Two emerging medtech companies — Heartflow and Carlsmed — have moved forward with initial public offering (IPO) plans, as they look to capitalise on growing interest in digital health tools and procedural innovation. Heartflow aims to repay debt and support the commercial rollout of its coronary artery disease platform, while Carlsmed is targeting up to US$103.3 million (AU$158.43M) to fund its AI-powered spine surgery solution.
Heartflow files IPO to reduce debt and expand adoption of coronary software
Heartflow has filed to go public, with proceeds earmarked to repay a US$50 million loan (or US$55 million if underwriters exercise their option) and to support sales, marketing, and research and development activities. The company, which held US$109.8 million in cash as of March 2025, has not yet disclosed a price range for the IPO.
Its flagship product, the Heartflow FFRCT Analysis, accounted for 99% of revenue in the first quarter of 2025. This software generates 3D models of the heart using coronary computed tomography angiography scans, helping physicians identify significant coronary artery disease. Clinical trials have demonstrated improved revascularisation decisions and fewer diagnostic-only invasive procedures.
Revenue reached US$37.2 million in the March quarter, up 39% year-on-year and US$125.8 million in 2024. However, Heartflow acknowledged previous challenges in adoption, including software defects and reliance on third-party CT imaging hardware. Siemens Healthineers, Philips, GE Healthcare, and Canon Medical Systems remain its key competitors, with some reportedly developing rival technologies.
Carlsmed sets IPO terms to support spine surgery innovation
Carlsmed has disclosed pricing details for its planned Nasdaq IPO, offering 6.7 million shares in a US$14–16 range.
With an underwriters’ option to purchase over 1 million additional shares, the raise could reach US$103.3 million. The money will fund development and commercialisation of Carlsmed's AI-enabled spine surgery platform.
The platform combines diagnostic imaging and artificial intelligence to create custom surgical plans and personalised implants. Interim clinical data show lower revision rates compared to conventional implants. Sales nearly doubled in 2024 to US$27.2 million, with US$22.2 million booked in the first half of 2025.
Carlsmed’s surgeon base nearly doubled in 12 months to 199 users, though the company reported a net loss of US$24.2 million in 2024. Reliance on a small number of contract manufacturers, along with workflow disruptions, has impacted margins. Nonetheless, the company is targeting a US$13.4 billion addressable market and expects operational improvements to boost performance.