Heartflow IPO – Sizing Up the Opportunity
HeartFlow, a pioneer in non-invasive coronary artery disease (CAD) diagnosis using AI-based CT imaging, officially filed for an IPO under ticker HTFL.
• The company plans to raise $100 million on Nasdaq, primarily to pay down de bt, expand commercialization efforts, and enhance R&D .
• Financials are impressive:
• $125.8 million in annual rev for 2024 (up 44% YoY)
• Q1 2025 rev of $37.2 million, growing 39% year-over-year
• However, losses persist: Q1 2025 net loss of $32.3 million
• Market opportunity? HeartFlow estimates a $5 billion+ U.S. addressable market—$3.3 billion from FFR_CT tests and $1.7 billion from Plaque Analysis
• With over 400,000 patients assessed so far, CCTA-based diagnostics are gaining real momentum