HeartFlow Completes $316.7 Million IPO as AI-Powered Cardiac Diagnostics Company Goes Public

HeartFlow, the artificial intelligence technology company specializing in coronary artery disease diagnostics, successfully completed its initial public offering on Friday, raising $316.7 million as it began trading on Nasdaq under the ticker symbol HTFL. The company's shares opened at $28 and have climbed to $29.87, significantly above the initial offering price of $19 per share.

The company's proprietary platform leverages AI to transform coronary computed tomography angiography (CCTA) scans into personalized three-dimensional models of patients' hearts. This technology suite encompasses three key analytical tools: Roadmap Analysis for early CAD detection through CCTA interpretation, FFRct Analysis for evaluating blood flow and determining revascularization benefits, and Plaque Analysis for quantifying and characterizing plaque to support risk assessment and disease management decisions.

The IPO follows several strategic developments that have strengthened HeartFlow's market position. In July, the company achieved a significant milestone when UnitedHealthcare became the first major insurer to extend coverage for Plaque Analysis across all service lines, including commercial, Medicare Advantage, and community plans. This coverage expansion aligned with updated guidelines from radiology benefit manager EviCore, which will implement new cardiac imaging guidelines in October for patients presenting with acute or stable chest pain and stenosis ranging from 1% to 70% on CCTA.

The public offering builds upon HeartFlow's previous fundraising success, including a $98 million investment round completed in March through convertible notes issued by parent company HeartFlow Holding, Inc. That round attracted new capital from Fidelity Management & Research Company while securing additional investments from existing backers including Janus Henderson Investors, Bain Capital Life Sciences, Hayfin, US Venture Partners, HealthCor, Capricorn Investment Group, and Martis Capital.

This marks HeartFlow's second attempt at entering public markets. In 2021, the company had announced plans for a $2.4 billion merger with Longview Acquisition Corp. II, a special purpose acquisition company sponsored by Glenview Capital Management affiliates. That transaction, which would have created HeartFlow Group trading on the New York Stock Exchange under the symbol HFLO, was intended to provide $400 million in growth capital for product development and general corporate purposes.