HeartFlow has revealed plans to raise up to $300m in an initial public offering (IPO).
The Bain Capital-backed AI-based coronary artery disease (CAD) platform developer filed a Form S-1 with the US Securities and Exchange Commission (SEC) on 17 July, outlining its plans to go public.
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HeartFlow is set to be listed on the Nasdaq under the symbol ‘HTFL’. Seeking a valuation of $1.46bn, the California-based company aims to raise $300m by offering 16.7 million shares priced between $17 and $18, up from plans shared to offer 12.5 million shares between $15 and $17 previously.
In the Form S-1, the company estimated that the current combined US market opportunity for its HeartFlow Plaque Analysis and HeartFlow FFRCT Analysis was around $5bn.
HeartFlow Plaque Analysis is claimed to be the only AI-based plaque quantification tool currently cleared by the US Food and Drug Administration (FDA). The platform, which received FDA clearance in 2022, aims to provide clinicians with the ability to more accurately assess patients with arterial plaque buildup (atherosclerosis).
A key signifier of CAD, atherosclerosis refers to the accumulation of fatty substances within the walls of the coronary arteries. Left untreated, the condition can result in a heart attack, stroke, and angina.
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By GlobalDataThe next-generation version of HeartFlow Plaque Analysis was launched in July 2024. HeartFlow FFRCT analyses CT angiogram (CCTA) scans to create detailed 3D models of the arteries. Typically used alongside HeartFlow Plaque Analysis, the platform tool assesses the impact of blockages on blood flow and was FDA-cleared in 2014.
The company generated profits of $125.8m in 2024, a 44% rise on its 2023 profits of $87.2m. In Q1 2025, profits reached $37.2m, corresponding to a 39% rise on its Q1 2024 revenues at $26.8m.
The first half of 2025 has seen a strong wave of medtech IPO activity. Beta Bionics kicked off 2025’s IPO season with a $204m raise, well ahead of its $114.4m estimate, with 12 million shares of its common stock sold for $17 each.
Other medtechs that have announced IPO plans include Medtronic, with plans to target an IPO following the separation of its diabetes business into a new standalone company, and wearable cardiac devices developer Kestra Medical Technologies, with a planned IPO of $154m. More recently, off the back of a 97% revenue rise in 2023 to $27.2m, AI-focused spinal surgery company Carlsmed announced plans in June to go public with a listing on the Nasdaq.
