Heartflow Solid Beat-and-Raise to Start 2026 with Upside Across the Portfolio

研报英文原文证据摘录

Heartflow Solid Beat-and-Raise to Start 2026 with Upside Across the Portfolio

Robbie Marcus, CFA AC North America Equity Research

(1-212) 464-5599 14 May 2026 J P M O R G A N

robert.j.marcus@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Heartflow operates at the unique intersection of regulated

healthcare and technology through its novel, AI-enabled,

diagnostic software for coronary artery disease (CAD). The

platform uses AI and advanced computational fluid dynamics to

create a personalized 3D model of a patient's heart based off of

a single coronary computed tomography angiography (CCTA),

which makes Heartflow one of the first MedTech companies to

offer a clinically meaningful and reimbursed product that

leverages modern-day computing power and machine learning/

YTD 1m 3m 12m AI to address a clinical unmet need in coronary artery disease

Abs 10.6% 11.0% 56.0% - (CAD), while simultaneously offering the potential to

Rel -4.8% 5.2% 47.9% -

streamline procedural workflow and lower overall cost of care.

Company Data As one of the few pure-play software MedTech businesses,

Shares O/S (mn) 68 Heartflow benefits from a capital-light business model, an

52-week range ($) 41.22-20.13 excellent gross margin profile, clinical/regulatory moat with

Market cap ($ mn) 2,185.47

Exchange rate 1.00 healthy reimbursement, and a highly differentiated diagnostic

Free float (%) 92.0% solution in a large, untapped market.

3M ADV (mn) 1.35

3M ADV ($ mn) 35.0 Valuation

Volatility (90 Day) 75 To derive our $35 December 2026 price target, we are applying

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|1|0 a ~10x EV/sales multiple to our 2027 revenue forecast of

$272M, a target we think could ultimately wind up conservative.

Key Metrics (FYE Dec)