JP Morgan has initiated coverage on Heartflow Inc (HTFL) with an Overweight rating, marking the firm's first assessment of the company since its IPO on August 8, 2025. The decision reflects JP Morgan's analysis of Heartflow's business model, industry dynamics, and growth prospects.
Heartflow operates within the health care sector, focusing on diagnosing coronary artery diseases. The company, headquartered in Mountain View, California, employs 699 full-time staff and leverages its innovative HeartFlow Platform, which utilises AI and advanced computational fluid dynamics to generate personalised three-dimensional models of patients' hearts from a single coronary computed tomography angiography (CCTA). This platform aids physicians in diagnosing and managing coronary artery disease (CAD) through its FFRCT and Plaque Analysis capabilities, alongside an intuitive RoadMap Analysis tool.
As of September 1, 2025, Heartflow's stock is priced at $26.86, with a market capitalisation of $2.4 billion. The upcoming earnings report on November 12, 2025, is anticipated to show an estimated EPS of -$0.22 and revenue of $42.8 million. Recent earnings performance has been mixed, with the Q3 2025 results showing an EPS of -$0.35, significantly below the expected -$0.22, resulting in a 56% surprise to the downside.
Analyst consensus, as of November 1, 2025, indicates a Buy rating, with 3 Strong Buy, 6 Buy, and 2 Hold ratings among 11 total analysts. Recent actions from other firms include Stifel and Canaccord Genuity, both initiating coverage with a Buy rating on September 2, 2025. The move underscores a growing interest in Heartflow's potential in the cardiovascular diagnostics market.