Heartflow, Inc (HTFL) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the HeartFlow first quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nick Laudico, Vice President of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 HeartFlow 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。我現在把會議交給今天的發言人——投資人關係副總裁 Nick Laudico。請開始。

Good afternoon, everyone, and welcome to the HeartFlow first quarter 2026 earnings conference call. Joining me today are John Farquhar, HeartFlow's President and Chief Executive Officer; and Vikram Verghese, our Chief Financial Officer.

各位下午好，歡迎參加 HeartFlow 2026 年第一季財報電話會議。今天與我一同出席的有 HeartFlow 總裁兼執行長 John Farquhar，以及我們的財務長 Vikram Verghese。

Today, we will walk you through our Q1 performance, share updates on our commercial momentum, innovation pipeline and clinical programs and provide financial guidance. A live Q&A session will follow. The earnings release accompanying today's discussion is available on our Investor Relations website at ir.heartflow.com. During this call, we will refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP figures can be found in today's earnings release.

今天我們將帶您回顧第一季表現，分享商業動能、創新產品管線與臨床計畫的最新進展，並提供財務指引。隨後將進行即時問答。配合今天討論的財報新聞稿已公布於我們的投資人關係網站 ir.heartflow.com。本次電話會議中，我們將提及若干非 GAAP 財務衡量指標；與最可比 GAAP 數字的調節表可見於今日的財報新聞稿。

I'd like to remind everyone that certain statements made on this call are forward-looking within the meaning of federal securities laws. These statements are based on management's current expectations and beliefs, involve risks and uncertainties, and actual results may differ materially. Please note that both this live call and a digital replay will be available shortly after the call concludes.

我想提醒各位，本次電話會議中的部分陳述依聯邦證券法之定義屬於前瞻性陳述。這些陳述基於管理層目前的預期與信念，涉及風險與不確定性，實際結果可能出現重大差異。另請注意，本次即時電話會議及數位重播將於會議結束後不久提供。

With that, I'll now turn the call over to John Farquhar, our CEO.

接下來，我把電話交給我們的執行長 John Farquhar。

Thank you for joining us. HeartFlow entered 2026 with the strongest momentum in our history, and the first quarter demonstrated how quickly that momentum is translating into results. Our AI-powered platform, our deeply embedded commercial footprint, the world's largest database of annotated CCTA images, which is now over 200 million combined to create an advantage that widens with every quarter.

感謝各位加入。HeartFlow 以公司史上最強勁的動能進入 2026 年，而第一季也展現這股動能正以多快的速度轉化為成果。我們的 AI 驅動平台、深度嵌入的商業佈局，以及全球最大的已標註 CCTA 影像資料庫（目前合計已超過 2 億筆）相互結合，形成一項每一季都在擴大的優勢。

In the first quarter of 2026, revenue was $52.6 million, up 41% year-over-year on 67% global case growth. Four factors drove the quarter. First, FFRCT utilization remains strong across the installed base. Second, the record class of new accounts that we added in 2025 is performing very well and ramping on schedule. Third, our Plaque launch is outperforming expectations. And lastly, the broader CCTA market continued to expand, supported by guidelines and strong reimbursement.

2026 年第一季營收為 5,260 萬美元，年增 41%，在全球病例量成長 67% 的帶動下達成。本季表現由四項因素驅動。第一，FFRCT 在既有裝機客戶中的使用率仍然強勁。第二，我們於 2025 年新增的創紀錄新客戶群表現非常出色，並按計畫順利爬坡。第三，我們的 Plaque 產品上市表現超出預期。最後，更廣泛的 CCTA 市場持續擴張，並受惠於臨床指引與強勁的給付（reimbursement）。

We also reached a meaningful milestone this quarter. HeartFlow has now helped physicians manage care of more than 650,000 patients worldwide. This scale of real-world commercial experience is unmatched in our category, and we continue to extend our leadership position with each quarter.

本季我們也達成一項重要里程碑。HeartFlow 目前已協助醫師管理全球超過 65 萬名病患的照護。如此規模的真實世界商業經驗在我們的類別中無可匹敵，我們也在每一季持續擴大領先地位。

The strength of our first-quarter performance gives us confidence to raise our full year outlook. We now expect to deliver total revenue of $228 million to $232 million, representing 29% to 32% year-over-year growth. We're also increasing our plaque-specific revenue outlook to $19 million to $21 million.

第一季表現的強勁讓我們有信心上調全年展望。我們目前預期全年總營收將達 2.28 億至 2.32 億美元，代表年增 29% 至 32%。我們也將 Plaque 相關營收展望上調至 1,900 萬至 2,100 萬美元。

Moving down the P&L. We're raising our non-GAAP gross margin guidance to approximately 81%. This is the high end of our prior range, driven by ongoing AI efficiencies, volume leverage and a higher mix of high-margin plaque revenue. At the midpoint of our revenue guidance, this implies year-over-year non-GAAP gross profit growth of approximately 37%. And finally, we remain committed to our midterm non-GAAP gross margin target of 85%.

接著看損益表。我們將非 GAAP 毛利率指引上調至約 81%。這位於先前區間的高端，主要受持續的 AI 效率提升、規模效益（volume leverage），以及高毛利的 Plaque 營收占比提高所帶動。以營收指引中位數計算，這意味著非 GAAP 毛利（gross profit）年增約 37%。最後，我們仍致力於中期非 GAAP 毛利率 85% 的目標。

Now turning to our three strategic pillars: commercial adoption, innovation and clinical evidence. I'll walk through each, starting first with commercial adoption. Within this pillar, there's three themes that played out in Q1. First, as expected, our FFRCT business is healthy and performed well. Second, our emerging Plaque business is accelerating ahead of expectations, and third, our platform strategy is taking hold. We're seeing it translate into deeper integration and increasing product utilization.

接下來談我們的三大策略支柱：商業採用、創新與臨床證據。我將逐一說明，先從商業採用開始。在這個支柱下，第一季呈現三個主題。第一，如預期，我們的 FFRCT 業務健康且表現良好。第二，我們新興的 Plaque 業務加速成長並超出預期。第三，我們的平台策略正在成形，正轉化為更深度的整合與更高的產品使用率。

Now relative to FFRCT, the performance of our core FFRCT business remains remarkably strong, characterized by durable utilization across our established base of existing accounts as well as our new additions. Our cohort of legacy accounts is large and growing, delivering consistent, predictable volumes month-over-month. This is a result of our unique product differentiation as the most accurate noninvasive test for CAD and the only product with lesion-specific FFRCT values, our base business remains as strong as ever.

就 FFRCT 而言，我們核心 FFRCT 業務的表現依然非常強勁，其特徵是在既有客戶基礎以及新增客戶中都維持穩健且持久的使用率。我們的既有客戶群規模龐大且持續成長，月與月之間提供一致、可預測的量能。這源自我們獨特的產品差異化：作為最精準的 CAD 非侵入性檢測，且是唯一能提供病灶（lesion）特異性 FFRCT 數值的產品；我們的基礎業務依舊一如既往地強勁。

Additionally, I'm very pleased with the performance of the accounts that we added into our installed base in 2025. This cohort of 340 accounts was the largest in HeartFlow's history and is ramping nicely in line with our expectations. Together, these factors reinforce my confidence in the long-term health and durability of our FFRCT business.

此外，我也非常滿意我們在 2025 年納入裝機基礎的客戶表現。這一批 340 家客戶是 HeartFlow 史上最大的一批新增客戶，目前正依照我們的預期順利爬坡。綜合這些因素，進一步強化我對 FFRCT 業務長期健康度與持久性的信心。

Now turning to Plaque, I'm pleased to report that adoption is ahead of our initial expectations. Activation of new Plaque accounts is ahead of schedule, and we're seeing strong early utilization trends. At a high level, the recently published ACC/AHA scientific statement on Plaque, the increasing payer coverage and the outstanding clinical and economic evidence that we shared at ACC in March, all contribute to growing awareness and demand for our HeartFlow Plaque Analysis.

接著談 Plaque。我很高興報告其採用進度超出我們最初的預期。新 Plaque 客戶的啟用（activation）進度超前，我們也看到強勁的早期使用趨勢。從宏觀層面來看，近期發表的 ACC/AHA 關於 Plaque 的科學聲明、保險支付方（payer）覆蓋範圍的擴大，以及我們在 3 月 ACC 會議分享的卓越臨床與經濟證據，都在推動市場對 HeartFlow Plaque Analysis 的認知與需求提升。

Closer to the front lines, our recently expanded territory account manager sales force is trained, focused and doing great work. These reps call directly on high-volume general cardiologists to raise awareness of our Plaque technology and clinical data as well as enable targeted medical education efforts. Everything we do in this regard underscores our proven accuracy and our clinical effectiveness and is an important step in the journey of driving widespread adoption of this new technology.

更貼近第一線，我們近期擴編的區域客戶經理（territory account manager）銷售團隊已完成訓練、聚焦明確，且表現出色。這些業務代表直接拜訪高病例量的一般心臟科醫師，以提升對我們 Plaque 技術與臨床數據的認知，並推動具針對性的醫學教育活動。我們在這方面所做的一切，都在強調我們已被驗證的準確性與臨床有效性，並且是推動這項新技術廣泛採用旅程中的重要一步。

The scale of our medical education efforts is significant. Over the last 12 months, we've held over 1,000 medical education events focused on Plaque generating over 100,000 physician impressions. As our customers gain experience with Plaque and see firsthand the value it can deliver for their patients, we're highly confident in the early trends we've seen in Q1 and that they'll translate to even better results longer term.

