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KMTS

KESTRA MEDICAL TECHNOLOGIES, LTD.

KMTS

KESTRA MEDICAL TECHNOLOGIES, LTD. • NASDAQ
$26.98 ▼ -0.07% (-0.02)
Market Cap $1.39 B
52w High $30.00
52w Low $13.25
Dividend Yield 0%
P/E -10.66
Volume 67.23K
Outstanding Shares 51.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $19.371M ▲ $37.729M ▼ $-25.826M ▲ -133.323% ▲ $-0.5 ▲ $-28.878M ▲
Q4-2025 $17.233M ▲ $55.845M ▲ $-52.053M ▼ -302.054% ▼ $-2.21 ▼ $-47.413M ▼
Q3-2025 $15.09M ▲ $27.148M ▲ $-21.509M ▲ -142.538% ▲ $-0.5 ▼ $-18.07M ▼
Q4-2024 $10.054M ▲ $21.746M ▲ $-22.284M ▼ -221.643% ▲ $-0.45 ▲ $-16.874M ▼
Q3-2024 $8.277M $20.826M $-21.619M -261.194% $-0.47 $-16.591M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $201.214M ▼ $266.296M ▼ $82.137M ▼ $184.159M ▼
Q4-2025 $237.595M ▲ $295.744M ▲ $90.338M ▼ $205.406M ▲
Q3-2025 $54.352M ▼ $107.995M ▼ $365.89M ▲ $-274.053M ▼
Q2-2025 $76.918M ▲ $121.454M ▲ $357.999M ▲ $-252.953M ▼
Q4-2024 $8.249M $45.949M $255.326M $-209.377M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-25.826M ▲ $-26.274M ▼ $-8.232M ▼ $-1.875M ▼ $-36.381M ▼ $-34.44M ▼
Q4-2025 $-51.111M ▼ $-23.699M ▼ $-7.761M ▼ $214.703M ▲ $183.243M ▲ $-31.743M ▼
Q3-2025 $-21.759M ▲ $-18.384M ▼ $-4.063M ▲ $-119K ▼ $-22.566M ▼ $-22.447M ▼
Q4-2024 $-22.284M ▼ $-14.948M ▲ $-4.159M ▲ $12.236M ▲ $-6.871M ▲ $-19.149M ▲
Q3-2024 $-21.619M $-15.796M $-4.965M $11.897M $-8.864M $-20.764M

Five-Year Company Overview

Income Statement

Income Statement Kestra is still in the early commercial stage, with revenue only just beginning to ramp. Sales have grown from almost nothing to a small but meaningfully higher level, which is a good sign of initial market traction. The company has recently moved from negative gross margins toward positive ones, suggesting its product economics are improving as it scales. However, operating losses remain sizable relative to revenue because the company is investing heavily in commercialization, R&D, and support infrastructure. Overall, this is a classic early-stage medical device income statement: growing top line, improving product-level profitability, but still firmly loss‑making as the business is built out.

Balance Sheet

Balance Sheet The balance sheet has strengthened recently. Total assets, and especially cash, have increased sharply ahead of or around the IPO, giving the company more financial flexibility to fund growth and trials. Equity has swung from negative to positive, which reduces balance sheet risk and reflects fresh capital coming in. Debt exists but appears modest compared with total assets, suggesting leverage is not the main concern at this stage. The key question going forward is not solvency, but how efficiently Kestra can use this new capital before needing more.

Cash Flow

Cash Flow Kestra consistently uses cash rather than generates it, as expected for a young, growth-focused medical technology company. Operating cash outflows have been steady and significant, driven by spending on staff, clinical work, commercialization, and product support. Free cash flow is also clearly negative, though capital spending is relatively modest compared with operating needs. In practice, this means the business is dependent on external funding for now, and its future path will hinge on how quickly revenue can grow relative to the current cash burn.

Competitive Edge

Competitive Edge Kestra operates in a focused niche within cardiac care, where the main direct rival is ZOLL’s LifeVest. Its competitive edge appears to come from better patient experience, fewer false alarms, and an integrated digital ecosystem linking the wearable, patient app, and clinician portal. By emphasizing comfort, ease of use, and richer data for doctors, Kestra is trying to turn a traditionally “clunky” device category into a more modern, patient-friendly service. This approach could translate into better patient compliance and stronger relationships with prescribing physicians, but the company still has to prove it can win share at scale against a large, entrenched competitor and navigate hospital purchasing dynamics.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of Kestra’s strategy. The ASSURE system combines advanced heart rhythm detection, multi-channel signal processing, and motion-noise filtering with a strong focus on garment design and patient comfort. Beyond the therapeutic device, the company is building a digital health platform that could evolve with more analytics, potentially including AI, and deeper integration into hospital IT systems. Ongoing clinical studies and a follow-on wearable ECG offering extend the technology into broader monitoring and long-term care. The main opportunity lies in turning this innovation pipeline and clinical evidence into widely adopted standards of care; the main risk is the time, cost, and regulatory and clinical uncertainty involved in doing so.

Summary

Kestra Medical Technologies is an early-stage, post-IPO cardiac device company with a promising but unproven business model. Financially, it shows the usual pattern of a young medtech firm: small but growing revenue, improving product-level margins, and substantial operating losses funded by fresh equity capital. Its balance sheet is currently supportive, but the company remains dependent on external funding until it can scale revenue enough to cover its cost base. Strategically, Kestra’s strength lies in a differentiated, patient-centric wearable defibrillator platform backed by a digital ecosystem and ongoing clinical work, positioned against a well-established incumbent. The big question for the next few years is execution: can the company convert its technological and design advantages into broad clinical adoption and sustainable cash generation before its current capital base is exhausted.

NEWS

November 10, 2025 · 9:52 AM UTC

Largest Real-World Study of Wearable Defibrillators Confirms Strong Effectiveness and Safety Performance of Kestra's ASSURE Device

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November 4, 2025 · 8:00 AM UTC

Kestra Medical Technologies to Present Late-Breaking ACE-PAS Trial Results at AHA 2025, Showcasing Next-Generation Wearable Defibrillator System

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October 28, 2025 · 8:00 AM UTC

Kestra Medical Technologies to Present at the Stifel 2025 Healthcare Conference

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October 7, 2025 · 8:00 AM UTC

Kestra Appoints Timothy Moran as Chief Business Officer, Strengthening Leadership Team for Next Stage of Growth

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September 25, 2025 · 8:00 AM UTC

Kestra Showcases Cardiac Recovery System Platform at HFSA 2025, Redefining Sudden Cardiac Arrest Risk Management

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