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NASDAQ: HTFL — Heartflow completes ~$364M IPO, Aug 2025 Q3 2025 revenue $46.3M, up 41% YoY Next-Gen Plaque Analysis gains FDA 510(k) clearance 400,000+ patients assessed for coronary artery disease First AI-enabled tech in ACC/AHA heart-disease guidelines Deployed at 1,500+ U.S. hospitals 90,000-patient analysis shows prognostic power & cost savings
Company Profile · Medical AI · San Francisco

Heartflow

The company that reads blood flow through your arteries with math, not incisions - turning a routine CT scan into a personalized 3D model of the human heart.

2007Founded
~630Employees
$173M2025 Revenue*
HTFLNasdaq
Heartflow logo
HEARTFLOW, INC. — Decisive coronary care. AI-driven, non-invasive assessment of coronary artery disease from standard CT imaging. San Francisco, California.
The Dispatch

Rewriting the story of coronary artery disease

Coronary artery disease is the single leading cause of death in the world. For decades, confirming it often meant an invasive procedure - a catheter threaded into the arteries to measure how badly a narrowing chokes off blood flow. Heartflow's premise, hatched in a computational-medicine lab in 2007, was that a good deal of that could be solved with mathematics instead.

The company takes a standard coronary CT angiogram - an image many patients already receive - and runs it through deep-learning algorithms and computational fluid dynamics, the same branch of physics used to model airflow over an aircraft wing. The output is a personalized, color-coded 3D model of a patient's coronary arteries, effectively a digital twin of that person's heart.

From that model, clinicians can see three things without touching the patient: where the arteries are narrowed (RoadMap Analysis), how much those narrowings actually restrict blood flow (FFRCT Analysis), and the type and volume of plaque lining the vessel walls (Plaque Analysis). Together they form the Heartflow One platform.

It is a quietly radical idea - that a well-modeled scan can stand in for a procedure - and the clinical establishment has come around to it. In 2021, Heartflow Analysis became the first AI-enabled technology written into the heart-disease guidelines of the American College of Cardiology and the American Heart Association.

"AI to turn coronary CTA images into personalized 3D models of the heart - actionable insight into plaque and blood flow, without the need for invasive procedures."
By the numbers

A scan, scaled

400K+Patients assessed
1,500+U.S. hospitals
41%Q3'25 rev. growth
48%Case growth YoY
~98%Rev. from FFRCT
$364MIPO proceeds
Under the hood

From CT scan to decision

No catheter, no wire. Here is the path an image travels through Heartflow's cloud.

CCTA image

A hospital acquires a standard coronary CT angiogram and sends it to Heartflow's cloud.

AI 3D model

Deep-learning algorithms build a personalized digital model of the coronary arteries.

Flow simulation

Computational fluid dynamics simulates blood flow to calculate FFR at every point.

Decisive read

The cardiologist reviews color-coded flow, anatomy and plaque to plan treatment.

Products & services

The Heartflow One platform

Flagship · 2014

FFRCT Analysis

Calculates fractional flow reserve and pinpoints clinically significant coronary artery disease at every point in the major arteries - the commercial foundation, ~98% of revenue.

2021

RoadMap Analysis

Automatically visualizes and quantifies the location and severity of narrowings for every acceptable CCTA, streamlining interpretation and revascularization strategy.

Next-Gen · 2025

Plaque Analysis

Delivers insight into plaque type, volume and distribution. The 2025 FDA-cleared platform adds an expanded nomogram and 3D color-coded visualization.

Coming Q2 2026

A fourth product

Heartflow has signaled a fourth analysis is expected to launch on the platform in the second quarter of 2026, extending its coronary care suite.

