Core Viewpoint - HeartFlow is preparing for an IPO to raise $100 million, which will be used for debt repayment, platform development, sales expansion, and potential acquisitions, marking a significant step towards commercial maturity in the cardiovascular imaging sector [1] Non-Invasive Functional Imaging as the First Entry Point in Coronary Management - HeartFlow's platform offers a complete workflow from imaging to diagnosis, addressing the core node in coronary heart disease diagnosis [2] - Over 9.5 million patients visit outpatient or emergency departments annually in the U.S. due to stable chest pain, with about one-third requiring further imaging or functional tests [2] - HeartFlow's FFR CT and plaque analysis provide a non-invasive, single-session, remote-read alternative, tapping into a market ceiling of approximately $5 billion, largely untapped by other companies [2] Competitive Landscape and Industry Outlook - The application of AI in coronary imaging is shifting from "assisted recognition" to "functional judgment," with most emerging companies focusing on imaging rather than functional decision-making [3] - HeartFlow's FFR CT analysis targets approximately 3.1 million CCTA patients, with an average charge of $1,067 per case, representing a market opportunity of about $3.3 billion [4] - The plaque analysis is applicable to around 5.5 million patients, with a market space of approximately $1.7 billion [4] HeartFlow's Unique Position - HeartFlow's FFR CT is a non-invasive functional assessment tool that simulates pressure changes in blood flow without direct contact with the patient, establishing a complete 3D model of coronary arteries [6] - Unlike traditional CCTA, which only identifies plaque presence, HeartFlow's FFR CT assesses whether the plaque affects blood flow, providing critical clinical decision-making information [9] - HeartFlow's product has been included in the 2021 ACC/AHA chest pain guidelines as a functional testing alternative, gaining reimbursement pathways from multiple U.S. Medicare Administrative Contractors [11] Company Overview and Financial Performance - Founded in 2007, HeartFlow has raised over $1.06 billion and has its products integrated into 725 hospital systems as of March 2025 [18] - The company reported a revenue of $126 million in 2024, a 44% year-over-year increase, with a gross margin of around 75% [18] - Despite significant revenue growth, HeartFlow faces challenges with a net loss of $32.3 million in Q1 2025 and cumulative losses exceeding $1 billion, making future profitability a key focus post-IPO [18]