Heartflow, Inc. · NASDAQ:HTFL
Heartflow — SPAC Merger (July 2021)
33 slides from Heartflow's SPAC merger presentation, Jul 15, 2021
Slide 1: Investor Presentation July 2021
Investor Presentation July 2021
Slide 2: Disclaimer
Disclaimer 2 Disclaimer This presentation is for information purposes only to assist interested parties in making their own evaluation with respect t o t he proposed business combination (the “Business Combination”) between HeartFlow Holding, Inc. (“HeartFlow”) and Longview Acquisition Corp. II (“Lo
Slide 3: Disclaimer (continued)
Disclaimer (continued) 3 Industry and Market Data In this Presentation, Longview and HeartFlow rely on and refer to certain information and statistics obtained from third - party s ources which they believe to be reliable. Neither Longview nor HeartFlow has independently verified the accuracy or com
Slide 4: Today's Presenters
Today’s Presenters 4 Transaction Overview Company Overview Larry Robbins Chairman Longview Acquisition Corp. II Amp Resources John Stevens, M.D. President & CEO, Co - founder HeartFlow Charles A. Taylor, Ph.D. Founder, Chief Technology Officer HeartFlow
Slide 5: Transaction Overview
• Longview Acquisition Corp. II (“Longview II”) is a Special Purpose Acquisition Corporation (“SPAC”) brought public as an affiliate of Glenview Capital Management • Initially capitalized with $690 million in cash in trust in March 2021 trading under the ticker LGV • Glenview Capital was founded in
Slide 6: Transaction Overview
Transaction Overview Sources Equity to HeartFlow Stockholders $2,150.0 Longview Cash Held in Trust 1 690.0 Pre - Closing Return of Capital 1,2 (91.0) Total Sources 2 $2,749.0 Uses Equity to HeartFlow Stockholders $2,150.0 Cash to Balance Sheet 1,2 346.5 Cash for Secondary Purchases 110.0 Debt Retire
Slide 7: Investment Highlights
• Address a Significant, Unmet Medical Need • Heart disease is #1 cause of death • Largest component of chronic health spend • Current imaging standard of care is fundamentally flawed • Proprietary, Innovative Technology With Significant Intellectual Property Portfolio • 400+ issued patents worldwid
Slide 8: Executive Summary
Executive Summary • Driven by a mission to improve cardiovascular care for patients, physicians, providers and payers … • Addressing the number one cause of death and largest component of chronic health spend… • HeartFlow developed and introduced a revolutionary precision “heart care” technology tha
Slide 9: Driven by a Mission to Improve Cardiovascular Care
Driven by a Mission to Improve Cardiovascular Care for Patients, Physicians, Providers and Payers 9 1 2 1
Slide 10: Addressing the Number One Cause of Death and Largest Component of Chronic Health Spend
Addressing the Number One Cause of Death and Largest Component of Chronic Health Spend Source: CDC Division for Heart Disease and Stroke Prevention, 2019; American Heart Association, 2017; Yelin et. al. 10 1 out of every 3 deaths Cardiovascular Disease Costs Will Exceed $1 Trillion by 2035, Warns th
Slide 11: The Status Quo Heart Disease Care Pathway is Suboptimal
The “Status Quo” Heart Disease Care Pathway Dominated by Echo & Nuclear Stress Testing is Suboptimal 11 Stress Echocardiography SPECT & PET Nuclear Scans Treadmill ECG Risk Assessment Non - invasive Testing 10M non - invasive tests in the US alone every year UNDETECTED DISEASE 20 - 30% FALSE NEGATIV
Slide 12: HeartFlow Developed a Revolutionary Precision Heart Care Technology
Treatment Planning Plaque 1 CTA - based Fractional Flow Reserve (FFR CT ) & Myocardial Blood Flow 2 12 3 HeartFlow Developed and Introduced a Revolutionary Precision “Heart Care ” Technology that Disrupts the Status Quo HeartFlow’s product suite leverages and builds upon a foundational technology pl
