Short answer
Heartflow, Inc. (HTFL) filed its Q3 2025 10-Q quarterly report on Nov 12, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $46M with net income of −$51M.
Q3 2025 key financials · XBRL
- Revenue
- $46M
- −42.6% QoQ
- Net income
- −$51M
- −22.4% QoQ
- Operating margin
- -32.6%
- Gross margin
- 76.5%
- EPS (diluted)
- $2.19
- +132.9% QoQ
Source: XBRL data from the Heartflow, Inc. (HTFL) Q3 2025 10-Q on SEC EDGAR. USD.
Heartflow, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $46.3M, up 41% YoY from $32.9M
- Gross margin 77% vs 76% YoY
- Heartflow FFRCT Analysis, 98% of total revenue as of September 30, 2025
- Revenue cases 51,805, up 48% YoY
- Cash $291.2M; IPO proceeds $332.3M; continued operating losses expected
Risk Factors
- New reimbursement risk triggered by CMS’s July 2025 proposed 2026 OPPS rule, potentially reducing Heartflow FFRCT reimbursement up to 15%
- Revenue concentration: Heartflow FFRCT Analysis represented 98% of total revenue as of September 30, 2025
- Regulatory risk: failure to maintain FDA clearances or comply with medical-device requirements could restrict commercialization
- Competitive risk: AI-based CAD platforms and bundled CT-scanner offerings could pressure adoption and pricing
- Financial risk: $50.9 million quarterly net loss and approximately $1.1 billion accumulated deficit as of September 30, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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