0000950170-25-114536 | 10-Q | XBRL Viewer | Kestra Medical Technologies LTD

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Equity Incentive Plans - Summary of Restricted Unit Activity (Details)	3 Months Ended
	Jul. 31, 2025 $ / shares shares
Equity [Abstract]
Number of restricted units, Outstanding, Beginning balance \| shares	0
Number of restricted units, Granted \| shares	1,263,384
Number of restricted units, Outstanding, Ending balance \| shares	1,263,384
Weighted average grant date fair value, Outstanding, Beginning balance \| $ / shares	$ 0
Weighted average grant date fair value, Restricted units granted \| $ / shares	15.81
Weighted average grant date fair value, Outstanding, Ending balance \| $ / shares	$ 15.81

Long-Term Debt - Summary of Expenses Related to Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Debt Instrument [Line Items]
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		$ 233
Term Loan 2024
Debt Instrument [Line Items]
Cash interest expense	$ 1,423	1,220
Amortization of the facility fee and legal fees	88	118
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		233
Total expense recognized related to the Term Loan	1,891	1,653
Term Loan 2024 \| Warrant
Debt Instrument [Line Items]
Amortization of the debt discount recognized in connection with the warrant	$ 380	$ 82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss Per Share Attributable to Common Shareholders (Tables)

3 Months Ended

Jul. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders for the three months ended July 31, 2025 and 2024:


	Three Months Ended July 31,
	2025			2024
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(25,826	)	$	(19,884	)
Undeclared preferred dividends		—			(2,383	)
Net loss attributable to common shareholders	$	(25,826	)	$	(22,267	)
Denominator:
Weighted average shares of common share outstanding
– basic and diluted		51,304,599			19,885,382
Net loss per share attributable to common shareholders
– basic and diluted	$	(0.50	)	$	(1.12	)

Schedule of Dilutive Securities Excluded from Computation of Weighted Average Shares

The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares):


	Three Months Ended July 31,
	2025		2024
Stock options		4,539,300		—
Warrants to purchase Common Shares		434,916		—
Restricted stock		40,103		36,893
Restricted stock units		1,263,384		—
Performance-based restricted stock units		395,589		—
Market-based restricted stock units		395,588		—
Total		7,068,880		36,893

Commitments and Contingencies	3 Months Ended
Jul. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset, or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when information available prior to issuance of the unaudited interim condensed consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the unaudited interim condensed consolidated financial statements, and the amount or range of loss can be reasonably estimated. Legal costs are expensed as incurred. Gain contingencies are not recognized until they are realized or realizable. The Company enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions, therefore there is no accrual of such amounts as of July 31, 2025 and April 30, 2025. The Company is unable to determine the maximum potential impact of these indemnifications on the future results of operations. Management believes that there are currently no other claims or actions pending against the Company where the ultimate disposition could have a material effect on the Company’s results of operations, financial condition or cash flows.

Commitments and Contingencies

3 Months Ended

Jul. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset, or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when information available prior to issuance of the unaudited interim condensed consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the unaudited interim condensed consolidated financial statements, and the amount or range of loss can be reasonably estimated. Legal costs are expensed as incurred. Gain contingencies are not recognized until they are realized or realizable.

The Company enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions, therefore there is no accrual of such amounts as of July 31, 2025 and April 30, 2025. The Company is unable to determine the maximum potential impact of these indemnifications on the future results of operations.

Management believes that there are currently no other claims or actions pending against the Company where the ultimate disposition could have a material effect on the Company’s results of operations, financial condition or cash flows.

Subsequent Events	3 Months Ended
Jul. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On September 4, 2025, Perceptive Credit Holdings IV, LP exercised their warrant to purchase Common Shares on a cashless basis, resulting in the issuance of 100,397 Common Shares to them at an exercise price of $11.54 as described in Note 7 “Long-Term Debt”.

Subsequent Events

3 Months Ended

Jul. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On September 4, 2025, Perceptive Credit Holdings IV, LP exercised their warrant to purchase Common Shares on a cashless basis, resulting in the issuance of 100,397 Common Shares to them at an exercise price of $11.54 as described in Note 7 “Long-Term Debt”.

Fair Value Measurement (Tables)

3 Months Ended

Jul. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s fair value hierarchy for its classified assets and liabilities measured at fair value on a recurring basis as of July 31, 2025 and April 30, 2025.


	Level 1		Level 2		Level 3
July 31, 2025
Assets
Cash and cash equivalents	$	201,214	$	—	$	—
Restricted cash		334		—		—
Total assets	$	201,548	$	—	$	—
Liabilities
Warrant liabilities		—		—		5,188
Total liabilities	$	—	$	—	$	5,188

April 30, 2025
Assets
Cash and cash equivalents	$	237,595	$	—	$	—
Restricted cash		334		—		—
Total assets	$	237,929	$	—	$	—
Liabilities
Warrant liabilities		—		—		8,097
Total liabilities	$	—	$	—	$	8,097

Summary of Significant Inputs and Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Warrant Liabilities

The following table presents the significant inputs and assumptions used in the Black-Scholes option pricing model to determine the fair value of the warrant liabilities as of July 31, 2025 and April 30, 2025:


	July 31, 2025			April 30, 2025
Strike price	$	11.54		$	11.54
Expected term (in years)		8.17			8.42
Expected volatility		65.0	%		65.0	%
Risk free rate		4.14	%		4.21	%
Dividend yield		0.0	%		0.0	%

Reconciliation of Level 3 Liabilities

A reconciliation of the Level 3 liabilities is as follows:


Fair value of Level 3 liabilities as of April 30, 2025	$	8,097
Change in fair value of warrant liabilities		(2,909	)
Fair value of Level 3 liabilities as of July 31, 2025	$	5,188

Accrued Liabilities (Tables)

3 Months Ended

Jul. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following at:


	July 31, 2025		April 30, 2025
Bonuses and commissions	$	4,536	$	6,368
Other accrued liabilities		5,068		3,547
Paid time off		2,248		2,305
Professional services		1,423		1,141
Payroll and payroll taxes		375		468
Accrued liabilities	$	13,650	$	13,829

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Cash flows from operating activities
Net loss	$ (25,826)	$ (20,323)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,028	2,375
Loss on disposal of property and equipment	280	255
Reserve for lost medical supplies	412	(33)
Provision for uncollectible accounts receivable	613	706
Interest paid-in-kind		233
Amortization of debt discounts and issuance costs	469	200
Share-based compensation expense	4,579	377
Non-cash lease expense	61	152
Change in fair value of warrant liabilities	(2,909)
Changes in operating assets and liabilities:
Disposable medical equipment supplies	(460)	(599)
Prepaid expenses and other current assets	140	(389)
Accounts receivable	(1,777)	(2,890)
Accounts payable	(2,896)	2,265
Accrued liabilities	(860)	140
Operating lease liabilities	(138)	22
Other long-term assets	10	10
Net cash used in operating activities	(26,274)	(17,499)
Cash flows from investing activities
Purchases of property and equipment	(8,166)	(7,037)
Deposits for medical rental equipment	(103)	(20)
Refund of deposits for medical rental equipment	37	23
Net cash used in investing activities	(8,232)	(7,034)
Cash flows from financing activities
Proceeds from issuance of redeemable preferred stock		103,400
Proceeds from issuance of stock to non-controlling interest		17,100
Deemed dividend for payments to third party on behalf of shareholder		(1,023)
Payment of equity issuance costs		(3,224)
Payments of IPO offering costs	(1,875)
Net cash provided by (used in) financing activities	(1,875)	116,253
Net increase (decrease) in cash, cash equivalents and restricted cash	(36,381)	91,720
Cash, cash equivalents and restricted cash
Beginning of period	237,929	8,583
End of period	201,548	100,303
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	201,214	99,969
Restricted cash	334	334
Cash, cash equivalents and restricted cash	201,548	100,303
Non-cash investing and financing activities:
Purchases of property and equipment in accrued liabilities and accounts payable	6,900	8,499
Supplemental disclosure of cash flow information
Income taxes refunds received	(39)
Interest paid	$ 1,423	$ 1,220

