Heartflow (Nasdaq:HTFL) announced today that it closed its upsized initial public offering (IPO) with proceeds totaling approximately $364.2 million.
Last month, the AI-enabled fractional flow reserve computed tomography (FFRCT) and plaque analysis technology developer filed an S-1 registration form with the SEC, signaling its intent to IPO. Last week, it priced the offering at $19 per share, targeting proceeds of $316.7 million. Shares of HTFL began trading on the Nasdaq market on Friday, Aug. 8, and closed trading today at $29.99 apiece.
Mountain View, California-based Heartflow said today that its now-closed IPO included 19,166,667 shares of common stock at $19 per share. That also included 2.5 million shares of common stock issued upon the exercise in full of the underwriters’ option to purchase more shares. Total proceeds before deducting discounts, commissions and other expenses came to $364.2 million.
J.P. Morgan, Morgan Stanley and Piper Sandler acted as joint book-running managers for the offering. Stifel and Canaccord Genuity acted as co-managers for the offering.
Heartflow previously said it expected to use proceeds remaining after the payment of $50 million to $55 million of indebtedness to fund sales and marketing, fund R&D and for other general corporate purposes. Proceeds may also go toward acquiring complementary businesses, products, services or technologies.
R&D plans with the proceeds include three main areas. First, it hopes to invest in new products to drive greater efficiency and reduce manual involvement. It also aims to fund new features that enhance the clinical utility and ease of use of existing products. Finally, it hopes to generate new clinical evidence to support expanded indications for its Heartflow platform.
Heartflow becomes the latest medtech company to complete an IPO, following the likes of wearable defibrillator maker Kestra Medical in March and automated insulin pump maker Beta Bionics in January with a $204 million IPO. AI-powered spine surgery company Carlsmed completed its IPO last month.
Last year, heart valve company Anteris Technologies and neurotech company CeriBell completed IPOs. Additionally, medtech distribution giant Medline submitted a draft registration to the SEC related to a proposed IPO in December.
