Heartflow IPO: Stock Rockets On Nasdaq Debut

Shares of medical tech company Heartflow Inc. (HTFL) surged 51% on Friday in its Nasdaq debut after the company raised nearly $317 million from its initial public offering.

Heartflow’s shares traded at $28.67 at 2:00 p.m. ET on Friday, compared to a public offering price of $19 per share, and above its targeted range of $17 to $18 per share. The stock opened at $28. Its market capitalization at the time of writing stood at $2.33 billion.

The Mountain View, California-based company offered 16.67 million shares of its common stock. J.P. Morgan, Morgan Stanley, and Piper Sandler acted as joint book-running managers for the offering.

Heartflow aims to transform coronary care. Its AI analysis creates a detailed three-dimensional model of the heart, providing insights for treatment. According to the company, it has helped clinicians manage over 400,000 patients, and over 1,400 institutions are currently using Heartflow since its founding in 2010.

According to Bloomberg, the company reported revenue of $37.2 million and a net loss of $32.3 million for the three months through the end of March, compared with a net loss of $20.9 million on revenue of $26.8 million in the same period a year ago. The company, backed by Bain Capital, ended the quarter with $109.8 million in cash and cash equivalents.

A Stocktwits user termed it the “best medtech deal in at least a decade” pre-IPO.

Another opined that the company has something valuable to offer.

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