Heartflow, Inc. · NASDAQ:HTFL
Heartflow — Wells Fargo Healthcare Conference 2026
24 slides from Heartflow's conference presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Wells Fargo Healthcare Conference September 2026 NASDAQ: HTFL
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This presentation includes express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contai
Slide 3: Large market, broad commercial adoption
L A R G E M A R K E T, B R O A D C O M M E R C I A L A D O P T I O N $5B >1,465 >35K Current U.S. TAM U.S. installed base Active physician customers as of 1/1/26 INDUSTRY LEADING EVIDENCE, DATA AND IP MOAT >625 200MM ~700 The leader in AI technology Peer-reviewed publications Annotated CCTA images P
Slide 4: The status quo is failing: current CAD diagnosis is not effective
The status quo is failing: current CAD diagnosis is not effective Heart disease causes roughly one in five U.S. deaths, a heart attack every 40 seconds, and $260B of annual cost. THE STANDARD OF CARE MEASURES SYMPTOMS AND SURROGATES >50% of heart attack deaths occurred with no prior diagnosis Chest
Slide 5: Heartflow is creating a new standard of care for CAD
Heartflow is creating a new standard of care for CAD ADVANCED IMAGING: CCTA HEARTFLOW AI DIAGNOSTIC PLATFORM + Endorsed in society guidelines in the U.S., U.K., Europe and Japan Superior accuracy* Better patient experience Better outcomes Lower cost • The most accurate • 67% lower radiation than • 4
Slide 6: The only AI platform clinically proven to support end-to-end CAD care
The only AI platform clinically proven to support end-to-end CAD care DETECT DIAGNOSE MANAGE T R E AT Roadmap Analysis FFRCT Analysis Plaque Analysis Plaque Staging PCI Navigator Detect areas of interest. Determine if intervention Assess next steps for Manage CAD across Plan intervention, guided is
Slide 7: Heartflow's near and mid-term strategy
Heartflow’s near and mid-term strategy N E A R -T E R M MID-TERM Strong core business; with emerging plaque opportunity Targeted TAM expansion into asymptomatic High risk asymptomatic 17.4MM Patients Addressable patients $6B U.S. TAM2 Symptomatic 8.9MM Patients $5B U.S. TAM1 Most diseased Least dise
Slide 8: Heartflow's near and mid-term strategy
Heartflow’s near and mid-term strategy N E A R -T E R M MID-TERM Strong core business; with emerging plaque opportunity Targeted TAM expansion into asymptomatic High risk asymptomatic 17.4MM Patients Addressable patients $6B U.S. TAM2 Symptomatic FFRCT Plaque 3.2MM patients 5.7MM patients 6.3% penet
Slide 9: Plaque is emerging as a significant growth driver
Plaque is emerging as a significant growth driver PLAQUE ACTIVATED ACCOUNTS PLAQUE REVENUE, $MM PERCENT OF U.S. COVERED LIVES 78% ~1,250 $29-31MM 75% 61% 489 44% $1.4MM FY25 FY26E FY25 FY26E 3Q25 4Q25 1Q26 2Q26 ADOPTION EXPANDING REVENUE SCALING COVERED LIVES INCREASING 2026 CATALYSTS January 1, 202
Slide 10: Heartflow Plaque validation
Heartflow Plaque 95% agreement with IVUS on total plaque volume The only prospective, published validation against an invasive gold standard. 95% kappa agreement on plaque stage reproducibility The only prospective reproducibility validation in the category. >50% change in patient management DECIDE,
Slide 11: The most clinically validated plaque staging framework in cardiology
The most clinically validated plaque staging framework in cardiology Total plaque volume predicts events. Staging tells the physician how to manage patients. PROPRIETARY RISK STAGING SYSTEM4 PERSONALIZED MEDICAL MANAGEMENT FRAMEWORK2 1 1-100 mm³ Statin ± aspirin Mild 2 101-250 mm³ High-intensity sta
Slide 12: Heartflow PCI Navigator
Heartflow PCI Navigator Extending FFRCT and Plaque into the cath lab. The first and only PCI planning tool built on prospectively validated P O W E R E D BY F F R C T FFRCT and Plaque analyses The most validated NIT in cardiology Evaluate anatomy, plaque composition and lesion-specific physiology LE
Slide 13: V1 design draft
V1 design draft 13 For internal use only. Do not distribute.