我們的醫學教育投入規模相當可觀。過去 12 個月，我們已舉辦超過 1,000 場以 Plaque 為主題的醫學教育活動，累計觸及超過 100,000 次醫師曝光（physician impressions）。隨著客戶對 Plaque 的使用經驗增加，並親眼看到其能為病患帶來的價值，我們對第一季所見的早期趨勢高度有信心，並相信長期將轉化為更佳成果。

Given this confidence, we've raised our 2026 Plaque revenue guidance, and we now expect our Plaque installed base to reach approximately 1,200 sites by the end of the year. Finally, we see a clear path to pricing expansion beginning later this year with more meaningful upside in 2027.

基於這份信心，我們上調了 2026 年 Plaque 營收指引，並預期 Plaque 裝機基礎在年底前將達到約 1,200 個據點。最後，我們也看到自今年稍晚開始的明確價格擴張路徑，並在 2027 年具備更具意義的上行空間。

Finally, a couple of comments on our HeartFlow platform, which we believe to be the most intelligent AI operating system in cardiovascular care and a very important component of our strategy. We're proud to be the only clinically validated AI platform to span the full continuum of care across coronary artery disease, from detection to diagnosis to management and treatment planning. Our platform is comprised of four tools: Roadmap, Plaque, FFRCT and now PCI Navigator. All powered by AI to independently provide precision and unique clinical insights and all working together as a unified solution.

最後，談幾點關於我們的 HeartFlow 平台。我們相信它是心血管照護中最智慧的 AI 作業系統，也是我們策略中非常重要的一環。我們很自豪能成為唯一經臨床驗證、可涵蓋冠狀動脈疾病全照護連續體的 AI 平台，從偵測、診斷到管理與治療規劃。我們的平台由四項工具組成：Roadmap、Plaque、FFRCT，以及現在的 PCI Navigator。全部由 AI 驅動，能各自提供精準且獨特的臨床洞見，並以統一解決方案協同運作。

Now I can't underscore this enough. Our customers are busy and operate in complex environments. In many cases, they're forced to make decisions and share information across settings of care and subspecialties. Simply stated, their job is hard. They do not want separate, discrete, ad hoc point solution.

我再怎麼強調都不為過：我們的客戶非常忙碌，且在複雜的環境中運作。許多情況下，他們被迫在不同照護場域與次專科之間做決策並分享資訊。簡而言之，他們的工作很難。他們不想要彼此分離、零散、臨時拼湊的單點解決方案。

For true adoption, they demand what our platform uniquely delivers, a unified clinical solution that provides both precision and seamless coordination across the continuum of care. Further, our platform strengthens as it expands. With each new technology we introduce, the flywheel of adoption accelerates. This is happening right now with the launches of Plaque and PCI Navigator. And lastly, I'd be remiss if I didn't also mention that we integrate seamlessly into our customers' workflow, effectively becoming the operating system of record for CAD across their hospitals, clinics and health systems.

要真正被採用，他們需要的是我們平台所獨特提供的：一套統一的臨床解決方案，能在整個照護連續體中同時提供精準度與無縫協調。此外，我們的平台會隨著擴張而更強大。每推出一項新技術，採用的飛輪就會加速。這正透過 Plaque 與 PCI Navigator 的上市在此刻發生。最後，我也必須提到，我們能無縫整合至客戶的工作流程，實質上成為其醫院、診所與醫療體系中 CAD 的記錄作業系統（operating system of record）。

Now turning to our second pillar, innovation. In April, we launched PCI Navigator and the feedback from interventional cardiologists has exceeded our expectations. For the first time, ICs can walk into the cath lab with a fully informed procedural plan already in hand, a level of preprocedural certainty that simply did not exist before. The tool runs on any computer and reduces procedural planning to minutes. We're executing a phased rollout through 2026 with broader introduction in 2027.

接著談我們第二個支柱：創新。4 月我們推出 PCI Navigator，而介入心臟科醫師（interventional cardiologists）的回饋超出預期。這是首次讓介入心臟科醫師能在進入導管室（cath lab）前，就已手握完整資訊的手術計畫；這種術前確定性在過去根本不存在。該工具可在任何電腦上運行，並將手術規劃時間縮短至數分鐘。我們將在 2026 年採分階段推廣，並於 2027 年更廣泛導入。

Now innovation doesn't just impact the top line. Our autonomous processing initiative, which we highlighted on our last earnings call, is progressing well and is on track. We entered the pilot phase in the first quarter and continue to expect a gradual rollout through the back half of 2026 and a multiyear impact beginning in 2027. The program underpins our midterm non-GAAP gross margin target of 85%. And finally, all of our innovation is enabled by a proprietary data set, an asset unmatched in our category.

如今，創新不僅僅影響營收。我們的自主處理計畫（我們在上次財報電話會議中重點提及）進展良好，且正按計畫推進。我們已於第一季進入試點階段，並仍預期在 2026 年下半年逐步推廣，並自 2027 年起帶來為期多年的影響。該計畫支撐我們中期非 GAAP 毛利率 85% 的目標。最後，我們所有的創新皆由一套專有資料集所驅動，這是一項在我們所屬類別中無可匹敵的資產。

As of early May, we reached the defining milestone. This data set now exceeds over 200 million annotated CCTA images. It's large, diverse and precisely annotated, and serves as the foundation for everything we do with respect to innovation. We've spent over 10 years training algorithms, and it supports our leading accuracy and reproducibility. It also enables our consistent cadence of innovation as evidenced by our track record of delivering at least one major launch each year.

截至 5 月初，我們達成了關鍵里程碑。這套資料集現已超過 2 億張已標註的 CCTA 影像。它規模龐大、多樣且標註精確，並作為我們所有創新工作的基礎。我們投入超過 10 年訓練演算法，並支撐我們領先的準確性與可重現性。它也使我們能維持穩定的創新節奏，從我們每年至少推出一項重大產品上市的紀錄即可見一斑。

Clinical evidence is our third pillar, and it remains central to our leadership in this category. We've built what we believe to be the deepest and most rigorous evidence base in this space with over 625 peer-reviewed publications and more than 200 clinical studies and trials. The breadth and depth of clinical validation, spanning accuracy, clinical utility cost effectiveness and outcomes, shapes how we develop and commercialize our technologies and continues to strengthen the trust we've earned with the physicians we serve.

臨床證據是我們的第三大支柱，並且仍是我們在此類別中保持領導地位的核心。我們已建立我們認為在此領域最深且最嚴謹的證據基礎，擁有超過 625 篇同儕審查論文，以及 200 多項臨床研究與試驗。涵蓋準確性、臨床效用、成本效益與結果的臨床驗證之廣度與深度，形塑了我們如何開發與商業化我們的技術，並持續強化我們與所服務醫師之間所建立的信任。

Our leadership was on full display at the American College of Cardiology Annual Scientific session this year. Our educational dinner was standing room only. Our mobile CCTA + HeartFlow program, where physicians received a live personalized analysis was oversubscribed. We view this level of engagement as part of the broader rising tide of interest in CCTA, with HeartFlow increasingly being at the center of the discussion.

今年在美國心臟病學會（American College of Cardiology）年度科學會議上，我們的領導地位展露無遺。我們的教育晚宴座無虛席。我們的行動式 CCTA + HeartFlow 計畫（醫師可獲得即時的個人化分析）報名超額。我們認為這種參與度反映了 CCTA 興趣提升的更廣泛趨勢，而 HeartFlow 也日益成為討論的核心。

Building on our body of clinical evidence, our 5,000-patient NAVIGATE-PCI registry is now ramping with sites activating and enrollment building. This study will generate one of the first large-scale prospective data sets, evaluating how an AI-driven, preprocedural planning tool influences PCI strategy and cath lab efficiency and it will extend our impact beyond diagnosis into treatment planning.

在既有臨床證據的基礎上，我們的 5,000 名患者 NAVIGATE-PCI 登錄研究目前正加速推進，各研究中心陸續啟動、收案持續增加。此研究將產生最早期之一的大規模前瞻性資料集，用以評估 AI 驅動的術前規劃工具如何影響 PCI 策略與導管室效率，並將我們的影響力從診斷延伸至治療規劃。

Beyond symptomatic disease, we're now advancing into the asymptomatic population, which we view as the next frontier of this category. To lead this expansion, we remain on track to initiate two randomized controlled trials in the second half of 2026, one for patients with prior MI or PCIs and another for patients with elevated calcium scores. The third RCT will focus on patients with prior plaque and will initiate in the first half of 2027.

除了有症狀的疾病之外，我們現在正推進至無症狀族群，我們視其為此類別的下一個前沿。為引領此一擴張，我們仍按計畫在 2026 年下半年啟動兩項隨機對照試驗（RCT）：一項針對既往有心肌梗塞（MI）或 PCI 的患者，另一項針對鈣化分數偏高的患者。第三項 RCT 將聚焦於既往有斑塊的患者，並將於 2027 年上半年啟動。

These studies are designed to expand our US addressable market by approximately $6 billion bringing our total addressable market to $11 billion over time. This clinical path not only builds on the depth of evidence for our platform, but it also puts us on a clear trajectory to begin accessing the incremental TAM before the end of the decade.

