Kestra Medical Technologies, Ltd. (KMTS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$106.7M

Revenue growth

60.7%

Net income, last twelve months

-$149.9M

Earnings per share

-$2.67

Gross margin

53.9%

Operating margin

-134.5%

Net margin

-140.4%

Free cash flow

-$122.8M

Return on equity

-67.4%

Market value

$1.8B

Cash

$68.6M

Debt

$72.5M

Debt to equity

0.33

Shares outstanding

59.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter of fiscal 2027 results, filed 14 September 2026.

• Revenue rose 60% year over year. Revenue reached $31.0 million, up 60% from $19.4 million in the prior-year quarter.
• Net loss widened to $44.1 million. Net loss per share was $0.75 against $0.50. Adjusted EBITDA loss was $24.0 million against $19.4 million.
• Gross profit rose to $17.5 million. Gross profit was $17.5 million against $8.9 million in the prior-year quarter.
• Operating loss widened to $37.7 million. Loss from operations was $37.7 million against $28.9 million a year earlier. Interest income of $2.1 million compared with interest expense of $1.9 million.
• Several factors drove revenue growth. Management cited wearable cardioverter defibrillator market expansion, competitive share gains, new sales territories, in-network patient mix and revenue cycle management improvements.
• Prescription count not reported this quarter. The prior release gave 6,357 fourth-quarter prescriptions for the ASSURE system, up 63%. This release gives no prescription count.
• Receivables rose slightly. Accounts receivable, net was $15.4 million at July 31, up from $14.5 million at April 30.
• Gross margin rose to 56.5%. Gross margin was 56.5% against 45.7% a year earlier, alongside a 60% increase in revenue.
• GAAP operating expenses rose to $55.2 million. GAAP operating expenses were $55.2 million against $37.7 million, with the increase spread across research and development and selling, general and administrative costs.
• Adjusted expenses rose on commercial expansion. Adjusted operating expenses were $44.2 million against $30.3 million. The company attributed the increase to commercial expansion and accelerated R&D investment.
• Share-based compensation more than doubled. Share-based compensation expense was $9.5 million against $4.6 million.
• Non-recurring expenses declined. Non-recurring expenses were $1.4 million against $2.9 million in the prior-year quarter.
• Adjusted measures exclude two items. Adjusted operating expenses and adjusted EBITDA are non-GAAP measures. Adjusted operating expenses exclude share-based compensation and non-recurring expenses.
• Selling, general and administrative costs rose. Selling, general and administrative expense was $48.4 million against $33.7 million, the largest part of total operating expenses.

Company events

The newest 8-K filings of 14 held.

Every filing

The newest filings with the SEC of 59 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

116 funds held it at 30 Jun 2026: 67 added and 20 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

Kestra Medical Technologies is a wearable medical device and digital healthcare company based in Kirkland, Washington. Its Cardiac Recovery System platform is built around the ASSURE Wearable Cardioverter Defibrillator (WCD). The device monitors heart rhythm and automatically delivers a shock when it detects a life-threatening ventricular arrhythmia. The company leases the device to patients, and as of 30 April 2026 the ASSURE WCD had protected nearly 40,000 patients since commercial launch. The company had over 443 full time team members, substantially all in the U.S.

What it sells

The ASSURE WCD is for adult patients at elevated risk of sudden cardiac arrest who are not candidates for an implantable defibrillator or decline one. The FDA approved it on 27 July 2021. It is a Class III device with a premarket approval (PMA), and full commercial launch came in August 2022. Patients wear it in Sensorfit garments, which come in two styles and a range of sizes. The device delivers a 170-joule shock and holds a minimum defibrillation capacity of 25 shocks.

The platform adds digital tools: the ASSURE patient application, the Kestra CareStation remote patient management platform, Heart Alert Services and ASSURE Assist. ASSURE Assist is designed to notify emergency services when a shock is delivered. For its PMA, the digital health platform is treated as a separate FDA Class I, 510(k)-exempt device. In January 2026 the company announced a collaboration with Biobeat Technologies on a blood pressure monitoring patch, and the company says it intends to integrate that technology into its portfolio.

How it makes money

The company says it earns nearly all its revenue by billing third-party payors, including Medicare, Medicaid and private payors, for the lease of the ASSURE WCD. Leases run month to month, and the patient can cancel at any time. Costs payors do not cover, such as co-payments, are billed to the patient. Most patients are prescribed the device for three months or longer, and the average initial prescription is 3.4 months.

Medicare reimburses the device under HCPCS code K0606 on the DMEPOS Fee Schedule, with standard patient co-insurance of 20%. The company holds a Medicare Provider Number. It estimates it is in-network with payors covering over 290 million lives. Billing and collections tend to be lower in January and February, when annual insurance deductibles reset.

Who prescribes it and how it is sold

Prescribing decisions sit mainly with general cardiologists, interventional cardiologists, cardiac electrophysiologists and advanced practice providers in U.S. hospitals and clinics. The commercial team had approximately 130 direct sales representatives and more than 40 sales and clinical support professionals as of 30 April 2026. Once a patient is prescribed the device, over 500 contracted Assure Patient Specialists help with fitting and training. The company reports about 130 territories in the United States.

How the devices are made and delivered

The company outsources manufacturing of the ASSURE WCD and its components. Its two tier-one manufacturing and supplier partners are headquartered in the U.S. and supply from U.S. facilities. For some components it relies on a single supplier or a limited number of suppliers.

Under the lease model, reusable components go to many patients. At the end of a prescription the device is returned, single-use items such as the Sensorfit garment are disposed of, and the rest is inspected, tested and recertified. Inventory sits at a central distribution location and 20 additional third-party warehouses across the U.S. Components are typically replenished within a 24-hour window.

Competition and markets

The WCD market has historically been served by one product, the LifeVest WCD, marketed by ZOLL Medical, a wholly owned subsidiary of Asahi Kasei Corporation. In May 2025 another entrant received FDA approval for an adhesive-based external defibrillator. The company reports that WCD therapy reached 16% of eligible U.S. patients in 2025.

Its ACE-PAS post-approval study enrolled 21,612 patients. The company reports that 6% of its patients experienced a false alarm and that median daily use was more than 23 hours. It cites a published study reporting 46% for the LifeVest. It has no regulatory approvals outside the U.S. and has submitted no applications. The company says it is planning to pursue CE Mark approval in Europe, with Western Europe as its initial focus.

Patents and regulation

The company has rights to 264 issued patents: 229 in the U.S., 17 in the European Union, 8 in Japan, 5 in Australia and 5 in China. It also has 125 pending applications. The earliest expiry date for issued patents is February 2031. It holds registered or applied-for marks including ASSURE, CARDIAC RECOVERY SYSTEM, KESTRA, KESTRA CARESTATION and ASSURE ASSIST.

The company is regulated by the FDA and the CMS, and as a durable medical equipment supplier it is subject to federal and state fraud and abuse laws and to HIPAA.

*From Kestra Medical Technologies's annual report on Form 10-K for the year ended 30 April 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1877184/000119312526303397/ck0001877184-20260430.htm)*

From the company's 10-K.