Heartflow, Inc. · NASDAQ:HTFL

Heartflow — Investor Presentation (January 2026)

34 slides from Heartflow's investor presentation, Jan 12, 2026

  1. Slide 1: Heartflow Investor Presentation January 2026

    Heartflow Investor Presentation January 2026

  2. Slide 2: Disclaimers: Forward-Looking Statements

    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

  3. Slide 3: The leader in AI technology for coronary artery disease

    Heartflow The leader in AI technology for coronary artery disease (CAD) LARGE MARKET, BROAD COMMERCIAL ADOPTION $5B Current U.S. TAM 1,465 U.S. Installed Base >25k Active physician customers STRONG FINANCIAL PROFILE $162MM LTM 3Q25 revenue1,2 41% 3Q25 FFRCT base business YoY revenue growth 76% LTM 3

  4. Slide 4: Heart disease is the leading cause of death in the U.S.

    Heart disease is the leading cause of death in the U.S. Heart disease causes ~1 out of every 5 deaths1 People with Coronary Artery Disease (CAD)1 ~13 MM Heart attack every1 40 seconds Health care costs in 20202 $260B 1 As of 2022, Centers for Disease Control and Prevention: www.cdc.gov/heart-disease

  5. Slide 5: The status quo is failing: current CAD management is not effective

    The status quo is failing: Current CAD management is not effective Standard of Care >50% of heart attack deaths occurred with no prior diagnosis1 30% False Negatives2 55% False Positives3 Measures Symptoms and Surrogates of CAD not actual disease Chest Pain Blood Panels SPECT Stress Echo Exercise St

  6. Slide 6: Standard of care for cancer management transformed by AI-enabled advanced imaging

    Standard of care for cancer management transformed by AI-enabled advanced imaging Legacy standard of care Physical examination High false positives/negatives Delayed diagnosis High mortality Mammography Early detection Less invasive management Significant mortality reduction AI-enabled advanced imag

  7. Slide 7: Heartflow is creating a new standard of care for CAD

    Heartflow is creating a new standard of care for CAD A cardiac CT angiography (CCTA) scan is a noninvasive test that uses X-ray to take Better Patient Experience 67% lower radiation of SPECT3 75% faster procedure time than SPECT3 66% reduction in need for layered testing2 Endorsed in society guideli

  8. Slide 8: Heartflow penetration vs standard of care

    Heartflow is creating a new standard of care for CAD Heartflow penetration vs SoC1 0.3% 0.5% 0.8% 1.2% 1.7% 2020 2021 2022 2023 2024 2025 1 Heartflow test volumes as a percentage of estimated total non-invasive tests for CAD in the U.S. 8

  9. Slide 9: Heartflow's near and mid-term strategy

    Heartflow’s near and mid-term strategy Addressable patients Least diseased Most diseased NEAR-TERM Strong core business; with emerging plaque opportunity MID-TERM Targeted TAM expansion into asymptomatic Symptomatic 8.6MM Patients $5B U.S. TAM1 High risk asymptomatic 17.4MM Patients $6B U.S. TAM2 1.

  10. Slide 10: 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 care1-5 DETECT Heartflow Roadmap DIAGNOSE Heartflow Plaque Heartflow FFRCTA MANAGE TREAT Heartflow Staging Heartflow Navigator 1.2x risk 2.8x risk 3.6x risk 4.8x risk Clinically proven precision Seamless integration into PACS/EMR 1 Mor

  11. Slide 11: Heartflow Roadmap: Detect

    Heartflow Roadmap 1. Morris, et al. A Study to Measure the Ability of AI-CSQ to Support The Busy CCTA Reader: SMART-CT. JCCT 2023. 2. Presented at SCCT, July 2023 “A Study To Measure the Ability of AI-CSQ to Support The Busy CCTA Reader: SMART-CT” 3. Morris, et al. A Study to Measure the Ability of

  12. Slide 12: Heartflow Plaque: Diagnose

    1. Ihdayhid A, et al. Radiol Cardiothorac Imaging. 2024. doi: 10.1148/ryct.230312 and internal bridging study with ICC correlation between first generation and second generation Plaque Analysis algorithm 2. DECIDE Registry. Rinehart, et al., presented at SCCT 2025. 3.Tzimas, et al., presented at SCC

