Strong demand for its products helped cardiovascular software developer HeartFlow to more than double its revenues in its second quarter, according to preliminary financial results.
For the period (end-June 30), HeartFlow said it had approximately $9.8 million in revenue, up about 165% compared with the second quarter of 2020. Gross margin for the quarter reached approximately 58.2%, compared with 13.8% in the same period a year ago.
The company said it had approximately $18 million in revenue for the first half of the year, up about 90% from the first half of 2020. Gross margin for the first half was 54.2%, up from 23.1% in the first half of last year.
Looking ahead, the firm said it is preparing to submit new product expansions in the fourth quarter for U.S. Food and Drug Administration review.
Due to continued uncertainty around the COVID-19 pandemic, HeartFlow has also updated its financial guidance for the full year. The firm said it now anticipates revenue will range between $36 million to $42 million, up 59% to 85% compared with 2020. HeartFlow expects gross margin will be at least 49%, up from 13.8%.
