Kestra Medical (Nasdaq: KMTS) adds $200M loan as revenue surges 59%

Rhea-AI Filing Summary

Kestra Medical Technologies, Ltd. entered into a five-year senior secured term loan facility of up to $200.0 million with funds managed by Pharmakon Advisors. Tranche A of $75.0 million funded on July 10, 2026, generating approximately $20.0 million of net proceeds after fees and full repayment of the prior Perceptive Credit loan, which was terminated and its security interests released.

The Term Loans mature on July 10, 2031, bear interest at three-month SOFR + 5.50% with a 3.25% SOFR floor, include 48 months of interest-only payments, and then amortize quarterly from the second fiscal quarter of 2030. Covenants include minimum liquidity of at least $20.0 million, limits on additional indebtedness, liens, dividends and mergers, and a security interest over substantially all assets, including intellectual property.

For the quarter ended April 30, 2026, revenue was $28.6 million, up 66% year over year, with gross margin of 54.8%. Fiscal 2026 revenue was $95.1 million, up 59%, with gross margin of 51.4%. GAAP net loss was $131.6 million and adjusted EBITDA loss was $87.0 million. Cash, cash equivalents and investments totaled $262.2 million as of April 30, 2026. The company guides to FY27 revenue of $137 million, implying 44% growth versus FY26.

Positive

• Kestra delivered strong top-line growth, with FY26 revenue of $95.1 million, a 59% increase, and gross margin expanding to 51.4% from 40.5%, indicating improving unit economics.
• Liquidity appears solid, with $262.2 million in cash, cash equivalents and investments at April 30, 2026, plus access to a $200.0 million term loan facility, supporting ongoing growth investments.

Negative

• Profitability remains a challenge, with GAAP net loss of $131.6 million and adjusted EBITDA loss of $87.0 million in FY26, both larger than the prior year.
• Operations consumed substantial cash, with $81.7 million of net cash used in operating activities in FY26, alongside $34.9 million of capital expenditures, contributing to a significant reduction in cash balances.

8-K Event Classification

5 items: 1.01, 1.02, 2.02, 2.03, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

FY26 Revenue: $95.1 million FY26 Gross Margin: 51.4% FY26 GAAP Net Loss: $131.6 million +5 more

8 metrics

FY26 Revenue $95.1 million Total revenue for fiscal year ended April 30, 2026; 59% growth versus FY25

FY26 Gross Margin 51.4% Gross margin for fiscal year 2026 compared to 40.5% in FY25

FY26 GAAP Net Loss $131.6 million GAAP net loss for fiscal year ended April 30, 2026

FY26 Adjusted EBITDA Loss $86.992 million Adjusted EBITDA loss for fiscal year 2026 as reconciled in the release

Cash, Cash Equivalents and Investments $262.201 million Balance of cash, cash equivalents and investments as of April 30, 2026

Term Loan Facility Size $200.0 million Maximum aggregate principal amount of senior secured term loan facility

Interest Rate Spread 5.50% + three-month SOFR Variable annual interest on Term Loans with a 3.25% SOFR floor

FY27 Revenue Guidance $137 million Company’s revenue outlook for fiscal 2027; 44% growth versus FY26

Key Terms

Secured Overnight Financing Rate, interest-only payments, adjusted EBITDA, non-recurring expenses, +1 more

5 terms

Secured Overnight Financing Rate financial

"bear interest as a variable rate per annum equal to a 5.50% plus three-month Secured Overnight Financing Rate"

A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.

interest-only payments financial

"The Term Loans provide for 48 months of interest-only payments and amortize in four equal quarterly installments"

A loan payment plan where the borrower pays only the interest charge for a set period, leaving the original loan amount unchanged until later. For investors, this matters because it can boost short-term cash flow and lower default risk early on, but it also concentrates repayment or raises future payments later, which can increase credit and refinancing risk for lenders and holders of related securities—think of a lease that postpones paying down the car’s price.

adjusted EBITDA financial

"Adjusted EBITDA* loss was $87.0 million compared to an adjusted EBITDA loss of $68.4 million in FY25"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-recurring expenses financial

"Adjusted operating expense is calculated as operating expenses, as adjusted to exclude share-based compensation expense and non-recurring expenses"

Expenses that occur once or rarely and are outside a business’s normal day-to-day operations, such as large legal settlements, asset write-downs, or one-off restructuring costs. Investors care because these charges can make a company’s profit or loss look worse (or better) in a single period, so analysts often set them aside to judge the company’s ongoing earning power—like ignoring the cost of a one-time roof repair when judging a home’s regular monthly upkeep.

wearable cardioverter defibrillator medical

"Revenue growth was driven primarily by higher market share and wearable cardioverter defibrillator (WCD) market expansion"

A wearable cardioverter defibrillator is a lightweight, portable device worn on the body that continuously monitors heart rhythm and automatically or manually delivers an electric shock to stop a life‑threatening irregular heartbeat. Think of it as a mobile airbag for the heart: it protects high‑risk patients when a permanent implant isn’t suitable. Investors watch sales, reimbursement rules, clinical evidence and guideline use because those factors drive adoption, recurring revenue and liability exposure.