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Jul. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s reporting currency is the U.S. dollar. The unaudited interim condensed consolidated balance sheet as of April 30, 2025, included herein, was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s financial statements as of and for the years ended April 30, 2025 and 2024. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited interim condensed consolidated financial statements. The Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. Certain prior period amounts in the unaudited interim condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the unaudited interim condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Estimates are required as part of determining the collectability of lease payments for revenue recognition, estimated useful lives of property and equipment, losses for unreturned property and equipment, share-based compensation expense, fair value of warrants and valuation allowance for deferred tax assets. The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates. Accounts Receivable Accounts receivable and net revenues are based on contractually agreed-upon rates for leases for the ASSURE© System, reduced by contractual adjustments. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. The complexity of third-party billing arrangements and laws and regulations governing Medicare may result in adjustments to amounts originally recorded. The Company performs a periodic analysis to review the valuation of accounts receivable and collectability of outstanding balances. These estimates are determined utilizing historical realization data under a portfolio approach which is then assessed by management to evaluate whether adjustments should be made based on accounts receivable aging trends, other operating trends, and relevant business conditions such as governmental and managed care payor claims processing procedures. The Company records a reserve for estimated probable losses as part of net revenue adjustments in reporting revenue at an expected collectable amount based on the total portfolio of receivables for which collectability has been deemed probable. The accounts receivable is presented on the unaudited interim condensed consolidated balance sheets net of the adjustments. Receivables are considered past due when not collected by established due dates. Specific patient balances are written off after collection efforts have been followed and the account has been determined to be uncollectible. Changes to reserve estimate impacts are recorded as an adjustment to net revenue in the period during which changes in circumstances support a change to the estimate. The estimates of the allowance for uncollectible accounts receivable were $3,806 and $3,193 as of July 31, 2025 and April 30, 2025, respectively. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Restricted cash consists of amounts related to the Company’s office lease agreement and credit card collateralization. In lieu of a cash security deposit, the landlord required an irrevocable standby letter of credit upon execution of the lease be maintained throughout the term of the lease agreement in the amount of $109 as of July 31, 2025 and April 30, 2025. The Company also had restricted cash of $225 for credit card collateralization as of July 31, 2025 and April 30, 2025. Revenue The Company generates revenue from the leases of ASSURE© System, which consists of a Wearable Cardioverter Defibrillator combined with a proprietary digital healthcare platform, to at-risk patients for a fixed amount on a month-to-month basis. The lease payments generally consist of the contracted amounts based on reimbursement arrangements with third-party payors including Medicare, Medicaid and private commercial payors, and/or certain patient co-payments. The patient has the right to cancel the lease at any time during the rental period. The equipment leases are classified as operating leases at lease commencement, and the Company recognizes the revenue associated with ASSURE© rentals in accordance with Accounting Standards Codification Topic 842, Leases (“ASC Topic 842”). The Company elected the practical expedient provided under ASC Topic 842 to combine the lease of ASSURE© System with the non-lease components, which includes the digital healthcare platform. The ASSURE© System is expected to be the predominant component and, as a result, the Company accounts for the combined revenue components under ASC Topic 842. Revenue is recognized on a straight-line basis over the contractual non-cancellable lease term, which is one month, when collectability of the lease payments is deemed to be probable. If collectability of the lease payments is not deemed to be probable, the lease income is limited to the lesser of the income that would have been recognized if collectability was probable or the lease payments collected. Collectability of all lease payments, which includes amounts reimbursed by third-party payors and/or amounts covered by the patient, is assessed for each contract upon lease commencement and is subject to subsequent reassessment throughout the lease term, as necessary. Due to the nature of the industry and the reimbursement environment in which the Company operates, the Company periodically evaluates the need to record a general reserve under ASC 450, Contingencies, for a portfolio of operating lease receivables that are probable of collection. Inherent in the reserve estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain payors may result in adjustments to amounts originally recorded. Such adjustments are expected to be identified and recorded at the point of cash application or claim denial. Segment Information The Company has a single operating and reportable segment. The Company has determined that its Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and in a consistent manner with that is included in the unaudited interim condensed consolidated statements of operations and comprehensive loss for purposes of assessing performance and making decisions on how to allocate resources. As the Company operates as one operating segment, all required segment financial information, such as revenues and significant operating expenses, is found in the accompanying unaudited interim condensed consolidated financial statements. For the periods presented, all of the Company’s long-lived assets were located in the United States, and all revenues from leasing of ASSURE© System devices to patients were earned in the United States. The accounting policies for segment reporting are the same as for the Company as a whole. The chief operating decision maker utilizes the Company’s financial information such as net loss and comprehensive loss derived from revenues and operating expenses included in the Company forecast, performance metrics, and budget versus actual analyses for purposes of evaluating financial performance and how to best allocate resources when developing and reviewing the annual budget to achieve the Company’s long-term objectives. Significant expenses within loss from operations include cost of revenue, research and development expenses, and selling, general and administrative expenses, which are each separately presented on the Company’s unaudited interim condensed consolidated statements of operations and comprehensive loss. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency and decision usefulness of income tax disclosures, primarily related to the income tax rate reconciliation and income taxes paid information. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2024. The Company does not anticipate a material impact to the required financial statement disclosure as a result of this ASU. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is evaluating the impact that this ASU will have on its financial statement disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), requiring election of a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. The Company is evaluating the impact that this ASU will have on its financial statements. The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the unaudited interim condensed consolidated financial statements as a result of future adoption. No new accounting pronouncements were adopted during the three months ended July 31, 2025.

