Imaging AI vendor earns nationwide UnitedHealthcare coverage, sets $1.3B value ahead of IPO

An imaging intelligence vendor recently set the terms for its forthcoming $200 million initial public stock offering, with an estimated company value of $1.3 billion.

Heartflow revealed these figures in a new filing with the U.S. Securities Exchange Commission, shared Friday. The submission comes after the Mountain View, California, company announced July 22 UnitedHealthcare, the country’s largest commercial insurer, has committed to covering CT-based plaque analysis software (also offered by Cleerly and Elucid). 

“With UnitedHealthcare’s nationwide coverage update, we’re making great progress toward bringing Heartflow Plaque Analysis into standard protocols and scaling access to AI-enabled coronary care,” President and CEO John Farquhar, MBA, said in a social media post. “This is how policy, technology and patient-centered innovation come together. It’s a pivotal moment for clinical teams and health systems, and a strategic win for preventive, personalized medicine.”

Heartflow said the updated coverage will become effective Oct. 1 for patients with acute or stable chest pain and mild to moderate narrowing of coronary arteries found on CT angiography. It applies to all UnitedHealthcare plans, including commercial, Medicare Advantage, and its “Community” dual-eligible offering. This comes after radiology benefits manager EviCore recently updated coverage guidelines to include CT plaque analysis, and the Medicare Physician Fee Schedule proposed reimbursement in doc offices. 

In its SEC filing, Heartflow said it is offering 12.5 million shares of common stock, priced between $15 and $17 per share. This would equal up to $212.5 million in proceeds. The company amassed around $43 million during the 2025’s second quarter, roughly 40% more than the same period in 2024. Heartflow generates revenue primarily through a pay-per-click model that charges radiologists and other physicians with each use. 

The company was founded in 2007, and can create a personalized 3D model of a patient’s arteries using CT. As of March 31, the Heartflow platform had been used to assess coronary artery disease in over 400,000 patients. In its regulatory filings, leaders estimated the current market opportunity in the U.S. for its products is approximately $5 billion. 

"Heartflow's strong top-line growth and high gross margins position it well for initial investor interest, especially given its similarity to commercialized Beta Bionics and Kestra Medical," Josef Schuster, CEO of investor service IPOX, said according to Reuters.