Heartflow, Inc. reported strong financial results for the third quarter of 2025, marking a significant milestone in its growth trajectory. Total revenue reached $46.3 million, a 41% year-over-year increase, driven by robust demand for its FFRCT business and expansion of its installed base. U.S. revenue grew 42% to $42.5 million, while international and other revenue rose 24% to $3.8 million. Gross profit improved to $35.4 million, up from $24.9 million in the prior year, with gross margin expanding to 76.5% from 75.7%. This improvement was fueled by higher case volume and increased production efficiency. Non-GAAP gross profit was $35.5 million, reflecting a margin of 76.8%. Operating expenses totaled $50.5 million, or 109% of revenue, compared to $39.9 million, or 121% of revenue, in the same period last year. The increase was primarily due to higher personnel and related costs. Non-GAAP operating expenses were $46.7 million, or 101% of revenue, down from 114% in the prior year. Net loss for the quarter was $50.9 million, or $1.04 per share, compared to $19.1 million, or $3.43 per share, in the third quarter of 2024. The higher net loss was largely due to a $32.1 million noncash charge from the remeasurement of the company’s common stock warrant liability, which increased following Heartflow’s August 2025 IPO. The warrant liability was fully exercised by October 22, 2025, meaning no further charges from this item will be recorded in future quarters. Additional non-GAAP adjustments included a $4.8 million noncash benefit from the remeasurement of a derivative liability and a $6.4 million loss on extinguishment of debt from the prepayment of its term loan. Excluding these items, non-GAAP net loss was $13.2 million, or $0.27 per share, a significant improvement from $16.2 million, or $2.90 per share, in the prior year. Adjusted EBITDA for the quarter was a loss of $9.8 million, compared to $11.2 million in the same period last year, reflecting continued investment in growth. As of September 30, 2025, Heartflow held $291.2 million in cash and cash equivalents. The company used proceeds from its IPO to make a mandatory $55 million debt repayment and fully prepay its remaining $60.1 million term loan. Heartflow has also issued full-year 2025 revenue guidance of $173.0 million to $173.5 million, representing a 37.5% to 38.0% year-over-year increase. The company attributes this growth to strong FFRCT performance and the commercial rollout of Heartflow Plaque Analysis, which has gained broad payor coverage and is gaining traction among physicians. CEO John Farquhar emphasized the company’s momentum, citing durable growth and a strengthened balance sheet following the IPO. Heartflow continues to expand its presence across more than 1,400 institutions globally, supported by clinical validation from over 600 peer-reviewed studies and adherence to international regulatory standards. The company will host a conference call on November 12, 2025, at 1:30 p.m. PT to discuss results. A live webcast will be available on the Investor Relations section of Heartflow’s website.