Heartflow (NASDAQ:HTFL) Releases Earnings Results, Beats Estimates By $0.15 EPS

Heartflow (NASDAQ:HTFL) released its quarterly earnings results on Thursday. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.15, FiscalAI reports. The company had revenue of $64.08 million for the quarter. The company’s revenue was up 47.7% compared to the same quarter last year.

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

• Q2 revenue rose 48% year over year to $64.1 million, with U.S. revenue up 51%, supported by durable FFRCT utilization, accelerating Plaque adoption, new account additions, and continued CCTA market growth.
• HeartFlow raised its 2026 outlook to $246 million–$250 million in revenue, 40%–42% growth, while increasing Plaque revenue guidance to $29 million–$31 million and projected Plaque-enabled accounts to approximately 1,250.
• Profitability metrics improved materially, with non-GAAP gross margin reaching 83.3% versus 75.6% a year ago and non-GAAP net loss shrinking to $5.8 million; management maintained its targets of roughly 85% gross margin and cash-flow profitability by mid-2028.
• The company highlighted multiple growth catalysts, including Plaque Staging, PCI Navigator, Plaque Tracker planned for 2027, autonomous processing, and three clinical trials targeting high-risk asymptomatic patients that could expand the U.S. addressable market by approximately $6 billion.
• HeartFlow said its patent litigation and government civil investigative demand remain multi-year matters, with no material updates provided; management stated it is cooperating and does not view either issue as disrupting operations.

Heartflow Price Performance

HTFL stock traded up $11.85 during midday trading on Friday, hitting $42.86. The company’s stock had a trading volume of 7,959,020 shares, compared to its average volume of 1,462,616. The company’s fifty day moving average price is $28.80 and its 200 day moving average price is $27.70. Heartflow has a twelve month low of $20.13 and a twelve month high of $42.95. The stock has a market capitalization of $3.70 billion and a P/E ratio of -13.78.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HTFL. Stifel Nicolaus lifted their target price on Heartflow from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Weiss Ratings upgraded Heartflow from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Heartflow from $35.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday. Robert W. Baird set a $45.00 price target on Heartflow in a research note on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $45.00 price objective (up from $38.00) on shares of Heartflow in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.43.

Key Stories Impacting Heartflow

Here are the key news stories impacting Heartflow this week:

• Positive Sentiment: Strong Q2 results and higher outlook: Heartflow reported revenue of $64.1 million, up 47.7% year over year, while its adjusted loss of $0.07 per share beat consensus estimates. Management raised full-year 2026 revenue guidance to $246 million-$250 million from $228 million-$232 million and forecast gross margin of approximately 82%. Heartflow Reports Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance
• Positive Sentiment: Improving operating leverage and product growth: Gross margin reached 83%, and the adjusted EBITDA loss narrowed year over year. Growth was supported by higher U.S. FFRCT volumes and rising adoption of the company’s Plaque product, suggesting demand is broadening beyond its core offering. Heartflow surges after strong Q2 growth and higher 2026 outlook
• Positive Sentiment: Analysts raised targets: JPMorgan lifted its price target to $45 from $35 and assigned an “overweight” rating. Stifel also raised its target to $45 from $40 and reiterated a “buy” rating, reinforcing the positive reaction to the earnings report. Benzinga analyst updates
• Neutral Sentiment: Mixed valuation signals: Wells Fargo raised its target to $39 from $37 and maintained an “overweight” rating, but the new target remains below the recent trading level. This could limit additional upside unless Heartflow continues exceeding expectations. Benzinga Wells Fargo analyst update
• Negative Sentiment: Insider selling remains a risk factor: CEO John C.M. Farquhar sold 22,562 shares under a pre-arranged Rule 10b5-1 plan. Broader recent disclosures show substantial insider selling and no reported insider purchases during the past six months, which may weigh on sentiment despite the scheduled nature of the transactions. Heartflow CEO sells shares

Insider Activity

In related news, CEO John C.M. Farquhar sold 22,562 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $28.31, for a total transaction of $638,730.22. Following the completion of the transaction, the chief executive officer directly owned 436,280 shares of the company’s stock, valued at approximately $12,351,086.80. This represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Campbell Rogers sold 9,219 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $28.34, for a total value of $261,266.46. Following the transaction, the insider directly owned 78,731 shares in the company, valued at $2,231,236.54. This trade represents a 10.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 115,805 shares of company stock worth $3,530,609 in the last quarter. 7.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Heartflow

Large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of Heartflow during the 4th quarter worth about $27,000. Russell Investments Group Ltd. acquired a new position in Heartflow during the fourth quarter worth approximately $45,000. Legal & General Group Plc acquired a new position in Heartflow during the third quarter worth approximately $59,000. Essential Partners LLC bought a new stake in Heartflow in the first quarter valued at approximately $57,000. Finally, Strs Ohio acquired a new stake in shares of Heartflow in the fourth quarter valued at approximately $99,000.

Heartflow Company Profile

HeartFlow, Inc (NASDAQ: HTFL) is a medical technology company that develops non-invasive diagnostic solutions for coronary artery disease. The company’s core offering translates coronary CT angiography (CTA) data into a patient-specific, three-dimensional physiological model of the coronary arteries. Using advanced image processing and computational modeling, HeartFlow’s analysis estimates fractional flow reserve (FFR) values throughout the coronary tree to identify ischemia-producing lesions without the need for invasive pressure-wire measurements.

HeartFlow’s cloud-based service integrates with clinical workflows: clinicians submit coronary CTA images and receive a detailed, color-coded 3D map and report that highlights lesion-specific FFR values and physiological impact.