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Heartflow : Investor Presentation – January 2026
Heartflow : Investor Presentation – January
About this update from Heartflow, Inc.
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 revenue 1,2 3Q25 FFR CT base business YoY revenue growth LTM 3Q25 non-GAAP gross margin; +2 pts improvement YoY 1,2,3 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 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 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 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 deaths 1 People with Coronary Artery Disease (CAD) 1 Heart attack every 1 Health care costs in 2020 2 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 diagnosis 1 Chest Pain Blood Panels False Negatives 2 SPECT Stress Echo Cardiac PET Exercise Stress False Positives 3 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. < " target="_blank" rel="nofollow">https://www.sciencedaily.com/releases/2008/06/080616124938.htm> " target="_blank" rel="nofollow">. " target="_blank" rel="nofollow"> 2 Bourque et. al JACC Cardiovasc Imaging. 2015 November ; 8(11): 1309-1321. doi:10.1016/j.jcmg.2015.09.006 " target="_blank" rel="nofollow"> 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 " target="_blank" rel="nofollow"> 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 CAD 1 78% increase in identifying treatable patients 2 75% reduction in false positives 2 US, UK, Europe and Japan Better Patient Experience 67% lower radiation of SPECT 3 75% faster procedure time than SPECT 3 66% reduction in need for layered testing 2 Better Outcomes 41% lower rate of death or MI at 5 years 4 Lower Cost $3B in annual Medicare cost savings 5 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 SoC 1 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. TAM 2 Symptomatic 8.CMM Patients $5B U.S. TAM 1 Most diseased Least diseased 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 Heartflow estimates 9 The only AI platform clinically proven to support end-to-end CAD care 1-5 DETECT DIAGNOSE MANAGE TREAT 1.2x risk 2.8x risk 3.6x risk 4.8x risk Heartflow Roadmap Heartflow Plaque Heartflow FFR CT Heartflow Staging Heartflow Navigator Clinically proven precision Seamless integration into PACS/EMR 1 Morris, et al. SMART-CT. JCCT 2023.; 2 Rinehart SJ, et al. DECIDE Primary Outcomes. J Cardiovasc Comput Tomogr. 2025; 3 Douglas, et al. JAMA Cardiol 2023.; 4 Fairbairn et al. AHA 2025.; 5 Patel et al. TCT 2025. 10 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .