In 2024, medtech IPOs began to come back, thanks to the likes of heart valve company Anteris Technologies and neurotech company CeriBell, who both went public last year.
That trend continued into 2025, with a range of companies across a range of medtech disciplines going the IPO route.
Here are the noteworthy medtech IPOs that hit the U.S. market this past year:
Medline — $8B
Medline (Nasdaq:MDLN) announced at the end of last year that it intended to go public through an IPO. To close out 2025, the company announced that it closed its upsized IPO worth more than $8 billion.
The medical equipment supply company — one of the largest medtech companies in the world — ranks third on Medical Design & Outsourcing’s 2025 Big 100 list. It moved up one spot from the 2024 rankings. It brought in $25.5 billion in revenue in 2024, rising 10% from the year before.
The company’s IPO delivers a meaningful return for private equity firms Blackstone, Carlyle and Hellman & Friedman after they made a multibillion-dollar investment in Medline in 2021. It was reportedly the largest private equity-backed IPO of all time.
Heartflow — $364M
AI-enabled fractional flow reserve computed tomography (FFRCT) and plaque analysis technology developer Heartflow (Nasdaq:HTFL) closed its $364 million IPO in August.
The company 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.
Beta Bionics — $234.6M
Automated insulin delivery technology developer Beta Bionics (Nasdaq:BBNX) kicked off 2025 with the year’s first big medtech IPO, bringing in $234.6 million in an upsized offering.
Beta Bionics plans to use proceeds to fund the development of the bihormonal configuration of its iLet Bionic Pancreas through FDA submissions. The company also plans to develop a patch pump device that could rival leader Insulet and potential competitors Tandem and Medtronic, who are developing their own. Additional uses for funds include expanding sales and manufacturing infrastructure.
iLet, an automated insulin delivery system streamlines diabetes management by reducing the burden on patients and physicians. It received FDA clearance in May 2023. iLet users can “go bionic,” requiring no carb counting or insulin correction calculations. Then, iLet determines 100% of the insulin doses throughout the day. The only input required to get started is the user’s weight.
Kestra Medical Technologies — $202M
When Kestra Medical Technologies (Nasdaq:KMTS) initially filed for an IPO in February, it set its sights on raising roughly $100 million. However, with the closing of the IPO a month later, the company managed to bring in more than twice that amount, closing a $202 million IPO.
The maker of the Assure wearable cardioverter defibrillator (WCD) system designed it to provide autonomous detection and defibrillation for ventricular arrhythmias. It can also detect and record other clinically significant arrhythmias that may require clinical intervention.
Assure reduces noise and ensures clear data and insights. It also sends an alert to an emergency medical services (EMS) operator after a defibrillator shock. The system received FDA approval in 2021.
Carlsmed — $100.5M
In June, Carlsmed (Nasdaq:CARL) announced its plans to go public, eventually closing the IPO about a month later.
Carlsbad, California-based Carlsmed develops technologies for AI-enabled personalized spine surgery. The spine surgery device maker already holds FDA breakthrough device designation for the Aprevo lumbar and cervical patient-specific interbody fusion devices.
The company’s implantable devices and software platforms hold FDA clearance for lumbar spine fusion. That includes anterior, lateral and transforaminal approaches.
CapsoVision — $27.5M
CapsoVision (Nadsaq:CV) said in July that it closed its $27.5 million IPO and began trading on the Nasdaq market.
CapsoVision can continue to advance its AI-based capsule endoscopy technology. The company develops the CapsoCam Plus system, which delivers a non-invasive, comfortable endoscopy in the form of a capsule device. With four cameras, it delivers a 360° panoramic lateral view of the small bowel and any abnormalities in high resolution. This enables physicians to look directly at the mucosa where abnormalities are present, rather than “down the tunnel,” improving visibility of potential lesions.
CapsoCam also features CapsoCloud, the company’s advanced cloud-based software. This enables providers to easily view the diagnostic results online, improving efficiency and reducing procedure time. The company won FDA clearance for the system earlier this year.
Picard Medical — $17M
Picard Medical (NYSE:PMI), the company behind the SynCardia Total Artificial Heart (TAH), announced the pricing of a $17 million IPO in August.
The medtech company plans to use the proceeds from the IPO to support market expansion via a joint venture established in China. It also plans to fund R&D activities, including those related to the Emperor next-generation TAH. The company designed the Emperor as a fully implantable, driverless version of the Syncardia TAH. It also plans to build out next-generation portable driver systems.
Other uses for proceeds include TAH system sales, marketing and distribution capabilities. The company expects funds to go toward the costs of additional inventory and an expanded base of drivers, as well as debt repayment.
