Heartflow : Investor Presentation – November 2025

About this update from Heartflow, Inc.

Investor Presentation November 2025 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 contained in this presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this presentation include, but are not limited to, statements about: our business model and strategic plans for our products, technologies and business, including our implementation thereof; our expectations regarding the potential addressable market size for our products; and our expectation about market trends. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this presentation primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. Forward-looking statements involve known and unknown risks and uncertainties and are subject to other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our ability to achieve or sustain profitability; our dependence on the success of our one product, Heartflow FFRCT Analysis; the willingness of healthcare providers to change their standard practice regarding the evaluation of coronary artery disease; the impact on the adoption of the Heartflow Platform by healthcare providers if third-party payors, including government payors, do not cover or provide adequate reimbursement; the concentration of our customer base; the significant competition we face in an environment of rapid technological change; the nascent nature of the commercialization of Heartflow Plaque Analysis; our use and development of artificial intelligence models; our ability to properly manage our future growth; disruption by catastrophic events; damage to or disruption of our information technology systems; security breaches that we cannot anticipate or successfully defend; extensive regulatory requirements we face to bring our products to market; risks that third parties could develop commercial technology and products similar or identical to ours; our ability to obtain and maintain sufficient intellectual property protection for our products or avoid claims of infringement; additional capital might not be available on terms favorable to us, or at all; and the additional factors discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as such risks and uncertainties may be amended, supplemented or superseded from time to time by our subsequent periodic reports on Form 10-Q and Form 10-K we file with the United States Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Industry Data This presentation also contains market data and industry forecasts from certain third-party sources of information, including publicly available industry publications and subscription-based publications. None of such data and forecasts was prepared specifically for us. No third-party source that has prepared such information has reviewed or passed upon our use of the information in this presentation, and no third-party source is quoted or summarized in this presentation as an expert. We believe these data are reliable, but we have not independently verified the accuracy of this information. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Non-GAAP Measures This presentation includes references to Non-GAAP financial measures. Reconciliations of the differences between the Non-GAAP measures provided in this presentation to the most comparable GAAP financial measures are included in the Appendix. 3 Heart disease is the leading cause of death in the U.S. Heart disease causes ~1 out of every 5 deaths 1 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 People with Coronary Artery Disease 1 Heart attack every 1 Health care costs in 2020 2 4 Addressing the limitations of traditional CAD testing Standard of care Surrogates and symptoms Heartflow Precise measurements ✕ Undetected CAD ✕ Unnecessary invasive testing ✕ More layered tests due to inconclusive results Increased CAD detection Reduced unnecessary testing Highest accuracy of non-invasive tests for CAD 1 Improved medical management 1 Heartflow FFR CT Analysis has the highest diagnostic accuracy for a non-invasive CAD test 5 LARGE MARKET, BROAD COMMERCIAL ADOPTION Heartflow is a scaled software / Total addressable market Patients tested globally 1 FFR CT U.S. covered lives STRONG FINANCIAL PROFILE AI player in the cardiology space FY24 revenue; +44% YoY 2 FY24 non-GAAP gross margin; FY24 non-GAAP OpEx % of revenue; +8 pts improvement YoY 2 +26 pts improvement YoY 2 EXTENSIVE DATA AND CLINICAL EVIDENCE Spent training algorithms Annotated CCTA images Peer reviewed publications 1 As of 9/30/25 2 on a non-GAAP basis. Please see GAAP to non-GAAP reconciliations at the end of this presentation. 6 Heartflow's near-term and long-term strategy TODAY Strong base business; durable growth opportunity MID-TERM Plaque product a second wave of growth LONG-TERM Targeted TAM expansion into asymptomatic Symptomatic High Risk Asymptomatic Addressable patients Risk Score Plaque Analysis FFR CT Analysis CAD patient physiology Most diseased Least diseased Market sizes not to scale 7 Non-invasive CAD tests (NIT) AHA/ACC Guidelines Coronary CTA Class 1, Level A Heartflow FFR CT Class 2a, Level B SPECT, PET/CT Stress echo Initial assessment History/physical exam Blood panel ECG AHA / ACC Guideline directed pathway for symptomatic patients Cath lab Patient with symptoms Medical management ~9.5 MM NIT tests* 8.6 MM patients * 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. 8 Estimated U.S. non-invasive CAD test (NIT) market CCTA test volumes +22 % CCTA 5-year CAGR (2018-2023) Tailwinds over next five years 2 Guidelines CCTA Class 1, Level A Guidelines as first line test for symptomatic CAD CCTA reimbursement increase 104% increase in OPPS 3 2025 final rule 12% increase in PFS 4 2025 final rule Plaque advancements Plaque Analysis expected to increase demand beginning in 2026 ~G.5M non-invasive CAD tests (NIT) in 2023 1 SPECT 71% Heartflow market penetration CCTA 8% PET G% Stress echo 12% 10 % into CCTA market 1 1 % into CAD testing market 1 1 Clarivate's ProcedureFinder data repository, ~73,000 U.S. Heartflow tests billed in FY23 2 ZS NIT for CAD Market Assessment, Survey of 246 HCPs and 81 administrators, December 2024 9 3 Outpatient Prospective Payment System 4 Physician Fee Schedule $5B estimated annual addressable market in the U.S. 1 U.S. total addressable market TODAY MID-TERM U.S. total addressable market build G.5 MM Total estimated non-invasive CAD tests (NIT) Patients tested for suspected CAD 60% 33% 8.6 MM $3.3B FFR CT $1.7B $5 B Plaque 2.8 MM Patients addressable for FFR CT 5.1 MM Patients addressable for plaque 0.3 MM 2 ACS patients addressable for FFR CT 0.4 MM 2 ACS patients addressable for plaque ~ $3.3 B FFR CT TAM ~ $1.7 B Plaque TAM 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 Company estimated ~300k ACS patients applicable for FFRCT and ~400k patients applicable for Plaque 10

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