, Nick Laudo. Please proceed.
Good afternoon everyone, and welcome to the Heartflow 4th quarter 2025 earnings conference call.
Joining me today are John Farquhar, Heartflow's President and Chief Executive Officer, and Vikram Verghes, our Chief Financial Officer.
Today, we will walk you through our Q4 and 2025 performance, share updates on our commercial momentum, innovation pipeline, and clinical programs, and provide financial guidance.
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