Medical technology company Heartflow (HTFL.US) IPO prices higher than expected, raising $317 million. It will debut on Nasdaq tonight.

Heartflow, an artificial intelligence software platform focused on the diagnosis and treatment of heart disease, issued 16.67 million shares at a price of $19 per share, successfully raising $317 million. The final offering price exceeded the previously announced price range of $17-18 per share. The company will officially start trading on the Nasdaq Global Select Market on Friday. According to a Thursday announcement, the medical technology company based in Mountain View, California had previously submitted documents to the U.S. Securities and Exchange Commission to increase the IPO offering from the original 12.5 million shares (priced at $15-17) to 16.67 million shares (priced at $17-18). Based on the final offering price, Heartflow's market value will reach $1.54 billion. This IPO comes at a time when the medical technology sector is facing challenges. Last month, the $75 million IPO of Shoulder Innovations and the $100.5 million IPO of Carlsmed both faced market setbacks, with their stock prices still below the offering price. Heartflow's core technology platform creates personalized 3D models of patients' hearts and generates data on blood flow and plaque levels, aiming to enable screening, diagnosis, and management of coronary artery disease. Financial data shows that the company generated $37.2 million in revenue and had a net loss of $32.3 million in the quarter ending on March 31. In the same period last year, revenue was $26.8 million with a net loss of $20.9 million. The offering was co-underwritten by J.P. Morgan, Morgan Stanley, and Piper Sandler.