Offering Details

other

Offering

Offering Type other

Use of Proceeds Net proceeds from Tranche A used to repay the Prior Loan Agreement and for general corporate and working capital purposes

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FAQ

What new debt facility did Kestra Medical Technologies (KMTS) enter into?

Kestra entered a five-year senior secured term loan facility of up to $200.0 million with funds managed by Pharmakon Advisors. It includes four tranches, with a $75.0 million Tranche A funded on July 10, 2026 and maturing July 10, 2031.

How did Kestra Medical Technologies (KMTS) perform financially in fiscal 2026?

Kestra generated $95.1 million in FY26 revenue, up 59% year over year, with gross margin improving to 51.4%. GAAP net loss was $131.6 million and adjusted EBITDA loss was $87.0 million, reflecting ongoing investment and negative profitability.

What were Kestra Medical Technologies’ (KMTS) fourth quarter 2026 results?

Fourth quarter FY26 revenue was $28.6 million, a 66% increase from the prior-year period, with gross margin of 54.8%. GAAP net loss was $38.8 million, and adjusted EBITDA loss was $26.7 million, as operating expenses remained substantial.

What is Kestra Medical Technologies’ (KMTS) revenue guidance for fiscal 2027?

Kestra expects $137 million of revenue in FY27, implying 44% growth compared to FY26 revenue of $95.1 million. This outlook reflects continued expansion of the ASSURE system and broader wearable cardioverter defibrillator market trends noted by management.

What is Kestra Medical Technologies’ (KMTS) liquidity and cash position?

As of April 30, 2026, Kestra held $262.2 million in cash, cash equivalents and investments, and must maintain at least $20.0 million in liquidity under its new Loan Agreement. The company also has remaining availability under the $200.0 million term loan facility, subject to conditions.

How does the new loan impact Kestra Medical Technologies’ (KMTS) prior debt?

Proceeds from the Tranche A $75.0 million loan provided about $20.0 million of net cash after repaying the Prior Loan Agreement in full. The prior facility with Perceptive Credit Holdings IV, LP was terminated and its security interests over Kestra’s assets were released.

false000187718400-000000000018771842026-07-102026-07-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 10, 2026

KESTRA MEDICAL TECHNOLOGIES, LTD.

(Exact name of Registrant as Specified in Its Charter)

Bermuda			001-42549	Not Applicable
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
3933 Lake Washington Blvd NE Suite 200
Kirkland, Washington				98033
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (425) 279-8002

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, par value $1.00 per share		KMTS		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On July 10, 2026, Kestra Medical Technologies, Ltd. (the “Company”), its wholly-owned subsidiary, Kestra Medical Technologies, Inc. (the “Borrower”) and other credit parties thereto (collectively with the Borrower and the Company, the “Credit Parties”), entered into a loan agreement (the “Loan Agreement”) with BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (each, a “Lender”), which are investment funds managed by Pharmakon Advisors, LP, and BioPharma Credit PLC, as collateral agent (the “Collateral Agent”). The Loan Agreement provides for a five-year senior secured term loan facility of up to $200.0 million, divided into four tranches: (i) a committed Tranche A Loan in an aggregate principal amount of $75.0 million (the “Tranche A Loan”) which was funded on July 10, 2026 (the “Tranche A Closing Date”); (ii) a committed Tranche B Loan in an aggregate principal of $25.0 million (the “Tranche B Loan”) which may be requested, subject to certain limited conditions, at the Borrower’s option through July 31, 2027; (iii) a committed Tranche C Loan in an aggregate principal amount of $50.0 million (the “Tranche C Loan”) which is available to the Borrower upon reaching a trailing twelve-month revenue of $150.0 million and which may be requested on or prior to June 30, 2028 and (iv) an uncommitted Tranche D Loan for acquisitions at the Company’s option in aggregate principal amount of $50.0 million (the “Tranche D Loan” and collectively with the Tranche A Loan, the Tranche B Loan, and the Tranche C Loan, the “Term Loans”), subject to certain limited conditions and upon approval of the Lenders, on such date mutually agreed upon between the Lenders and the Borrower.