這些研究旨在將我們在美國的可觸及市場規模（addressable market）擴大約 60 億美元，使我們的總可觸及市場（TAM）隨時間推進達到 110 億美元。這條臨床路徑不僅建立在我們平台既有證據的深度之上，也讓我們走在清晰的軌道上，得以在本十年結束前開始觸及新增的 TAM。

In closing, the first quarter of 2026 translated our platform vision into financial results. FFRCT and Plaque Analysis working together are driving sustained volume growth, deeper clinical integration and more durable account level adoption. Plaque remains early, but it's ramping ahead of our expectations. With PCI Navigator now in the market, HeartFlow spans the full continuum of coronary artery disease from diagnosis through treatment planning, positioning us as an indispensable partner to the cardiovascular service line. This performance supports our increased guidance and reinforces our confidence in the trajectory of the business.

總結而言，2026 年第一季將我們的平台願景轉化為財務成果。FFRCT 與 Plaque Analysis 的協同正推動持續的量能成長、更深度的臨床整合，以及更具持久性的帳戶層級採用。Plaque 仍處於早期，但其爬坡速度超出我們的預期。隨著 PCI Navigator 現已上市，HeartFlow 覆蓋冠狀動脈疾病從診斷到治療規劃的完整連續體，使我們成為心血管服務線不可或缺的合作夥伴。此表現支撐我們上調的財測，並強化我們對業務發展軌跡的信心。

We remain focused on our mission to transform the detection, diagnosis and management of coronary artery disease and I'm grateful to the HeartFlow team for their continued dedication to the patients we serve and for all of their hard work. I'll now turn it over to Vikram to review our financial results and guidance.

我們仍專注於轉變冠狀動脈疾病的偵測、診斷與管理之使命，並感謝 HeartFlow 團隊持續致力於我們所服務的患者，以及他們所有的辛勤付出。接下來我將交給 Vikram，請他回顧我們的財務結果與財測指引。

Thanks, John, and good afternoon, everyone. Unless otherwise noted, my remarks reference the quarter ended March 31, 2026. All financial metrics I refer to other than revenue, will be non-GAAP, unless otherwise noted, and all growth rates will be year-over-year. Reconciliations to the comparable GAAP measure are in today's earnings release.

謝謝你，John，各位下午好。除非另有說明，我的發言將以截至 2026 年 3 月 31 日止的季度為準。除營收外，我提及的所有財務指標將為非 GAAP（除非另有說明），且所有成長率皆為年對年。與可比 GAAP 指標的調節表已載於今日的財報新聞稿中。

Total revenue for the first quarter was $52.6 million, up 41%. US revenue grew to $48.3 million, up 42%, inclusive of $3.2 million of Plaque revenue. OUS and other revenue grew to $4.3 million. Total global revenue cases for the quarter were 67,443, representing 67% growth driven by continued strength in US.

第一季總營收為 5,260 萬美元，成長 41%。美國營收成長至 4,830 萬美元，成長 42%，其中包含 320 萬美元的 Plaque 營收。美國以外（OUS）及其他營收成長至 430 萬美元。本季全球總營收案例數為 67,443 例，年增 67%，主要由美國市場持續強勁所帶動。

FFRCT, strong contribution from accounts added in 2025, better-than-expected Plaque adoption and continued expansion of the CCTA market. We continue to see strong utilization in the quarter at both existing and new accounts, consistent with historical ramp dynamics we have described previously.

FFRCT 的表現受惠於 2025 年新增帳戶的強勁貢獻、優於預期的 Plaque 採用，以及 CCTA 市場的持續擴張。我們在本季於既有與新帳戶皆持續看到強勁的使用量，與我們先前所描述的歷史爬坡動態一致。

New accounts continue to take about a year to ramp to near full FFRCT utilization, while existing accounts continue to demonstrate durable and consistent utilization patterns. As a reminder, FFRCT is applicable in approximately 33% of CCTAs, which means maximum FFRCT utilization in an account is approximately 1/3 of CCTA volume. We again saw particular volume strength in the clinic setting, which remains a rapidly growing and strategically important segment of the market, along with continued adoption of our volume-based rebate pricing structure.

新帳戶通常需要約一年時間爬坡至接近完整的 FFRCT 使用量，而既有帳戶則持續展現穩健且一致的使用型態。提醒一下，FFRCT 約適用於 33% 的 CCTA，這表示單一帳戶的 FFRCT 最大使用量約為其 CCTA 量能的三分之一。我們再次看到門診診所場景的量能特別強勁；該場景仍是市場中成長快速且具策略重要性的區隔，同時我們的按量回饋（rebate）定價結構也持續被採用。

Finally, we continue to expand our installed base at a rapid pace during the first quarter, driven by strong execution from our commercial organization and Plaque Analysis adoption that was ahead of expectations. As a reminder, we provide installed base metrics on an annual basis only.

最後，我們在第一季持續以快速步伐擴大我們的裝機基礎（installed base），這得益於商業團隊的強力執行，以及超出預期的 Plaque Analysis 採用。提醒一下，我們僅按年度提供裝機基礎指標。

Turning to gross margin. First quarter gross margin reached 80.5% compared to 75.3% in the first quarter of 2025. The year-over-year improvement reflects volume leverage, increased production efficiency and continued progress in AI-enabled automation, supported by ongoing training on our proprietary CCTA image database.

接著談毛利率。第一季毛利率達到 80.5%，相較於 2025 年第一季的 75.3%。年對年的改善反映了量能槓桿、產能效率提升，以及在 AI 驅動自動化方面的持續進展；這些進展由我們專有 CCTA 影像資料庫的持續訓練所支撐。

Operating expenses reflect disciplined investment behind our highest priority growth initiatives. First quarter SG&A expenses were $38.3 million driven by targeted investments in our commercial team to further drive adoption of the HeartFlow platform. Research and development expenses were $19.5 million as we continue to fund the innovation cadence John described, along with the clinical evidence required to support new product adoption and expand our addressable markets. Non-GAAP operating expenses were 110% of revenue versus 116% a year ago. Non-GAAP operating loss was $15.5 million compared to $15 million last year, demonstrating improving operating leverage while we continue to invest for growth.

營業費用反映我們在最高優先順序的成長計畫上進行有紀律的投資。第一季銷售、一般及行政（SG&A）費用為 3,830 萬美元，主要來自對商業團隊的精準投資，以進一步推動 HeartFlow 平台的採用。研發費用為 1,950 萬美元，我們持續投入 John 所描述的創新節奏，以及支持新產品採用並擴大可觸及市場所需的臨床證據。非 GAAP 營業費用占營收比為 110%，低於一年前的 116%。非 GAAP 營業損失為 1,550 萬美元，去年同期為 1,500 萬美元，顯示在我們持續投資成長的同時，營運槓桿正在改善。

Non-GAAP net loss was $13.3 million or a loss of $0.16 per share compared to a non-GAAP net loss of $19.2 million or a loss of $3.11 per share in the first quarter of 2025. On a GAAP basis, net loss was $27.4 million or a loss of $0.32 per share. GAAP net loss includes a $7.5 million noncash impairment charge associated with our facilities optimization and headquarters relocation to San Francisco. Weighted average basic and diluted shares outstanding were 85.6 million in the quarter.

非 GAAP 淨損為 1,330 萬美元，或每股虧損 0.16 美元；相較之下，2025 年第一季非 GAAP 淨損為 1,920 萬美元，或每股虧損 3.11 美元。按 GAAP 計，淨損為 2,740 萬美元，或每股虧損 0.32 美元。GAAP 淨損包含一筆 750 萬美元的非現金減損費用，與我們的設施最佳化及總部遷至舊金山相關。本季加權平均基本及稀釋在外流通股數為 8,560 萬股。

Turning to the balance sheet. We ended the quarter with $254.9 million in cash, cash equivalents and investments. We continue to have high confidence that we are well capitalized to fund operations through profitability while continuing to invest in R&D and commercial expansion.

接著看資產負債表。我們在本季末持有 2.549 億美元的現金、約當現金及投資。我們仍高度有信心，公司資本充足，能在持續投資研發與商業擴張的同時，為營運提供資金直至達成獲利。

Turning to our updated outlook for 2026. Given the momentum in our core business and acceleration in Plaque, we are raising our expectations for the full year. We now expect total revenue of $228 million to $232 million, representing 29% to 32% growth. We're increasing our Plaque-specific revenue outlook to $19 million to $21 million. We continue to expect more material adoption in the second half of the year as clinicians gain clinical experience and broaden adoption.

接著說明我們更新後的 2026 年展望。鑑於核心業務的動能以及 Plaque 的加速成長，我們上調對全年表現的預期。我們目前預期總營收為 2.28 億至 2.32 億美元，代表 29% 至 32% 的成長。我們也將 Plaque 相關營收展望上調至 1,900 萬至 2,100 萬美元。隨著臨床醫師累積臨床經驗並擴大採用，我們仍預期在下半年會出現更為顯著的採用。

Based on our 1Q performance, we're also raising our full year non-GAAP gross margin guidance to approximately 81%, up 400 basis points year-over-year. The drivers of our gross margin outlook include continued volume efficiencies, increased AI-enabled automation and a higher mix of high-margin Plaque revenue. The midpoint of our revenue guidance implies approximately 37% gross profit growth in 2026.

根據我們第一季的表現，我們也將全年非 GAAP 毛利率指引上調至約 81%，較去年同期提升 400 個基點。我們毛利率展望的驅動因素包括持續的規模效率提升、AI 賦能自動化的增加，以及高毛利 Plaque 收入占比提高。我們收入指引的中位數意味著 2026 年毛利約成長 37%。

Finally, as John mentioned, we remain committed to our midterm non-GAAP gross margin target of 85%. This reflects our confidence in continued AI-enabled production efficiencies through our autonomous processing initiatives, scaling Plaque revenue and sustained volume leverage as the platform grows. We also remain on track to achieve cash flow profitability within three years of our IPO.

最後，如 John 所提到的，我們仍致力於中期非 GAAP 毛利率 85% 的目標。這反映了我們對於透過自主處理（autonomous processing）計畫持續實現 AI 賦能的生產效率、擴大 Plaque 收入規模，以及隨著平台成長而持續釋放的規模槓桿的信心。我們也仍按計畫在 IPO 後三年內達成現金流獲利。

I would now like to turn it back to John for summary closing remarks.

接下來我想把時間交還給 John，請他做總結性的結語。

Thank you, Vikram, and thank you all for joining us today. We appreciate your continued interest and your support as we work to advance the HeartFlow AI platform as the new standard for care detecting, diagnosing, managing and treating coronary artery disease. We're excited about the start to 2026, and we continue to expect a milestone year.

謝謝你，Vikram，也謝謝各位今天加入。我們感謝各位持續的關注與支持，讓我們能推進 HeartFlow AI 平台，成為偵測、診斷、管理與治療冠狀動脈疾病的新照護標準。我們對 2026 年的開局感到振奮，並且仍預期這將是里程碑的一年。

With that, I'll turn the call over to the operator for Q&A. Operator?

那麼，我將把電話會議交給接線員進行問答。接線員？

(Operator Instructions) Robbie Marcus, JPMorgan.

（接線員指示）Robbie Marcus，摩根大通。

This is [Allen] on for Robbie. Just want to start off with Plaque and the updated guide. Clearly, you began the year with a much stronger-than-expected quarter, I think, relative to our expectations, sort of came in double what we had been forecasting on a revenue perspective, and you raised the guide by roughly $4 million. So it looks like you're not pulling forward all of the upside. How much of that reflects maybe a little bit of a faster start to pull-forward to the first quarter relative to the rest of the year? And what are you seeing in second quarter that supports the rest of the guidance?

我是代替 Robbie 的 [Allen]。我想先從 Plaque 和更新後的指引談起。很明顯，你們今年開局的季度表現遠強於預期，我想相對於我們的預期而言，從收入角度看大概是我們先前預測的兩倍，而你們將指引上調了約 400 萬美元。所以看起來你們並沒有把所有的上行都提前反映。這當中有多少是因為相較於今年其餘時間，第一季的啟動速度更快、把部分需求拉到第一季？以及你們在第二季看到什麼，能支撐其餘的指引？

Yes, sure. So thanks for the question. I'll give you some thoughts, and I'll let Vikram sort of speak to how that plays throughout the subsequent quarters. I would say, from an adoption standpoint, the way we think about there's really three drivers here, okay? The first is coverage, and we talked about this coming into the year, but we've made progress since then.

好的，當然。謝謝你的問題。我先分享一些看法，然後讓 Vikram 說明這在後續季度如何體現。我會說，從採用（adoption）的角度來看，我們認為主要有三個驅動因素，好嗎？第一個是保險覆蓋（coverage）。我們在年初就談過這點，而且此後也取得了進展。

As of the end of March, we're now at 75% total covered lives. So that's a really good place to be, and we're happy with that. And this is, again, a function of us taking our DECIDE data which is the largest prospective data set of its kind. We're taking that to payers to open and expand coverage. And we've still got work to do. There's a fairly long tail of payers, but I feel good about the team's execution and where we're sitting from a coverage standpoint.

截至 3 月底，我們目前的總覆蓋人數（covered lives）已達 75%。這是一個非常好的位置，我們也很滿意。這同樣是因為我們把 DECIDE 數據——這是同類中最大的前瞻性資料集——帶給付款方（payers），以開啟並擴大保險覆蓋。我們仍有工作要做，因為付款方存在相當長的尾端，但我對團隊的執行力以及我們在覆蓋面上的位置感到樂觀。

The second piece is we need to get Plaque into our installed base. And I mentioned in the prepared remarks, we're now upping our guide relative to installed base. I've got high confidence we'll be at about 1,200 by the end of the year. And this is a function of just, again, really strong market demand. I'm in the fortunate position where I can see the funnel moving forward. I think the funnel looks really good. So I feel good on where we're taking Plaque relative to our installed base.

第二點是，我們需要把 Plaque 導入我們的既有裝機客戶（installed base）。我在事先準備的發言中提到，我們現在也上調了相對於 installed base 的指引。我非常有信心年底可達到約 1,200。這同樣是因為市場需求非常強勁。我很幸運能看到銷售漏斗（funnel）的推進，我認為漏斗看起來非常好。因此，對於我們在 installed base 中推進 Plaque 的進度，我感覺良好。

And then the third piece and probably the most important is we need to get out with cardiologists, and we need to help them understand how to use plaque with their patients. Far and away, probably the number one question I get is, this technology is amazing. It's really interesting, but how do I actually use it with my patients. So we lean very hard into medical education. We've got a great stable of physician partners that speak on our behalf. Since last year, we've done over 1,000 events, and we continue to do that.

第三點、也可能是最重要的一點，是我們需要走向心臟科醫師，並協助他們理解如何把 plaque 用在病人身上。我收到的問題中，遠遠最多的是：這項技術很驚人、很有意思，但我到底要怎麼在我的病人身上使用？因此我們非常重視醫學教育。我們有一群很棒的醫師合作夥伴，能代表我們發聲。自去年以來，我們已舉辦超過 1,000 場活動，而且仍在持續進行。

And so I would say across all of these dimensions, everything is performing really well. I think that sort of underscores the confidence in raising our guide. Now I will say in spite of the optimism, we're still really early in the adoption cycle.

所以我會說，在這些面向上，一切表現都非常好。我認為這也凸顯了我們上調指引的信心。不過我也要說，儘管我們很樂觀，但我們仍處於採用週期的非常早期。

So you think about the components of that, first, you need to get contracted with the account, you need to get the workflow up and running, installed, et cetera. Then you've got to get confidence in the reimbursement. So accounts don't open the floodgates right away, they want to trust that payment is coming through. There's no denials, et cetera. And then ultimately, physicians need to use it with their patients to help manage them medically and then those patients need to come back after a period of time and hopefully show some improvement.

你想想其中的組成：首先，你需要與該客戶簽約，並把工作流程建立並運行、完成安裝等等。接著你必須對報銷（reimbursement）建立信心。因此客戶不會立刻全面放量，他們希望確信款項能順利支付、沒有拒付（denials）等等。最後，醫師需要把它用在病人身上，協助進行醫療管理，然後病人需要在一段時間後回診，並希望看到一些改善。

So we're working through that adoption cycle right now. I'm really happy with the team's execution. And I've got really -- my optimism on the future of Plaque is as strong as it's ever been. Now with that, I'll let Vikram kind of speak to kind of how this plays out throughout the rest of the guide.

所以我們正在推進這個採用週期。我對團隊的執行非常滿意。而且我對 Plaque 未來的樂觀程度，和以往任何時候一樣強。那麼接下來我讓 Vikram 來談談這在其餘指引期間如何展開。

Yes. Thanks, John. I'll start with comments on Q1. It was a strong quarter for us. We did north of $3 million in revenue, and that was really driven by better utilization as well as stronger new account additions.

好的，謝謝你，John。我先談第一季。對我們而言這是一個強勁的季度。我們收入超過 300 萬美元，主要由更好的使用率（utilization）以及更強的新客戶新增所驅動。

Our pricing was in line with expectations. Keep in mind, the category 1 CPT code, for Plaque went live in early Jan., which supported the sequential step-up that we saw from 4Q to Q1.

我們的定價符合預期。請記住，Plaque 的第 1 類 CPT 代碼在 1 月初正式上線，這支持了我們從第四季到第一季所看到的環比提升。

Now relative to phasing of revenue, I wouldn't characterize this as a pull-forward of any kind. It really shows sustained and strong momentum in the business. All the metrics we track point to continued adoption momentum, similar to our last guide. It's still early in the year, and this is a high conviction guide that sets us up well to outperform. And then finally, I do want to reinforce, we continue to expect Plaque to be back-half weighted, and that really reflects the adoption curve that John described.

至於收入的分期（phasing），我不會把這描述為任何形式的提前拉貨（pull-forward）。這更顯示出業務持續且強勁的動能。我們追蹤的所有指標都指向持續的採用動能，與我們上一版指引一致。現在仍是年初，這是一份高信心的指引，也讓我們有很好的基礎去超越目標。最後我也想再次強調，我們仍預期 Plaque 會呈現下半年權重較高（back-half weighted），這確實反映了 John 所描述的採用曲線。

And then I just had a quick follow-up on the spend side. Good to see gross margin ticking up to the higher end of the range supported by that strong Plaque number. But I think operating spend did come in a touch higher than we had been expecting. I think previously, we had been looking to $223 million to $224 million in OpEx for the year.

