Heartflow has pumped up its IPO ambitions, raising its proposal into the vicinity of $300 million.
After first setting up an offering of about 12.5 million shares, priced between $15 and $17 apiece earlier this month, the coronary imaging diagnostic company has now boosted the IPO’s total value by almost 50%. It now plans to sell 16.67 million at $17 to $18 per share on the Nasdaq under the ticker "HTFL."
The former Fierce Medtech Fierce 15 winner employs cloud-based artificial intelligence programs that read CT scans of the heart to non-invasively track the flow of oxygenated blood and identify potential blockages in the coronary arteries.
Heartflow has claimed FDA and international clearances for its flow fractional reserve and plaque analysis platforms, with the latter recently obtaining a category I CPT code that will take effect at the start of 2026.
The company recently put forward study data showing that personalized plaque findings can help direct changes in medical management, leading to drops in LDL cholesterol and cardiac risk levels.
Next year, Heartflow also plans to roll out 3D planning software for percutaneous coronary intervention procedures, including the placement of stents and other revascularization strategies, according to its latest prospectus.
The company said its current platforms have been used to assess more than 400,000 patients for coronary artery disease—including 132,000 in 2024, leading to $125.8 million in revenue for that year.
Heartflow previously beat out a path to the public market, with a $2.4 billion SPAC deal announced in mid-2021. That plan for a reverse merger was scrapped early the following year after a downturn in the market and declining investor appetites in the sector.
The company previously raised $240 million through a 2018 series E round led by Wellington Management and Baillie Gifford, followed by a $215 million series F in 2023 headlined by Bain Capital Life Sciences. Earlier this year, Heartflow announced $98 million in convertible note financing courtesy of Fidelity Management.