Abstract

HeartFlow Inc will report second‑quarter 2026 results on August 13, 2026 Post-Mkt, with consensus pointing to revenue of 56.64 million US dollars and adjusted EPS of -0.13, as investors watch whether top‑line growth sustains, losses narrow further, and operating discipline maintains high gross margins.

Market Forecast

For the quarter to be reported, the market projects HeartFlow Inc revenue of 56.64 million US dollars, up 31.42% year over year, and adjusted EPS of -0.13, reflecting a 72.52% year‑over‑year improvement in per‑share loss; EBIT is forecast at -15.04 million US dollars, implying a 26.38% year‑over‑year deterioration. Forecast figures for gross margin and net profit margin are not provided by consensus.

The core business is expected to benefit from continued expansion of HeartFlow’s noninvasive coronary CT‑based analysis products across hospital systems and payer networks, supported by solid conversion of existing accounts and incremental upsell of advanced modules. The most promising add‑on is the Plaque Analysis module, which management and recent medical‑meeting updates tie to broader adoption and higher utilization; discrete revenue and year‑over‑year figures for this module are not separately disclosed.

Last Quarter Review

In the first quarter of 2026 (quarter ended March 31, 2026), HeartFlow Inc delivered revenue of 52.59 million US dollars, a gross profit margin of 80.18%, GAAP net loss attributable to the parent of 27.38 million US dollars, a net profit margin of -52.07%, and adjusted EPS of -0.23, with revenue up 41.34% year over year and adjusted EPS improving by 93.47% year over year.

On execution, HeartFlow Inc exceeded top‑ and bottom‑line expectations, with revenue ahead of consensus by 2.88 million US dollars and adjusted EPS beating by 0.04. The company’s core cardiovascular imaging and AI evaluation services remained the growth engine, generating 52.59 million US dollars in the quarter, up 41.34% year over year on expanded account penetration and greater utilization per site.

Current Quarter Outlook (with major analytical insights)

Core HeartFlow Analysis and Revenue Trajectory

HeartFlow Inc’s near‑term performance is likely to track the cadence of adoption and utilization across its growing base of hospital and health‑system customers. With the prior quarter printing 41.34% year‑over‑year revenue growth and consensus now embedding 31.42% for the current quarter, expectations assume robust but moderating expansion from a larger base. Key to meeting or beating the 56.64 million US‑dollar revenue bar is sustaining procedure volumes at newly onboarded accounts, while maintaining throughput at mature sites as integration into cardiovascular care pathways deepens. The prior quarter’s 80.18% gross margin offers a strong starting point for operating leverage if mix and utilization remain favorable; holding gross margin near that level would buffer the P&L as operating expenses seek scale against revenues. Management’s earlier full‑year 2026 revenue outlook of 228–232 million US dollars sets an implicit pace for the second half; maintaining a mid‑30s percentage growth profile in the current quarter would keep the company on track to that objective and give room for seasonal and timing variability later in the year.

From a quality‑of‑revenue perspective, the company’s core service line is largely driven by recurring demand characteristics within installed customers once workflows are adopted, which has historically supported stable quarter‑to‑quarter utilization. The current setup hinges on sustaining new‑site activations and deepening usage within large networks, where standardized protocols can lift volumes. On the pricing side, product‑mix dynamics around advanced modules and premium analyses can support average selling value, though mix is also sensitive to account maturity and payer coverage breadth; maintaining a favorable mix will be an important lever for gross‑margin resilience. Altogether, the path to hitting consensus implies balance among account acquisition, utilization, and mix—areas that investors will scrutinize closely on the call and in management’s prepared remarks.

Plaque Analysis and Adjacent Modules as Upsell Catalysts

HeartFlow Inc’s Plaque Analysis and related advanced analytic offerings represent an incremental growth avenue tied to deeper clinical adoption within existing accounts. Recent scientific‑meeting data releases have emphasized the clinical relevance of total plaque volume and related markers, which can support broader use of plaque characterization alongside core functional assessments. While the company does not break out revenue by module, the strategic logic is clear: as physicians expand use cases from diagnostic triage toward longitudinal risk assessment and therapy guidance, add‑on analyses can increase order density and value per patient episode. For the current quarter, the upside case envisions continued uptake of Plaque Analysis in large academic and high‑volume community settings, translating into higher attachment rates and incremental revenue layered atop the established core service line.

