Heartflow, which offers imaging and diagnostics software for evaluating coronary artery disease, raised $317 million by offering 16.7 million shares at $19, above the upwardly-revised range of $17 to $18. The company originally filed to offer 12.5 million shares at a range of $15 to $17. At pricing, the company commands a fully-diluted market cap of $1.7 billion.
Heartflow offers a non-invasive solution for diagnosing and managing coronary artery disease (CAD). As of March 31, 2025, the Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone. The novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient's heart and deliver actionable insights on blood flow, stenosis, plaque volume, and plaque composition.
Heartflow plans to list on the Nasdaq under the symbol HTFL. J.P. Morgan, Morgan Stanley, and Piper Sandler acted as joint bookrunners on the deal.
