NEW YORK, December 31, 2025, 13:57 ET — Regular session
- Heartflow shares fell 2.8% to $29.35 in afternoon trading
- The stock’s slide outpaced a modest dip in broader U.S. equities and health-care names
- Investors are looking ahead to the company’s next quarterly report, expected in mid-February
Heartflow Inc shares fell 2.8% to $29.35 by early afternoon on Wednesday, after trading between $29.26 and $30.97. Volume was about 336,000 shares.
The drop outpaced a small decline in the broader market, with the S&P 500 tracker SPY down about 0.2% and the Nasdaq 100 tracker QQQ off roughly 0.2%. The health-care sector ETF XLV dipped about 0.1%, while the U.S. medical devices ETF IHI fell about 0.3%.
The move comes in a typically thin year-end session, with U.S. stock markets open for regular hours on New Year’s Eve ahead of the New Year’s Day holiday. The bond market is set for an early close. 1
Heartflow has been a more volatile tape since it went public on Nasdaq in August, when it raised $316.7 million in an upsized IPO at $19 a share. 2
The Mountain View, California-based company sells software that turns coronary computed tomography angiography (CTA) scans into a 3D model to help clinicians assess coronary artery disease. Its flagship FFRct analysis — short for fractional flow reserve derived from CT — estimates whether a narrowing is restricting blood flow, without an invasive catheter test. 3
Heartflow last updated investors on Nov. 12, when it reported third-quarter revenue of $46.3 million, up 41% from a year earlier, and set full-year 2025 revenue guidance of $173.0 million to $173.5 million. The company said it ended Sept. 30 with $291.2 million in cash and that UnitedHealthcare and Cigna began covering its plaque analysis product on Oct. 1. 4
It also flagged that quarterly net loss was heavily affected by noncash swings tied to revaluing warrant liabilities — an accounting mark that can move with the share price and can make GAAP results look noisier quarter to quarter. 4
More recently, Heartflow pointed to growing clinical support for its plaque analysis product. In a Dec. 18 release, it said scientific statements from the American College of Cardiology and the American Heart Association backed quantitative plaque assessment and reinforced the role of a CT-plus-Heartflow pathway in managing suspected coronary artery disease. “Solidifying coronary CTA-based quantitative plaque analysis as a powerful tool for enhanced risk stratification,” said Ron Blankstein, director of cardiac CT at Brigham and Women’s Hospital, in the release. 5
In Wednesday’s session, larger imaging and cardiac-care names were also mixed to lower, with GE HealthCare down about 0.6% and Philips off about 0.7%.
For investors, the near-term debate remains whether Heartflow can keep expanding volumes and reimbursement while narrowing losses as a newly public medtech software company. Revenue growth, gross margin and operating expense discipline tend to matter more than day-to-day price swings in a name this size.
The next clear catalyst is the fourth-quarter report. Nasdaq’s earnings calendar indicates Heartflow is expected to report around mid-February, though dates can shift. 6
