The Bain Capital-supported medical technology companies Kestra Medical Technologies and Heartflow are preparing for an IPO this year. According to people familiar with the matter, both companies have recently hired advisors to prepare their initial public offerings (IPOs), which could take place as early as the first half of the year.

Kestra, based in the US state of Washington, is working with Bank of America on its IPO, while the California company Heartflow is relying on the services of JPMorgan. Official statements from Bain Capital, Bank of America, or JPMorgan are still pending.

The planned IPOs could signal the end of years of restraint in the medical technology sector.

Heartflow had already canceled a planned IPO in 2022 through a Special Purpose Acquisition Company (SPAC) valued at $2.8 billion at short notice. The company develops a non-invasive diagnostic device for coronary heart disease, which affects approximately 16 million Americans according to official estimates.

Kestra, which manufactures a wearable monitoring and defibrillation device for patients with ventricular arrhythmias, raised $196 million in a funding round last year. The target valuation and planned issue prices of the two companies are not yet known.

A possible shift in sentiment was already evident in October of last year, when Ceribell, a manufacturer of seizure monitoring devices, raised $180 million in an IPO accompanied by Bank of America. The company's shares recently traded 24 percent above the issue price.

If the IPO plans of Kestra and Heartflow are successful, this would be a significant success for their venture capital investors. In addition to Bain Capital, Kestra's investors include T. Rowe Price and Omega Funds, while Heartflow relies on the support of Baillie Gifford and Wellington Management.