Redeemable Preferred Stock - Additional Information (Details) - USD ($)			3 Months Ended		12 Months Ended
	May 02, 2023	Mar. 31, 2023	Jul. 31, 2025	Jul. 31, 2024	Apr. 30, 2025	May 31, 2022
Temporary Equity [Line Items]
Common stock, par value			$ 1		$ 1
Number of preferred shares issued			0		0
Redeemable Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, description			In May 2022, Intermediate Holdings amended and restated its Memorandum and Articles of Association, according to which Intermediate Holdings’ existing share capital of 5,000,000 shares can upon the discretion of Intermediate Holdings be issued in the form of either common and/or preferred stock with a par value of $0.01 each.For the three months ended July 31, 2024, Intermediate Holdings issued to West Affum LP a total of 103,400 shares of preferred stock for proceeds of $103,400. Following the Organizational Transactions, pre-existing interests in Intermediate Holdings, as well as non-controlling interests of its subsidiaries, were exchanged into Common Shares. Kestra Medical Technologies, Ltd. now directly owns 100% of Intermediate Holdings and indirectly owns 100% of each of Intermediate Holdings’ subsidiaries. There were no shares of preferred stock outstanding as of July 31, 2025 and April 30, 2025.Preferred stock issued is considered non-voting and is subject to a preferred dividend accrued daily with a set payment “yield” capped at 4.7% for issuances prior to April 30, 2023 and at 6.0% for issuances on or after May 1, 2023.
Existing share capital						5,000,000
Redeemable preferred stock, par value						$ 0.01
Common stock, par value						$ 0.01
Percentage of preferred dividend	6.00%	4.70%
Dividends declared			$ 0	$ 0
Number of preferred shares issued				103,400
Proceeds from issuance preferred shares				$ 103,400,000
Redeemable Preferred Stock \| Kestra Medical Technologies, Ltd \| Directly Owns
Temporary Equity [Line Items]
Percentage of ownership of common shares				100.00%
Redeemable Preferred Stock \| Kestra Medical Technologies, Ltd \| Indirectly Owns
Temporary Equity [Line Items]
Percentage of ownership of common shares				100.00%

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			26 Months Ended
	Jul. 31, 2025	Nov. 03, 2024	Jul. 31, 2024	Oct. 16, 2024	Apr. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition	1 year 6 months 14 days
Weighted average grant date fair value	$ 15.81				$ 0
Share granted	1,263,384
Shares, unvested	1,263,384				0
Exercise price	$ 17.04				$ 17.04
Unrecognized compensation cost	$ 23,430
Weighted average grant date fair value	$ 10.2
Compensation cost recognized	$ 4,579		$ 377
Restricted Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted				17,149
Vesting period				3 years
Shares, vested	17,325				12,994
Shares, unvested	28,154				32,485
Restricted Common Shares \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	4,331
Restricted Class A Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted		35,787
Vesting period		3 years
Restricted Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	0
Restricted Common Units \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	8,575
Shares, unvested					8,575
Unvested Restricted Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding	$ 19,489
Unrecognized compensation cost, period for recognition	2 years 11 months 4 days
Performance Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding	$ 5,755
Unrecognized compensation cost, period for recognition	9 months
Weighted average grant date fair value	$ 15.35
Share granted	395,589
Shares, vested	0
Market Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted	197,794
Shares, vested	0
Unvested Market Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding	$ 3,645
Unrecognized compensation cost, period for recognition	1 year 11 months 15 days

Leases (Tables)

3 Months Ended

Jul. 31, 2025

Leases [Abstract]

Summary of Operating Lease Expense

Operating lease expense was as follows for the periods below:


	Three Months Ended July 31,
	2025		2024
Operating lease expense	$	221	$	174
Variable lease expense		165		153
Total operating lease expense	$	386	$	327

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Jul. 31, 2025

Jul. 31, 2024

Revenue

$ 19,371

$ 12,782

Cost of revenue

10,520

8,582

Gross profit

8,851

4,200

Operating expenses:

Research and development

4,001

3,404

Selling, general and administrative

33,728

19,227

Total operating expenses

37,729

22,631

Loss from operations

(28,878)

(18,431)

Other expense (income):

Interest expense

1,912

1,874

Interest income

(2,167)

(37)

Other expense (income)

(2,830)

Net loss before provision for income taxes

(25,793)

(20,316)

Provision for income taxes

Net loss and comprehensive loss

(25,826)

(20,323)

Net loss attributable to non-controlling interest

(439)

Net loss and comprehensive loss attributable to Kestra Medical Technologies, Ltd.

(25,826)

(19,884)

Less: Undeclared preferred stock dividends

2,383

Net loss attributable to common shareholders, basic

(25,826)

(22,267)

Net loss attributable to common shareholders, diluted

$ (25,826)

$ (22,267)

Net loss per share attributable to common shareholders, basic

$ (0.5)

$ (1.12)

Net loss per share attributable to common shareholders, diluted

$ (0.5)

$ (1.12)

Weighted-average shares of common shares outstanding, basic

^[1]

51,304,599

19,885,382

Weighted-average shares of common shares outstanding, diluted

^[1]

51,304,599

19,885,382

[1]	1Weighted-average shares of common stock outstanding, basic and diluted, has been adjusted on a retrospective basis. Refer to Note 16 “Net Loss Per Share Attributable to Common Shareholders” for additional disclosure.

Net Loss Per Share Attributable to Common Shareholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Jul. 31, 2025

Jul. 31, 2024

Numerator:

Net loss attributable to Kestra Medical Technologies, Ltd.

$ (25,826)

$ (19,884)

Undeclared preferred dividends

(2,383)

Net loss attributable to common shareholders, basic

(25,826)

(22,267)

Net loss attributable to common shareholders, diluted

$ (25,826)

$ (22,267)

Denominator:

Weighted average shares of common share outstanding, basic

^[1]

51,304,599

19,885,382

Weighted average shares of common share outstanding, diluted

^[1]

51,304,599

19,885,382

Net loss per share attributable to common shareholders

Net loss per share attributable to common shareholders, basic

$ (0.5)

$ (1.12)

Net loss per share attributable to common shareholders, diluted

$ (0.5)

$ (1.12)

[1]	1Weighted-average shares of common stock outstanding, basic and diluted, has been adjusted on a retrospective basis. Refer to Note 16 “Net Loss Per Share Attributable to Common Shareholders” for additional disclosure.

Fair Value Measurement - Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 201,214	$ 237,595
Restricted cash	334	334
Total assets	201,548	237,929
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	5,188	8,097
Total liabilities	$ 5,188	$ 8,097

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 66,104	$ 58,785
Less: accumulated depreciation	(25,728)	(23,955)
Property and equipment, net	40,376	34,830
Medical Rental Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	59,563	52,670
Test Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,115	3,115
Computer Software and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,459	1,446
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	919	919
Work in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,048	$ 635

Subsequent Events - Additional Information (Details) - Common Shares - IPO - $ / shares	Sep. 04, 2025	Mar. 14, 2025	Mar. 07, 2025
Subsequent Event [Line Items]
Issuance of common shares, exercise price		$ 17	$ 17
Subsequent Event \| Perceptive Credit Holdings IV, LP
Subsequent Event [Line Items]
Number of common shares issued	100,397
Issuance of common shares, exercise price	$ 11.54

Fair Value Measurement

3 Months Ended

Jul. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

8. Fair Value Measurement

The following table presents the Company’s fair value hierarchy for its classified assets and liabilities measured at fair value on a recurring basis as of July 31, 2025 and April 30, 2025.


	Level 1		Level 2		Level 3
July 31, 2025
Assets
Cash and cash equivalents	$	201,214	$	—	$	—
Restricted cash		334		—		—
Total assets	$	201,548	$	—	$	—
Liabilities
Warrant liabilities		—		—		5,188
Total liabilities	$	—	$	—	$	5,188

April 30, 2025
Assets
Cash and cash equivalents	$	237,595	$	—	$	—
Restricted cash		334		—		—
Total assets	$	237,929	$	—	$	—
Liabilities
Warrant liabilities		—		—		8,097
Total liabilities	$	—	$	—	$	8,097

The Company classifies its money market funds, which are valued based on quoted market prices in active markets with no valuation adjustment, as cash and cash equivalents within the fair value hierarchy.

