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"The HeartFlow team is dedicated to providing heart disease patients the best possible care and democratizing access to this incredible technology," said William C. Weldon, Chairman of the Board of Directors of HeartFlow. "This partnership with Longview and the Company's existing investors will propel HeartFlow to further assist physicians in diagnosing, managing, and delivering precision care to patients with CAD."
Investor Comments
"HeartFlow's commitment to making cardiovascular care easier for doctors and safer for patients while lowering costs is the reason why we have the utmost confidence in their business model and management team," said Dr. Tom Hawes, Managing Director of The Blue Venture Fund*. "We have supported HeartFlow since 2011 and we are looking forward to building on our partnership in the future as the company heads towards the public market."
"We were impressed with the advantages the HeartFlow Analysis offered over existing solutions for evaluating CAD," said Robert Natzler of Baillie Gifford. "We are extremely excited about its ability to simultaneously improve patient outcomes and physician experience whilst taking cost out of the system – a rare example of a win-win-win in healthcare."
"Our team is proud to support HeartFlow and the outstanding management team," said Jeffrey C. Lightcap, Senior Managing Director, Founder, HealthCor Partners. "We remain confident that HeartFlow's non-invasive and accurate alternative method of calculating FFR, the gold standard for assessing coronary stenoses, has the potential to meaningfully change the heart disease treatment paradigm."
Summary of the Proposed Transaction
The proposed transaction values HeartFlow at an initial pro forma enterprise value of approximately $2.4 billion and a fully distributed equity value of approximately $2.8 billion at signing. The transaction is expected to deliver up to $599 million of gross proceeds to HeartFlow (all coming from the $690 million cash in trust held by Longview) to accelerate growth as well as repurchase up to $110 million of equity from long-time shareholders and employees, representing approximately 5% pro forma shares outstanding. Any excess cash in trust will be distributed by Longview to its shareholders through a special dividend of up to $91 million immediately prior to closing. Pro forma for the business combination, legacy shareholders of HeartFlow and its employees will own approximately 73.0% of the public company.