Slide 14: Heartflow commercial infrastructure
Heartflow commercial infrastructure CALL POINT TEAM ROLE Referring physician General cardiologist Territory account managers (TAMs) Grow market awareness and adoption PRIMARY CALL POINT Imaging physician Radiologist, cardiologist PRIMARY CALL POINT Territory sales managers (TSMs) Drive new additions
Slide 15: Heartflow's near and mid-term strategy
Heartflow’s near and mid-term strategy N E A R -T E R M MID-TERM Strong core business; with emerging plaque opportunity Targeted TAM expansion into asymptomatic High risk asymptomatic 17.4MM Patients Addressable patients $6B U.S. TAM2 Symptomatic 8.9MM Patients $5B U.S. TAM1 Most diseased Least dise
Slide 16: Heartflow's near and mid-term strategy
Heartflow’s near and mid-term strategy N E A R -T E R M MID-TERM Strong core business; with emerging plaque opportunity Targeted TAM expansion into asymptomatic High risk asymptomatic2 Prior MI/PCI Prior Calcium Prior Plaque 2.8MM patients 8.6MM patients 6.0MM patients Addressable patients 0% penetr
Slide 17: Targeted TAM expansion into asymptomatic
Targeted TAM expansion into asymptomatic ✓ Three RCTs in high-risk asymptomatic sub-populations ✓ Projected $6B TAM expansion before 2030 through a targeted, capital-efficient strategy $6.0B 17.4M 3 STRATEGIC RATIONALE 1 Established care pathway U.S. TAM ADDRESSABLE PATIENTS SUB-POPULATIONS Patients
Slide 18: High risk asymptomatic clinical trial design detail
High risk asymptomatic clinical trial design detail ~1,150 patients across three randomized trials. R E F I N E - C AC S E R I A L P L AQ U E REWRITE-CAD Prior Calcium on CAC Prior Plaque on CCTA Prior MI or PCI TARGET POPULATION Asymptomatic adults with CACS 1–299 or High-risk asymptomatic adults w
Slide 19: High-risk asymptomatic RCT timelines
High-risk asymptomatic RCT timelines SE PT 2026 2026 2027 2028 2029 2030 Enrollment Primary endpoint readout Secondary endpoint readout REWRITE-CAD RCT Prior MI / PCI · 350 pts Payer engagement Enrollment Primary endpoint readout Secondary endpoint readout REFINE -CAC RCT Prior Calcium · ~500 pts Pa
Slide 20: Following a proven playbook to expand into high-risk asymptomatic
Following a proven playbook to expand into high-risk asymptomatic F F R CT PLAQUE HIGH-RISK ASYMPTOMATIC Coding Cat 1 CPT code ✓ Category 1 CPT code effective 1/1/26 Plaque Category 1 code already applies IN PLACE Payment 2027 proposed rule: OPPS $850 · PFS $877 2027 proposed rule: OPPS $950 · PFS $
Slide 21: Continued revenue growth and non-GAAP gross margin expansion
Continued revenue growth and non-GAAP gross margin expansion TOTAL REVENUE, PER QUARTER ($MM) NON-GAAP GROSS MARGIN $70 $64.1MM $60 83.3% 80.5% $50 77.0% 75.1% $40 66.6% $30 58.8% 85% $20 52.9% mid-term non-GAAP gross margin target $10 $0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1
Slide 22: Thank you
Thank you
Slide 23: GAAP to non-GAAP reconciliation: 3mo ended June 30
GAAP to non-GAAP reconciliation: 3mo ended June 30 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $53,190 $173 (a) $53,363 $32,778 $45 (a) $32,823 Gross margin 83.0% 0.3% 83.3% 75.5% 0.1% 75.6% Operating Expenses: Re
Slide 24: GAAP to non-GAAP reconciliation: 6mo ended June 30
GAAP to non-GAAP reconciliation: 6mo ended June 30 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $95,354 $340 (a) $95,694 $60,719 $102 (a) $60,821 Gross margin 81.7% 0.3% 82.0% 75.3% 0.1% 75.4% Operating Expenses: Resea