Kestra Medical Q1 revenue jumps 60% to $31M
KMTS delivered 60% revenue growth and higher margins but a larger net loss, while raising FY27 revenue guidance to $141 million.
Rhea-AI Filing Summary
Kestra Medical Technologies, Ltd. (KMTS) reported first quarter fiscal 2027 results for the period ended July 31, 2026, highlighted by rapid top-line growth but widening losses. Revenue reached $31.0 million, a 60% increase from $19.4 million a year earlier, driven by wearable cardioverter defibrillator market expansion, competitive share gains, new territories, a higher mix of in-network patients, and better revenue cycle management.
Gross profit rose to $17.5 million, with gross margin expanding to 56.5% from 45.7% on volume leverage, more in-network patients, and cost improvements. GAAP operating expenses increased to $55.2 million from $37.7 million, and GAAP net loss widened to $44.1 million from $25.8 million. Adjusted EBITDA loss was $24.0 million, compared with a $19.4 million loss. Kestra ended the quarter with $244.7 million in cash, cash equivalents and investments and reported total liquidity of approximately $320 million, including committed unused term loan availability. The company raised FY27 revenue guidance to $141 million, implying 48% growth versus FY26 and up from prior guidance of $137 million.
Positive
- Revenue grew 60% year over year in F1Q27 to $31.0 million, reflecting WCD market expansion, competitive share gains, new territories and improved revenue cycle management.
- Gross margin expanded to 56.5% from 45.7%, showing improved unit economics from volume leverage, more in-network patients and cost programs.
- Kestra raised FY27 revenue guidance to $141 million, up from $137 million, representing 48% growth versus FY26.
- The company reported $244.7 million in cash, cash equivalents and investments and total liquidity of about $320 million, providing a sizeable funding runway.
Negative
- GAAP net loss widened to $44.1 million from $25.8 million, and net loss per share increased to $0.75 from $0.50.
- Adjusted EBITDA loss increased to $24.0 million from $19.4 million, indicating higher underlying cash burn despite strong revenue growth.
- GAAP operating expenses rose to $55.2 million from $37.7 million, with higher spend on commercial expansion and R&D driving continued heavy investment.
- Kestra recorded a $6.3 million loss on extinguishment of debt and grew long-term debt to $72.5 million from $42.6 million, adding financing-related costs and leverage.
Filing Explained
As of July 31, 2026, shares outstanding were 59,271,885 and long-term debt, net was $72,495 thousand.
The company’s 8-K reports completed first-quarter fiscal 2027 results; its balance sheet also shows 59,271,885 common shares issued and outstanding and
That share count compares with 58,383,924 at
If the higher share count reflects additional shares issued, those shares increase the total share count and reduce an existing holder’s percentage ownership absent offsetting changes.
The financing cash flow also includes
Long-term debt, net was
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP financial measures financial
wearable cardioverter defibrillator medical
loss on extinguishment of debt financial
term loan agreement financial
Earnings Snapshot
Kestra increased its fiscal year 2027 revenue guidance to $141 million, representing 48% growth compared to FY26 and up from prior guidance of $137 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Kestra Medical Technologies (KMTS) perform on revenue in F1Q27?
What was KMTS’s profitability and net loss for the quarter ended July 31, 2026?
How did Kestra Medical Technologies’ margins change in F1Q27?
What guidance did KMTS provide for fiscal year 2027 revenue?
What is Kestra Medical Technologies’ liquidity position as of July 31, 2026?
How much cash did KMTS use in operations during the quarter?
Did Kestra Medical Technologies increase its debt in F1Q27?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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(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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading |
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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 2.02 Results of Operations and Financial Condition.
On September 14, 2026, Kestra Medical Technologies, Ltd. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended July 31, 2026. A copy of the press release, dated September 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 9.01 Financial Statements and Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release of Kestra Medical Technologies, Ltd., dated September 14, 2026 |
104 |
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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.
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Kestra Medical Technologies, Ltd. |
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Date: September 14, 2026 |
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By: |
/s/ Brian Webster |
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Name: |
Brian Webster |
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Title: |
President and Chief Executive Officer |
Exhibit 99.1
Kestra Medical Technologies Reports First Quarter Fiscal 2027 Financial Results
KIRKLAND, Wash., September 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 first quarter of fiscal year 2027, which ended July 31, 2026.
Financial Highlights
“Kestra delivered another strong quarter of financial performance, generating revenue growth of 60% while expanding gross margin to over 56%,” said Brian Webster, President and CEO. “We remain confident that our focus on innovation and commercial expansion positions Kestra to generate durable, top-tier growth for years to come. Our team is executing on its commitments to prescribers and their patients and we believe this will continue to drive market expansion and advance Kestra on its path to market leadership.”
