Heartflow's $100M IPO Filing Signals AI's Growing Role in Cardiac Diagnostics

Heartflow, a pioneer in AI-powered coronary artery disease diagnostics, has filed for a $100 million initial public offering (IPO) on Nasdaq, marking a significant milestone in the company's journey and highlighting the increasing importance of artificial intelligence in medical imaging and diagnostics.

Renewed Push for Public Offering

The California-based company, which abandoned a $2.4 billion special purpose acquisition company (SPAC) deal in 2021 due to declining investor interest, is now taking a traditional route to go public. Heartflow plans to list under the ticker "HTFL," although specific pricing terms have not been disclosed.

This move comes on the heels of several positive developments for the company, including new Medicare coverage from multiple administrative contractors for its FDA-cleared plaque analysis software and an upgraded CPT billing code for its fractional flow reserve calculation service for CT scans.

AI-Driven Cardiac Diagnostics Show Promise

Heartflow's approach leverages artificial intelligence to analyze 3D scans of the heart, identifying potential blockages in coronary arteries and mapping blood flow without invasive procedures. Recent data from a registry study demonstrated that Heartflow's personalized plaque analyses led to changes in medical management for over half of the examined patients, resulting in decreased LDL cholesterol levels and reduced cardiac risk.

Dr. Sarah Rinehart, medical director of cardiovascular imaging at Charleston Area Medical Center and co-principal investigator of the study, emphasized the technology's impact: "By quantifying plaque burden and characterizing higher-risk non-calcified plaque types, Heartflow's technology empowers physicians to personalize care and intervene earlier, which can change the trajectory of a patient's coronary health."

Financial Performance and Market Position

Heartflow reported substantial revenue growth, with $125.8 million in 2024, up 44% from $87.2 million in 2023. However, the company continues to operate at a loss, reporting net losses of $96.4 million in 2024 and $95.7 million in 2023. As of March 31, 2025, Heartflow had an accumulated deficit of $1 billion.

Despite these losses, the company has maintained strong support from venture capital, securing a $240 million Series E round in 2018, a $215 million Series F in 2023, and most recently, $98 million in convertible note financing with investment from Fidelity Management.

As Heartflow prepares for its public debut, it joins a growing trend of medtech companies seeking substantial funding, following in the footsteps of personalized spine surgery developer Carlsmed's recent nine-figure announcement. This IPO not only represents a significant step for Heartflow but also underscores the increasing investor confidence in AI-driven medical technologies.