HeartFlow Inc (HTFL) Stock Forecast & Price Target

HeartFlow Inc. demonstrated strong financial performance in 3Q25, achieving revenues of $46.3 million, representing a year-over-year increase of approximately 41%, and exceeding consensus projections. The company's gross margins improved to 76.8%, reflecting a 90 basis points increase year-over-year, which highlights operational efficiency and profitability. Additionally, robust worldwide volume growth of around 48% in FFR-CT, coupled with the ongoing adoption of coronary CT angiography and an expanding customer base, underscores the healthy fundamentals driving the core FFR-CT business.

HeartFlow Inc. has incurred significant net losses since its inception, with reported losses of $95.7 million and $96.4 million for FY23 and FY24, respectively, and the company anticipates continuing these losses into the future. The reliance on healthcare providers to adopt specific guidelines for diagnosing and managing coronary artery disease poses a further risk, as these guidelines may not be widely implemented, potentially hindering the adoption of HeartFlow's Platform. Additionally, the company faces reimbursement risks, as inadequate coverage from third-party payors could adversely affect its financial condition and operational prospects.