我還有一個關於支出端的追問。很高興看到在強勁的 Plaque 數字帶動下，毛利率上升到區間的高端。但我認為營運支出確實比我們原先預期略高一些。我想先前我們預期全年 OpEx 約為 2.23 億到 2.24 億美元。

Based on the first quarter run rate, it looks like you're going to be coming in a step above that. What really drove that spend in the first quarter? And should we use that as the right run rate for SG&A and R&D for the rest of the year going forward?

從第一季的運行率（run rate）來看，你們似乎會比那個水準再高一階。第一季是什麼因素真正推動了這些支出？而我們是否應把這視為未來全年 SG&A 與 R&D 的合理 run rate？

Yes. Thanks for the question there. The first quarter OpEx, I would say, was increased sequentially, and that really was a reflection of the full quarter impact and investments were made in the fourth quarter. We also made the conscious decision to front-load certain investments early in the year, particularly around medical education, given our expectations on Plaque and the importance of supporting that effectively through the year. Importantly, I would say, even with those investments, EBIT came in favorable to our expectations, which reflects the continued discipline across the broader cost structure.

好的，謝謝你的問題。第一季的 OpEx 我會說是環比增加，而這主要反映了第四季所做投資在第一季的完整季度影響。我們也有意識地決定在年初提前投入某些投資，特別是在醫學教育方面，考量到我們對 Plaque 的預期，以及全年有效支持其推廣的重要性。重要的是，即便有這些投資，EBIT 仍優於我們的預期，這反映了我們在更廣泛的成本結構上持續保持紀律。

Now to your question on 2026 OpEx. For the full year '26, we continue to expect OpEx as a percentage of revenue, which is an important metric we track to decline year-over-year. There's some puts and takes within the cost base. On the clinical front, we'll have some favorable sequencing of costs, DECIDE-related spend would phase out. We'll see that will create capacity for the investments we want to make in the asymptomatic RCT.

至於你問的 2026 年 OpEx。對於 2026 全年，我們仍預期 OpEx 佔收入的比例——這是我們追蹤的一個重要指標——將較去年下降。成本基礎內部會有一些此消彼長。在臨床方面，我們會有一些有利的成本時序安排，與 DECIDE 相關的支出將逐步結束。這將為我們希望在無症狀 RCT 上進行的投資釋放空間。

We're also absorbing some incremental legal spend, but that's partially offset by the savings from the sublease of the facility. So net-net, we expect OpEx to increase modestly on a sequential basis through 2026. But combined with the continued margin expansion that should drive a meaningfully narrower loss -- operating loss versus '25. All that being said, given the underlying drivers of the business, we continue to expect cash flow profitability by that mid-2028 time frame.

我們也會吸收一些額外的法律支出，但這部分會被場地轉租（sublease）帶來的節省所部分抵銷。因此整體而言，我們預期 OpEx 在 2026 年將以溫和的幅度逐季增加。但結合持續的毛利率擴張，應能推動虧損顯著收窄——也就是相較於 2025 年的營業虧損。綜合以上，考量到業務的基本驅動因素，我們仍預期在 2028 年年中左右達成現金流獲利。

Matthew O'Brien, Piper Sandler.

Matthew O'Brien，Piper Sandler。

This is Samantha on for Matt. Could you talk a little bit more about how the distribution of Plaque account is trending across the installed base? Did you target large centers first and now going broad, just a little bit more depth there.

我是 Samantha，代替 Matt 發言。您能否再多談一點 Plaque 帳戶在既有裝機客戶群中的分布趨勢？你們是否先鎖定大型中心，現在再擴大到更廣泛的客戶？想請你再深入說明一下。

Yes, sure. And thanks for the question. I think bottom line, I would say the distribution is fairly even across any cohort you want to cut it. The biggest difference at this point that I see is more tilted towards our existing accounts, being the first ones to get it and then the new accounts are just now coming online.

好的，當然。謝謝你的問題。我想總結來說，我會說不論你用任何方式切分族群，分布都相當平均。目前我看到最大的差異是：較偏向我們既有帳戶先取得並上線，而新帳戶則是現在才陸續啟用。

And the dynamic that drives that, just so you know, is these were all by and large contracts that were put in front of customers last year. And so then as they move through the funnel, the first ones to go live are within our existing accounts.

而造成這種情況的動態是——讓你了解一下——這些合約大多是在去年就已提供給客戶。因此當它們在漏斗中往前推進時，最先上線的通常會是在我們既有帳戶之內。

Now moving forward, I would say, from Q2 and beyond, we'll see more and more new accounts come in that will have the full platform from the get-go. At the end of the day, we go where the demand is. And so I'm not reading too much into it one way or another on sort of an existing versus new standpoint. I think your question was probably a little bit more towards the size of the cohort, large, medium and small. I see that spread pretty evenly at this point, and I wouldn't expect that dynamic to change. As I mentioned, we've got good visibility into the funnel, and it looks pretty relative that way.

接下來我會說，從第二季起以及之後，我們會看到越來越多新帳戶加入，並且從一開始就會擁有完整平台。歸根結底，我們會跟著需求走。所以就「既有」對比「新」這個角度，我不會過度解讀。我想你的問題可能更偏向於族群規模——大型、中型與小型。我目前看到的分布也相當平均，而且我不預期這個動態會改變。如我提到的，我們對漏斗有很好的能見度，看起來也確實是相當平均。

We still got -- as I mentioned, we've got really good confidence that there's more accounts to go add. And as we add more, as I mentioned, there'll be more new accounts coming in. But that 1,200 kind of [IV] call for plaque by the end of the year. That's a new one, and we've got good confidence in that. And I'd also just say relative to adding new accounts.

我們仍然——如我提到的——對還有更多帳戶可以新增非常有信心。隨著我們新增更多，如我所說，會有更多新帳戶進來。不過，到年底 Plaque 的 1,200 個左右的[IV]裝機量目標，這是新的目標，我們對此很有信心。我也想補充一下，關於新增新帳戶這件事。

The total hunting ground, just as a reminder, is about 3,200. That's about 300 accounts more than there were last year. So I think there's still a really good runway out there to continue to bring on to the franchise.

總的可開發市場（hunting ground），提醒一下，大約是 3,200 個帳戶。這比去年多了大約 300 個帳戶。所以我認為前方仍有非常好的跑道，可以持續把更多客戶納入我們的版圖。

John Young, Canaccord.

John Young，Canaccord。

Congratulations on the quarter. I just want to also touch on Plaque, if I can, on ASPs. Could you just speak -- add a little bit more additional color on Plaque ASP expectations for this year? Generally, how long are existing contracts in terms of timing for ASP increases? Have you been able to take price? And how should we think about the price point new accounts are being on board at relative to Plaque reimbursement today?

恭喜本季表現。我也想談一下 Plaque 的 ASP（平均銷售價格）。能否請你再補充一些今年 Plaque ASP 的預期？既有合約在 ASP 調升的時間安排上通常有多長？你們是否已經能夠調漲價格？以及我們應該如何看待新帳戶的導入價格點，相對於目前 Plaque 的報銷水準？

Yes. Thanks for the question, John. I'll provide some commentary, high level on how we look at pricing. Just by the way of background, many of our early Plaque contracts were really structured with attractive pricing for principally two reasons: first, to accelerate account activation and really drive early adoption. And I think we're doing a great job there.

好的。謝謝你的問題，John。我先從高層次說明我們如何看待定價。作為背景，我們早期許多 Plaque 合約在結構上採用了較具吸引力的定價，主要有兩個原因：第一，是為了加速帳戶啟用並推動早期採用。我認為我們在這方面做得非常好。

And then the second, because reimbursement was more limited at that time. It was really principally Medicare reimbursement. So it's also worth noting that within our contracts with our customers, we do have mechanisms for price increases to step up over time.

第二個原因是，當時的報銷範圍較有限，主要是 Medicare 的報銷。同時也值得注意的是，在我們與客戶的合約中，確實有機制讓價格能隨時間逐步上調。

You may recall, in the March earnings call, we had already increased our Plaque ASP expectations for 2026. Now with the visibility we have, we continue to see upside to current consensus with really more favorable pricing becoming visible in 2027 and beyond.

你可能記得，在 3 月的財報電話會議中，我們已經上調了 2026 年 Plaque ASP 的預期。以我們目前的能見度來看，我們仍持續看到相對於目前市場共識的上行空間，而更有利的定價在 2027 年及之後會變得更清晰可見。

Okay. Great. And then just as a follow-up, too. Our survey work has been suggesting some strong unawareness in the clinical community still about Plaque reimbursement. Do you see that as well? And are there any plans for education to overcome the hurdle?

好的，很好。再追問一下：我們的調查顯示，臨床社群對 Plaque 報銷仍存在相當程度的不了解。你們也有看到這種情況嗎？是否有任何教育計畫來克服這個障礙？

Yes, I think you said you heard that in your survey. That doesn't surprise me. And depending on where you are in the market, I think that's fair that, that could be the case. I think in general, I would describe awareness of Plaque as low. I mean, that's part of this kind of category creation effort under which we're undertaking.

是的，我想你說你在調查中聽到這點，這不讓我意外。也取決於你所在的市場位置，我認為那樣的情況確實可能存在。整體而言，我會形容對 Plaque 的認知度偏低。我的意思是，這也是我們正在推動的這種「品類創造」工作的一部分。

A large part of that is clinical education, as I mentioned. But another part of that is the reimbursement that comes with it. I mentioned this dynamic, customers need to understand the Category 1. They need to understand the payment dynamic in their ZIP code. They need to trust that the payment is going to come through after a submission and there's not going to be a denial, what have you.