  13. Slide 13: Heartflow FFRCT: Diagnose

    1.Douglas, et al. JAMA Cardiol 2023.2. Driessen, Roel S., et al. PACIFIC FFRct Sub-Study. JACC, vol. 73, no. 2, Jan. 2019, pp. 161–173, https://doi.org/10.1016/j.jacc.2018.10.056. 3. Douglas PS, et al. The PRECISE Randomized Clinical Trial. JAMA Cardiol. 2023;8(10):904–914. 4. Fairbairn, et al. Natu

  14. Slide 14: Heartflow Staging: Manage

    Proprietary risk staging system1 Personalized medical management framework Most clinically validated tool for patient risk stratification (8k patients)2 Highest Stage experienced >5x greater risk of major cardiovascular events3 Proven 19 mg/dL LDL-C reduction at 3 months4 Insights to action Heartflo

  15. Slide 15: Heartflow Navigator: Treat

    Heartflow Navigator TREAT 1. Patel et al. PLAN-CALCIUM. Presented at TCT 2025. First and only planning tool founded on the most accurate and prospectively validated FFRCT and Plaque analyses1 Available for 100% of FFRCT patients Initiating ~5,000 pts NAVIGATE-PCI Registry in 1H ‘26 Expected launch i

  16. Slide 16: Instant access and end-to-end care in one seamless interface

    Instant access and end-to-end care in one seamless interface 16

  17. Slide 17: Unique bi-directional workflow with instant order to view analysis

    Unique bi-directional workflow with instant order to view analysis Heartflow cloud STEP 2 100% of all CCTAs processed (with human-in-loop QA) Heartflow customer World’s largest proprietary data set 160M annotated CCTAs STEP 1 100% of all CCTAs automatically sent to cloud for processing STEP 3 Custom

  18. Slide 18: Significant benefits for both customers and Heartflow

    Significant benefits for both customers and Heartflow Customer benefits:Roadmap Analysis on every CCTA Final Heartflow Analysis available instantly when ordered No extra “user validation” steps required by physician upon receipt Seamless integration with EMR/PACS No capital or subscription required

  19. Slide 19: Accelerating commercial momentum and winning at the point of sale

    Accelerating commercial momentum and winning at the point of sale Heartflow US installed base1 15% 85% Single vs multi-vendor composition MULTI-VENDOR HEARTFLOW SINGLE VENDOR 1. Market penetration is U.S. Heartflow installed base divided into total number of U.S. accounts with active CCTA programs a

  20. Slide 20: Significant embedded monetization opportunity across installed base

    Significant embedded monetization opportunity across installed base Monetized CCTAs 55% CAGR(FY21-FY25) Processed CCTAs 96% CAGR(FY21-FY25) 2021 2022 2023 2024 2025 U.S. processed and monetized CCTAs1 1. Processed CCTAs refers to total CCTAs uploaded to Heartflow cloud; monetized CCTAs refers to tot

  21. Slide 21: Opportunity to monetize 2/3 of captured CCTAs with new product launches

    Significant embedded monetization opportunity across installed base Opportunity to monetize 2/3 of captured CCTAs with new product launches % of total US CCTA market volume captured by Heartflow 34% 66% U.S. revenue cases as % of total captured cases (FY25)1 MONETIZED NOT YET MONETIZED 1. Processed

  22. Slide 22: Plaque is our next wave of growth with strong recent progress

    Plaque is our next wave of growth with strong recent progress Commercial adoption 489 Plaque U.S. Installed Base >200 Signed and in process of going live >500 Active contracting HCA Healthcare Ascension CommonSpirit Allegheny Health Networks Weill Cornell Medicine RadNet Midwest Advocate Health Atri

  23. Slide 23: Durable long-term non-GAAP gross margin expansion

    Durable long-term non-GAAP gross margin expansion 1 Improved automation and non-GAAP gross margin expansion Gross margin levers Improved automation and production team efficiency Higher case volumes Plaque revenues(no incremental COGS) > 80% Long term non-GAAP gross margin target 80% 70% 60% 50% 40%

