HeartFlow calls off plans to merge, go public due to ‘unfavorable market conditions’
HeartFlow, a California-based health technology company focused on cardiac care, is canceling its previously announced plan to merge with Longview Acquisition Corp. II and form a publicly traded company.
The decision is a result of “current unfavorable market conditions,” the company said in a statement.
The deal, originally announced back in July 2021, valued the combined entity — which would have gone by the name HeartFlow Group and been listed on the New York Stock Exchange as “HFLO” — at approximately $2.4 billion.
“We believe that our non-invasive, AI-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management,” John H. Stevens, MD, president, CEO and co-founder of HeartFlow, said at the time. “Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision.”
Heartflow offers a CT image-based algorithm to determine the fractional flow reserve (CT-FFR) of blood flow in the coronary arteries for the entire coronary tree. This non-invasive imaging method can help determine if a patient needs to got to the cath lab for revascularization or needs additional followup tests. It can also determine if a patient presenting to a hospital with chest pain can be discharged safely. CT-FFR can avoid the need for conventional catheter-based FFR wires inserted into the coronaries in an invasive cath lab procedure. The technology was included as a testing option in the 2021 chest pain imaging guidelines.
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Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.