HeartFlow Secures Reimbursement Approval in Japan for Its Non-Invasive Heart Diagnostic Technology and Files IPO Prospectus

Recently, VCBeat (WeChat: vcbeat) learned that HeartFlow, a California-based unicorn digital health company, has received reimbursement approval for its cardiac diagnostic technology in Japan, marking a significant milestone in the company’s international expansion. The new policy will take effect on December 1, 2018, following positive coverage decisions by Medicare and the UK’s National Health Service.

HeartFlow was founded in 2007 by Stanford University scientists Charles Taylor and Chris Zarins. The company innovatively employs CT scanning technology to create precise 3D models of coronary blood flow. Compared with traditional methods that involve inserting guidewires directly into the arteries to assess blood flow, this approach offers greater cost-effectiveness and is less invasive. Furthermore, the technology utilizes advanced algorithms to measure the impact of vascular obstruction on patients.

HeartFlow states that this technology can avoid the risks of bleeding, bruising, and catheter-induced infections during the diagnostic process, thereby providing a more cost-effective and safer solution for patients with coronary artery disease (CAD). The company also noted that, in fact, more than half of the patients undergoing invasive procedures do not have significant blockages.

Image source: HeartFlow official website

CDA is one of the diseases with the highest mortality rate worldwide and among the most challenging to diagnose. Its symptoms are relatively nonspecific, sometimes resembling those of indigestion, and in some cases, it may even present without obvious clinical manifestations. Consequently, the diagnosis of CDA remains one of the significant challenges in the global medical technology field.

John Stevens, CEO of HeartFlow (hereinafter referred to as “Stevens”), stated, “Our overall strategy in Japan is to provide HeartFlow testing and analysis services to as many clinicians and patients with suspected coronary artery disease (CAD) as possible.” According to data released by the company, its technology has been applied in the clinical diagnosis of more than 25,000 patients with suspected CAD.

In addition to receiving government support, HeartFlow has made progress in commercial health plans, including a partnership with UnitedHealthcare that will help drive HeartFlow’s commercial expansion across the United States. HeartFlow stated that more than 235 million people in the U.S. have access to its HeartFlow CDA diagnostic technology through this insurer.

Previously, HeartFlow had raised $475 million from its investors, with a latest valuation of $1.5 billion. As one of the few unicorn companies, HeartFlow also carries the keen attention and high expectations of investors and the market. In a previous interview, Stevens stated that he would be surprised if the company had not successfully gone public by the end of 2019. Although Stevens did not explicitly disclose HeartFlow’s specific IPO timeline, he hinted that the day was imminent.

HeartFlow, founded in 2009 and headquartered in California, USA, is a unicorn-level medical technology company that primarily provides innovative diagnostic and therapeutic solutions for cardiovascular diseases to clinicians and patients with coronary artery disease (CAD). To date, HeartFlow has raised a total of $470 million in funding, with its latest round being a $240 million Series E financing announced on February 14, 2018, valuing the company at $1.5 billion.