Slide 13: Empowering Physicians with an AI-enabled, Cloud-based Enterprise Software Suite
• AI - powered modeling of all coronary arteries • H ighest diagnostic accuracy driven by big data analytics • Compliant cloud computing to protect sensitive data • Secure bi - directional data transmission to / from hospital IT systems ADVANCED TECH • Helps explain symptoms, providing peace - of -
Slide 14: Transforming Cardiovascular Disease Risk Assessment, Diagnosis, Planning, and Treatment Management
14 Risk Assessment (Prevention) Precision Diagnostics Optimization of Therapy Monitoring (Pre or Post Treatment) Risk Score for Asymptomatic Patients* PreRead* Plaque* Planner Medical Therapy Planning* CABG Planning* Stent & Bypass Graft Monitoring* FFR CT *Currently in development and not available
Slide 15: Delivering Precise, Personalized and Enhanced Care Decisions for Patients
15 Delivering Precise, Personalized and Enhanced Care Decisions for Patients 6 Assess Monitor Diagnose Plan Treat Assess Diagnose Plan Monitor Treat 5 1 2 3 4 • The historical path to diagnosing CAD is unclear, unreliable, insufficient and ineffective • Patients and staff benefit from a "one stop, c
Slide 16: AGE: 68. SEX: MALE HISTORY: ASYMPTOMATIC, FAMILY HISTORY OF HEART DISEASE * Currently in
16 16 AGE: 68. SEX: MALE HISTORY: ASYMPTOMATIC, FAMILY HISTORY OF HEART DISEASE * Currently in development and not available for clinical use. AGE: 60 SEX: MALE HISTORY: SYMPTOMATIC, FAMILY HISTORY OF HEART DISEASE * Currently in development and not available for clinical use.
Slide 17: Providing Significant Clinical Evidence
≫ 16 company - sponsored clinical trials and registries addressing accuracy and outcomes ≫ 100+ investigator - initiated studies ≫ 425+ peer - reviewed publications , including JAMA, JACC, Circulation, American Journal of Cardiology, European Heart Journal and Heart ≫ Studied in >10,000 patients ≫ D
Slide 18: Leveraging a Strong Intellectual Property Portfolio
18 Unmatched IP Portfolio Built on 25 Years of Innovation 400+ Issued patents worldwide 2 Petabytes+ of Coronary I maging D ata 15 Million+ Annotated CT Images Expected to double in next 12 months 7 Leveraging a Strong Intellectual Property Portfolio HeartFlow’s differentiated IP portfolio provides
Slide 19: Unlocked Barriers Driving Adoption by Key Cardiology Societies, Providers and Payers
8 Unlocked Barriers Driving Adoption by Key Cardiology Societies, Providers and Payers HeartFlow has unlocked key barriers to adoption of their technology offering 19 Technology & Healthcare Competency x Experienced, diverse management team with relevant tech and cardiology backgrounds Clinical Evid
Slide 20: Unlocked Barriers Driving Adoption: Society Guidelines
20 Unlocked Barriers Driving Adoption by Key Cardiology Societies, Providers and Payers 8 The CTA + HeartFlow pathway is recognized by key cardiology societies “ Unless obstructive CAD can be excluded based on clinical evaluation alone, either non - invasive functional imaging or anatomical imaging
Slide 21: System-Wide Adoption
21 System - Wide Adoption 1. Top 50 Heart Hospitals as designated by US News and World Report 2. Includes 71% coverage with local coverage determinations and 29% on a case - by - case basis 80% of the T op 50 Heart Hospitals 1 in the US H ave Adopted HeartFlow Large healthcare systems have initiated
Slide 22: Aligned with and Enabling of Healthcare's Mega Trends
