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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Heartflow reported revenue of $176M in the fiscal year ended Dec 2025, up 39.9% from the year before. Operating income was −$64M, an operating margin of −36.4%, and net income was −$117M. Operating cash flow of −$54M less capital expenditure of $5M left free cash flow of −$59M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 87.2 | 126 | 176 |
| Cost of revenue | 29.1 | 31.4 | 40.8 |
| Gross profit | 58.1 | 94.4 | 135 |
| Research & development | 35.9 | 43.5 | 64.9 |
| Selling, general & admin | 95.1 | 112 | 134 |
| Operating income | −72.9 | −61.2 | −64.1 |
| Interest expense | 24.7 | 22.8 | 15.2 |
| Pre-tax income | −95.1 | −96.4 | −117 |
| Income tax | 0.5 | 0.1 | −0.1 |
| Net income | −95.7 | −96.4 | −117 |
| Diluted EPS | −25.32 | −17.98 | −3.17 |
| Diluted shares | 4.9 | 5.4 | 36.9 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 123 | 51.4 | 44.8 |
| Receivables | – | 24.6 | 29.3 |
| Current assets | – | 82.3 | 220 |
| Net PP&E | – | 8.9 | 8.6 |
| Total assets | – | 119 | 359 |
| Payables | – | 2.9 | 3.2 |
| Deferred revenue | 0.5 | 1.0 | 1.2 |
| Current liabilities | – | 33.6 | 42.4 |
| Total liabilities | – | 210 | 58.8 |
| Shareholders' equity | −778 | −859 | 301 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −76.4 | −69.0 | −54.0 |
| Capital expenditure | 6.1 | 4.4 | 5.0 |
| Free cash flow | −82.5 | −73.4 | −59.0 |
| Depreciation & amortisation | 4.7 | 5.4 | 5.4 |
| Stock-based compensation | 11.9 | 10.2 | 14.0 |
| Share buybacks | 0.2 | – | – |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 44.3% | 39.9% |
| Gross margin | 66.6% | 75.1% | 76.8% |
| Operating margin | −83.6% | −48.7% | −36.4% |
| Net margin | −109.7% | −76.6% | −66.3% |
| Return on equityBlank when equity is negative | – | – | −38.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −71.9% | −20.2% |
| Free cash flow margin | −94.7% | −58.3% | −33.5% |
| Cash conversion (CFO ÷ net income) | 0.80x | 0.72x | 0.46x |
| Receivable days | – | 71 | 61 |
| Payable days | – | 33 | 28 |
| Interest cover | −2.95x | −2.69x | −4.22x |
| Current ratio | – | 2.45x | 5.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.