其中很大一部分是臨床教育，如我提到的。但另一部分是隨之而來的報銷。我提過這個動態：客戶需要理解 Category 1；需要理解其郵遞區號（ZIP code）所在地的支付機制；需要相信在提交申請後款項會順利核付，不會被拒付等等。

All of that is part and parcel of the work we do to help to develop the category. So my expectation is that was probably the case earlier this quarter. It will probably still be the case in future quarters, just to a lesser degree as we continue to do our work.

這些都是我們協助建立這個品類所做工作的組成部分。因此我的預期是：這在本季較早的時候可能確實如此；未來幾季可能仍會如此，只是隨著我們持續推進工作，程度會逐步降低。

Rick Wise, Stifel.

Rick Wise，Stifel。

John, congratulations on the really another outstanding, if not brilliant quarter. And in that spirit, you've given us -- you beat street numbers, you beat our numbers and you raised by more than beat. So I feel slightly embarrassed but not so embarrassed, I'm not going to ask. When I think back and look back over the last couple of years, you've been growing 40%-ish kind of character or better. The midpoint of the guide, the new guide is I think I'm right in saying sort of 30% or so.

John，恭喜你們又交出一個非常出色、甚至可說是精彩的一季。延續這個氛圍，你們不僅超越市場預期，也超越我們的預期，而且上調指引的幅度還超過「只是超越」的程度。所以我有點不好意思，但也沒那麼不好意思到不問問題。回頭看過去幾年，你們的成長大概是 40% 左右或更高。而新指引的中位數，我想我說得沒錯，大概是 30% 左右。

Maybe just help us think through in a little more detail, I'll call it your conservatism in light of, not just the past performance, but really impressive continued rollout of innovation, as you said, adding new accounts, expanding reimbursement, Plaque moving faster. Maybe just help us put that in context. It's clear that the -- even looking into '27, the outlook is extremely positive. And maybe just talk about how we should think about it? And maybe where the drivers of upside could come from?

能否再更詳細地幫我們理解一下——我稱之為——你們的保守性？不只是基於過去的表現，還包括你們持續令人印象深刻的創新推廣：如你所說，新增帳戶、擴大報銷、Plaque 推進更快。請幫我們把這放在脈絡中理解。很明顯，即使看到 2027 年，前景也非常正面。也請談談我們應該如何看待？以及上行驅動因素可能來自哪裡？

Yes. Sure, Rick. And thanks for the question. So I think you're probably familiar with our guidance philosophy at this point. But when we give guidance, we want it to be a high-conviction guidance, okay?

好的，當然，Rick。謝謝你的問題。我想你現在應該已經熟悉我們的指引哲學了。但當我們給出指引時，我們希望那是高信心（high-conviction）的指引，好嗎？

And I would certainly characterize this one within the same light. I've got really high confidence in this raise. When I think about sort of the biggest drivers of it. Number one is our FFRCT business continues to be strong and durable and predictable. We talked about in 2025, we had the biggest year ever in terms of bringing on new accounts. We brought on 340 new accounts. That -- those accounts are really starting to pay off well, okay?

我也會把這次的指引提升視為同樣的做法。我對這次上調非常有信心。談到最大的驅動因素：第一，我們的 FFRCT 業務持續強勁、具韌性且可預測。我們提到在 2025 年，我們在新增帳戶方面創下歷史最佳的一年，新增了 340 個新帳戶。這些帳戶現在開始帶來很好的回報，好嗎？

They are ramping on schedule, and we've got -- I've got really high confidence that they'll get up to sort of that higher utilization range that we historically see. So I feel good in that regard. Then you mentioned Plaque. Plaque is this sort of next layer of the cake growth, so to speak. Every metric we track internally is ahead of plan, okay?

它們正按計畫爬坡，我也非常有信心它們會提升到我們歷來看到的較高使用率區間。所以在這方面我感覺很好。接著你提到 Plaque。Plaque 可以說是成長蛋糕的下一層。就我們內部追蹤的每一項指標而言，都超出計畫，好嗎？

It doesn't mean we're where we want to be, but I'm very, very pleased with it. And that's both relative to volumes as well as new accounts coming through. And that underscores our -- the guide that Vikram mentioned that underscores that 1,200 account installed base by the end of the year. We're still really early, but I feel better now than I ever have relative to Plaque. And I should also say qualitatively when I'm out in the market with customers, the feedback is outstanding. It's just working through this kind of adoption cycle that we've discussed, and that's hard to rush, okay.

這不代表我們已經達到想要的程度，但我非常、非常滿意。這同時反映在量（volumes）以及新帳戶導入上。這也支撐了我們——Vikram 提到的指引——也就是年底達到 1,200 個帳戶的裝機基礎。我們仍然非常早期，但就 Plaque 而言，我現在的信心比以往任何時候都更高。我也要補充，從質性角度來看，當我在市場上與客戶交流時，回饋非常出色。只是我們正在走過我們討論過的採用週期，而這很難加速，好嗎。

And then the last piece is just the wind at the sales of the overall CCTA category. I think we like to say we're on the right side of history here, as this structural shift from older modalities for noninvasive testing towards a CT first pathway. We think that's a multiyear tailwind and that's certainly a component as well. So from that standpoint, I've got good confidence in this guide. And relative to the guiding philosophy, Vikram, I don't know if you have anything to add on that.

最後一塊是整體 CCTA 品類的順風。我們常說我們站在歷史正確的一邊：非侵入性檢測正從較舊的檢測方式結構性轉向「CT 優先」的路徑。我們認為這是多年期的順風，這當然也是其中一個因素。因此從這個角度，我對這份指引很有信心。至於指引哲學這點，Vikram，不知道你是否要補充？

Yes. Thanks, John. I'll just reinforce from my perspective, again, to what John said. This is a high-conviction starting point that really preserves room for operational upside as the year unfolds. And relative to the FFRCT business, we meaningfully outperformed our expectations on both volumes and revenues in 1Q based on that performance and the visibility we have. We have meaningfully increased our volume and growth assumptions versus the March guide. We also have a clear path here to further strengthen the growth outlook as the year progresses.

是的。謝謝，John。我再從我的角度補充強調一下，也呼應 John 所說的。這是一個高信心的起點，能在今年推進的過程中，保留相當大的營運上行空間。就 FFRCT 業務而言，基於第一季的表現以及我們目前掌握的能見度，我們在量與營收兩方面都明顯優於預期。我們也相較於 3 月的指引，顯著上調了對量與成長的假設。此外，隨著年度推進，我們也有清晰的路徑進一步強化成長展望。

Now second on Plaque, I would characterize this as a derisked guide based on the early trends we're seeing in Q1. It is still early in the fiscal year, and we continue to believe Plaque revenues will be back-half weighted. John talked about the conviction behind the 1,200 Plaque accounts by the year-end. And that's really supported by the funnel and the high visibility we have on the commercial front.

第二點談 Plaque（斑塊），我會把這視為基於我們在第一季看到的早期趨勢而「去風險化」的指引。會計年度才剛開始，我們仍然相信 Plaque 營收會偏向下半年。John 談到年底達到 1,200 個 Plaque 帳戶的信心，而這確實受到漏斗（funnel）以及我們在商業端所掌握的高度能見度所支持。

And finally, we also did outperform expectations on new site additions, which we believe is a strong indicator of continued interest in the HeartFlow pathway. In sum, I would characterize this guide as a durable base case with really multiple paths to drive performance above the top end of the range.

最後，我們在新增站點（new site）方面也優於預期，我們認為這是市場對 HeartFlow 流程（pathway）持續有興趣的強力指標。總結來說，我會把這份指引形容為一個具韌性的基本情境（base case），而且有多條路徑可以推動表現超越區間上緣。

Yes, it's exciting to hear. And just another topic I'm hoping you're going to expand on a little bit is what I -- sort of my reaction was that tsunami of annotated CCTA images, you're accumulating and rapidly building, now over 200 million. Back in January, I think you were talking about over 160 million. And I don't know whether this number makes any sense, but it feels like you could be at, I don't know, 300 million by the end of this year or early next year.

是的，聽起來很令人振奮。另一個我希望你能再多談一點的主題是——我的反應是，你們正在累積並快速建立那一大波已標註（annotated）的 CCTA 影像，現在已超過 2 億張。回到 1 月，我記得你們談的是超過 1.6 億張。我不知道這個數字是否合理，但感覺到今年底或明年初，你們可能會到——我不知道——3 億張。

Regardless of that number, can you talk through the implications for HeartFlow, the multifaceted implications from this really rapid accumulation of these images relative to the speed of the platform, to the adoption, to the implications for your COGS, your margins. Maybe just any updated thinking and color and perspective there.

不論最終數字是多少，你能否談談這對 HeartFlow 的影響——這種快速累積影像在多個面向的意涵，包括平台速度、採用率、對你們 COGS（銷貨成本）、毛利率的影響。也請分享任何最新的想法、補充說明與觀點。

Yes, sure. Thanks. Good question. So yes, so we've passed the 200 million annotated image threshold. So we're now just a bit north of that.