As of July 31, 2025 and April 30, 2025, the fair value of the long-term debt, net of discounts, approximated $48,240 and $47,330, respectively. The fair value of long-term debt was determined using quoted market prices, when available, or discounted cash flows based on various factors, including maturity schedules and current market rates. Long-term debt has been classified as Level 2 of the fair value hierarchy.

There were no transfers into or out of the Level 1, 2 or 3 fair value hierarchies during the three months ended July 31, 2025, and 2024.

Warrant Liabilities

As of July 31, 2025, the Company recorded warrant liabilities from issuance of warrants to the lender of the Term Loan 2024 in connection with the amendment on February 25, 2025. The warrant liabilities are based on significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the warrant liabilities utilized the Black-Scholes option-pricing model, which incorporates assumptions and estimates to value the warrants.

As of July 31, 2025, the quantitative elements associated with the Company’s Level 3 inputs impacting the fair value measurement of the warrant liabilities included the fair value per share of the underlying Common Shares, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying Common Shares. The expected volatility is derived from comparable public companies as the Company did not have sufficient trading history for the Company’s Common Shares. The change in fair value of warrant liability was $(2,909) for the three months ended July 31, 2025, which is included in other expense (income) within the unaudited interim condensed consolidated statements of operations and comprehensive loss.


	July 31, 2025			April 30, 2025
Strike price	$	11.54		$	11.54
Expected term (in years)		8.17			8.42
Expected volatility		65.0	%		65.0	%
Risk free rate		4.14	%		4.21	%
Dividend yield		0.0	%		0.0	%

A reconciliation of the Level 3 liabilities is as follows:


Fair value of Level 3 liabilities as of April 30, 2025	$	8,097
Change in fair value of warrant liabilities		(2,909	)
Fair value of Level 3 liabilities as of July 31, 2025	$	5,188

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,028	$ 2,375

Income Taxes

3 Months Ended

Jul. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The following table presents details of the provision for income taxes and effective tax rates:


	Three Months Ended July 31,
	2025			2024
Provision for income taxes	$	33		$	7
Effective tax rate		0.13	%		0.04	%

The Company is based in Bermuda and is a resident of Ireland for tax purposes. The Company has subsidiaries in the Cayman Islands, Ireland and the U.S. Under the current laws of Bermuda and the Cayman Islands, the Company is not subject to tax on income. However, the Company and its subsidiaries are subject to taxation in Ireland, the U.S. federal government, and various states. The Company accounts for the provision for income taxes in accordance with ASC 740, Income Taxes, which requires an estimate of the annual effective tax rate for the full year to be applied to the interim period, taking into account year-to-date amounts and projected results for the full year.

The Company’s effective tax rate varies from the statutory Irish tax rate due to the effect of state income taxes and research and development credits. The Company’s effective tax rate could fluctuate from quarter to quarter based on variations in the estimated and actual level of pre-tax income or loss by jurisdiction, changes in enacted tax laws and regulations, and changes in estimates regarding the realizability of deferred tax assets. As of July 31, 2025 and April 30, 2025, the Company provided a full valuation allowance against its net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Redeemable Preferred Stock

3 Months Ended

Jul. 31, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Preferred Stock

10. Redeemable Preferred Stock

In May 2022, Intermediate Holdings amended and restated its Memorandum and Articles of Association, according to which Intermediate Holdings’ existing share capital of 5,000,000 shares can upon the discretion of Intermediate Holdings be issued in the form of either common and/or preferred stock with a par value of $0.01 each.

For the three months ended July 31, 2024, Intermediate Holdings issued to West Affum LP a total of 103,400 shares of preferred stock for proceeds of $103,400. Following the Organizational Transactions, pre-existing interests in Intermediate Holdings, as well as non-controlling interests of its subsidiaries, were exchanged into Common Shares. Kestra Medical Technologies, Ltd. now directly owns 100% of Intermediate Holdings and indirectly owns 100% of each of Intermediate Holdings’ subsidiaries. There were no shares of preferred stock outstanding as of July 31, 2025 and April 30, 2025.

Preferred stock issued is considered non-voting and is subject to a preferred dividend accrued daily with a set payment “yield” capped at 4.7% for issuances prior to April 30, 2023 and at 6.0% for issuances on or after May 1, 2023. No dividends were declared for the three months ended July 31, 2025 and 2024. Cumulative unpaid dividends were factored into the value of the preferred stock when exchanged for Common Shares of Kestra Medical Technologies, Ltd. in connection with the Organizational Transactions.

Equity Incentive Plans (Tables)

3 Months Ended

Jul. 31, 2025

Equity [Abstract]

Summary of Stock Option Activity

Stock Option activity for the three months ended July 31, 2025 is as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Balance at April 30, 2025		4,649,100		$	17.04		9.85	$	32,640
Options forfeited		(109,800	)		17.25
Balance at July 31, 2025		4,539,300			17.04		9.60		—
Options vested at July 31, 2025		1,658,100			17.07		9.60		—
Options exercisable at July 31, 2025		—		$	—		—	$	—

Summary of Restricted Unit Activity

Restricted unit activity for the three months ended July 31, 2025 is as follows:


	Number of restricted units		Weighted average grant date fair value
Outstanding at April 30, 2025		—	$	—
Restricted units granted		1,263,384		15.81
Outstanding at July 31, 2025		1,263,384	$	15.81

Summary of Fair Value of the Market-Based Restricted Stock Units Granted Using a Monte Carlo Simulation

The Company estimated the fair value of the market-based restricted stock units granted using a Monte Carlo simulation model with the following assumptions:


	July 31, 2025
Expected volatility		54.0	%
Expected term	1.8 years
Risk free rate		3.95	%
Fair value of underlying common stock	$	16.46
Weighted average grant-date fair value per share	$	18.81

Summary of Share-based Compensation Expense

The Company recorded share-based compensation in the following expense categories of its unaudited interim condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended July 31,
	2025		2024
Research and development	$	455	$	44
Selling, general and administrative		4,124		333
Total share-based compensation expense	$	4,579	$	377

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Current assets
Cash and cash equivalents	$ 201,214	$ 237,595
Accounts receivable, net	9,246	8,081
Disposable medical equipment supplies	6,802	6,572
Prepaid expenses and other current assets	3,429	3,080
Total current assets	220,691	255,328
Right-of-use assets	2,046	2,078
Deposits	1,787	2,021
Restricted cash	334	334
Property and equipment, net	40,376	34,830
Other long-term assets	1,062	1,153
Total assets	266,296	295,744
Current liabilities
Accounts payable	18,570	23,961
Accrued liabilities	13,650	13,829
Operating lease liabilities, current portion	36	187
Total current liabilities	32,256	37,977
Operating lease liabilities, net of current portion	3,067	3,026
Warrant liabilities	5,188	8,097
Other long-term liabilities	140	140
Long-term debt, net	41,486	41,098
Total liabilities	82,137	90,338
Commitments and contingencies (Note 14)
Shareholders' equity
Common shares, $1.00 par value; 100,000,000 shares authorized as of July 31, 2025 and April 30, 2025; 51,348,656 shares issued and outstanding as of July 31, 2025 and April 30, 2025	51,349	51,349
Additional paid-in capital	678,885	674,306
Accumulated deficit	(546,075)	(520,249)
Total shareholders' equity	184,159	205,406
Total liabilities and shareholders' equity	$ 266,296	$ 295,744

