What were the key takeaways from Heartflow's earnings call?

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What guidance did Heartflow's management provide for the next earnings period?

What is the revenue and EPS growth rate for Heartflow year over year?

What factors drove the changes in Heartflow's revenue and profit?

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What does Heartflow do and what are its main business segments?

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- **Revenue Surge**: Q3 2025 revenue up 41% YoY to $46.3M, with 48% case growth. Full-year guidance of $173M-$173.5M reflects strong adoption. 
- **AI Platform Expansion**: 4 integrated AI tools now serve 500K+ patients; next-gen Plaque Analysis 21% more accurate. 
- **Plaque Adoption Catalysts**: CMS Category 1 code Jan 2026, 57% U.S. coverage (target 70%+). 
- **PCI Navigator Innovation**: Pre-procedure planning tool launched in 2026, aligning with interventional cardiology trends. 
- **Financial Strength**: $291M cash post-IPO; gross margin 76.8% with path to 80%+. 
- **Growth Drivers**: 10% annual expansion of 2,900 U.S. target accounts; 600+ clinical studies validate AI platform. 


**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $46.3 million, up 41% YoY, driven by 48% YoY growth in global revenue cases. Full-year 2025 guidance set at $173-$173.5 million (37.5%-38% growth). 
- **Platform Adoption**: 500,000+ patients served; 4 integrated AI products (Roadmap Analysis, Plaque Analysis, FFRCT, PCI Navigator) spanning CAD continuum. 
- **Strategic Pillars**: 
  1. **Commercial Expansion**: 2,900 U.S. target accounts; installed base growing 10% annually. 
  2. **Innovation Pipeline**: FDA-cleared next-gen Plaque Analysis (21% improvement), PCI Navigator launch in 2026. 
  3. **Clinical Leadership**: 600+ peer-reviewed studies, 110M+ annotated images. 
- **Plaque Analysis Milestones**: CMS Category 1 CPT code effective Jan 2026, 57% U.S. coverage (target 70%+ for adoption). 

**【CFO Financial Commentary】**
- **Financial Performance**: 
  - GAAP net loss: $50.9M; Non-GAAP net loss: $13.2M (vs. $16.2M YoY). 
  - Gross margin: 76.8% (vs. 75.9% YoY), driven by volume leverage. 
  - Operating expenses: $46.6M (101% of revenue vs. 114% YoY). 
- **Balance Sheet**: $291.2M cash post-IPO, zero debt. 
- **Guidance**: 80%+ gross margin achievable; cash flow breakeven in 3 years. 

**【Q&A Highlights】**
- **Plaque Adoption Timeline**: Material impact expected late 2026 (70%+ coverage needed). 
- **Navigator Impact**: Strengthens interventional cardiology engagement, aligns with TAVR-style pre-procedure planning. 
- **Sales Force Expansion**: TAM team doubling by end-2025; pharma-style market development vs. transactional sales. 
- **Clinical Data Momentum**: DECIDE registry shows 50%+ management changes; FISH & CHIPS study demonstrates plaque staging predictive power. 
- **Capital Allocation**: IPO proceeds ($332M net) funding R&D, commercial expansion, and clinical trials. 


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