好的，當然。謝謝，這是個好問題。是的，我們已經跨過 2 億張已標註影像的門檻，目前略高於這個數字。

And that's really a function of the model that we've put in place. So for every CCTA that one of our customers does, that comes into our cloud, we annotate it. It's got precise annotations, and we can use that to drive innovation, both that drives customer-facing innovation with physicians and new clinical insights and gross margin expansion. So we absolutely see this as a competitive advantage that is getting stronger each and every day. And it really is the bedrock for all we do relative to innovation.

這主要是我們所建立的模式所致。也就是說，我們每一位客戶做的每一個 CCTA，都會進到我們的雲端，我們會對其進行標註。這些標註非常精準，我們可以用它來推動創新——包括面向客戶、面向醫師的創新、新的臨床洞見，以及毛利率擴張。因此我們絕對把這視為一項競爭優勢，而且每天都在變得更強。它確實是我們所有創新工作的基石。

We've talked about, historically, we've got a very strong track record of putting at least one material new launch into the market every year. We've got plaque tracking coming out next year. Obviously, this year, we have a PCI Navigator. Obviously, we've got more in the Roadmap beyond that, that we'll share with you on future calls. So I feel great with this as an asset, so to speak.

我們過去也談過，我們在每年至少推出一項具實質影響的新產品上市（new launch）方面，有非常強的紀錄。明年會推出斑塊追蹤（plaque tracking）。當然，今年我們有 PCI Navigator。顯然在此之外，我們的 Roadmap 上還有更多內容，未來的電話會議會再與各位分享。所以把它當作一項資產來看，我對此感覺非常好。

More broadly, we try to innovate across three vectors, okay? We go deep, and this is all about making our existing products better. So just last year, when we launched our next-generation Plaque algorithm, that's a good example of that. That came from that same data set of annotated CCTA images. We innovate around breadth.

更廣泛來說，我們嘗試沿著三個向量（vectors）來創新，好嗎？第一是做深（go deep），也就是讓我們既有產品變得更好。像去年我們推出下一代 Plaque 演算法，就是一個很好的例子；它同樣來自那套已標註的 CCTA 影像資料集。第二是做廣（breadth）方面的創新。

We expand the platform, so we can do more. A couple of years ago, we launched the Roadmap. This year, we're launching PCI Navigator. Next year, we're launching serial plaques. So that's another example, real-world example of that.

我們擴展平台，讓我們能做更多事情。幾年前我們推出了 Roadmap。今年我們推出 PCI Navigator。明年我們推出序列斑塊（serial plaques）。這就是另一個非常實際的例子。

And then we use the same data set for efficiency. A lot of that efficiency is expanding our gross margins. We talked about our autonomous processing initiative that's now underway. And we continue to use that same data to do that. So this is core to who we are as a company. It's core to our engine that helps drive growth. And I think as we've discussed, it's only getting stronger as each quarter goes on.

第三，我們也用同一套資料集來提升效率。這些效率很大一部分體現在提升毛利率。我們談過目前正在推進的自主處理（autonomous processing）計畫，而我們也持續使用同樣的資料來做到這點。所以這是我們公司核心的一部分，是驅動成長的引擎核心。我想如同我們討論過的，隨著每一季過去，它只會變得更強。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，Wells Fargo。

This is Nathan Treybeck on for Larry. Can you talk about how accounts with Plaque Analysis are utilizing it? Is it broad across the addressable patient population? Or is it in specific patient cohorts?

我是代替 Larry 的 Nathan Treybeck。你能談談有使用 Plaque Analysis 的帳戶是如何運用它的嗎？它是否廣泛涵蓋可觸及的病患族群？還是主要用在特定病患隊列（cohorts）？

Yes, sure. Thanks, Nathan. Good question. I think it's still early to tell. I think anecdotally, we have a direction, but we don't know objectively at this point.

好的，當然。謝謝，Nathan。好問題。我認為現在還太早下定論。我覺得從軼聞（anecdotally）來看，我們有一些方向感，但目前還沒有客觀的證據。

I think most of our early users are using it in patients with more disease first. I think that's not surprising to hear that feedback. I think as they get confidence that folks -- that patients that they have with a higher plaque burden come back with better adherence, better outcomes and LDL lowering, et cetera, I think that will broaden over time.

我想多數早期使用者會先用在疾病較嚴重的病患身上。聽到這樣的回饋並不意外。我認為隨著他們建立信心——也就是斑塊負荷較高的病患回診後，依從性更好、結果更好、LDL 降得更多等等——我想使用範圍會隨時間擴大。

My only comment on that is I put an asterisk on it, that's an anecdotal kind of pulse of the market that's not based on any data. I'm sure there's instances where patients with lower plaque burden are using it or getting it as well.

我唯一要補充的是，我會在這點上打個星號：這只是基於市場脈動的軼聞觀察，並非基於任何數據。我相信也有一些案例是斑塊負荷較低的病患也在使用或也有接受這項分析。

And then in terms of how Plaque utilization is trending, as we think about new accounts, how is it trending in the new accounts relative to how FFRCT trended on utilization when it was launched?

另外，談到 Plaque 的使用率（utilization）趨勢，當我們看新帳戶時，它在新帳戶中的趨勢，相較於 FFRCT 當初上市時的使用率爬坡情況如何？

Well, I think good question, and thanks for asking it. I think we're kind of talking about two different parts of history. I mean, when FFRCT was launched, that was pre guidelines, that was an older base of CT capital that was in the market. The awareness was quite a bit lower. This is a new world.

我覺得這是個好問題，也謝謝你提出。我想我們其實在談兩個不同的歷史階段。FFRCT 剛推出時，那是在指引（guidelines）出來之前，市場上的 CT 設備資本存量也比較老，市場認知度也低很多。現在是不同的世界。

I think CT plus AI is much higher awareness right now. So I don't know if we can kind of compare the utilization to the same degree. I will say we're very confident in FFRCT's ability to and our understanding of ramping over time, FFRCT will go to the full extent of the range. We have not seen that yet in Plaque. We're too early in the adoption curve.

我認為目前對「CT 加 AI」的認知度高很多，所以我不確定能否在同樣程度上直接比較使用率。我會說，我們對 FFRCT 的能力以及其隨時間爬坡的理解非常有信心；FFRCT 的使用率會走到區間的完整範圍。我們在 Plaque 上還沒看到那樣的情況，因為目前仍處於採用曲線的早期。

I think physicians need to use Plaque, have patients come back, understand how it's helping them manage it. So we're not at that point yet.

我認為醫師需要使用 Plaque，讓病患回診，並理解它如何幫助他們管理病情。所以我們還沒到那個階段。

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，Morgan Stanley。

I'll be unoriginal and stick with Plaque. You described the upcoming DECIDE one-year outcomes as a potential inflection point for Plaque. Can you maybe just give us a sense of what specific endpoints or metrics you expect will resonate most with payers and physicians? And are you still on track for the readout in H2?

我就不創新了，繼續問 Plaque。你提到即將公布的 DECIDE 一年期結果可能是 Plaque 的一個拐點。你能否讓我們了解一下，你預期哪些特定終點（endpoints）或指標（metrics）最能引起付款方（payers）與醫師的共鳴？另外，下半年（H2）讀出（readout）的時程仍然如期嗎？

Yes, sure. So we use DECIDE, obviously, in a lot of what we do relative to educating the market. We use that with both payers to get the coverage as well as more importantly, with physicians to help them understand. The 90-day readout showed a 51% change in management, meaning when a physician uses -- have a Plaque Analysis, they change their management plan with patients and a 19-point reduction in LDL, okay? So the one-year data that comes out later this year, we'll see each of those.

好的，當然。DECIDE 顯然在我們做市場教育的許多工作中都會使用。我們會用它與付款方溝通以取得給付涵蓋（coverage），也更重要地，用來協助醫師理解。90 天的讀出顯示管理改變（change in management）達 51%，也就是當醫師使用——進行 Plaque Analysis 時，他們會改變對病患的管理計畫；同時 LDL 下降 19 個百分點，好嗎？今年稍晚會公布的一年期數據，我們會看到這些指標各自的結果。

Obviously, I don't know what the -- what that would be and we'll have about 13,000 patients in that readout. So we certainly expect that will help with Plaque adoption. But I think the most important thing that's going to help with Plaque adoption is this first round of patients that get it are going to come back to see their cardiologists? And those outcomes will become very personal. And I think as that cardiologist and physician experiences that, that's when the flywheel, I think, will just get stronger.

當然，我不知道結果會是什麼，而那次讀出將包含約 13,000 名病患。所以我們確實預期這會有助於 Plaque 的採用。但我認為最重要、最能推動 Plaque 採用的因素，是第一批接受這項分析的病患會回來看他們的心臟科醫師，而那些結果會變得非常切身。我認為當心臟科醫師與臨床醫師親身經歷到這點時，那個飛輪（flywheel）就會變得更強。

Great. And now that the PCI Navigator has been in the market for about a month, again, I realize it's early days. But any early observations on adoption patterns? How many sites have activated it? Have you seen any early sign of incremental FFRCT pull-through from the kind of interventional cardiologists? And I guess, if not now, then when are you expecting that to take place?

很好。而且現在 PCI Navigator 上市大約一個月了，我也知道現在還算早期。但對於採用模式有沒有任何初步觀察？有多少個站點已啟用？你們是否看到介入心臟科醫師帶來任何初期的 FFRCT 增量帶動效應（pull-through）？我想，如果現在還沒有，那你們預期何時會開始發生？

Yes, sure. So Navigator, we're super excited about it. And the feedback is really strong. So there's lots and lots of interventional cardiologists asking for it, asking how they can get it, et cetera. We are going to be -- like everything we do, we're going to be very planful in the rollout.