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2025 USD ($) Segment	Apr. 30, 2025 USD ($)
Significant Accounting Policies [Line Items]
Allowance for uncollectible accounts receivable	$ 3,806	$ 3,193
Restricted cash	$ 334	334
Number of operating segment \| Segment	1
Number of reportable segment \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and in a consistent manner with that is included in the unaudited interim condensed consolidated statements of operations and comprehensive loss for purposes of assessing performance and making decisions on how to allocate resources. As the Company operates as one operating segment, all required segment financial information, such as revenues and significant operating expenses, is found in the accompanying unaudited interim condensed consolidated financial statements. For the periods presented, all of the Company’s long-lived assets were located in the United States, and all revenues from leasing of ASSURE© System devices to patients were earned in the United States. The accounting policies for segment reporting are the same as for the Company as a whole.
Credit Card Collateralization
Significant Accounting Policies [Line Items]
Restricted cash	$ 225	225
Letter of Credit \| Lease Agreements
Significant Accounting Policies [Line Items]
Cash security deposit	$ 109	$ 109

Accrued Liabilities

3 Months Ended

Jul. 31, 2025

Payables and Accruals [Abstract]

Accrued Liabilities

6. Accrued Liabilities

Accrued liabilities consisted of the following at:


	July 31, 2025		April 30, 2025
Bonuses and commissions	$	4,536	$	6,368
Other accrued liabilities		5,068		3,547
Paid time off		2,248		2,305
Professional services		1,423		1,141
Payroll and payroll taxes		375		468
Accrued liabilities	$	13,650	$	13,829

Non-Controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2025
Noncontrolling Interest [Line Items]
Common stock conversion description		Concurrently with the execution and delivery of the agreement governing the Investor’s investment into DAC, Intermediate Holdings entered into an agreement with the Investor and West Affum LP wherein, at the discretion of the Investor, the DAC’s Class A Redeemable Ordinary Shares held by the Investor can be exchanged into common stock of Intermediate Holdings, and subsequently exchanged into Class A Common Units of West Affum LP.
Conversion of stock, shares converted	1,165,644.17
DAC \| Investor \| West Affum Intermediate Holdings Corp.
Noncontrolling Interest [Line Items]
Redemption description		In July 2024, West Affum Holdings Designated Activity Company (the “DAC”), a subsidiary of the Company, received a $17,100 investment from a third party (the “Investor”) in exchange for shares. The DAC sold the Investor 171 Class A redeemable ordinary shares (“Class A Redeemable Ordinary Shares”) of the DAC at a price per share equal to $100,000 for an aggregate cash purchase price of $17,100. Concurrently with the execution and delivery of the agreement governing the Investor’s investment into DAC, Intermediate Holdings entered into an agreement with the Investor and West Affum LP wherein, at the discretion of the Investor, the DAC’s Class A Redeemable Ordinary Shares held by the Investor can be exchanged into common stock of Intermediate Holdings, and subsequently exchanged into Class A Common Units of West Affum LP. The exchange ratio is calculated based on the DAC price per share of $100,000 and the Class A Common Unit price of $14.67 as of July 2024 which allows the Investor to exchange 171 DAC Class A Redeemable Ordinary Shares into 1,165,644.17 Class A Common Units of West Affum LP.In connection with the IPO, all Class A Redeemable Ordinary Shares were exchanged for common stock of Intermediate Holdings, which common stock were exchanged for common units of West Affum LP immediately after. West Affum LP contributed all of its Intermediate Holdings common stock to Kestra Medical Technologies, Ltd. for its Common Shares.
DAC \| Investor \| Class A Redeemable Ordinary Shares
Noncontrolling Interest [Line Items]
Number of shares sold	171
Price per share	$ 100,000
Cash purchase price	$ 17,100
Number of shares exchange in conversion	171
DAC \| Investor \| Class A Common Units
Noncontrolling Interest [Line Items]
Common unit price	$ 14.67

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Debt Instrument [Line Items]
Accumulated paid in kind interest applied to term loan balance	$ 1,395	$ 1,395
Less: unamortized debt issuance costs and debt discount	(4,909)	(5,297)
Total long-term debt	41,486	41,098
Total long-term debt, net of current portion	41,486	41,098
Term Loans
Debt Instrument [Line Items]
Term loan	$ 45,000	$ 45,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Jul. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following at:


	July 31, 2025		April 30, 2025
Prepaid software fees	$	1,809	$	1,387
Other current assets		1,620		1,693
Prepaid expenses and other current assets	$	3,429	$	3,080

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2025	Apr. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Gain contingency, description	Gain contingencies are not recognized until they are realized or realizable.
Indemnification provisions, accrual amount	$ 0	$ 0
Claims or actions pending	Management believes that there are currently no other claims or actions pending against the Company where the ultimate disposition could have a material effect on the Company’s results of operations, financial condition or cash flows.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jul. 31, 2025	Apr. 30, 2025
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	51,348,656	51,348,656
Common stock, shares outstanding	51,348,656	51,348,656

Equity Incentive Plans -Summary of Fair Value of the Market-Based Restricted Stock Units Granted Using a Monte Carlo Simulation (Details)	3 Months Ended
	Jul. 31, 2025 $ / shares
Equity [Abstract]
Expected volatility	54.00%
Expected term	1 year 9 months 18 days
Risk free rate	3.95%
Fair value of underlying common stock	$ 16.46
Weighted average grant-date fair value per share	$ 18.81

Leases

3 Months Ended

Jul. 31, 2025

Leases [Abstract]

Leases

5. Leases

In June 2021, the Company amended its office lease that began on May 1, 2020 to expand the leased space, commencing on September 1, 2021. The amendment is subject to all terms and conditions of the original office lease agreement and were set to expire in April 2024. In October 2023, the Company amended the existing office lease to expire in April 2029. The Company has the option to renew for 3 or 5 years upon expiration of the extended term at prevailing market rates.

The October 2023 office lease amendment provided rent abatement from November 1, 2023 through April 30, 2024. The same amendment further provided a tenant improvement allowance of $943 to be used as rent abatement or tenant improvement reimbursement by June 2026, and $786 specifically for tenant improvement reimbursement. In August 2024, the Company amended its office lease to allow for two additional months of rent abatement and for the amount to be used specifically for tenant improvement reimbursement to be used for rent abatement or tenant improvements.

In February 2025, the Company further amended its office lease to expand the leased space, commencing on April 1, 2025.

In May 2025, the Company entered into a new lease agreement for its office in Texas, commencing on May 15, 2025. The lease is set to expire on May 31, 2026.

Operating lease expense was as follows for the periods below:


	Three Months Ended July 31,
	2025		2024
Operating lease expense	$	221	$	174
Variable lease expense		165		153
Total operating lease expense	$	386	$	327

Operating lease expense includes amortization and interest expense associated with operating lease right-of-use assets and liabilities. Variable lease expense includes payments related to taxes, insurance and maintenance costs as required by the lease.

Cash paid for operating leases was $491 and $165 for the three months ended July 31, 2025, and 2024, respectively.

