Wall Street has a fever, and the only medicine is spotting coronary disease with the help of Skynet… 

Heartflow went public on Friday… and just like every other IPO debut during its first session, shares went full cardiac arrest (in a good way) closing miles above its IPO price of $19. Shares touched $31.49 at one point, giving the Mountain View-based medtech company a $2.6B market cap and making bankers at JPMorgan, Morgan Stanley, and Piper Sandler look like geniuses (for this week, anyway).

(Source: Giphy) 

For more context, the company raised $317M in the offering, pricing above its $17–$18 range, mainly because Heartflow is literally pulling at Wall Street’s heart strings with AI. Why? Well, the company uses artificial intelligence to create 3D models of the heart for diagnosing and managing coronary artery disease. They’ve already been used by over 1,400 institutions and in the treatment planning for 400,000 patients… meaning your cardiologist might be outsourcing part of your diagnosis to a Mountain View server farm.

(Source: Stocktwits) 

Financially though, it’s still in the ICU. Case in point: revenue hit $37.2M last quarter (up from $26.8M YoY), but net losses widened from $20.9M to $32.3M. At quarter’s end, Heartflow was sitting on $109.8M in cash and equivalents, giving it enough runway to keep funding R&D and hospital sales pitches until at least the next rate cut. 

Keep in mind, Heartflow’s frenzy comes after a couple of high-profile medtech IPO faceplants. Shoulder Innovations ($75M raise) and Carlsmed ($100.5M raise) both broke issue and never looked back… unless “back” means staring at their long at their prospectus while investors kept saying “I’m not mad, I’m disappointed.” In that context, Heartflow’s moonshot is either a genuine vote of confidence in AI-driven diagnostics… or just pent-up IPO FOMO bleeding into the sector.

(Source: Giphy) 

The offering also slots neatly into 2025’s broader IPO revival. Big debuts like Firefly Aerospace, Figma, and Circle have shown investors are finally willing to wade back into new listings after the 2022–2023 drought. Renaissance Capital’s data says this year’s $100M-plus IPO cohort is averaging an 18% first-day pop; Heartflow just beat that by nearly 4x. Bigly. 

Meanwhile, Bain Capital’s in the mix as a massive hype man (read: backer), which probably explains the cash cushion ($109.8M in hand at quarter’s end) and the marketing budget that could make “AI heart scan” sound like the second coming of statins. The real question though, is while shares hit a peak of 66% last week, will we likely see the name move, if not larger this week? Who knows. Medical tech IPOs can spike on debut, but they’re also notorious for fading once the hype cools and investors remember that selling to hospitals involves more red tape than a friggin’ FDA lobbyist convention.

(Source: Giphy) 

For now, though, Heartflow gets to claim the crown as 2025’s most successful medtech debut… that is until the sugar high fades away. Meaning, keep your eyes on the stock as we head into this morning's opening bell, and place your bets accordingly. Until next time, friends… 

At the time of this publishing, Stocks.News does not hold positions in companies mentioned in the article.