Heartflow, the California-based medtech company known for its artificial intelligence (AI)-based cardiac CT evaluations, appears to be going public. After years of steady growth in the worlds of AI and cardiology, it has often seemed like a matter of when—not if—Heartflow would pull the trigger and file an initial public offering (IPO). 

Though the U.S. Securities and Exchange Commission prospectus does not include financial details, the company is said to be hoping to raise $100 million with its IPO. Its stock will be traded on Nasdaq under the symbol HTFL.

Heartflow’s decision follows years of momentum

Heartflow’s AI-powered coronary CT angiography (CCTA) assessments have already been used to help manage more than 400,000 heart patients around the world. Heartflow One, the company’s noninvasive coronary care platform, includes such software solutions as Roadmap Analysis, FFRCT Analysis and Plaque Analysis. 

A few significant policy decisions helped pave the way for Heartflow’s decision to go public. First, the U.S. Centers for Medicare and Medicaid Services (CMS) finalized expanded Medicare coverage for platforms that evaluate imaging results to quantify coronary plaque buildup and identify signs of coronary artery disease (CAD). The update covered Heartflow’s Plaque Analysis in addition to similar AI-powered offerings from other medtech companies.

Then, just days later, the American Medical Association issued a new Category I CPT code for those same platforms. The update, scheduled to take effect in January 2026, indicates that the technologies developed by Heartflow and others are now established and will be used by clinicians for many years to come.

Perhaps the biggest piece of good news for Heartflow, however, came in November 2024, when CMS finalized a new payment policy that more than doubles the Medicare reimbursements hospitals receive for performing CCTA. This update, expected to make CCTA a much more attractive option to healthcare providers, raised the payment rate from $175 all the way to $357.13.

“These substantial reimbursement increases from CMS and coverage policies support what HeartFlow and many physicians and institutions have known—CCTA is the future of CAD diagnostics and is a critically important guideline-recommended test for patients with suspected CAD,” Campbell Rogers, MD, Heartflow’s chief medical officer, said at the time.

Recent data out of SCCT

Heartflow’s AI offerings have consistently been associated with improved outcomes for heart patients. In fact, new data released at SCCT 2025, the annual meeting of the Society of Cardiovascular Computed Tomography, found that using Heartflow’s Plaque Analysis software changed the management of a considerable number of patients compared to just CCTA imaging alone.

“By quantifying plaque burden and characterizing higher-risk non-calcified plaque types, Heartflow’s technology empowers physicians to personalize care and intervene earlier, which can change the trajectory of a patient’s coronary health,” Sarah Rinehart, MD, medical director of cardiovascular imaging at Charleston Area Medical Center in Charleston, West Virginia, said in a statement about the findings.

When Heartflow almost went public

If the topic of Heartflow going public sounds familiar, it’s because the company came incredibly close back to completing this step back in 2021. 

In July of that year, Heartflow announced its intention to merge with Longview Acquisition Corp. II and form a publicly traded company valued at approximately $2.4 billion. In February 2022, however, Heartflow called off the deal due to “unfavorable market conditions.”