The weighted average remaining lease term for the Company’s operating leases was 45 months as of July 31, 2025, and 48 months as of April 30, 2025. The weighted average discount rate used to calculate the net present value of the Company’s operating lease liabilities was 15.2% as of July 31, 2025 and April 30, 2025.

Net Loss Per Share Attributable to Common Shareholders - Additional Information (Details) - shares	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share	7,068,880	36,893
Parent contribution of common stock	105,808
Kestra Medical Technologies, Ltd
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Parent contribution of common stock	19,885,382

Long-Term Debt (Tables)

3 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

Summary of Long-term Debt

The Company’s long-term debt consisted of the following at:


	July 31, 2025			April 30, 2025
Term loan	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,395			1,395
Less: unamortized debt issuance costs and debt discount		(4,909	)		(5,297	)
Total long-term debt	$	41,486		$	41,098
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	41,486		$	41,098

Summary of Expenses Related to Term Loan

The Company recognized the expenses related to the Term Loan 2024 as follows:


	Three Months Ended July 31,
	2025		2024
Cash interest expense	$	1,423	$	1,220
Amortization of the facility fee and legal fees		88		118
Amortization of the debt discount recognized in connection with the warrant		380		82
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		—		233
Total expense recognized related to the Term Loan 2024	$	1,891	$	1,653

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid software fees	$ 1,809	$ 1,387
Other current assets	1,620	1,693
Prepaid expenses and other current assets	$ 3,429	$ 3,080

Long-Term Debt

3 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

7. Long-Term Debt

On September 29, 2023, the Company entered into a Credit Agreement with a separate lender which provided a Senior Secured Delayed Draw Term Loan Facility (as amended, the “Term Loan 2024”) in an aggregate principal amount of up to $60.0 million which matures on September 29, 2028. Borrowings are made available in up to three tranches, the first of which is available upon closing of the agreement, which included committed equity funding of at least $75 million, and two follow on tranches of $7.5 million which become available before November 1, 2024, and February 1, 2025, and are dependent on upon achievement of revenue milestones of trailing twelve-month revenues of $50.0 million and $70.0 million, respectively. The Term Loan 2024 bears interest equal to the sum of Term Secured Overnight Financing Rate plus 7.25% for each interest period which is measured monthly and is payable on the last day of each fiscal quarter. Through March 31, 2025, the Company had the ability to pay-in-kind up to 2% of the payable interest. The Term Loan 2024 requires a minimum level of cash of $3.0 million and certain revenue thresholds based upon trailing twelve-month revenue results. The revenue covenant began to be measured on April 30, 2024.

On September 29, 2023, the Company drew the initial $45.0 million. In connection with the first draw, the Company incurred a 1% facility fee of the total available loan amount of $60.0 million upon the draw of the first tranche of $600 and legal fees of $1,753 for both the Company and the lender. The Company recognized the facility fee and legal fees as a discount of $1,765 to the Term Loan 2024 for the initial draw on the loan, and $588 as an Other long-term asset, for the remainder available to draw. Each of these will be amortized as interest expense over the term of the loan on a straight-line basis.

As of October 31, 2024, the Company determined that the revenue milestone related to the second tranche was not met and the third tranche was not probable of being achieved. As a result, the Company expensed the asset related to debt issuance costs and facility fees in the amount of $462.

In conjunction with the draw of the first tranche, West Affum LP issued a warrant to the lender to purchase up to 256,410 shares of West Affum LP’s common units at an exercise price of $17.55 per share. The fair value of the warrant was $1,632 and was recognized as a debt discount and as a capital contribution, and the debt discount is amortized over the term of the loan to interest expense.

On February 25, 2025, the Company amended the Term Loan 2024 facility to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under the third tranche to allow for the ability to draw an additional $15.0 million through July 31, 2026 upon the achievement of revenue of at least $60.0 million for any twelve consecutive month period prior to the third tranche borrowing date. As of July 31, 2025, the Company was in compliance with all financial covenants.

In connection with the IPO, the warrant issued to the lender on September 29, 2023 was cancelled and exchanged for a new warrant to purchase up to 325,847 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $11.54. The new warrant expires on September 29, 2033. The warrant is classified as a liability and is recorded as a discount to the Term Loan 2024. Upon the funding of additional amounts under the third tranche of Term Loan 2024, the Company will issue additional warrants to the lender equal to 10% of the amount funded.

The Company’s long-term debt consisted of the following at:


	July 31, 2025			April 30, 2025
Term loan	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,395			1,395
Less: unamortized debt issuance costs and debt discount		(4,909	)		(5,297	)
Total long-term debt	$	41,486		$	41,098
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	41,486		$	41,098

The Company recognized the expenses related to the Term Loan 2024 as follows:


	Three Months Ended July 31,
	2025		2024
Cash interest expense	$	1,423	$	1,220
Amortization of the facility fee and legal fees		88		118
Amortization of the debt discount recognized in connection with the warrant		380		82
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		—		233
Total expense recognized related to the Term Loan 2024	$	1,891	$	1,653

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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+ Details

Income Taxes - Summary of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 33	$ 7
Effective tax rate	0.13%	0.04%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Accrued Liabilities, Current [Abstract]
Bonuses and commissions	$ 4,536	$ 6,368
Other accrued liabilities	5,068	3,547
Paid time off	2,248	2,305
Professional services	1,423	1,141
Payroll and payroll taxes	375	468
Accrued liabilities	$ 13,650	$ 13,829

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	Common Shares	Additional Paid-In Capital	Accumulated Deficit	Non-controlling Interests
Beginning balance at Apr. 30, 2024		$ 177,110
Beginning balance (in shares) at Apr. 30, 2024		177,110
Beginning balance at Apr. 30, 2024	$ (209,377)		$ 19,909	$ 177,149	$ (406,435)
Beginning balance (in shares) at Apr. 30, 2024			19,909,281
Share-based compensation expense	377			377
Issuance of redeemable preferred stock		$ 103,400
Issuance of redeemable preferred stock (in shares)		103,400
Issuance of stock to non-controlling interest	17,100					$ 17,100
Deemed dividend for payments to third party on behalf of stockholder	(4,248)			(4,248)
Net loss and comprehensive loss	(20,323)				(19,884)	(439)
Ending balance at Jul. 31, 2024		$ 280,510
Ending balance (in shares) at Jul. 31, 2024		280,510
Ending balance at Jul. 31, 2024	(216,471)		$ 19,909	173,278	(426,319)	$ 16,661
Ending balance (in shares) at Jul. 31, 2024			19,909,281
Beginning balance at Apr. 30, 2024		$ 177,110
Beginning balance (in shares) at Apr. 30, 2024		177,110
Beginning balance at Apr. 30, 2024	$ (209,377)		$ 19,909	177,149	(406,435)
Beginning balance (in shares) at Apr. 30, 2024			19,909,281
Issuance of redeemable preferred stock (in shares)	0
Ending balance at Apr. 30, 2025	$ 205,406		$ 51,349	674,306	(520,249)
Ending balance (in shares) at Apr. 30, 2025			51,348,656
Share-based compensation expense	$ 4,579			4,579
Issuance of redeemable preferred stock (in shares)	0
Net loss and comprehensive loss	$ (25,826)				(25,826)
Ending balance at Jul. 31, 2025	$ 184,159		$ 51,349	$ 678,885	$ (546,075)
Ending balance (in shares) at Jul. 31, 2025			51,348,656