First Quarter Fiscal 2027 Financial Results
*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 is increasing its FY27 revenue guidance to $141 million, representing growth of 48% compared to FY26. This compares to prior FY27 revenue guidance of $137 million.
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 September 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, potential growth, 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)
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Three Months Ended July 31, |
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2026 |
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2025 |
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Revenue |
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$ |
30,971 |
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$ |
19,371 |
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Cost of revenue |
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13,473 |
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10,520 |
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Gross profit |
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17,498 |
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8,851 |
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Operating expenses: |
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Research and development |
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6,796 |
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4,001 |
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Selling, general and administrative |
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48,359 |
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33,728 |
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Total operating expenses |
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55,155 |
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37,729 |
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Loss from operations |
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(37,657 |
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(28,878 |
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Other expense (income): |
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Interest expense |
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1,929 |
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1,912 |
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Interest income |
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(2,125 |
) |
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(2,167 |
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Other expense (income), net |
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272 |
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(2,830 |
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Loss on extinguishment of debt |
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6,304 |
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— |
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Net loss before provision for income taxes |
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(44,037 |
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(25,793 |
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Provision for income taxes |
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50 |
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33 |
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Net loss attributable to common shareholders, basic and diluted |
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$ |
(44,087 |
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$ |
(25,826 |
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Net loss per share attributable to common shareholders, basic and diluted |
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$ |
(0.75 |
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$ |
(0.50 |
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Weighted-average common shares outstanding, basic and diluted |
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58,566,467 |
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51,304,599 |
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Other comprehensive loss: |
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Net loss |
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$ |
(44,087 |
) |
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$ |
(25,826 |
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Unrealized loss on marketable securities |
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(253 |
) |
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— |
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Comprehensive loss |
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$ |
(44,340 |
) |
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$ |
(25,826 |
) |
KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
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July 31, |
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April 30, |
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2026 |
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2026 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
68,558 |
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$ |
99,710 |
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Short-term investments |
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130,353 |
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$ |
96,724 |
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Accounts receivable, net |
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15,406 |
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14,542 |
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Disposable medical equipment supplies |
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7,438 |
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6,706 |
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Prepaid expenses and other current assets |
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4,518 |
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4,677 |
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Total current assets |
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226,273 |
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222,359 |
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Long-term investments |
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45,791 |
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65,767 |
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Right-of-use assets |
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3,263 |
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3,364 |
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Deposits |
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1,842 |
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1,761 |
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Restricted cash |
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334 |
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334 |
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Property and equipment, net |
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63,656 |
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59,090 |
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Other long-term assets |
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6,196 |
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5,790 |
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Total assets |
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$ |
347,355 |
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$ |
358,465 |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
25,961 |
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$ |
27,295 |
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Accrued liabilities |
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22,285 |
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23,046 |
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Operating lease liabilities, current portion |
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23 |
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31 |
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Total current liabilities |
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48,269 |
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50,372 |
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Operating lease liabilities, net of current portion |
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3,928 |
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|
4,111 |
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Warrant liabilities |
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— |
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1,369 |
