Cleerly
ConvictionContext
B2B per-study service. A site sends a coronary CTA to Cleerly LABS, which returns a quantified plaque / stenosis / ischemia-likelihood analysis; the ordering physician or facility bills CPT 75577 (and previously the deleted Category III family 0623T–0626T) and Cleerly is paid per analysis. Revenue therefore rides on reimbursed CCTA volume at a price the payer sets, not on a negotiated software subscription — a structurally different economic engine from enterprise health-IT SaaS.
Revenue
Not disclosed. No audited or company-confirmed revenue figure exists. The only primary-sourced volume anchor is CMS's own claims data: the three flagship AI services CMS quantifies generated 81 Medicare OPPS claimsin total in CY2024 across their standalone and add-on codes — 0625T (the Cleerly-era AI-QCT plaque code) 22, 0698T (Perspectum CoverScan) 55, 0724T (Perspectum QMRCP) 4 — all paid at $950.50 in APC 1511. Only the 22 are cardiac; Perspectum's two multi-organ MR services account for 59 of the 81 (canon REG-OPPS-008/012). That is a de-minimis hospital-outpatient Medicare channel in CY2024; commercial and imaging-centre volume is not publicly enumerated. Aggregator revenue estimates circulate (e.g. GetLatka ~$24.6M, no stated vintage or method) and should be treated as unverified.Rev growth
Not disclosed. Cleerly's own 17 April 2026 statement claims 'substantial growth' without a number. The credible growth mechanism is dated rather than measured: the Category I code took effect 1 January 2026 and commercial coverage reached '86+ million Americans' across seven named payers by 6 January 2026Cleerly press release), so CY2026 is the first year in which the volume ramp is even possible at scale.Gross margin
Not disclosed. Structurally software-like per studybut with three real drags absent in pure SaaS: GPU inference per CT volume, human clinical over-read / QA on cardiologist-facing output, and the fact that the sell-side price is administratively fixed at $950.50 in the hospital-outpatient setting rather than negotiated. The listed comparator is the only public read on what this margin can look like: HeartFlow printed an 80.2% GAAP gross margin on Q1 2026 revenue of $52.6M and guides FY2026 to approximately 81% non-GAAP (board canon, 31 Jul 2026 vintage) — evidence the shape is achievable, on a code whose rate is falling.Op margin
Not disclosedassume materially negative. A company that has raised on the order of half a billion dollars while running two large prospective studies (CONFIRM2, TRANSFORM) and a national payer-contracting effort is spending well ahead of a per-study revenue line whose Medicare claim count was 22 in CY2024.Capex intensity
Low and structurally asset-light. Cleerly does not own the imaging hardware — the CT scanner is the customer'sor the imaging centre's) capital. Cleerly's compute is cloud/GPU opex; capital goes to headcount, regulatory, and the clinical-trial programme, not fixed assets. The corollary is that Cleerly captures none of the scanner economics and depends entirely on someone else's installed base being used.Valuation
n/aprivate). No market capitalisation exists and the QAI board deliberately carries no valuation for this name (canon CM-PRIV-CL-01: 'PRIVATE, no valuation carried and none should be'). The last disclosed primary round is a $106M Series C extension announced 4 December 2024, led by Insight Partners with Battery Ventures — post-money valuation NOT disclosed by the company or the lead. Because no post-money was published, there is no negotiated mark to quote, and a valuation must not be inferred from the raise size. Aggregators show ~$578M raised across five rounds from 22 investors (Tracxn profile, unverified third-party estimate).The read
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