Heartflow, Inc. (HTFL Proposed) disclosed the IPO terms for its $200 million IPO and launched the deal early today – Friday, Aug. 1, 2025 – to price next week. The coronary artery disease (CAD) diagnostics company is offering 12.5 million shares at a price range of $15.00 to $17.00 to raise $200.0 million – if priced at the $16.00 mid-point of its range. This is a NASDAQ listing. (Please see the IPO Calendar for the pricing date.)
At pricing, Heartflow would have a market cap of about $1.24 billion.
J.P. Morgan and Morgan Stanley are the lead joint book-runners. Piper Sandler, Stifel and Canaccord Genuity are on the joint book-running team.
Heartflow, based in Mountain View, California, pioneered an AI-driven 3D imaging system to offer a non-invasive way to diagnose and manage coronary artery disease – also known as CAD, according to the prospectus.
Financial statements in the prospectus showed that Heartflow, Inc. is not profitable. Heartflow reported a net loss of $107.8 million on revenue of $136.2 million for the 12 months that ended March 31, 2025, the prospectus said.
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