The quarter cleared a low bar by a wide margin. Published estimates pointed to roughly $56.7 million of revenue and a $0.15 per-share adjusted loss; Heartflow delivered $64.1 million and a $0.07 adjusted loss, making this a clear revenue and adjusted-EPS beat.
| Metric | Q2 2026 | Q2 2025 / prior expectation |
|---|---|---|
| Revenue | $64.1M | $43.4M prior year; ~$56.7M consensus |
| Revenue growth | 48% | — |
| GAAP gross margin | 83.0% | 75.5% prior year |
| Non-GAAP gross margin | 83.3% | 75.6% prior year |
| GAAP net loss per share | $(0.18) | $(1.46) prior year |
| Non-GAAP net loss per share | $(0.07) | $(2.79) prior year |
| Adjusted EBITDA | $(6.7)M | $(10.1)M prior year |
| Full-year revenue guidance | $246M–$250M | $228M–$232M previously |
| Full-year non-GAAP gross margin guidance | ~82% | ~81% previously |
The most important change is the second guidance increase, not the historical quarter. Full-year revenue guidance moved from $228 million–$232 million to $246 million–$250 million, an increase of roughly 8% at the midpoint, while gross-margin guidance also rose by about one percentage point. That resets the market’s near-term growth assumption materially higher. (2026 Annual Guidance)
Margins are providing genuine operating leverage. Gross margin expanded to 83.0% from 75.5%, while non-GAAP operating expenses fell to 96% of revenue from 102% despite heavier spending on sales, technology and clinical research. Adjusted EBITDA loss narrowed to $6.7 million from $10.1 million, showing better underlying cost absorption. (Second Quarter 2026 Financial Results; Reconciliation of GAAP Net Loss to Adjusted EBITDA)
The headline loss still needs qualification. GAAP operating loss widened to $17.9 million from $13.7 million because operating expenses rose to $71.1 million from $46.5 million. The adjusted improvement depends partly on excluding $7.9 million of stock-based compensation and $2.1 million of litigation expense, so Heartflow is improving economically but remains clearly unprofitable on a GAAP basis. (Consolidated Statements of Operations Data; GAAP to Non-GAAP Reconciliations)
Net read: a broad beat with a higher outlook, not merely a record quarter. Revenue substantially exceeded expectations, profitability measures improved, margins outperformed the prior year, and management raised guidance again. The unresolved issue is the pace at which higher sales investments translate into GAAP profitability, but that does not outweigh the positive expectation reset in this filing.
Read the original 8-K on SEC EDGAR ↗