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2025	Jul. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,826)	$ (19,884)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss Per Share Attributable to Common Shareholders

3 Months Ended

Jul. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Shareholders

16. Net Loss Per Share Attributable to Common Shareholders

The Organizational Transactions represent a business combination between entities under common control under the principles of ASC Topic 805, Business Combinations. In connection with the Organizational Transactions, West Affum LP contributed its 105,808 shares of common stock in Intermediate Holdings for 19,885,382 Common Shares of Kestra Medical Technologies, Ltd. (“Exchange”). Under the principles of ASC 260, Earnings Per Share, the Exchange was applied retrospectively for purposes of calculating basic and diluted net loss per share. Other transactions that closed contemporaneously with the Organizational Transactions, including conversions of preferred stock, non-controlling interests, and equity awards were accounted for prospectively beginning on the date such transactions occurred, and were not given retrospective treatment as they changed the relative subordination characteristics of the securities owned by the respective holders after the effective date of the Organizational Transactions. Similarly, the shares issued upon the IPO and exercise of the underwriters’ overallotment option were accounted for prospectively beginning on the date such shares were issued and were not given retrospective treatment. The total number of outstanding shares disclosed on the face of the unaudited interim condensed consolidated balance sheets and unaudited interim

condensed consolidated statements of changes in redeemable preferred stock and shareholders’ equity (deficit) represents the number of shares legally outstanding as of the latest unaudited interim condensed consolidated balance sheet date. This differs from the number of outstanding shares disclosed for basic and diluted net loss per share, which has been retrospectively adjusted for common shares outstanding but not yet vested.

Basic net loss per share attributable to common shareholders is calculated by dividing net loss by the weighted average number of Common Shares outstanding during the period and excludes any dilutive effects of employee share-based awards and warrants to purchase Common Shares. Diluted net loss per share attributable to common shareholders is computed giving effect to all potentially dilutive common shares, including common shares issuable upon vesting of share-based payment awards and/or upon exercise of the warrants. For the three months ended July 31, 2025 or 2024, the Company did not have any dilutive shares. For both periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding due to the Company’s net loss position.

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders for the three months ended July 31, 2025 and 2024:


	Three Months Ended July 31,
	2025			2024
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(25,826	)	$	(19,884	)
Undeclared preferred dividends		—			(2,383	)
Net loss attributable to common shareholders	$	(25,826	)	$	(22,267	)
Denominator:
Weighted average shares of common share outstanding
– basic and diluted		51,304,599			19,885,382
Net loss per share attributable to common shareholders
– basic and diluted	$	(0.50	)	$	(1.12	)


	Three Months Ended July 31,
	2025		2024
Stock options		4,539,300		—
Warrants to purchase Common Shares		434,916		—
Restricted stock		40,103		36,893
Restricted stock units		1,263,384		—
Performance-based restricted stock units		395,589		—
Market-based restricted stock units		395,588		—
Total		7,068,880		36,893

Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2025	Apr. 30, 2025
Equity [Abstract]
Number of options, Beginning balance	4,649,100
Number of options, forfeited	(109,800)
Number of options Ending balance	4,539,300	4,649,100
Number of options, vested at July 31, 2025	1,658,100
Weighted average exercise price, Beginning balance	$ 17.04
Weighted average exercise price, Options forfeited	17.25
Weighted average exercise price, Balance at July 31, 2025	17.04	$ 17.04
Weighted average exercise price, Options vested at July 31, 2025	$ 17.07
Weighted average remaining contractual life	9 years 7 months 6 days	9 years 10 months 6 days
Weighted average remaining contractual life, Options vested at July 31, 2025	9 years 7 months 6 days
Aggregate intrinsic value , Balance at April 30, 2025	$ 32,640

The Company

3 Months Ended

Jul. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

Kestra Medical Technologies, Ltd. is a commercial stage medical device company, which principally generates revenue through leasing the ASSURE© System, which consists of a Wearable Cardioverter Defibrillator, to patients.

Kestra Medical Technologies, Ltd. was formed as a limited company in Bermuda on May 20, 2021 as a wholly owned subsidiary of West Affum Holdings, L.P. (“West Affum LP”), a company in the Cayman Islands. Kestra Medical Technologies, Ltd. was formed for the purpose of completing a public offering and related transactions to carry on the business of West Affum Intermediate Holdings Corp. and its subsidiaries.

West Affum Intermediate Holdings Corp., a Cayman Islands exempted company (“Intermediate Holdings”), was incorporated on August 6, 2020, in order to carry on the business of West Affum Holdings Corp. (“WAH Corp.”) and its consolidated subsidiaries. Except as otherwise indicated or the context requires, references to the “Company” are to Intermediate Holdings for transactions occurring in periods prior to the consummation of the initial public offering of Kestra Medical Technologies, Ltd., and references to the “Company” are to Kestra Medical Technologies, Ltd. and its consolidated subsidiaries for transactions occurring in periods following the consummation of the initial public offering.

The Company and its consolidated subsidiaries own certain intellectual property related to the development of personal Wearable Cardioverter Defibrillators (“WCD”) approved by the U.S. Food and Drug Administration (“FDA”) in July of 2021.

Initial Public Offering

On March 7, 2025, Kestra Medical Technologies, Ltd. completed an initial public offering of 11,882,352 common shares, par value $1.00 per share (“Common Shares”) at an offering price to the public of $17.00 per Common Share (“IPO”). On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price to the public of $17.00 per Common Share.

In connection with the IPO, organizational transactions were effected whereby Kestra Medical Technologies, Ltd. delivered 37,683,952 Common Shares to West Affum LP and its unitholders, including 19,885,382 Common Shares delivered to West Affum LP in exchange for West Affum LP’s contribution of its 105,808 shares of common stock, in Intermediate Holdings to Kestra Medical Technologies, Ltd., and the remainder of which Common Shares, including 32,485 Common Shares of Kestra Medical Technologies, Ltd. that are subject to vesting conditions, were delivered to holders of West Affum LP’s class A common units (the “Class A Common Units”) and equity incentive units (the “Incentive Units”), including a third-party investor in West Affum Holdings Designated Activity Company, a subsidiary of Intermediate Holdings (collectively, the “Organizational Transactions”).

Following the Organizational Transactions, pre-existing interests in Intermediate Holdings, as well as non-controlling interests of its subsidiaries, were exchanged into Common Shares. Kestra Medical Technologies, Ltd. now directly owns 100% of Intermediate Holdings and indirectly owns 100% of each of Intermediate Holdings’ direct and indirect subsidiaries.

The IPO, together with the Organizational Transactions, represent a business combination between entities under common control under the principles of ASC Topic 805, Business Combinations. As such, the exchange of Intermediate Holdings common stock into Common Shares of Kestra Medical Technologies, Ltd. have been reflected on a retrospective basis. Other transactions that closed contemporaneously with the Organizational Transactions, including conversions of preferred stock, non-controlling interests, and equity awards were accounted for prospectively beginning on the date such transactions occurred, and were not given retrospective effect.

Liquidity

As of July 31, 2025, the Company’s principal sources of liquidity consisted of $201,214 of cash and cash equivalents.