The Borrower’s net proceeds from the Tranche A Loan were approximately $20.0 million, after deducting estimated debt issuance costs, fees and expenses, and repaying in full the Borrower's obligations under its Prior Loan Agreement with its Prior Lender (each as defined in Item 1.02 below) on July 10, 2026. The remaining proceeds will be used to fund the Company’s general corporate and working capital requirements.

The Term Loans mature on July 10, 2031 (the “Maturity Date”). The Term Loans bear interest as a variable rate per annum equal to a 5.50% plus three-month Secured Overnight Financing Rate (“SOFR”) with a SOFR floor of 3.25%. Interest is due and payable on the last day of each quarter, with payment beginning in the calendar quarter immediately following the Tranche A Closing Date. The Loan Agreement requires the Borrower to pay an amount equal to 1.75% of the Lenders’ total committed amount to fund the Term Loans, payable with respect to each Term Loan on the funding date of such Term Loan. The Term Loans provide for 48 months of interest-only payments and amortize in four equal quarterly installments beginning in the second fiscal quarter of 2030 and continuing through the Maturity Date. The Term Loans may be voluntarily prepaid in whole (but not in part), and are subject to make-whole, prepayment premium and exit fees, and must be prepaid upon a Change in Control (as defined in the Loan Agreement).

Pursuant to the Guaranty and Security Agreement, Irish Debenture and the Irish Share Charge, the Credit Parties granted the Collateral Agent a security interest in substantially all of the Company and its subsidiaries’ assets and property, including intellectual property, to secure the payment of all amounts owed to Lenders under the Loan Agreement.

The Loan Agreement contains customary affirmative covenants including, without limitation, information delivery requirements, obligations to maintain insurance, preservation of intellectual property and regulatory approvals, and compliance with applicable laws. The Loan Agreement also contains customary restrictive covenants, including, without limitation, limitations on the incurrence of additional indebtedness, limitations on the incurrence of liens, restrictions on the payment of dividends and other restricted payments, and restrictions on mergers and similar transactions. The Borrower is required to maintain a minimum liquidity of at least $20.0 million in cash and cash equivalents at all times. The Loan Agreement also contains customary representation and warranties and other customary provisions, such as confidentiality obligations and indemnification rights for the benefit of the Lenders.

The foregoing summary of the terms of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the actual text of the Loan Agreement, which will be filed with the Company’s Annual Report on Form 10-K for the period ending on April 30, 2026.

Item 1.02 Termination of a Material Definitive Agreement.

On September 29, 2023, the Borrower, the Company and the other credit parties thereto entered into that certain loan agreement (as amended and restated, the “Prior Loan Agreement”) with Perceptive Credit Holdings IV, LP (the “Prior Lender”). In connection with the entry into the Loan Agreement on July 10, 2026, the Prior Loan Agreement and the other loan documents associated therewith were terminated, the payment and other obligations of the Borrower under the Prior Loan Agreement were paid in full and discharged, and Prior Lender’s security interests in the Company’s assets and property were released.

Item 2.02 Results of Operations and Financial Condition.

On July 14, 2026, the Company issued a press release announcing its financial results for the fiscal quarter ended April 30, 2026. A copy of the press release, dated July 14, 2026, is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information in this Item 2.02 (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1		Press Release of Kestra Medical Technologies, Ltd., dated July 14, 2026
104		Cover Page Interactive Data File, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Kestra Medical Technologies, Ltd.
Date: July 14, 2026		By:	/s/ Brian Webster
		Name:	Brian Webster
		Title:	President and Chief Executive Officer

Exhibit 99.1

Kestra Medical Technologies Reports Fourth Quarter and Fiscal Year 2026 Financial Results

KIRKLAND, Wash., July 14, 2026 (GLOBE NEWSWIRE) -- Kestra Medical Technologies, Ltd. (Nasdaq: KMTS), a leading wearable medical device and digital healthcare company, today reported financial results for the fourth quarter and fiscal year ended April 30, 2026.

Financial Highlights

•Fiscal 4Q26 revenue of $28.6 million, an increase of 66% compared to the prior year period.

•FY26 revenue of $95.1 million, an increase of 59% compared to FY25.

•Fiscal 4Q26 gross margin of 54.8% compared to 44.3% in the prior year period.

