Overview of Heartflow's IPO Filing
Healthcare technology firm
Heartflow has filed for a U.S. initial public offering (IPO), revealing in its regulatory paperwork that its quarterly loss has increased compared to the previous year
[4]. Heartflow, a medical device software developer, is aiming to list on the Nasdaq exchange with lead underwriters including J.P. Morgan, Morgan Stanley, and Piper Sandler
[2].
Company Profile and Technology
Heartflow has pioneered the use of
AI and advanced computational software for diagnosing and managing
coronary artery disease (CAD). Their AI-driven Heartflow Platform is designed to deliver accurate and clinically effective non-invasive diagnostics for CAD, a major cause of death globally
[1].
- The platform uses AI and computational fluid dynamics to create personalized 3D models of patients' hearts from coronary computed tomography angiography (CCTA) scans.
- Heartflow's technology provides insights into blood flow, stenosis, plaque volume, and composition, which addresses shortcomings in traditional imaging tests.
- The company reports its solution has been used to assess CAD in over 400,000 patients as of March 31, 2025, including 132,000 patients in 2024 alone.
- According to Heartflow, its AI-powered test is the most widely adopted for CAD and demonstrated differentiated accuracy in the PRECISE trial.
Financial Performance and Market Strategy
The IPO filing reveals that Heartflow's losses have grown on a quarterly basis when compared to the same period last year
[4]. Despite this, the company stresses the clinical utility and workflow enhancements of its Heartflow Platform in its pitch to investors.
- The company says the "CCTA + Heartflow" approach is positioned as the definitive standard for non-invasive CAD diagnostics and management.
- J.P. Morgan, Morgan Stanley, and Piper Sandler are leading the underwriting, with additional support from Stifel and Canaccord Genuity[1].
- As of June 2025, Heartflow has attracted substantial investment across 12 rounds of funding, totaling nearly $891 million[5].
