Heartflow disclosed the results of the FISH&CHIPS study, the largest fractional flow reserve (FFR) CT analysis ever performed, at the European Society of Cardiology’s EACVI conference in Vienna. The study, which followed more than 90,000 patients across 27 NHS hospital sites in England for at least two years, shows that adding Heartflow’s FFR‑CT analysis to a coronary CT angiography workflow improves diagnostic decision‑making and predicts future cardiovascular events.
The analysis revealed that lesion‑specific FFR‑CT values accurately forecast myocardial infarction, cardiovascular mortality, and the need for revascularization. In addition, the study quantified cost savings, estimating a per‑patient saving of £1,042 (about $1,394) over two years and projecting annual NHS savings of roughly $33.3 million. These findings confirm the clinical value of Heartflow’s One platform and support its growing adoption in health systems worldwide.
Heartflow’s own financial performance in the third quarter of 2025 underscores the commercial momentum behind the technology. Revenue rose to $46.3 million, a 41% year‑over‑year increase driven by robust demand for FFR‑CT services and the expansion of its installed base. Gross margin improved to 76.5% from 75.7% the previous year, reflecting higher mix of high‑margin contracts and operational efficiencies. The company reported a net loss of $50.9 million, largely attributable to one‑time investment and restructuring charges that are expected to be absorbed in future periods. Management reaffirmed its full‑year 2025 revenue guidance of $173.0 million to $173.5 million, signaling confidence in continued growth of the FFR‑CT business.
Analysts responded positively to the study and the company’s earnings, raising their price targets and maintaining buy ratings. The favorable outlook reflects the strong revenue growth, margin expansion, and the demonstrable cost‑saving impact of the FISH&CHIPS study, which together reinforce Heartflow’s competitive position in the AI‑powered coronary artery disease diagnostics market.
CEO John Farquhar highlighted the study as evidence of the “second wave of growth” for Heartflow’s Plaque Analysis offering, while CFO Vikram Verghese emphasized the company’s focus on cost discipline and strategic investments in high‑return verticals. Their comments underscore a management view that the firm is well positioned to capitalize on the expanding adoption of FFR‑CT technology and the proven economic benefits demonstrated by the study.
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