10-Q · May 14, 2026
Heartflow reported a significant increase in revenue, achieving $52.6 million in Q1 2026, up 41% from $37.2 million in Q1 2025. The company also improved its gross margin to 80% from 75% year-over-year but continues to…
Earnings analysis · 10-Q
HTFL earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The provided 10-Q extract does not include the current-period income statement, segment results, balance-sheet detail beyond $246.8 million of cash, cash equivalents and investments, or cash-flow data, so revenue,…
Read full summary
The provided 10-Q extract does not include the current-period income statement, segment results, balance-sheet detail beyond $246.8 million of cash, cash equivalents and investments, or cash-flow data, so revenue, margin, EPS and free-cash-flow trends cannot be assessed from the filing text supplied. Liquidity and disclosure controls appear adequate, but the unresolved DOJ investigation could materially affect results, financial condition or cash flows. The filing reports no material changes to the risk factors from the March 18, 2026 Form 10-K and provides no quantitative forward guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strong liquidity position
Cash, cash equivalents and investments totaled $246.8 million as of June 30, 2026, supporting liquidity and investment preservation objectives.
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Disclosure controls effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026.
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Limited receivables concentration
No customer represented 10% or more of accounts receivable as of either June 30, 2026 or December 31, 2025, indicating limited single-customer receivables concentration.
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Limited disclosed rate sensitivity
Management states that a hypothetical 10% change in interest rates would not have had a material impact on cash, cash equivalents or investments as of June 30, 2026.
What to watch
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Unresolved DOJ investigation
The company continues to face a U.S. Department of Justice investigation initiated through civil investigative demands received in October 2025 under the Anti-Kickback Statute and Civil False Claims Act. Management cannot assess the duration or outcome and states that the matter could materially affect the business, results of operations, financial condition or cash flows.
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Patent litigation exposure
Heartflow filed a patent infringement lawsuit against Cleerly on April 13, 2026, asserting infringement of 6 patents. Litigation could result in defense and settlement costs, management distraction and other adverse effects regardless of outcome.
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Insider selling arrangements
Two officers or directors adopted Rule 10b5-1 trading arrangements during the quarter covering up to 106982 shares for the CFO and 91746 shares for the Chief Medical Officer. The filing also disclosed an omitted prior arrangement covering up to 27657 shares.
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No formal risk-factor change
The filing states that there were no material changes to the risk factors disclosed in the March 18, 2026 Form 10-K; therefore, no new material risk-factor change was identified in this 10-Q.
Management's outlook
The provided 10-Q text contains no quantitative revenue or EPS outlook and does not update the prior 8-K guidance of $228 million to $232 million.
Earlier filings 3
10-K · March 18, 2026
HeartFlow reports accelerating commercial traction with record quarterly revenue of $49.13 million in Q4 2025 and platform use in more than 600,000 patients (219,000 in 2025). Growth is concentrated in its flagship…
10-Q · November 12, 2025
Heartflow reported a strong revenue beat with Q3 revenue of $46,276,000 (up $13,342,000 or 40.5% year-over-year from $32,934,000) and an improved gross margin of 76.5%. The company remains unprofitable with a net loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.