Heartflow Files for $100M IPO on Nasdaq to Fuel Cardiac Imaging Growth

Heartflow, a company specializing in cardiac imaging software, has filed for an Initial Public Offering (IPO) on the Nasdaq stock exchange under the ticker symbol HTFL. The company aims to raise up to $100 million through this IPO, which was submitted to the U.S. Securities and Exchange Commission (SEC) on February 2025. Heartflow's application was submitted to the U.S. Securities and Exchange Commission (SEC) on February 2025. The company focuses on providing imaging and diagnostic software for the assessment of coronary artery disease. This move to go public is a significant step for Heartflow, as it seeks to expand its market presence and secure additional funding for research and development.

The decision to pursue an IPO comes at a time when the demand for advanced medical imaging technologies is on the rise. Heartflow's software solutions are designed to provide accurate and non-invasive assessments of coronary artery disease, which is a leading cause of heart attacks and strokes. By going public, Heartflow aims to leverage the capital markets to support its growth and innovation efforts. The company's focus on non-invasive diagnostic solutions positions it well in the growing market for medical imaging technologies.

Heartflow's platform has been used to evaluate the coronary artery disease of over 400,000 patients, with 132,000 patients benefiting from the platform in 2024 alone. The platform utilizes artificial intelligence and advanced computational fluid dynamics to create personalized 3D models of the heart, providing actionable insights into blood flow, vessel narrowing, plaque volume, and plaque composition. This innovative approach has positioned Heartflow as a leader in the field of cardiac imaging software.

Heartflow was established in 2007 and is headquartered in Mountain View, California. The company generated revenue of $136 million in the 12 months ending March 31, 2025. The IPO will allow Heartflow to raise funds that can be used for various purposes, including expanding its product offerings, enhancing its research and development capabilities, and potentially acquiring other companies or technologies that align with its strategic goals. The successful completion of the IPO will provide Heartflow with the financial resources needed to continue its growth trajectory and solidify its position as a leader in the cardiac imaging software market.

Heartflow's IPO is expected to attract significant interest from investors, given the increasing demand for advanced medical technologies and the company's strong track record in the field of cardiac imaging. The company has already secured the services of Morgan Stanley, Morgan Stanley, and Piper Sandler as joint book-running managers for the offering. However, the company has not yet disclosed the pricing terms for the IPO. This move to go public is a significant step for Heartflow, as it seeks to expand its market presence and secure additional funding for research and development.