The financial implications of this upsell pathway are twofold. First, because advanced analytics rely on the same underlying CT workflows and platform, marginal cost of delivery is comparatively contained, helping preserve gross margins as mix shifts toward higher‑value studies. Second, the attachment of these modules can enhance account stickiness as ordering physicians gain familiarity with comprehensive outputs, thereby improving utilization resilience across quarters. Investors will look for qualitative color on attachment trends and any early signals of standardized ordering protocols that include plaque metrics. Positive commentary here would bolster confidence in the medium‑term trajectory of revenue per account and support the case for sustained gross‑margin strength even as the company scales.

What Could Move the Stock This Quarter

The stock is likely to be most sensitive to three datapoints: revenue versus the 56.64 million US‑dollar consensus, gross‑margin sustainability relative to the prior quarter’s 80.18%, and the pace of loss narrowing reflected in adjusted EPS tracking toward -0.13. A top‑line beat from stronger‑than‑assumed utilization or faster account activations would reinforce the full‑year guide cadence and may prompt upward revisions, while a miss tied to seasonal or onboarding timing effects could reset the near‑term growth narrative toward the low end of full‑year expectations. On profitability, sustained gross margins near 80% would signal favorable mix and scale efficiencies; any material deviation lower would raise investor questions about pricing, product mix, or transient costs associated with growth investments.

Operating‑expense discipline remains a swing factor for adjusted EPS and EBIT, with consensus embedding an EBIT loss of roughly 15.04 million US dollars. Clear commentary on hiring pace, go‑to‑market investments, and R&D allocation can either reinforce or challenge the implied path toward narrowing losses later in the year. The market will also parse any updates to the previously discussed full‑year revenue outlook of 228–232 million US dollars; reaffirmation would align with current consensus, while changes would recalibrate second‑half assumptions. Finally, qualitative metrics—such as net new account adds, utilization per active site, payer‑coverage breadth, and early evidence of systematic plaque‑analysis attachment—could influence how investors underwrite revenue durability into 2027 and beyond, even absent explicit numerical guidance for the quarter.

Analyst Opinions

Based on recent published views, the balance of opinions is bullish. We tally three bullish opinions versus zero bearish within the relevant period, a 100% bullish ratio.

- Stifel Nicolaus: Analyst Rick Wise maintained a Buy rating with a 40 US‑dollar price target. The rationale centers on sustained revenue growth driven by account expansion and a clear roadmap to margin scalability as volumes rise. Analysts emphasizing this view expect top‑line growth in the low‑to‑mid 30% range to be supported by increasing utilization across installed bases, with gross margins remaining resilient and operating leverage improving from the current levels.

- Baird: Initiated at Outperform with a 34 US‑dollar target. This stance highlights the commercial runway within existing health‑system customers and the potential for add‑on analytics to raise average revenue per account. Under this framework, the near‑term debate hinges on whether revenue can consistently meet or exceed the mid‑50 million US‑dollar mark in the current quarter while maintaining cost discipline that moves adjusted EPS toward the projected -0.13 level.

- Freedom Capital Markets: Initiated at Buy with a 37 US‑dollar target. The thesis underscores the expanding clinical utility of the company’s analysis suite and the associated demand from cardiology programs integrating noninvasive workflows. Investors aligned with this perspective look for confirmation of stable gross‑margin structure around the high‑70s to low‑80s percent range and early signs that advanced modules can add incremental revenue without proportionally higher delivery costs.

Across these bullish viewpoints, the common threads for the current print are clear. First, the consensus revenue baseline at 56.64 million US dollars embeds healthy growth but leaves room for upside if utilization continues to expand within large networks; a beat would support the durability of the full‑year 228–232 million US‑dollar objective. Second, maintaining gross margins close to the prior quarter’s 80.18% would bolster confidence in the underlying unit economics and lend credibility to the path toward operating leverage. Third, progress on adjusted EPS toward -0.13, coupled with clarity on expense cadence, would reinforce the narrative of steady loss narrowing. Analysts also seek qualitative confirmation that add‑on analytics, including Plaque Analysis, are gaining traction as part of routine workflows, which would support higher attachment rates and potentially improve revenue per order over time.

In aggregate, the bullish majority expects HeartFlow Inc to deliver a quarter that is broadly aligned with growth expectations and shows incremental steps toward profitability. The clearest validation points would be top‑line performance at or above 56.64 million US dollars, commentary indicating sustained gross‑margin structure near 80%, and a measured expense trajectory that keeps adjusted EPS in line with the -0.13 consensus. Should these elements converge, bulls argue the shares can sustain a favorable setup into the back half as the company executes against its full‑year plan.