HeartFlow

ConvictionModerate

B2B per-analysis service, not a subscription. A site sends a coronary CTA; HeartFlow returns an FFRCT Analysis or Plaque Analysis and recognises revenue on delivery to the physician. Critically, HeartFlow does not bill Medicare: the hospital outpatient department or practice bills CPT 75580 (FFRCT) or 75577 (plaque) and pays HeartFlow a per-analysis fee out of what it collects. CMS says so outright — status indicator O1 pays the hospital OPD, not the algorithm vendor (canon REG-CMS-012). The CMS rate is therefore not HeartFlow's price; it is the ceiling above which HeartFlow's price cannot go, because it is the customer's entire recovery. That distinction is the business.