Business model

Pay-per-click cardiology

  • Usage-based. Revenue is earned each time a physician reviews an FFRCT or Plaque Analysis - no large hardware sale.
  • Cloud-delivered. Hospitals send CT images to Heartflow's cloud; results flow back into imaging workflows.
  • Installed base. Growth is driven by adding accounts able to send scans, then rising volume per account.
  • Reimbursement. Built around payer coverage and clinical-guideline support for non-invasive assessment.
Where it fits

The market & the alternatives

  • vs. invasive angiography. Heartflow aims to reduce unnecessary catheterizations by triaging non-invasively.
  • vs. wire-based FFR. Competes with catheter FFR/iFR devices from the likes of Abbott and Philips.
  • vs. AI plaque rivals. Cleerly, Elucid and HeartLung target overlapping CCTA/plaque analysis.
  • Its edge. An 18-year clinical-evidence base and first-mover guideline inclusion.
Trajectory

Revenue on the climb

2023
~$96M
2024
~$126M
2025*
~$173M
*2025 figure is company full-year guidance; 2023–2024 are approximate. Bars scaled for illustration.
The record

Eighteen years to the bell

2007

Founded

Charles Taylor and Christopher Zarins found Heartflow to apply computational modeling to coronary artery disease.

2014

FFRCT reaches the market

The non-invasive FFRCT Analysis earns regulatory clearances and enters clinical deployment.

2021

First AI in ACC/AHA guidelines

Heartflow Analysis becomes the first AI-enabled technology named in national heart-disease guidelines; RoadMap and Plaque analyses launch.

2022

New CEO John Farquhar

The former Medtronic executive takes over as President and CEO to drive commercialization.

2024

250,000-patient milestone

Heartflow surpasses a quarter-million patients assessed with FFRCT; Heartflow One unifies the products.

2025

Rebrand & Nasdaq IPO

A new brand identity, Next-Gen Plaque Analysis, and a ~$364M IPO on the Nasdaq under HTFL.

The people & the users

Who runs it, who uses it

Co-founder

Charles Taylor

Engineer and pioneer of computational medicine; co-founded Heartflow and later led the Center for Computational Medicine at UT Austin.

Co-founder

Christopher Zarins

Vascular surgeon whose clinical perspective paired with Taylor's engineering to invent a new diagnostic category.

CEO since 2022

John Farquhar

Former Medtronic cardiovascular leader; President and CEO steering commercialization and the 2025 public debut.

Customers

Cardiologists & hospitals

Cardiologists, radiologists, hospitals and imaging centers managing suspected CAD - across 1,500+ U.S. sites.

Latest updates

On the wire

2025 · DEC

New analyses of 90,000+ patients show FFRCT Analysis delivers prognostic power and significant cost savings.

2025 · DEC

Plaque Analysis supported by ACC and AHA scientific statements for personalized management of suspected CAD.

2025 · NOV

Q3 results: revenue $46.3M, up 41% YoY; global cases up 48%; full-year guidance ~$173M.

2025 · SEP

FDA 510(k) clearance and launch of the Next-Generation Plaque Analysis platform with 3D color-coded visualization.

2025 · AUG

Completed an upsized Nasdaq IPO (HTFL), raising ~$364.2M gross at $19 per share.

2025 · FEB

Unveiled a new brand identity and a "bold new vision" for coronary artery disease management.

Watch

Demos & interviews

Questions

What people ask about Heartflow

What does Heartflow actually do?

It uses AI and computational fluid dynamics to convert a standard coronary CT scan into a personalized 3D model of the heart, then analyzes blood flow (FFRCT), plaque and anatomy to help cardiologists diagnose and manage coronary artery disease without an invasive procedure.

How is it different from an invasive angiogram?

Instead of threading a catheter into the arteries, Heartflow computes blood-flow significance from an existing CT scan. This non-invasive approach can help patients avoid unnecessary catheterizations while still identifying clinically significant narrowings.

Is Heartflow a public company?

Yes. Heartflow completed its IPO in August 2025 and trades on the Nasdaq under the ticker HTFL, raising about $364 million in gross proceeds.

How does Heartflow make money?

Primarily through a pay-per-click model: it charges each time a physician reviews an FFRCT or Plaque Analysis. FFRCT Analysis accounted for roughly 98% of revenue as of Q3 2025.

How widely is it used?

Heartflow has been deployed at more than 1,500 U.S. hospitals and used to assess coronary artery disease in over 400,000 patients cumulatively.

Profile compiled from public sources including heartflow.com, Heartflow investor relations, SEC filings, the U.S. National Science Foundation, and industry press. Financial figures are approximate and include company guidance; the 2025 rebrand may differ visually from the logo shown. For the latest, see the official channels above.