Heartflow (HTFL) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $64.1 million, up 48% year-over-year, driven by strong U.S. FFRCT and Plaque case volume, with U.S. revenue up 51%.

• Growth was fueled by record plaque activations, durable FF-RCT utilization, new account additions, and expanded reimbursement coverage.

• Gross margin improved to 83.0% (non-GAAP 83.3%), reflecting AI-driven efficiencies and higher case volumes.

• Net loss for Q2 2026 was $15.7 million, with non-GAAP net loss at $5.8 million, as investments in R&D and SG&A increased.

• Full-year 2026 revenue guidance was raised to $246–$250 million, representing 40–42% growth.

Financial highlights

• Total Q2 2026 revenue: $64.1 million (+48% YoY); U.S. revenue: $59.6 million (+51% YoY); international revenue: $4.5 million (+12% YoY).

• Gross profit was $53.2 million, up from $32.8 million in the prior year period.

• Gross margin: 83.0% (non-GAAP 83.3%), up from 75.5% year-over-year.

• Net loss: $15.7 million ($0.18 per share); non-GAAP net loss: $5.8 million ($0.07 per share).

• Cash, cash equivalents, and investments: $246.8 million at quarter end.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $246–$250 million (40–42% YoY growth).

• Plaque revenue outlook increased to $29–$31 million; plaque activated accounts expected to reach ~1,250.

• Non-GAAP gross margin guidance raised to ~82%; mid-term target remains 85%.

• Full-year non-GAAP operating expenses as a percentage of revenue expected to decline year-over-year.

• Cash flow profitability targeted by mid-2028.