Heartflow recently filed a Form S-1 with the SEC to confirm its intent to complete an initial public offering (IPO) and go public.
The registration form doesn’t list the financial details of the IPO, but it marks yet another recent case of a medtech company going this route.
Wearable defibrillator maker Kestra Medical completed a $202 million IPO in March, while Beta Bionics went public in January with a $204 million IPO. 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. AI-powered spine surgery company Carlsmed launched its IPO road show last week.
Heartflow now looks to go public as it advances its AI-enabled fractional flow reserve computed tomography (FFRCT) and Plaque Analysis technology.
The company’s FFRCT Analysis and coronary computed tomography angiography (CCTA), provide an alternative to traditional ischemia testing methods. These methods include stress EKG, stress ECG, SPECT, PET and more. The method non-invasively diagnoses CAD and offers guidance on subsequent treatment decisions. The AI-powered technology provides insights into each patient’s condition with a patient-specific model of the heart’s blood flow. It also has a median turnaround time registering less than 1.5 hours.
With the IPO, the company expects 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.
Heartflow said that its 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.
