Heartflow stock listing and IPO date draw near: AI-powered medtech aims for $1.3 billion valuation

It seems there’s fresh blood pumping back into the IPO market. After a blowout initial public offering from Figma last week, investors might have another chance to get their heart rates up again soon.

Heartflow, a California-based medtech company that utilizes AI with imaging and diagnostics software to help evaluate cardiac and coronary diseases, is looking to list shares on the Nasdaq.

In paperwork filed on Friday with the Securities and Exchange Commission (SEC), Heartflow said it plans to offer 12.5 million shares, priced between $15 and $17.

That could potentially raise more than $208 million. According to Reuters, Heartflow’s target valuation could be as high as $1.3 billion. The company plans to trade under the ticker “HTFL.”

Personalized 3D-models of people’s hearts

Heartflow uses AI and other technology to scan patients for coronary and cardiac problems, creating three-dimensional models of patients’ hearts. The Food and Drug Administration (FDA) gave the software the green light in 2022, and it’s now being used in some markets to diagnose patients.

Additionally, the company got a leg up last year when the U.S. Centers for Medicare and Medicaid Services (CMS) expanded Medicare coverage to include platforms that use imaging results to look for signs of coronary disease, and the American Medical Association (AMA) issued a new Category I CPT code for those platforms. That gives doctors and clinics the go-ahead to start using the technology on a broader scale starting next year.

According to the company’s SEC filing, Heartflow says that as of the end of March 2025, it’s been used to assess more than 400,000 patients.

Revenues are growing but profits are elusive

Heartflow generated $125.8 million in 2024, a 44% increase over the $87.2 million it made the year before, the company says. Revenue likewise grew 39% for the first quarter of 2025 to $37.2 million.

However, the company saw a net loss of $96.4 million in 2024, wider than its net loss of $95.7 million in 2023. It warns in the filing that it expects to incur “substantial losses in the foreseeable future may not be able to achieve or sustain profitability.”

Bain Capital, Panorama Point Partners, and Capricorn Investment Group are among Heartflow’s backers, according to Crunchbase. Bain led its most recent fundraising round, a Series F round in 2023, which raised $215 million.

This is not the first time that Heartflow has attempted to go public. The company had planned to merge with a special purpose acquisition company during the SPAC frenzy of the early pandemic years, but it halted the plan in 2022, citing “unfavorable market conditions,” as Fierce Biotech reported.

Heartflow’s IPO comes on the heels of another growing medtech company’s public debut. Carlsmed, which specializes in AI-driven spine surgery technology, recently went public as well, with shares trading on July 23. Since then, the stock is down around 4.5%.

Heartflow has not said when it plans to list its stock. Fast Company reached out for more details on the timeline and will update this post if we hear back.