•FY26 gross margin of 51.4% compared to 40.5% in FY25.

•FY27 revenue guidance of $137 million, an increase of 44% compared to fiscal year 2026.

“Kestra concluded fiscal year 2026 with another strong quarter of financial performance, generating revenue growth of 66% while expanding gross margin to 55%,” said Brian Webster, President and CEO. “In fiscal year 2026, the ASSURE® system protected 18,000 patients from sudden cardiac arrest, a testament to the dedication of our mission-driven team. We also made significant progress on key operational objectives, including rapid growth of our commercial organization, release of compelling primary results from our FDA post-approval study, launch of our latest algorithm update, fortification of our balance sheet, and entrance into a strategic collaboration with Biobeat Technologies. We remain confident that our focus on innovation and executing on our commitments to prescribers and their patients will continue to drive market expansion and advance Kestra on its path to market leadership.”

Fourth Quarter Fiscal 2026 Financial Results

•Total revenue was $28.6 million, an increase of 66% compared to the prior year period.

o6,357 prescriptions were written for the ASSURE® system, an increase of 63% compared to the prior year period.

oRevenue growth was driven primarily by higher market share and wearable cardioverter defibrillator (WCD) market expansion. Revenue also benefited from a higher mix of in-network patients and improvements in revenue cycle management capabilities.

•Gross profit was $15.7 million compared to $7.6 million in the prior year period.

oGross margin expanded to 54.8% compared to 44.3% in the prior year period, driven by volume leverage, a higher mix of in-network patients and execution of planned cost improvement programs.

•GAAP operating expenses were $55.0 million compared to $55.8 million in the prior year period.

oExcluding non-recurring costs and share-based compensation expense, adjusted operating expenses* were $44.7 million compared to $29.7 million in the prior year period. The increase was primarily attributable to growth in expenses related to the company’s accelerated commercial expansion.

•GAAP net loss was $38.8 million compared to GAAP net loss of $51.1 million in the prior year period.

oAdjusted EBITDA* loss was $26.7 million compared to an adjusted EBITDA loss of $20.3 million in the prior year period.

•Cash and cash equivalents, and investments totaled $262.2 million as of April 30, 2026.

oNet cash used in operating activities was $18.7 million, a reduction from $24.1 million in the prior year period.

Fiscal Year 2026 Financial Results

•Total revenue was $95.1 million, an increase of 59% compared to FY25.

o20,720 prescriptions were written for the ASSURE® system, an increase of 57% compared to FY25.

•Gross profit was $48.9 million compared to $24.2 million in FY25.

oGross margin expanded to 51.4% compared to 40.5% in FY25.

•GAAP operating expenses were $183.6 million compared to $130.6 million in FY25.

oExcluding non-recurring costs and share-based compensation expense, adjusted operating expenses* were $144.6 million compared to $100.6 million in FY25.

•GAAP net loss was $131.6 million compared to GAAP net loss of $113.8 million in FY25.

oAdjusted EBITDA* loss was $87.0 million compared to an adjusted EBITDA loss of $68.4 million in FY25.

*Adjusted operating expenses and adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” below for additional information. Reconciliations of adjusted operating expenses and adjusted EBITDA to the most directly comparable GAAP measure are included in this press release.

Fiscal Year 2027 Revenue Guidance

Kestra expects revenue of $137 million in FY27, which would represent growth of 44% compared to FY26.

Webcast and Conference Call

Kestra will host a conference call today at 4:30 p.m. Eastern Time to discuss financial results. A live and archived webcast of the event will be available in the “Events” section of the investor relations website.

About Kestra

Kestra Medical Technologies, Ltd. is a leading wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. For more information, visit www.kestramedical.com.

Use of Non-GAAP Financial Measures

This press release contains certain financial information that is not presented in conformity with U.S. generally accepted accounting principles (“GAAP”), including adjusted operating expense and adjusted EBITDA. The non-GAAP financial measures are provided as supplemental information to Kestra’s financial measures presented in this press release that are calculated and presented in accordance with GAAP.

