Heartflow (HTFL)
Turns coronary CT scans into anatomy, blood-flow, plaque, and procedure-planning analyses.
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Uses AI, computational fluid dynamics, and human quality control to convert coronary CT scans into anatomy, blood-flow, plaque, and intervention-planning analyses. Revenue comes mainly from per-use FFRCT and Plaque orders, with the business concentrated in the United States and dependent on reimbursement, clinical adoption, and medical-device regulation.
Turns coronary CT angiography scans into patient-specific 3D models that help physicians diagnose and manage coronary artery disease. The Heartflow Platform includes RoadMap Analysis for anatomic review, FFRCT Analysis for blood-flow restriction, Plaque Analysis for plaque burden and composition, and PCI Navigator for planning coronary interventions. AI and computational fluid dynamics perform the analysis, supported by human quality-control review.
Commercial operations are concentrated in the United States, with smaller direct teams in approved international markets. Most revenue comes from usage fees when physicians order FFRCT or Plaque analyses; RoadMap and PCI Navigator are integrated workflow features rather than standalone products. FFRCT remains the commercial foundation, while Plaque adoption is expanding. The model depends on provider use of coronary CT angiography, payer coverage and reimbursement, regulatory clearances, and the capacity to process rising case volumes.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Canaccord Genuity | Target | Target: $45 | Target: $56 |
| Sep 9, 2026 | UBS | Initiate | Rating: —Target: — | Target: $55 |
| Aug 14, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $35 | Target: $40 |
| Aug 14, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $37 | Target: $45 |
| Aug 14, 2026 | Piper Sandler | Reiterate | Rating: —Target: $38 | Target: $45 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $162.6M · Total debt $27.1M · Total assets $344.5M · Shareholders' equity $279.7M
- Revenue
- $64.1M
- Operating income
- −$17.9M
- Net income
- −$15.7M
No dividends on record.
| Institutions | ≈ 85.40% | 74.26M shares | |
|---|---|---|---|
| 200 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 9.32% | 8.11M shares | |
| 9 holders · as of Sep 21, 2026 | |||
| Other | ≈ 5.28% | 4.59M shares | |
| remainder | |||
86.95M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BCLS Fund III Investments, LPInstitution | 12.02% | 10.45M | filed May 15, 2026 |
Bain Capital Life Sciences Investors, LLCInstitution | 9.72% | 8.45M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 9.04% | 7.86M | as of Jun 30, 2026 |
Jeffrey C. LightcapInsiderdirector | 8.04% | 6.99M | filed Jul 28, 2026 |
BlackRock, Inc.Institution | 5.98% | 5.20M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 18, 2026 | Campbell Rogers | officer: Chief Medical Officer | −19,682 | $50.15 |
| Sep 18, 2026 | Vikram Verghese | officer: Chief Financial Officer | −16,766 | $50.75 |
| Sep 17, 2026 | Vikram Verghese | officer: Chief Financial Officer | −7,579 | $50.11 |
| Sep 15, 2026 | Vikram Verghese | officer: Chief Financial Officer | −668 | $50.01 |
| Sep 14, 2026 | Vikram Verghese | officer: Chief Financial Officer | −4,593 | $50.24 |
- GE HealthCare
Cardiac CT platforms compete for CAD imaging workflows
- Philips (ADR)
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- Abbott
Invasive FFR and OCT contest lesion assessment
- Boston Scientific
FFR, DFR, and IVUS compete at PCI guidance
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Heartflow | $50.17 | +0.02% | $4.34B | — | — | 20.5 | +47.6% |
| GE HealthCare | $66.80 | +0.78% | $29.27B | 18.8 | 12.7 | 1.4 | +5.8% |
| Philips (ADR) | $24.97 | −0.06% | $24.34B | 18.7 | 13.0 | 1.2 | −2.8% |
| Abbott | $104.00 | +0.27% | $178.18B | 33.1 | 17.9 | 3.8 | +13.0% |
| Boston Scientific | $44.94 | +0.01% | $64.98B | 17.8 | 13.7 | 3.1 | +7.5% |
| Median | 18.8 | 13.3 | 2.3 | +6.7% |