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.
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.
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.
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.
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.
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. GlobeNewswire
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.
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