Can AI-Powered Medtech Revitalize the IPO Market?

Heartflow, a California-based medtech company specializing in AI-driven cardiac diagnostics, plans to list on the Nasdaq under the ticker HTFL, offering 12.5 million shares at $15 to $17 each and targeting a valuation up to $1.3 billion. The company received FDA approval in 2022, expanded its market through Medicare and AMA regulatory changes, and has assessed over 400,000 patients as of March 2025. Heartflow reported $125.8 million in 2024 revenue, a 44% increase from the previous year, but posted a net loss of $96.4 million and expects continued losses. Major investors include Bain Capital, Panorama Point Partners, and Capricorn Investment Group. The IPO follows a previous canceled SPAC plan and recent public listings by other medtech firms.

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