Heartflow, Inc.NASDAQ: HTFL

Investor Presentation – January 2026

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Investor Presentation

January 2026



LARGE MARKET, BROAD COMMERCIAL ADOPTION

Current U.S. TAM U.S. Installed Base Active physician customers

The leader in AI

technology for coronary artery

INDUSTRY LEADING EVIDENCE, DATA AND IP

Peer reviewed publications Annotated CCTA images Patents

STRONG FINANCIAL PROFILE

disease (CAD)

LTM 3Q25 revenue1,2 3Q25 FFRCTbase business

YoY revenue growth

LTM 3Q25 non-GAAP gross margin;

+2 pts improvement YoY1,2,3

MULTIPLE FUTURE GROWTH DRIVERS

Plaque U.S. Installed Base As of 1/1/26

Mid-term U.S. TAM. expansion into targeted asymptomatic markets

All financials other than revenue on a non-GAAP basis. Please see GAAP to non-GAAP reconciliations at the end of this presentation

  1. To calculate last twelve months (LTM) for the quarter ended September 30, 2024, we aggregate the results for the quarter ended December 31, 2023 plus the results for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024

  2. To calculate last twelve months (LTM) for the quarter ended September 30, 2025, we aggregate the results for the quarter ended December 31, 2024 plus the results for the three months ended March 31, 2025, June 30, 2025, and September 30, 2025

  3. Non-GAAP Gross margin calculated excluding total stock-based compensation 3





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



Heart attack every1



Health care costs in 20202



1 As of 2022, Centers for Disease Control and Prevention: https://www.cdc.gov/heart-disease/data-research/facts-stats/index.html. Oct 24, 2024

2 Dhrun, et al, Circulation 2024: https://www.ahajournals.org/doi/10.1161/CIR.0000000000001258 4

The status quo is failing: Current CAD management is not effective Standard of Care

Measures Symptoms and Surrogates of CAD

not actual disease

of heart attack deaths occurred with no prior diagnosis1

Chest Pain Blood Panels

False Negatives2

SPECT Stress Echo

Cardiac PET

Exercise Stress

False Positives3

1 Society of Nuclear Medicine. "Many Die Of Heart Attacks Without Prior History Or Symptoms: PET Imaging Can Offer Early Warning." ScienceDaily. ScienceDaily, 16 June 2008. <https://www.sciencedaily.com/releases/2008/06/080616124938.htm>.

2 Bourque et. al JACC Cardiovasc Imaging. 2015 November ; 8(11): 1309-1321. doi:10.1016/j.jcmg.2015.09.006

3 Patel MR. Prevalence and predictors of nonobstructive coronary artery disease identified with coronary angiography in contemporary clinical practice. Am Heart J. 2014 Jun;167(6):846-52.e2. doi: 10.1016/j.ahj.2014.03.001. 5



Standard of care for cancer management transformed by AI-enabled advanced imaging


Breast cancer Lung cancer Breast cancer Lung cancer Breast cancer Lung cancer

Physical examination

Chest X-Ray

Mammography

Low dose CT

AI-enabled advanced imaging

High false positives/negatives Delayed diagnosis

High mortality

Early detection

Less invasive management Significant mortality reduction

Earlier detection Higher accuracy Enables risk prediction Personalizes treatment

6





Heartflow is creating a new standard of care for CAD


Superior Accuracy

  • Most accurate non-invasive test for CAD1

  • 78% increase in identifying treatable patients2

  • 75% reduction in false positives2

US, UK, Europe and Japan



Better Patient Experience

  • 67% lower radiation of SPECT3

  • 75% faster procedure time than SPECT3

  • 66% reduction in need for layered testing2

    Better Outcomes

  • 41% lower rate of death or MI at 5 years4

    Lower Cost

    • $3B in annual Medicare cost savings5

1 Arbab-Zadeh et al., Circ Cardiovasc Imaging, 2015.

2 Douglas PS, et al. The PRECISE Randomized Clinical Trial. JAMA Cardiol. 2023;8(10):904-914. doi:10.1001/jamacardio.2023.2595

3 Chiong et al., Radiology, 2023. https://pubmed.ncbi.nlm.nih.gov/38178354/ 7

4 SCOT-HEART Investigators, NEJM 2018

5 PLATFORM study; Heartflow estimates and calculations





Heartflow is creating a new standard of care for CAD Heartflow penetration vs SoC1

1.7%

1.2%

0.8%

0.5%

0.3%



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

Heartflow's near and mid-term strategy

NEAR-TERM

Strong core business; with emerging plaque opportunity

MID-TERM

Targeted TAM expansion into asymptomatic

Addressable patients

High risk asymptomatic

17.4MM Patients

$CB U.S. TAM2

Symptomatic

8.CMM Patients

$5B U.S. TAM1

Most diseased Least diseased

  1. US Symptomatic TAM: Estimate based on claims data as of December 31, 2023 for CAD non-invasive tests (CCTA, SPECT, Stress Echo, PET/CT). Source: Clarivate's ProcedureFinder data repository. FFRCT ASP assumption $1,067; Plaque ASP assumption $300

  2. Heartflow estimates 9





The only AI platform clinically proven to support end-to-end CAD care1-5

DETECT

DIAGNOSE

MANAGE

TREAT



1.2x risk

2.8x risk

3.6x risk

4.8x risk



Heartflow Roadmap

Heartflow Plaque

Heartflow FFRCT

Heartflow Staging

Heartflow Navigator

Clinically proven precision Seamless integration into PACS/EMR

1 Morris, et al. SMART-CT. JCCT 2023.; 2Rinehart SJ, et al. DECIDE Primary Outcomes. J Cardiovasc Comput Tomogr. 2025; 3Douglas, et al. JAMA Cardiol 2023.;4Fairbairn et al. AHA 2025.;5Patel et al. TCT 2025. 10

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