Heartflow, Inc. Common Stock Q4 FY2025 earnings call

Strategic pillars: Driving commercial adoption - 2025 was record year for installed base expansion, FFRCT utilization strong. Advancing plaque innovation pipeline - 2025 ended with 489 plaque accounts, positive customer feedback, PCI Navigator launched ahead of schedule to April 2026, AI-driven Autonomous Processing initiative. Extending clinical leadership - Accelerating evidence generation through trials and publications, launching Navigate PCI registry, presenting real world data at ACC meeting. Expansion into high-risk asymptomatic population with plans for randomized controlled trials.

Total fourth quarter revenue was $49.1 million, representing more than a 40% year-over-year growth. Global cases grew nearly 53% year-over-year. Non-GAAP gross margin reached nearly 80%. For product segments, FFRCT business sustained growth. PLAC revenue for full-year 2026 is expected to be in the range of $15 million to $17 million.

Initiated full-year 2026 revenue guidance in range of $218 million to $222 million, representing year-over-year growth of approximately 24 to 26 percent. Initiated full year 2026 non-GAAP gross margin guidance of 80 to 81%. Increased midterm non-GAAP gross margin target to 85%.

Q: Robbie Marcus on 2026 guidance and PLAC; A: Confidence in business, FFRCT business drivers, PLAC early trends and upside.

Q: William Plovnik on product innovations and PCI Navigator; A: Product innovations like next gen plaque algorithm, PCI Navigator details.

Q: Matthew O'Brien on plaque revenue per case and gross margin; A: Plaque pricing mechanisms and gross margin drivers.

Q: Larry Bigelson on plaque utilization and clinical data; A: Plaque utilization early positive, clinical education and data plans.

Q: Rick Wise on CCTA adoption and competition; A: CCTA adoption status and competition focus on data and product quality