Adjusted operating expense is calculated as operating expenses, as adjusted to exclude share-based compensation expense and non-recurring expenses. Adjusted EBITDA is calculated as net income (loss), as adjusted to exclude other income/expense (including interest), income tax expense (benefit), depreciation and amortization expense,

share-based compensation expense, and non-recurring expenses. Both metrics are presented because management believes they will allow investors to view Kestra’s performance in a manner similar to the method used by management to evaluate Kestra’s performance for both strategic and annual operating planning. Management believes that in order to properly understand short-term and long-term financial trends, it is helpful for investors to understand the impact of the items excluded from the calculation of adjusted operating expenses and adjusted EBITDA, in addition to considering Kestra’s GAAP financial measures. The excluded items vary in frequency and/or impact on our results of operations and management believes that the excluded items are not reflective of our ongoing core business operations and financial condition. Excluding such items allows investors and analysts to compare our operating performance to other companies in our industry and to compare our period-over-period results.

The non-GAAP financial measures used by Kestra may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Kestra’s financial results prepared and reported in accordance with GAAP. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business. A reconciliation of adjusted operating expenses and adjusted EBITDA reported in this press release to the most comparable respective GAAP measure for the respective periods appears in the tables captioned “Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses” and “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA” later in this release. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers.

Forward-Looking Statements

Except where otherwise noted, the information contained in this press release is as of July 14, 2026. Statements in this press release and on the related teleconference that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements. Except as required by law, Kestra undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions, and we cannot ensure that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “continue,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “advance,” “remain,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning. Kestra’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand, governmental actions and customer trends; product defects or complaints and related liability; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; risks and uncertainties related to market conditions; and other risks and uncertainties, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended April 30, 2026 and other filings filed or to be filed with the U.S. Securities and Exchange Commission (“SEC”). These filings,

when made, are available on the Investor Relations section of our website at https://investors.kestramedical.com/ and on the SEC’s website at https://sec.gov/.

Investor Relations

Neil Bhalodkar

neil.bhalodkar@kestramedical.com

KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share amounts)

(unaudited)

		Three Months Ended April 30,								Year Ended April 30,
		2026				2025				2026				2025
Revenue		$	28,638			$	17,233			$	95,126			$	59,815
Cost of revenue			12,956				9,600				46,263				35,605
Gross profit			15,682				7,633				48,863				24,210
Operating expenses:
Research and development			5,634				5,386				19,484				15,652
Selling, general and administrative			49,392				50,459				164,120				114,936
Total operating expenses			55,026				55,845				183,604				130,588
Loss from operations			(39,344	)			(48,212	)			(134,741	)			(106,378	)
Other expense (income):
Interest expense			1,844				1,760				7,546				7,734
Interest income			(2,226	)			(1,656	)			(8,351	)			(3,199	)
Other expense (income)			(319	)			2,693				(2,618	)			2,766
Net loss before provision for income taxes			(38,643	)			(51,009	)			(131,318	)			(113,679	)
Provision for income taxes			192				102				294				135
Net loss			(38,835	)			(51,111	)			(131,612	)			(113,814	)
Less: Undeclared preferred stock dividends			—				3,291				—				12,321
Net loss attributable to common shareholders, basic and diluted		$	(38,835	)		$	(54,402	)		$	(131,612	)		$	(126,135	)
Net loss per share attributable to common shareholders, basic and diluted		$	(0.67	)		$	(2.21	)		$	(2.43	)		$	(5.13	)
Weighted-average shares of common shares outstanding, basic and diluted			58,396,698				24,583,745				54,184,698				24,583,745
Other comprehensive loss:
Net loss		$	(38,835	)		$	(51,111	)		$	(131,612	)		$	(113,814	)
Unrealized loss on marketable securities			(218	)		—					(218	)		—
Comprehensive loss		$	(39,053	)		$	(51,111	)		$	(131,830	)		$	(113,814	)

KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

		April 30,				April 30,
		2026				2025
Assets
Current assets
Cash and cash equivalents		$	99,710			$	237,595
Short-term investments			96,724			—
Accounts receivable, net			14,542				8,081
Disposable medical equipment supplies			6,706				6,572
Prepaid expenses and other current assets			4,677				3,080
Total current assets			222,359				255,328
Long-term investments			65,767			—
Right-of-use assets			3,364				2,078
Deposits			1,761				2,021
Restricted cash			334				334
Property and equipment, net			59,090				34,830
Other long-term assets			5,790				1,153
Total assets		$	358,465			$	295,744
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable		$	27,295			$	23,961
Accrued liabilities			23,046				13,829
Operating lease liabilities, current portion			31				187
Total current liabilities			50,372				37,977
Operating lease liabilities, net of current portion			4,111				3,026
Warrant liabilities			1,369				8,097
Other long-term liabilities			306				140
Long-term debt, net			42,649				41,098
Total liabilities			98,807				90,338
Commitments and contingencies
Shareholders’ equity
Common Shares, $1.00 par value; 100,000,000 shares authorized as of April 30, 2026 and April 30, 2025; 58,383,924 issued and outstanding as of April 30, 2026 and 51,348,656 shares issued and outstanding as of April 30, 2025			58,384				51,349
Additional paid-in capital			853,353				674,306
Accumulated other comprehensive loss			(218	)		—
Accumulated deficit			(651,861	)			(520,249	)
Total shareholders’ equity			259,658				205,406
Total liabilities and shareholders’ equity		$	358,465			$	295,744

KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		Year Ended April 30,
		2026				2025
Cash flows from operating activities
Net loss		$	(131,612	)		$	(113,814	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			8,709				7,968
Loss on disposal of property and equipment			1,161				1,340
Reserve for equipment and supplies			2,435				754
Provision for uncollectible accounts receivable			2,596				2,694
Amortization (accretion) of premiums (discounts) on securities, net			(106	)		—
Interest paid-in-kind			—				855
Amortization of debt discounts and issuance costs			1,874				1,400
Share-based compensation expense			33,644				24,270
Non-cash lease expense			326				416
Deferred income tax expense			166				64
Change in fair value of warrant liabilities			(2,673	)			2,648
Changes in operating assets and liabilities:
Disposable medical equipment supplies			(458	)			(3,443	)
Prepaid expenses and other current assets			(563	)			(1,852	)
Accounts receivable			(9,056	)			(8,777	)
Accounts payable			4,302				2,842
Accrued liabilities			8,197				4,617
Operating lease liabilities			(685	)			370
Other long-term assets			40				40
Net cash used in operating activities			(81,703	)			(77,608	)
Cash flows from investing activities
Purchases of property and equipment			(34,892	)			(22,936	)
Deposits for medical rental equipment			(528	)			(655	)
Refund of deposits for medical rental equipment			184				283
Investment in equity security			(5,000	)			—
Purchase of marketable securities			(163,041	)			—
Net cash used in investing activities			(203,277	)			(23,308	)
Cash flows from financing activities
Proceeds from issuance of redeemable preferred stock			—				103,400
Proceeds from issuance of common stock			149,291				215,789
Proceeds from issuance of stock to non-controlling interest			—				17,100
Proceeds from capital contributions			—				2,374
Payment of IPO offering costs			—				(3,523	)
Payment of equity issuance costs			(2,466	)			(3,224	)
Deemed dividend for payments to third party on behalf of shareholder			(323	)			(1,654	)
Proceeds from stock option exercises			593				—
Net cash provided by financing activities			147,095				330,262
Net increase (decrease) in cash, cash equivalents and restricted cash			(137,885	)			229,346
Cash, cash equivalents and restricted cash
Beginning of period			237,929				8,583
End of period		$	100,044			$	237,929

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO CASH, CASH EQUIVALENTS AND INVESTMENTS

(in thousands)

(unaudited)

		Year Ended April 30,
		2026				2025
Cash, cash equivalents and restricted cash		$	100,044			$	237,929
Add: Short-term investments			96,724				—
Add: Long-term investments			65,767				—
Less: Restricted cash			(334	)			(334	)
Cash, cash equivalents, and investments		$	262,201			$	237,595

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(in thousands)

(unaudited)

		Three Months Ended April 30,								Year Ended April 30,
		2026				2025				2026				2025
GAAP Net loss		$	(38,835	)		$	(51,111	)		$	(131,612	)		$	(113,814	)
Non-GAAP Adjustments:
Interest expense			1,844				1,760				7,546				7,734
Interest income			(2,226	)			(1,656	)			(8,351	)			(3,199	)
Other expense (income)			(319	)			2,693				(2,618	)			2,766
Provision for income taxes			192				102				294				135
Depreciation expense			2,325				1,836				8,709				7,968
Share-based compensation expense			10,304				22,313				33,644				24,271
Non-recurring expenses			—				3,809				5,396				5,736
Adjusted EBITDA		$	(26,715	)		$	(20,254	)		$	(86,992	)		$	(68,403	)

RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES

(in thousands)

(unaudited)

		Three Months Ended April 30,								Year Ended April 30,
		2026				2025				2026				2025
GAAP Operating Expenses		$	55,026			$	55,845			$	183,604			$	130,588
Non-GAAP Adjustments:
Share-based compensation expense			10,304				22,313				33,644				24,271
Non-recurring expenses			—				3,809				5,396				5,736
Adjusted Operating Expenses		$	44,722			$	29,723			$	144,564			$	100,581

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