Heartflow: OPPS SaMS Update: What It Means for Heartflow

Research evidence excerpt

Heartflow: OPPS SaMS Update: What It Means for Heartflow

J P M O R G A N North America Equity Research

15 July 2026

Heartflow Overweight

HTFL, HTFL US

OPPS SaMS Update: What It Means for Heartflow Price (14 Jul 26):$25.49

Medical Supplies & Devices

CMS’s FY27 proposed OPPS rule included two key updates for Heartflow: (1) Robbie Marcus, CFA AC

modest changes in FFRct and Plaque reimbursement for 2027, and (2) a more (1-212) 622-6657

important strategic shift in how CMS intends to think about algorithmic software robert.j.marcus@jpmorgan.com

over time. CMS is introducing Software as a Medical Service (SaMS) as the new Lilia-Celine B Lozada

label for certain software-based services that perform algorithmic analyses, and is (1-212) 622-1019

proposing 2027 as a transition year while it develops a more comprehensive lilia-celine.b.lozada@jpmchase.com

valuation framework. CMS has been flagging for years that it needs a better Allen Gong

approach to valuing these software-based services, so the direction is therefore not (1-212) 622-9520

allen.gong@jpmorgan.com

surprising, even if the timing and specifics were not fully known. We view

Henry Householter

Heartflow as relatively well positioned for an eventual outcomes-oriented (1-212) 464-5599

framework given the breadth of its clinical evidence base, which we believe is the henry.householter@jpmorgan.com

strongest in the category. J.P. Morgan Securities LLC

• Not much is changing for 2027, with a slightly higher CCTA rate that

should offset a modest decrease to FFRct. The recent FY27 OPPS proposed

rule points to higher CCTA reimbursement of $398.54, up ~12% Y/Y. This

should offset a slight decrease in FFRct payment, which is proposed to move

down ~3% to $850.50. Facility reimbursement for Plaque is unchanged at

$850.50.