SAN FRANCISCO, August 14, 2026, 11:11 EDT — U.S. cash markets traded during regular hours.
Shares of Heartflow, Inc. NASDAQ:HTFL surged 34.1% on Friday, following the cardiac imaging software firm’s quarterly results that surpassed estimates and an upward revision of its annual revenue forecast. By late morning, its market capitalization had increased by roughly $912 million.
The valuation jumped to roughly 51 times Heartflow’s $18 million boost to the midpoint of its 2026 revenue outlook. That figure is provisional, shifting as the share price fluctuates. It indicates that investors reacted not just to the second-quarter results, but notably to the scale of the guidance lift.
Heartflow posted second-quarter revenue of $64.1 million, representing a 48% rise compared to the same period last year. Revenue surpassed the $56.6 million consensus from Google Finance by 13.1%. Non-GAAP loss per share came in at 7 cents, while analysts had anticipated a loss of 13 cents per share.
| Second-quarter measure | Reported | Comparison | Investor read-through |
|---|---|---|---|
| Revenue | $64.1 million | Estimate was $56.6 million; gain of 48% from previous year | Topped estimate by 13.1% |
| Non-GAAP EPS | -$0.07 | Estimate was -$0.13 | Loss came in 47.9% smaller than expected |
| GAAP gross margin | 83.0% | Was 75.5% for the prior year | Rose by 7.5 percentage points |
| Non-GAAP operating loss | $7.9 million | $11.5 million reported last year | Loss reduced by $3.6 million |
The company has updated its 2026 revenue forecast to a range of $246 million to $250 million, up from its earlier guidance of $228 million to $232 million. The revised midpoint suggests growth of around 41% and is 12.7% higher than Heartflow’s initial midpoint estimate from March.
| 2026 outlook date | Revenue range | Midpoint | Change from prior midpoint |
|---|---|---|---|
| March 4 | $218 million-$222 million | $220 million | First projection |
| May 7 | $228 million-$232 million | $230 million | Up $10 million |
| August 13 | $246 million-$250 million | $248 million | Up $18 million |
The forecast has been upgraded for a second time. First-quarter revenue climbed 41% to $52.6 million, which triggered the initial upward revision in May. Market reaction on Friday indicates that the latest upgrade had a greater impact, with faster growth and improving margins.
Chief Executive John Farquhar described Heartflow Plaque as “rapidly emerging as a meaningful second growth engine.” Performance in the quarter received support from both FFRCT analysis and plaque volume. HeartFlow, which serves upwards of 1,800 institutions, has processed data on more than 750,000 patients.
William Blair analyst Brandon Vazquez described the guidance boost as “two times larger than the beat.” Vazquez noted additional potential for gains. The midpoint was lifted by $18 million following revenue that surpassed consensus by roughly $7.4 million. Investor’s Business Daily
| Repricing measure | Before results | Late-morning August 14 | Change |
|---|---|---|---|
| Share price | $31.01 | $41.59 | +$10.58, or 34.1% |
| Market value | About $2.68 billion | About $3.59 billion | About +$912 million |
| Market value / guided sales midpoint | 11.6 times | 14.5 times | About +24.5% |
| Trading volume | Average 1.10 million | 4.29 million | Roughly 3.9 times the average |
Heartflow reached a session peak of $42.95, equaling its highest level in 52 weeks. Shares were last at $41.59, 4.9% over the mean analyst forecast of $39.63. Most of the publicly anticipated gains were already factored into the price.
| Analyst or firm | Recommendation | Target | Latest action |
|---|---|---|---|
| Matthew O’Brien, Piper Sandler | Buy | $45 | Reaffirmed August 14 |
| Robbie Marcus, JPMorgan | Buy | $45 | Unchanged August 14 |
| Rick Wise, Stifel Nicolaus | Buy | $45 | Held August 14 |
| Larry Biegelsen, Wells Fargo | Buy | $39 | Reaffirmed August 14 |
| Brandon Vazquez, William Blair | Buy | Not listed | Reaffirmed August 14 |
| Kallum Titchmarsh, Morgan Stanley | Hold | $35 | Reaffirmed August 14 |
| David Rescott, Baird | Buy | $34 | Began coverage July 30 |
| Freedom Capital | Buy | $37 | Began coverage June 30 |
| William Plovanic, Canaccord | Buy | $37 | Unchanged June 29 |
Over the past three months, eight out of nine analysts covering Heartflow gave it a buy recommendation, while one suggested holding. Still, the highest price target of $45 implied just an 8.2% gain from the stock’s late-morning level on Friday.
Profitability has yet to be achieved. The GAAP operating loss increased to $17.9 million compared to $13.7 million, despite a reduction in the adjusted loss. Heartflow had $246.8 million in cash and investments at the end of the quarter, lower than the $254.9 million reported after March.
Risks: The stock currently trades at a higher sales multiple as Heartflow is still operating at a loss. The newly assigned valuation could be threatened by delays in hospital uptake, shifts in reimbursement, regulatory hurdles, patent conflicts, or softer plaque demand.
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