Heartflow, Inc. reported revenue of $176.0 million for the fiscal year ending December 31, 2025, a 40% increase compared to the $125.8 million reported for the previous fiscal year. This growth was primarily driven by a 47% increase in revenue case volume, although this was partially offset by a reduction in average sales price due to a higher percentage of revenue cases generated from clinic and office-based accounts and an increase in utilization and volume rebates. The company's net loss for 2025 was $116.8 million, compared to a net loss of $96.4 million in 2024, representing a 21% increase in net loss.
The company's cost of revenue increased by 30% to $40.8 million in 2025, compared to $31.4 million in 2024, primarily due to increased personnel expenses, third-party hosting fees, and allocated overhead. Despite this increase, the gross margin improved to 77% in 2025 from 75% in 2024, attributed to increased revenue case volume and improved production team productivity driven by AI efficiency initiatives, partially offset by continued investment in hiring and training additional personnel in the production team. Research and development expenses rose by 49% to $64.9 million in 2025, compared to $43.5 million in 2024, driven by increased personnel expenses, consulting fees, and clinical trial expenses. Selling, general, and administrative expenses increased by 20% to $134.3 million in 2025, compared to $112.1 million in 2024, primarily due to increased personnel expenses and professional fees.
Key operational developments included the Heartflow Platform being used to assess CAD in over 600,000 patients, with 219,000 assessments in 2025 alone. The company has deployed its Heartflow Platform in more than 1,465 accounts in the United States as of December 31, 2025. Heartflow FFRCT Analysis represented 98% of the company's total revenue. The company expects to launch Heartflow PCI Navigator in the second quarter of 2026 as an integrated feature to enhance procedural efficiency.
Looking ahead, Heartflow intends to expand adoption of its platform by acquiring new accounts and broadening awareness of the CCTA + Heartflow pathway to drive volume at existing accounts. The company also plans to increase adoption of its Heartflow Plaque Analysis product and invest in additional clinical evidence to support adoption and expand its indications. Furthermore, Heartflow aims to extend its technology leadership through continued investment in its platform and leverage its platform to pursue adjacent and international markets. The company anticipates launching Plaque Tracker, its fifth product, in 2027.
About Heartflow, Inc.
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