Revenue growth reached 41.3% in 2026Q1, while gross margins improved to 80.2%, though operating margins remain deeply negative at -41.9% due to high fixed R&D and SG&A expenses.
| Sales/Revenue | 191.42M | 176.03M | 125.81M | 87.17M |
| Revenue Growth % | - | 39.92% | 44.32% | - |
| Cost of Goods Sold | 42M | 40.84M | 31.36M | 29.12M |
| COGS % of Revenue | - | 23.2% | 24.93% | 33.41% |
| Gross Profit | 149.42M | 135.2M | 94.45M | 58.05M |
| Gross Margin % | 78.06% | 76.8% | 75.07% | 66.59% |
| Gross Profit Growth % | - | 43.14% | 62.7% | - |
| Operating Expenses | 218.01M | 199.26M | 155.67M | 130.97M |
| OpEx % of Revenue | - | 113.2% | 123.74% | 150.23% |
| Selling, General & Admin | 145.39M | 134.34M | 112.15M | 95.11M |
| SG&A % of Revenue | - | 76.32% | 89.15% | 109.1% |
| Research & Development | 72.61M | 64.92M | 43.52M | 35.85M |
| R&D % of Revenue | - | 36.88% | 34.59% | 41.13% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -68.59M | -64.07M | -61.22M | -72.91M |
| Operating Margin % | -35.83% | -36.39% | -48.66% | -83.64% |
| Operating Income Growth % | - | -4.65% | 16.04% | - |
| EBITDA | -59.67M | -55.49M | -53.09M | -65.33M |
| EBITDA Margin % | -31.17% | -31.52% | -42.2% | -74.94% |
| EBITDA Growth % | - | -4.53% | 18.73% | - |
| D&A (Non-Cash Add-back) | 8.91M | 8.57M | 8.13M | 7.59M |
| EBIT | -96.46M | -101.69M | -73.61M | -70.41M |
| Net Interest Income | -2.62M | -9.63M | -18.7M | -19.24M |
| Interest Income | 7.46M | 5.54M | 4.07M | 5.46M |
| Interest Expense | 10.08M | 15.17M | 22.77M | 24.69M |
| Other Income/Expense | -43.29M | -52.8M | -35.15M | -22.19M |
| Pretax Income | -111.88M | -116.87M | -96.37M | -95.11M |
| Pretax Margin % | -58.45% | -66.39% | -76.6% | -109.1% |
| Income Tax | -53K | -76K | 53K | 547K |
| Effective Tax Rate % | 0.05% | 0.07% | -0.05% | -0.58% |
| Net Income | -111.83M | -116.79M | -96.43M | -95.66M |
| Net Margin % | -58.42% | -66.35% | -76.65% | -109.73% |
| Net Income Growth % | - | -21.12% | -0.81% | - |
| Net Income (Continuing) | -111.83M | -116.79M | -96.43M | -95.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.32 | -1.53 | -1.94 |
| EPS Growth % | - | 79.09% | 21.13% | - |
| EPS (Basic) | - | -0.32 | -1.53 | -1.94 |
| Diluted Shares Outstanding | 368.54M | 368.54M | 63.06M | 63.86M |
| Basic Shares Outstanding | 368.54M | 368.54M | 63.06M | 63.86M |
| Dividend Payout Ratio | - | - | - | - |
Limited liquidity and runway
As indicated by the most recent quarterly data, HeartFlow achieved a 41.3% year-over-year revenue growth rate in 2026Q1, demonstrating that the company's transactional model is successfully capturing increased clinical adoption within the coronary artery disease diagnostic market despite the absence of a traditional subscription-based recurring revenue structure.
The consistent double-digit growth suggests that the company is effectively penetrating the CCTA workflow, likely driven by the maturation of specific CPT reimbursement codes. Investors should monitor whether this trajectory can be sustained as the company attempts to expand its footprint beyond its initial core diagnostic offering.
According to the provided financial statements, HeartFlow's gross margin has steadily improved from 72.4% in 2024Q1 to 80.2% in 2026Q1, suggesting that the cloud-based computational fluid dynamics platform is achieving greater operational efficiency as the volume of processed scans increases relative to fixed infrastructure costs.
This margin expansion is a positive indicator of the software's inherent scalability, though it remains to be seen if the 'human-in-the-loop' verification process will eventually create a ceiling for further margin gains. The current trend implies that the company is successfully leveraging its cloud architecture to lower the marginal cost per diagnostic result.
Based on reported figures, the company's operating margin of -41.9% in 2026Q1 highlights a persistent disconnect between revenue growth and the high fixed-cost base, as SG&A and R&D expenditures continue to scale alongside, rather than trailing, the company's top-line expansion efforts during this critical growth phase.
The inability to demonstrate significant operating leverage suggests that the company is still in a heavy investment cycle, prioritizing market share and clinical validation over immediate profitability. Analysts should scrutinize whether the current level of SG&A spending is a permanent requirement for maintaining hospital relationships or if it can be optimized as the platform reaches greater maturity.
As shown in the income statement data, the combined R&D and SG&A expenses of $64.2M in 2026Q1 significantly exceed the $42.2M in gross profit, underscoring a cost structure that is heavily weighted toward specialized personnel and market development rather than the direct costs of delivering the diagnostic service.
The company's expense discipline appears secondary to its aggressive pursuit of clinical adoption, which may be necessary given the competitive landscape. However, the reliance on high R&D and SG&A spending warrants further investigation into the long-term sustainability of this burn rate, especially given the company's limited cash position.
Based on the reported cash position of $44.7M and quarterly operating losses exceeding $20M, the company faces a precarious financial position that may necessitate dilutive financing or drastic cost-cutting measures, potentially undermining the long-term growth strategy if capital access becomes restricted in the current interest rate environment.
Short-sellers would likely focus on the mismatch between the company's high-growth narrative and its precarious balance sheet, which leaves little room for operational error. The failure to secure a permanent capital structure, as evidenced by the terminated SPAC merger, suggests that the market may be increasingly skeptical of the company's path to self-sustaining cash flow.
Quick answers to the most common questions about buying HTFL stock.
For fiscal year 2025, Heartflow, Inc. Common Stock (HTFL) reported total revenue of $176.0M. This represents a 101.9% increase compared to $87.2M in 2023.
Heartflow, Inc. Common Stock (HTFL) reported a net loss of $116.8M for the fiscal year ending 2025.
Heartflow, Inc. Common Stock (HTFL) reported an operating income of $-64.1M, resulting in an operating profit margin of -36.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Heartflow, Inc. Common Stock (HTFL) generated $135.2M in gross profit for the year, representing a gross profit margin of 76.8%. This demonstrates the company's core pricing power and production efficiency.