EL7.AI
StocksMedium•13 November 2026•
4 min read

Heartflow Raises 2026 Revenue Outlook to $264 Million as Quarterly Growth Reaches 57%

Key Facts

1Heartflow raised its 2026 revenue outlook to $262–264 million, with expected annual growth of 49% to 50%.
2Third-quarter revenue was $72.9 million, up 57% year over year.
3The company expects Plaque Analysis revenue of $36 million to $37 million and about 1,300 activated accounts by the end of 2026.
4Gross margin was 83.6% in the third quarter, compared with 76.5% a year earlier.
5Heartflow shares fell 5% on November 12 after the results were announced.

On November 12, Heartflow raised its full-year 2026 revenue outlook to a range of $262 million to $264 million, equivalent to annual growth of 49% to 50%, compared with prior guidance of $246 million to $250 million and expected growth of 40% to 42%. The revision came as the company reported third-quarter revenue of $72.9 million, up 57% year over year. Chief Executive John Farquhar said revenue accelerated for the third consecutive quarter and U.S. revenue recorded its fastest growth rate in 11 quarters. The figures mark a fresh increase to the outlook after the company raised its 2026 guidance in the second quarter to $246–250 million from $228–232 million. The new guidance puts the annual revenue trajectory above the company's previous estimates, alongside third-quarter revenue growth and improvement in some profitability metrics.

U.S. revenue was $67.9 million in the third quarter, up 60% from the year-earlier period, while international and other revenue reached $4.9 million, up 29%. The company attributed the year-over-year increase in global revenue mainly to higher volumes of U.S. revenue-generating FFRCT and Plaque cases. Heartflow raised its 2026 Plaque Analysis revenue outlook to a range of $36 million to $37 million. It also expects to have about 1,300 accounts activated for the service by year-end, a target for activated accounts rather than active accounts. The company said Plaque activation was ahead of plan and use of the tool was expanding, according to the earnings call.

Gross margin improved to 83.6% in the third quarter from 76.5% in the same period a year earlier, while non-GAAP gross margin rose to 83.8% from 76.8%. The company linked the improvement to higher case volumes and U.S. Plaque revenue, as well as improved productivity in its production team, supported by AI efficiency initiatives. It said the hiring and training of new employees partially offset the impact of these improvements. Heartflow also raised its 2026 non-GAAP gross margin outlook to about 82.5%, from about 82% in its previous guidance. The margin outlook revision came alongside the increase to its annual revenue outlook.

The company continued to post operating losses, but they narrowed to $13.8 million in the third quarter from $15.1 million a year earlier. The non-GAAP operating loss was about $5.0 million, compared with $11.1 million in the year-earlier period. Net loss fell to $11.5 million, or $0.13 per share, from $50.9 million, or $1.04 per share, in the third quarter of 2025. Heartflow ended the quarter on September 30 with $253.0 million in cash and investments. The results show improved margins and narrower year-over-year losses, while operating and net losses continued.

For the year to date, the company reported revenue of $52.6 million in the first quarter of 2026, up 41% year over year, driven mainly by a 67% increase in revenue-generating case volumes. Revenue then reached $64.1 million in the second quarter, up 48% year over year, before reaching $72.9 million in the third quarter, up 57%. In the second quarter, the company raised its full-year revenue guidance to $246–250 million from $228–232 million. The guidance announced in November moved the range to $262–264 million. Heartflow says its platform was adopted by more than 1,800 institutions worldwide and had supported care for more than 750,000 patients as of November 2, 2026.

On share performance, Investing.com reported that Heartflow shares fell 5% on November 12 after the results were announced. The company had said the third-quarter earnings call would take place the same day at 1:30 p.m. Pacific time, or 4:30 p.m. Eastern time. The company also reported that Plaque Analysis is cleared by the U.S. Food and Drug Administration and had 95% agreement with the intravascular ultrasound standard in a prospective international trial. In an announcement of data for the American Heart Association conference, it said plaque analysis was associated with a 34% reduction in major adverse cardiovascular events and half the heart attack rate after one year in the DECIDE registry. These data place use of the tool in the context of the expansion in accounts the company is targeting for activation, alongside its higher annual revenue estimates.