Heartflow, a company involved in AI technology for coronary artery disease, went public on Friday under the ticker symbol HTFL, raising $316.7 million with its initial public offering.
Late last week, the company's stock opened up at $28 a share and is currently trading at $29.87 per share.
Heartflow's platform allows a coronary computed tomography angiography (CCTA) scan to be transformed into a personalized 3D model of the heart.
The AI-driven platform includes Roadmap Analysis, which reads CCTA and provides early detection of CAD.
It also features FFRct Analysis, which assesses blood flow to determine the benefit of revascularization, and Plaque Analysis, which quantifies and characterizes plaque to help assess risk and management of disease.
THE LARGER TREND
In July, Heartflow announced that UnitedHealthcare would cover Plaque Analysis across all lines of business, including commercial, Medicare Advantage and community plans.
According to Heartflow, UnitedHealthcare was the first insurer to update its policies to cover Plaque Analysis to align with the guidelines recently issued by radiology benefit manager EviCore.
That same month, Heartflow announced that Plaque Analysis would be included in updated cardiac imaging guidelines by radiology benefit manager EviCore, which provides coverage guidelines to leading commercial health insurers.
The updated coverage guidelines will become effective in October for patients with acute or stable chest pain and with 1% to 70% stenosis found on CCTA.
In March, Heartflow announced additional investments in the company of approximately $98 million through the sale and issuance of convertible notes by its parent company, Heartflow Holding, Inc., including a new investment by Fidelity Management & Research Company.
Additional investments from existing investors include Janus Henderson Investors, Bain Capital Life Sciences, Hayfin, US Venture Partners (USVP), HealthCor, Capricorn Investment Group and Martis Capital.
In 2021, Heartflow announced plans to go public via a $2.4 billion merger with Longview Acquisition Corp. II, a special purpose acquisition company (SPAC) sponsored by affiliates of Glenview Capital Management.
The combined companies operated as HeartFlow Group and traded on the New York Stock Exchange under the symbol HFLO.
The deal brought in $400 million in cash that was used for company growth, product development and other general corporate purposes.
