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HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases the United States and worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company provides Heartflow RoadMap Analysis that offers an intuitive anatomic visualization of the coronary arteries; Heartflow FFRCT Analysis, which calculates blood flow and pinpoints clinically; and Heartflow Plaque Analysis that provides a comprehensive assessment of coronary plaque, enabling optimized medical treatment strategies. Its platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. HeartFlow, Inc. was formerly known as Cardiovascular Simulation, Inc. and changed its name to HeartFlow, Inc. in May 2009. The company was incorporated in 2007 and is headquartered in San Francisco, California.
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HeartFlow provides a non-invasive cardiac diagnostic service that converts coronary CT scans into patient-specific 3D models and fractional flow reserve estimates to support coronary artery disease diagnosis. Long-term growth may be supported by aging populations, wider adoption of non-invasive testing, expanding reimbursement and hospital partnerships; investors may find the company attractive for potential recurring, scalable revenue and exposure to clinical AI in cardiology.
Material risks include dependence on reimbursement and regulatory decisions, the need for sustained clinician adoption amid competition, and ongoing profitability and financing uncertainty.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Type | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Income before tax | -116.87M | -96.37M | -95.11M |
| Net income | -116.79M | -96.43M | -95.66M |
| Selling general administrative | 134.34M | 112.15M | 95.11M |
| Gross profit | 135.20M | 94.45M | 58.05M |
| Reconciled depreciation | 8.57M | 8.13M | 7.59M |
| Ebit | -101.69M | -73.61M | -70.41M |
| Ebitda | -93.12M | -65.47M | -62.83M |
| Depreciation and amortization | 8.57M | 8.13M | 7.59M |
| Operating income | -64.07M | -61.22M | -72.91M |
| Other operating expenses | 240.10M | 187.03M | 160.09M |
| Interest expense | 15.17M | 22.77M | 24.69M |
| Tax provision | -0.08M | 0.05M | 0.55M |
| Interest income | 5.54M | 4.07M | 5.46M |
| Net interest income | -9.63M | -18.70M | -19.24M |
| Income tax expense | -0.08M | 0.05M | 0.55M |
| Total revenue | 176.03M | 125.81M | 87.17M |
| Total operating expenses | 199.26M | 155.67M | 130.97M |
| Cost of revenue | 40.84M | 31.36M | 29.12M |
| Total other income expense net | -52.80M | -35.15M | -22.19M |
| Net income from continuing ops | -116.79M | -96.43M | -95.66M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Type | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Total assets | 359.45M | 118.70M | 185.05M |
| Intangible assets | - | 7.77M | 7.95M |
| Other current assets | 14.07M | 3.83M | 3.18M |
| Total liab | 58.80M | 978.19M | 962.62M |
| Total stockholder equity | 300.65M | -859.48M | -777.56M |
| Other current liab | 32.65M | 24.28M | 22.68M |
| Common stock | 0.09M | 0.01M | 0.01M |
| Capital stock | 0.09M | 0.01M | 0.01M |
| Retained earnings | -1087.75M | -970.96M | -874.53M |
| Cash | 44.78M | 51.37M | 122.77M |
| Total current liabilities | 42.37M | 33.60M | 32.81M |
| Current deferred revenue | 0.63M | 1.04M | 2.11M |
| Net debt | -22.72M | 109.02M | 37.83M |
| Short term debt | 5.92M | 5.42M | 5.14M |
| Short long term debt total | 22.05M | 160.38M | 160.60M |
| Other stockholder equity | 1388.74M | 112.24M | 97.47M |
| Total current assets | 220.20M | 82.29M | 148.45M |
| Long term investments | 103.36M | 0.00M | - |
