Heartflow vs Treace Medical Concepts
Treace Medical Concepts is the larger business, with $213m of revenue in fiscal 2025 against $176m for Heartflow (1.2 times as much). Heartflow grew faster (39.9% against 1.6%). Treace Medical Concepts kept more of each dollar of sales as profit: a net margin of -27.7% against -66.3%.
| Latest fiscal year | HeartflowHTFL, 2025 | Treace Medical ConceptsTMCI, 2025 |
|---|---|---|
| Revenue | $176m | $213m |
| Revenue growth | 39.9% | 1.6% |
| Net income | −$117m | −$59.0m |
| Operating margin | -36.4% | -25.5% |
| Net margin | -66.3% | -27.7% |
| Return on equity | — | -58.9% |
| Free cash flow | −$59.0m | −$29.5m |
| Cash | $44.8m | $10.7m |
| Total debt | — | $60.0m |
| Debt to equity | — | 68.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 843 | 450 |
| Market value | $4.75bn | $278m |
| Price vs our value range | — | — |
| Moat score | — | 30 (Weak) |
| Insider trades, 12 months | 1 buys, 38 sales | 14 buys, 0 sales |