是的，當然。所以 Navigator，我們對它非常興奮。而且回饋非常強勁。所以有非常多的介入心臟科醫師在詢問、在要求，問他們如何取得等等。我們將會——就像我們做的所有事情一樣——非常有計畫地推進上市導入（rollout）。

What's most important is the cardiologists have a good experience with it. And we believe the ability to have a plan for a PCI before the patient -- before the physician is in the cath lab, is really important, okay? And this is going to allow physicians to plan ahead. They can plan both relative to the complexity of the lesion as well as the approach that they're going to take. They'll be able to hopefully select devices more intelligently. They can walk in with a clear procedural plan.

最重要的是讓心臟科醫師有良好的使用體驗。我們相信，在病人——在醫師進入導管室（cath lab）之前就能為 PCI 制定計畫的能力非常重要，好嗎？而這將讓醫師能夠提前規劃。他們可以針對病灶的複雜度以及將採取的處置方式來規劃。他們將能夠更有智慧地選擇器械。進入手術時就能帶著清楚的處置計畫。

I've had an interventional cardiologist tell me recently, the cath lab should be for executing the plan, not deciding the plan. And that's exactly what happens with TAVR and mitral and left atrial appendage, and we think one day PCI will go there. So we're really excited about that. We think it makes our platform more stickier, more compelling. We're -- right now, we're targeting the largest PCI hospitals first.

我最近有位介入心臟科醫師跟我說，導管室應該是用來執行計畫，而不是決定計畫。這正是 TAVR、二尖瓣以及左心耳封堵所發生的情況，我們認為有一天 PCI 也會走向那裡。所以我們對此非常興奮。我們認為這會讓我們的平台更具黏著度、更具吸引力。我們——目前先鎖定最大的 PCI 醫院。

That's where -- given our strategy, that's where we're targeting. We'll roll through that, and we'll make sure that all initial experiences are strong. At this point, we're not disclosing any metrics more specifically for that, but I will say I'm very excited about Navigator and what it does for our platform this year.

那就是——基於我們的策略——我們鎖定的方向。我們會依序推進，並確保所有初期體驗都很強勁。現階段我們不會更具體揭露任何相關指標，但我會說，我對 Navigator 以及它今年為我們平台帶來的作用感到非常興奮。

(Operator Instructions) Brandon Vazquez, William Blair.

（接線員指示）Brandon Vazquez，William Blair。

Congrats on a nice quarter here. John, maybe I'll start with a higher-level picture. You used this phrase that there was a flywheel effect going on as you start to see adoption of kind of all the different solutions within the portfolio here at HeartFlow. Maybe expand on that a little bit. What do you mean by you're seeing a flywheel effect where -- what metrics give you excitement and optimism to come on the call and start talking about flywheel effects and how does that build over time? What metrics do you think we'll see that in the model?

恭喜本季表現不錯。John，我先從較高層次的角度問起。你用了「飛輪效應」這個說法，表示當 HeartFlow 的產品組合中各種不同解決方案開始被採用時，就會看到某種飛輪效應。能否多談一點？你所說的飛輪效應是什麼意思——你看到哪些指標讓你感到興奮與樂觀，因而在電話會議上開始談飛輪效應？它會如何隨時間累積？你認為我們會在模型中看到哪些指標呈現這種效應？

Yes, sure. So thanks, Brandon, for the question. So I think I link it back to two things: one, the power of the platform and then two, the power of the database that I mentioned earlier on the call. Relative to the platform, we believe the stronger the HeartFlow platform, the stronger the business. And we back everything we do with clinical data from detection to diagnosis to management and treatment.

好的，當然。Brandon，謝謝你的問題。我想我會把它連結回兩件事：第一是平台的力量，第二是我在電話會議前面提到的資料庫的力量。就平台而言，我們相信 HeartFlow 平台越強，業務就越強。我們所做的一切都以臨床數據作為支撐，涵蓋從偵測到診斷到管理與治療。

So the more we expand our platform, and that's core to our strategy, the more we see and we believe utilization and adoption will occur. So this year, introducing Plaque, introducing Navigator is obviously a big year for the platform.

因此，我們的平台擴展得越多——這是我們策略的核心——我們就越看到、也越相信使用量與採用會發生。所以今年推出 Plaque、推出 Navigator，對平台而言顯然是重要的一年。

Next year, we'll have a Plaque tracker out there. And as I mentioned, we've got other ones down the road that we'll share. So that's -- that provides stickiness that provides utility. Everything we do across the platform is co-registered, you get concordance across all of it. So wherever you are in the continuum of taking care of a patient with coronary artery disease, we have our clinically backed AI technology to help you with that.

明年，我們會推出 Plaque tracker。正如我提到的，後面還有其他產品，我們之後會分享。所以——這帶來黏著度，也帶來效用。我們在整個平台上做的所有事情都是共配準（co-registered）的，你可以在所有內容之間取得一致性（concordance）。因此，無論你在照護冠狀動脈疾病病人的連續流程（continuum）中的哪個環節，我們都有經臨床驗證支持的 AI 技術來協助你。

Now relative to the other data set that I mentioned that gets bigger and bigger as well, right? And so for every patient we serve, for every account we open, we're adding more into our proprietary database. The more we have in our database, the more diverse it is, and the more we'll be able to develop new innovation along the lines of what I previously spoke about.

再來談我提到的另一個資料集，它也會越來越大，對吧？因此，我們服務的每一位病人、我們開啟的每一個客戶帳戶，都在把更多資料加入我們的專有資料庫。資料庫裡的資料越多、越多元，我們就越能沿著我先前談到的方向開發新的創新。

Got it. And as a follow-up, maybe I'll ask two here, one, John, for you and one for Vikram. And part of this flywheel, John, is it fair to say do you guys see in accounts that are adopting the entire portfolio, are they seeing higher utilization levels across the board? I think that's part of what I'm trying to understand a little bit, too, is there a flywheel or a halo effect of the entire portfolio in the accounts?

了解。那作為追問，我可能一次問兩個問題，一個給你 John，一個給 Vikram。作為這個飛輪的一部分，John，這樣說是否合理：在那些採用你們完整產品組合的客戶帳戶中，你們是否看到整體使用量水準更高？我想我也在試著理解這一點：在這些帳戶中，整個產品組合是否存在飛輪或光環效應（halo effect）？

And then Vikram, maybe talk to us a little bit about -- I know you guys don't give specifics on ASPs and volumes every quarter, but talk a little bit as you think about the increased guidance relative to what you had in the prior guidance at how much of that is coming from volume versus better-than-expected pricing?

然後 Vikram，能否跟我們談談——我知道你們每季不會提供 ASP 與量的具體數字——但當你們把指引上調、相對於先前的指引而言，其中有多少是來自量的提升，多少是來自優於預期的定價？

Short answer right now, Brandon, it is too soon to tell. But we anticipate over time when successful, certainly, that could be the case. I think the more components of the platform, the more value we're delivering. And so with that, you would expect stronger utilization. But at this point, it's too soon to tell.

Brandon，就目前而言，簡短回答是：現在判斷還太早。但我們預期隨著時間推進、若執行成功，當然可能會是那樣。我認為平台的組件越多，我們交付的價值就越大。因此在那樣的情況下，你會預期使用量更強。但就目前來說，還太早下結論。

And Brandon, to your question, it's really driven by volumes. We expect on the Plaque side, ASPs to be in line with consensus in 2026. On FFRCT, as we have talked about previously, we do have the dynamic of -- two dynamics specifically, and both of them are volume-enabling dynamics. First is our use of volume-based rebates. This was to our advantage in Q1.

Brandon，針對你的問題，主要是由量所驅動。我們預期在 Plaque 方面，2026 年的 ASP 會與市場共識一致。至於 FFRCT，如同我們先前談過的，我們確實有——特別是兩個動態，而兩者都是促進量的動態。第一是我們採用以量為基礎的回饋（volume-based rebates）。這在第一季對我們有利。

Our volume growth in Q1 approached 50% and as volumes come in ahead of plan, the ASPs obviously reflect that level of outperformance. And then second is the mix shift to the clinic side of service, which carries with it lower ASPs, but is, again, fundamentally volume enabling. Against that backdrop of ASP shifts, we continue to drive towards profitable growth. Gross profit in Q1 increased about 10 points faster than revenue to about 51% and was, in fact, higher than unit growth as well. With respect to the guide, we assume these dynamics will continue through the balance of the year on FFRCT.

我們第一季的量成長接近 50%，而當量超前於計畫時，ASP 顯然會反映出那種超預期的表現。第二是服務組合轉向門診端（clinic side of service），這會帶來較低的 ASP，但同樣在本質上是促進量的。即便在 ASP 變動的背景下，我們仍持續推動獲利性成長。第一季毛利率約為 51%，毛利成長比營收快約 10 個百分點，事實上也高於單位成長。就指引而言，我們假設這些動態將在今年剩餘期間於 FFRCT 持續。

And I'm currently showing no further questions at this time. Thank you all for your participation. This does conclude today's conference. You may now disconnect.

我目前顯示此刻沒有其他問題。感謝各位的參與。今天的電話會議到此結束。各位現在可以斷線。