| Short term investments | 132.01M | 0.00M | - |
| Net receivables | 29.34M | 27.09M | 22.50M |
| Long term debt | - | 136.43M | 134.01M |
| Accounts payable | 3.17M | 2.87M | 2.89M |
| Accumulated other comprehensive income | -0.42M | -0.77M | -0.50M |
| Non currrent assets other | 9.81M | 8.69M | 5.72M |
| Non current assets total | 139.25M | 36.42M | 36.60M |
| Capital lease obligations | 22.05M | 23.95M | 26.59M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Type | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Investments | -233.54M | -4.36M | -6.11M |
| Total cashflows from investing activities | -238.57M | -4.36M | -6.11M |
| Net borrowings | -42.37M | 0.00M | 0.00M |
| Total cash from financing activities | 286.04M | 2.24M | 169.32M |
| Net income | -116.79M | -96.43M | -95.66M |
| Change in cash | -6.74M | -71.39M | 86.28M |
| Begin period cash flow | 51.52M | 127.23M | 40.96M |
| End period cash flow | 44.78M | 55.84M | 127.23M |
| Total cash from operating activities | -54.02M | -69.00M | -76.43M |
| Issuance of capital stock | 332.39M | 0.00M | 168.96M |
| Depreciation | 8.57M | 8.13M | 7.59M |
| Change to account receivables | -4.89M | -3.85M | -9.35M |
| Sale purchase of stock | 0.00M | 0.00M | -0.23M |
| Other cashflows from financing activities | -0.51M | 2.24M | 169.55M |
| Capital expenditures | 5.03M | 4.36M | 6.11M |
| Change in working capital | -7.66M | -10.88M | -8.54M |
| Stock based compensation | 13.96M | 10.21M | 11.87M |
| Other non cash items | 47.89M | 19.96M | 8.30M |
| Free cash flow | -59.05M | -73.36M | -82.54M |
Sector: Healthcare Industry: Health Information Services
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
|---|---|---|---|---|---|---|---|
| HTFL Heartflow, Inc. Common Stock |
-0.53 0.90% |
58.57 | - | - | 19.82 | 15.40 | 19.67 |
| VEEV Veeva Systems Inc Class A |
-4.88 1.60% |
299.89 | 43.49 | 29.59 | 12.48 | 5.79 | 10.39 |
| PMCUF Pro Medicus Limited |
0.68 0.48% |
142.50 | 64.90 | 90.91 | 49.11 | 38.05 | 65.12 |
| TEM Tempus AI, Inc. Class A Common Stock |
-4.81 6.06% |
74.62 | - | - | 8.68 | 25.39 | 8.33 |
| MTHRY M3 Inc |
-0.07 1.22% |
5.66 | 31.84 | 26.25 | 0.05 | 4.60 | 0.04 |
HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases the United States and worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company provides Heartflow RoadMap Analysis that offers an intuitive anatomic visualization of the coronary arteries; Heartflow FFRCT Analysis, which calculates blood flow and pinpoints clinically; and Heartflow Plaque Analysis that provides a comprehensive assessment of coronary plaque, enabling optimized medical treatment strategies. Its platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. HeartFlow, Inc. was formerly known as Cardiovascular Simulation, Inc. and changed its name to HeartFlow, Inc. in May 2009. The company was incorporated in 2007 and is headquartered in San Francisco, California.
| Name | Title | Year Born |
|---|---|---|
| Mr. John C.M. Farquhar | President, CEO & Director | 1973 |
| Mr. Vikram Verghese C.F.A. | Chief Financial Officer | 1985 |
| Dr. Campbell D.K. Rogers FACC, M.D. | Chief Medical Officer & Executive VP | 1961 |
| Dr. John Henry Stevens M.D. | Co-Founder | 1961 |
| Ms. Kathleen Carey | Senior Vice President of Operations | NA |
| Mhairi L. Jones | Chief Accounting Officer | NA |
| Mr. Justin Cambra | Chief Technology Officer | NA |
| Mr. Nicholas S. Laudico | Vice President of Investor Relations | NA |
| Ms. Angela Ahmad J.D. | Chief Legal & Compliance Officer | NA |
| Mr. Shivanth Bhaskaran | Chief Commercial Operations & Customer Success Officer | NA |
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