HeartFlow vs Hyperfine Swoop

Heartflow is paid per study. Its FY2025 10-K describes revenue as pay-per-use, and FFRct made up 98% of 2025 revenue of $176.0M, up from $125.8M in 2024. The Nasdaq-listed company raised about $364.2M gross in its August 2025 IPO. A cardiology service with steady coronary CT angiography volume buys it for CT-derived fractional flow reserve, which entered through a De Novo decision in November 2014, and for Plaque Analysis, which carries a 510(k) HeartFlow Analysis decision from October 2022. The 10-K counts 489 US accounts for Plaque Analysis at the end of 2025.

An ICU or resource-limited hospital that wants brain MRI at the bedside buys Swoop, a 0.064T portable system that needs no shielded room. Systems are owned and covered by a service agreement on 36- or 60-month terms, so Hyperfine's finances matter to that contract. It guides 2026 revenue of $20M to $22M, reports preliminary Q3 revenue of about $6.0M and cash near $37.9M, and says its runway extends into 2028.

Heartflow analyses coronary CT angiograms and images nothing else, and Swoop images the brain only.