Heartflow (NASDAQ:HTFL) Announces Earnings Results, Beats Expectations By $0.15 EPS

Heartflow (NASDAQ:HTFL) issued its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.15, FiscalAI reports. Heartflow had a negative net margin of 55.82% and a negative return on equity of 23.52%. The firm had revenue of $72.86 million during the quarter.

Here are the key takeaways from Heartflow’s conference call:

• Heartflow reported Q3 revenue of $72.9 million, up 57% year over year, and raised its 2026 revenue outlook to $262 million–$264 million, representing 49%–50% growth.
• Plaque Analysis adoption continued to build: the company raised its 2026 revenue outlook for the product to $36 million–$37 million and expects about 1,300 activated accounts by year-end. Payer coverage reached approximately 82% of U.S. lives.
• Non-GAAP gross margin rose to 83.8% from 76.8% a year earlier, while the non-GAAP operating loss narrowed to $5 million. Management raised its full-year gross-margin outlook to about 82.5% and reiterated its midterm 85% target and goal of cash-flow profitability by mid-2028.
• Management highlighted clinical results it believes could support adoption: the propensity-matched DECIDE analysis found fewer major cardiovascular events and heart attacks among patients managed with Plaque Analysis, while the P4 trial found CT-guided PCI planning matched IVUS on its primary outcome and reduced procedure time. The company said the findings strengthen the case for its platform and PCI Navigator.
• Heartflow plans to expand into high-risk asymptomatic patients through three clinical trials addressing a potential $6 billion opportunity; two are expected to begin enrolling in Q4 2026 and the third in Q1 2027. Management expects to begin reporting data by the end of 2028, so this growth opportunity depends on future evidence and coverage decisions.

Heartflow Stock Performance

HTFL traded up $0.82 during trading on Thursday, hitting $59.92. The stock had a trading volume of 4,303,991 shares, compared to its average volume of 1,609,754. The firm has a market capitalization of $5.21 billion, a P/E ratio of -32.74 and a beta of 2.50. The company’s 50-day moving average price is $51.73 and its 200 day moving average price is $35.00. Heartflow has a twelve month low of $20.13 and a twelve month high of $60.65.

Insiders Place Their Bets

In other news, CFO Vikram Verghese sold 29,714 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $50.06, for a total value of $1,487,482.84. Following the completion of the sale, the chief financial officer owned 184,789 shares in the company, valued at approximately $9,250,537.34. This trade represents a 13.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Farquhar sold 38,900 shares of Heartflow stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $49.57, for a total transaction of $1,928,273.00. Following the completion of the sale, the chief executive officer directly owned 283,014 shares in the company, valued at approximately $14,029,003.98. The trade was a 12.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 347,963 shares of company stock worth $17,210,559. 7.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Heartflow

Hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP purchased a new stake in Heartflow in the 3rd quarter valued at approximately $1,931,000. Teachers Retirement System of The State of Kentucky acquired a new position in Heartflow during the 3rd quarter worth approximately $1,684,000. Allworth Financial LP raised its stake in shares of Heartflow by 116.4% during the 3rd quarter. Allworth Financial LP now owns 1,145 shares of the company’s stock worth $57,000 after buying an additional 616 shares in the last quarter. Pier 88 Investment Partners LLC purchased a new position in shares of Heartflow during the 3rd quarter worth approximately $174,000. Finally, M&G PLC purchased a new position in shares of Heartflow during the 3rd quarter worth approximately $15,978,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HTFL. Piper Sandler reaffirmed an “overweight” rating and issued a $64.00 target price (up from $45.00) on shares of Heartflow in a report on Tuesday, October 20th. UBS Group assumed coverage on Heartflow in a report on Wednesday, September 9th. They set a “neutral” rating and a $55.00 price target on the stock. Morgan Stanley raised their price target on Heartflow from $35.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, August 14th. JPMorgan Chase & Co. boosted their price target on Heartflow from $35.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Finally, Stifel Nicolaus upped their price objective on Heartflow from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.62.

More Heartflow News

Here’s some of the latest news about HTFL:

• Positive Sentiment: Third-quarter revenue rose 57% year over year to $72.9 million, topping the roughly $65.2 million analyst estimate. Heartflow also reported an adjusted loss of $0.03 per share, narrower than the $0.18 loss analysts expected. Heartflow Q3 results and guidance
• Positive Sentiment: The company raised its 2026 revenue outlook to $262 million–$264 million, well above the approximately $248.6 million consensus estimate. The stronger forecast supports expectations for continued growth and is a key potential catalyst for HTFL. Heartflow 2026 revenue outlook
• Neutral Sentiment: Despite the smaller-than-expected quarterly loss, Heartflow remains unprofitable. Investors will likely watch whether revenue growth translates into sustained progress toward profitability.

Heartflow Company Profile

HeartFlow, Inc. is a medical technology company that develops noninvasive tools to help clinicians assess coronary artery disease. Its platform analyzes coronary CT angiography scans to create personalized models of a patient’s coronary arteries and provide information that can support diagnosis and treatment planning. The company’s offerings include HeartFlow FFR CT Analysis, which estimates blood flow and the effects of artery narrowing, and tools for assessing coronary plaque. The technology combines medical imaging with computational analysis and artificial intelligence, giving clinicians information without requiring an invasive procedure to measure blood flow.