  24. Slide 24: Track record of new product innovation

    Plaque Tracker Track record of new product innovation 2021 2027 2022 2023 2024 2025 2026 Next Gen FFRCT Roadmap Plaque Interactive Platform UI Next Gen Plaque PCI Navigator 24

  25. Slide 25: Uniquely positioned to win with superior clinical data, workflow and scale

    Clinical Data Workflow Scale Most clinically validated1 >600 peer-reviewed publications; >200 clinical studies Fastest workflow Instant order-to-delivery time and no FDA requirement for user validation7 Broadest adoption1 >25,000 physicians and >1,800 institutions globally Highest diagnostic accurac

  26. Slide 26: Heartflow's near and mid-term strategy

    Heartflow’s near and mid-term strategy Addressable patients Least diseased Most diseased NEAR-TERM Strong core business; with emerging plaque opportunity MID-TERM Targeted TAM expansion into asymptomatic Symptomatic 8.6MM Patients $5B U.S. TAM1 High risk asymptomatic 17.4MM Patients $6B U.S. TAM2 1.

  27. Slide 27: Targeted TAM expansion into asymptomatic

    Targeted TAM expansion into asymptomatic Three RCTsin high-risk asymptomatic sub populations Projected $6B TAM expansion before 2030 through targeted, capital efficient RCTs Patient TAM Trial 1H’26 2H’26 1H’27 2H’27 1H’28 2H’28 1H’29 Prior MI/PCI $1B RCT #1 Elevated CACs $3B RCT #2 Prior Symptoms w/

  28. Slide 28: Continued revenue growth and non-GAAP gross margin expansion

    Continued revenue growth and non-GAAP gross margin expansion 41% YoY Total revenue ($MM) Non-GAAP Gross margin1 67.1% 75.3% Non-GAAP Opex as % of Revenues2 136.4% 115.9% 75.9% 105.6% Last 2 years 2X quarterly revenue 8 points of non-GAAP GM expansion 3Q25 Revenue growth driven by durable FFRCT busin

  29. Slide 29: Experienced leadership driving continued success

    Experienced leadership driving continued success JOHN FARQUHAR President & CEO Medtronic VIKRAM VERGHESE, CFA Chief Financial Officer Google Life Sciences, Medtronic DR. CAMPBELL ROGERS Chief Medical Officer Brigham & Women's Hospital, Johnson & Johnson JUSTIN CAMBRA Chief Technology Officer iRhythm

  30. Slide 30: Thank you

    © Heartflow Thank you

  31. Slide 31: GAAP to non-GAAP reconciliation: 3mo ended September

    GAAP to non-GAAP reconciliation: 3mo ended September 30 Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $35,415 $127 (a) $35,542 $24,937 $71 (a) $25,008 Gross margin 76.5% 0.3% 76.8% 75.7% 0.2% 75.9% Operati

  32. Slide 32: GAAP to non-GAAP reconciliation: 9mo ended September

    GAAP to non-GAAP reconciliation: 9mo ended September 30 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $96,134 $229 (a) $96,363 $68,199 $231 (a) $68,430 Gross margin 75.8% 0.2% 75.9% 75.1% 0.3% 75.3% Operatin

  33. Slide 33: GAAP to non-GAAP reconciliation: LTM ended September

    GAAP to non-GAAP reconciliation: LTM ended September 30 Last Twelve Months Ended September 30, 2025 Last Twelve Months Ended September 30, 2024 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $122,383 $305 (a) $122,688 $85,108 $308 (a) $85,416 Gross margin 75.6% 0.2% 75.8% 74.0% 0.3

  34. Slide 34: GAAP to non-GAAP reconciliation: Year ended December

    GAAP to non-GAAP reconciliation: Year ended December 31 Year Ended December 31, 2024 Year Ended December 31, 2023 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross profit $94,449 $307 (a) $94,756 $58,051 $440 (a) $58,491 Gross margin 75.1% 0.2% 75.3% 66.6% 0.5% 67.1% Operating Expenses: Rese

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