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Other long-term liabilities |
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306 |
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|
306 |
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Long-term debt, net |
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72,495 |
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|
42,649 |
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Total liabilities |
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124,998 |
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|
|
98,807 |
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Commitments and contingencies |
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Shareholders’ equity |
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Common Shares, $1.00 par value; 100,000,000 shares authorized as of July 31, 2026 and April 30, 2026; 59,271,885 issued and outstanding as of July 31, 2026 and 58,383,924 shares issued and outstanding as of April 30, 2026 |
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59,272 |
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58,384 |
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Additional paid-in capital |
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859,504 |
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853,353 |
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Accumulated other comprehensive loss |
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(471 |
) |
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(218 |
) |
Accumulated deficit |
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(695,948 |
) |
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(651,861 |
) |
Total shareholders’ equity |
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222,357 |
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259,658 |
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Total liabilities and shareholders’ equity |
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$ |
347,355 |
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$ |
358,465 |
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KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
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Three Months Ended July 31, |
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2026 |
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2025 |
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Cash flows from operating activities |
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Net loss |
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$ |
(44,087 |
) |
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$ |
(25,826 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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2,664 |
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2,028 |
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Loss on disposal of property and equipment |
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292 |
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280 |
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Reserve for equipment and supplies |
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1,464 |
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412 |
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(Recovery) provision for uncollectible accounts receivable |
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(817 |
) |
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613 |
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Amortization (accretion) of premiums (discounts) on securities, net |
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(890 |
) |
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— |
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Loss on extinguishment of debt |
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6,304 |
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— |
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Amortization of debt discounts and issuance costs |
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|
408 |
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|
469 |
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Share-based compensation expense |
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|
9,517 |
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|
4,579 |
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Non-cash lease expense |
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|
103 |
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|
61 |
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Change in fair value of warrant liabilities |
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|
251 |
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|
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(2,909 |
) |
Changes in operating assets and liabilities: |
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Disposable medical equipment supplies |
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(908 |
) |
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|
(460 |
) |
Prepaid expenses and other current assets |
|
|
246 |
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|
|
140 |
|
Accounts receivable |
|
|
(48 |
) |
|
|
(1,777 |
) |
Accounts payable |
|
|
(1,879 |
) |
|
|
(2,896 |
) |
Accrued liabilities |
|
|
(4,727 |
) |
|
|
(860 |
) |
Operating lease liabilities |
|
|
(190 |
) |
|
|
(138 |
) |
Other long-term assets |
|
|
2 |
|
|
|
10 |
|
Net cash used in operating activities |
|
|
(32,295 |
) |
|
|
(26,274 |
) |
Cash flows from investing activities |
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|
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Purchases of property and equipment |
|
|
(8,335 |
) |
|
|
(8,166 |
) |
Deposits for medical rental equipment |
|
— |
|
|
|
(103 |
) |
|
Refund of deposits for medical rental equipment |
|
— |
|
|
|
37 |
|
|
Purchase of marketable securities |
|
|
(13,017 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(21,352 |
) |
|
|
(8,232 |
) |
Cash flows from financing activities |
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|
|
|
|
|
||
Proceeds from issuance of long-term debt |
|
|
75,000 |
|
|
— |
|
|
Payment of debt issuance costs |
|
|
(3,193 |
) |
|
— |
|
|
Repayment of long-term debt |
|
|
(46,395 |
) |
|
— |
|
|
Payment of early termination fee on debt repayment |
|
|
(3,758 |
) |
|
|
|
|
Payment of IPO offering costs |
|
|
— |
|
|
|
(1,875 |
) |
Payment of equity issuance costs |
|
|
(415 |
) |
|
— |
|
|
Deemed dividend for payments to third party on behalf of shareholder |
|
|
(172 |
) |
|
— |
|
|
Proceeds from stock option exercises |
|
|
1,140 |
|
|
— |
|
|
Proceeds from Employee Stock Purchase Plan |
|
|
1,298 |
|
|
— |
|
|
Tax withholdings on restricted stock unit vesting |
|
|
(1,010 |
) |
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
22,495 |
|
|
|
(1,875 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(31,152 |
) |
|
|
(36,381 |
) |
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
||
Beginning of period |
|
|
100,044 |
|
|
|
237,929 |
|
End of period |
|
$ |
68,892 |
|
|
$ |
201,548 |
|
RECONCILIATION OF CASH AND CASH EQUIVALENTS TO CASH, CASH EQUIVALENTS AND INVESTMENTS
(in thousands)
(unaudited)
|
|
Three Months Ended July 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash and cash equivalents |
|
$ |
68,558 |
|
|
$ |
201,214 |
|
Add: Short-term investments |
|
|
130,353 |
|
|
— |
|
|
Add: Long-term investments |
|
|
45,791 |
|
|
— |
|
|
Cash, cash equivalents, and investments |
|
$ |
244,702 |
|
|
$ |
201,214 |
|
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended July 31, |
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
||
|
|
|
|
|
|
|
|
||
GAAP Net loss |
|
$ |
(44,087 |
) |
|
$ |
(25,826 |
) |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
||
Interest expense |
|
|
1,929 |
|
|
|
1,912 |
|
|
Interest income |
|
|
(2,125 |
) |
|
|
(2,167 |
) |
|
Other expense (income) |
|
|
272 |
|
|
|
(2,830 |
) |
|
Provision for income taxes |
|
|
50 |
|
|
|
33 |
|
|
Depreciation expense |
|
|
2,664 |
|
|
|
2,028 |
|
|
Share-based compensation expense |
|
|
9,517 |
|
|
|
4,579 |
|
|
Loss on extinguishment of debt |
|
|
6,304 |
|
|
|
— |
|
|
Non-recurring expenses |
|
|
1,430 |
|
|
|
2,866 |
|
|
Adjusted EBITDA |
|
$ |
(24,046 |
) |
|
$ |
(19,405 |
) |
|
RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES
(in thousands)
(unaudited)
|
|
Three Months Ended July 31, |
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
||
|
|
|
|
|
|
|
|
||
GAAP Operating Expenses |
|
$ |
55,155 |
|
|
$ |
37,729 |
|
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
||
Share-based compensation expense |
|
|
9,517 |
|
|
|
4,579 |
|
|
Non-recurring expenses |
|
|
1,430 |
|
|
|
2,866 |
|
|
Adjusted Operating Expenses |
|
$ |
44,208 |
|
|
$ |
30,284 |
|
|