We believe the true way to deliver “better” healthcare while reducing costs is to equip clinicians with superior technology that fundamentally informs better care management decisions Universal Access Earlier Diagnosis & Intervention Value - Based Care Harnessing AI & Big Data Collaboration Through
Slide 23: Predictable and Attractive SaaS Model Combining Fee-per-analysis and Base Subscription
Fee - per - analysis for delivery of FFR CT and Plaque 1 23 • FFR CT • Plaque Comprehensive engagement with customer sites drives land, retain, and expand strategy Revenue Model Subscription provides access to bundle of advanced product features Products • PreRead • Myocardial Insights • Planner Pro
Slide 24: Augmented by a Robust Software Pipeline to Fuel a Significant TAM
24 Augmented by a Robust Software Pipeline to Fuel a Significant TAM 11 HeartFlow is developing a comprehensive, integrated cloud - based heart care technology product suite to help physicians make more optimal cardiovascular care decisions FFR CT Planner PreRead Myocardial Insights Plaque Analysis
Slide 25: Augmented by a Robust Software Pipeline to Fuel a Significant TAM
25 Augmented by a Robust Software Pipeline to Fuel a Significant TAM 11 From a fraction of a fraction to a majority of a majority • Over the coming 15 years, we envision HeartFlow moving from a small minority of coronary CTA scans to being attached to the v ast majority • Additionally, over the same
Slide 26: HeartFlow Has a Clear Projected Development Path to Grow TAM
26 Asymptomatic / Preventative Today Near Term Medium Term Long Term FFR CT Fee Per Analysis $10.1B Symptomatic Total: $10.1B Total: $10.8B Total: $17.9B Total: $49.7B 11 Augmented by a Robust Software Pipeline to Fuel a Significant TAM HeartFlow has a clear projected development path to grow TAM fr
Slide 27: Fueling a Compelling High Growth Outlook
$23 $42 $92 $205 $345 $525 $0 $200 $400 $600 2020A 2021E 2022E 2023E 2024E 2025E 27 Fueling a Compelling High Growth Outlook 12 Revenue ($ millions) 33% ~54% ~69% ~78% ~82% ~85% 0% 20% 40% 60% 80% 100% 2020A 2021E 2022E 2023E 2024E 2025E Gross Margin 1. New customer site additions primarily in the U
Slide 28: Brought to the Market at an Attractive Valuation
13 Brought to the Market at an Attractive Valuation HeartFlow and Longview II believe HeartFlow is priced at a significant discount to the relevant comp sets despite offering materially faster revenue growth and superior margin prospects 28 Revenue CAGR 1,2 EV/Revenue 1,2 % Gross Margin 1,2 ’21E - ’
Slide 29: Led by a Strong Team
Charles A. Taylor, Ph.D.* Founder, Chief Technology Officer Stanford University, GE John Stevens, M.D.* President & CEO, Co - founder Heartport , Amp Resources, Stanford University Nicky Espinosa General Counsel, Chief Ethics and Compliance Officer Brobeck , Phleger & Harrison, Illumina, Intuitive S
Slide 30: Longview II Sponsor: Glenview Capital Management
• Longview II is sponsored by an affiliate of Glenview Capital Management, a registered investment adviser • Glenview brings extensive public market experience in the healthcare industry with a long - term orientation across provider, payer, distributor and medical product companies • Culture of Sug
Slide 31: Fortified by Experienced Investment Partners
Fortified by Experienced Investment Partners 15 31 Existing HeartFlow Investor Base
Slide 32: Enabling Access to Optimized Care for All Patient Populations
Enabling Access to Optimized Care for All Patient Populations Unlock & Penetrate Significant TAM Expand & Enhance Access to Care Improve Quality of Care Reduce Cost Improve Diagnostic Accuracy Improve Patient Experience Disruptive, Best - in - class Non - invasive Precision Heart Care Robust Intelle
Slide 33: Thank You!
Thank You! O HeartFlow”