HeartFlow Reports 40% Revenue Growth to $43.4 Million in Latest Quarter

HeartFlow, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $43.4 million for the three months ended June 30, 2025, a 40% increase from $31.1 million in the same period last year. For the six months ending June 30, 2025, the company generated $80.6 million in revenue, up 39% from $57.9 million in the prior year. The increase in revenue was primarily driven by a 47% rise in revenue case volume, although this was partially offset by a reduction in average sales price due to a higher proportion of revenue cases from clinic and office-based accounts.

Despite the revenue growth, HeartFlow reported a net loss of $9.2 million for the second quarter, a significant improvement compared to a net loss of $23.4 million in the same quarter of 2024. The company’s accumulated deficit increased to approximately $1.0 billion as of June 30, 2025. Operating expenses also rose, with research and development costs increasing by 51% to $15.0 million, and selling, general, and administrative expenses rising by 12% to $31.5 million. The gross margin for the quarter was 75%, slightly down from 77% in the previous year, attributed to investments in hiring and training additional personnel to support increased case volumes.

In terms of operational metrics, HeartFlow's HeartFlow Platform has been utilized to assess nearly 500,000 patients, with 132,000 assessments conducted in 2024 alone. The company has established a commercial presence in the United States, United Kingdom, European Union, Australia, Canada, and Japan, and is focused on expanding its international footprint. As of June 30, 2025, HeartFlow had 1,100 accounts in the U.S., with no single customer accounting for more than 10% of revenue, although the company noted that its top two customers collectively represented about 8% of total revenue.

Strategically, HeartFlow completed its initial public offering (IPO) on August 11, 2025, raising approximately $332.8 million in net proceeds. The funds from the IPO are intended to be used for various purposes, including repaying $55 million of outstanding debt and funding sales and marketing efforts. The company also issued $98.3 million in convertible promissory notes earlier in 2025, which converted into shares of common stock upon the IPO. Looking ahead, HeartFlow anticipates continued investment in research and development, as well as efforts to enhance its product offerings, including the upcoming launch of the HeartFlow PCI Planner in 2026.

Overall, HeartFlow's financial performance reflects a positive trajectory, with substantial revenue growth and a strategic focus on expanding its market presence and product offerings, despite ongoing operating losses and challenges associated with scaling its operations.