The Company has incurred negative operating cash flows and significant losses from operations since its inception. For the three months ended July 31, 2025, and 2024, the Company incurred net losses of $25,826 and $20,323, respectively. Cash used in operating activities was $26,274 and $17,499 for the three months ended July 31, 2025, and 2024, respectively. As of July 31, 2025, the Company had an accumulated deficit of $546,075.

In March 2025, the Company raised $215,789 in proceeds in the IPO after deducting underwriting discounts and commissions and before deducting IPO offering costs of $5,398.

Based on the Company’s current operating plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund the Company’s planned operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of these financial statements.

However, the Company may experience lower than expected cash generated from operating activities or greater than expected capital expenditures, cost of revenue or operating expenses and may require additional funding to execute on its growth plans, which may include funding raised through future equity and debt financings. Management cannot predict with certainty that adequate funding will be available on acceptable terms or at all. If the Company cannot obtain sufficient funds on acceptable terms when needed, the Company may experience a material and adverse effect on its business, financial condition, results of operations and prospects.

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Matching and discretionary contributions	$ 548	$ 428

Common Shares - Additional Information (Details) - $ / shares	3 Months Ended
	Jul. 31, 2025	Apr. 30, 2025
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	51,348,656	51,348,656
Common stock, shares outstanding	51,348,656	51,348,656
Common stock, par value	$ 1	$ 1
Common stock, voting rights description	Each Common Share is entitled to one vote

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Jul. 31, 2025	Jul. 31, 2024	Apr. 30, 2024	Apr. 30, 2025
Lessee, Lease, Description [Line Items]
Operating lease, description		In June 2021, the Company amended its office lease that began on May 1, 2020 to expand the leased space, commencing on September 1, 2021. The amendment is subject to all terms and conditions of the original office lease agreement and were set to expire in April 2024.
Lessee, operating lease, option to extend		The Company has the option to renew for 3 or 5 years upon expiration of the extended term at prevailing market rates.
Tenant improvement allowance				$ 943
Tenant improvement reimbursement				$ 786
Additional rent abatement period	2 months
Cash paid for operating leases		$ 491	$ 165
Weighted average remaining lease term		45 months			48 months
Weighted average discount rate		15.20%			15.20%

Equity Incentive Plans - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 4,579	$ 377
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	455	44
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 4,124	$ 333

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024	Apr. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers into or out of the Level 1, 2 or 3 fair value hierarchies	$ 0	$ 0
Change in fair value of warrant liability	(2,909,000)
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt, net of discounts	$ 48,240,000		$ 47,330,000

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Prepaid Expenses and Other Current Assets

3 Months Ended

Jul. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following at:


	July 31, 2025		April 30, 2025
Prepaid software fees	$	1,809	$	1,387
Other current assets		1,620		1,693
Prepaid expenses and other current assets	$	3,429	$	3,080

Net Loss Per Share Attributable to Common Shareholders - Schedule of Dilutive Securities Excluded from Computation of Weighted Average Shares (Details) - shares	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,068,880	36,893
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,539,300
Warrants to Purchase Common Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	434,916
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	40,103	36,893
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,263,384
Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	395,589
Market-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	395,588

Income Taxes (Tables)

3 Months Ended

Jul. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes and Effective Tax Rates

The following table presents details of the provision for income taxes and effective tax rates:


	Three Months Ended July 31,
	2025			2024
Provision for income taxes	$	33		$	7
Effective tax rate		0.13	%		0.04	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2025	Sep. 11, 2025
Cover [Abstract]
Document Type	10-Q
Entity Central Index Key	0001877184
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity File Number	001-42549
Entity Registrant Name	Kestra Medical Technologies, Ltd.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	3933 Lake Washington Blvd NE
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Kirkland
Entity Address, State or Province	WA
Entity Tax Identification Number	00-0000000
Entity Address, Postal Zip Code	98033
City Area Code	425
Local Phone Number	279-8002
Title of 12(b) Security	Common Shares, par value $1.00 per share
Trading Symbol	KMTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,449,053

Property and Equipment

3 Months Ended

Jul. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following at:


	July 31, 2025			April 30, 2025
Medical rental equipment	$	59,563		$	52,670
Test equipment		3,115			3,115
Computer software and equipment		1,459			1,446
Leasehold improvements		919			919
Work in progress		1,048			635
Total property and equipment	$	66,104		$	58,785
Less: accumulated depreciation		(25,728	)		(23,955	)
Property and equipment, net	$	40,376		$	34,830

The Company recorded $2,028 and $2,375 of depreciation expense for the three months ended July 31, 2025, and 2024, respectively.

Property and Equipment (Tables)

3 Months Ended

Jul. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following at:


	July 31, 2025			April 30, 2025
Medical rental equipment	$	59,563		$	52,670
Test equipment		3,115			3,115
Computer software and equipment		1,459			1,446
Leasehold improvements		919			919
Work in progress		1,048			635
Total property and equipment	$	66,104		$	58,785
Less: accumulated depreciation		(25,728	)		(23,955	)
Property and equipment, net	$	40,376		$	34,830

The Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Mar. 14, 2025	Mar. 07, 2025	Mar. 31, 2025	Jul. 31, 2025	Jul. 31, 2024	Apr. 30, 2025
Nature Of Operations And Liquidity [Line Items]
Parent contribution of common stock				105,808
Cash and cash equivalents				$ 201,214	$ 99,969	$ 237,595
Par value				$ 1		$ 1
Net losses				$ 25,826	20,323
Cash used in operating activities				26,274	$ 17,499
Accumulated deficit				$ 546,075		$ 520,249
West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Entity Incorporation, Date of Incorporation				Aug. 06, 2020
Kestra Medical Technologies, Ltd
Nature Of Operations And Liquidity [Line Items]
Parent contribution of common stock				19,885,382
IPO
Nature Of Operations And Liquidity [Line Items]
Initial public offering date		Mar. 07, 2025
IPO \| Kestra Medical Technologies, Ltd \| Directly Owns
Nature Of Operations And Liquidity [Line Items]
Percentage of ownership of common shares		100.00%
IPO \| Kestra Medical Technologies, Ltd \| Indirectly Owns
Nature Of Operations And Liquidity [Line Items]
Percentage of ownership of common shares		100.00%
IPO \| Common Shares
Nature Of Operations And Liquidity [Line Items]
Shares issued		11,882,352
Additional common stock purchased by underwriters pursuant to option to purchase additional shares	1,782,352
Sale of stock, number of shares issued in transaction subject to vesting conditions		32,485
Par value		$ 1
Initial public offering, Price per share	$ 17	$ 17
Gross proceeds from initial public offering			$ 215,789
IPO offering costs			$ 5,398
IPO \| Common Shares \| West Affum Holdings, L.P
Nature Of Operations And Liquidity [Line Items]
Shares issued		37,683,952
Parent contribution of common stock		19,885,382
IPO \| Common Shares \| Kestra Medical Technologies, Ltd
Nature Of Operations And Liquidity [Line Items]
Parent contribution of common stock		105,808

Leases - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 221	$ 174
Variable lease expense	165	153
Total operating lease expense	$ 386	$ 327

Equity Incentive Plans

3 Months Ended

Jul. 31, 2025

Equity [Abstract]

Equity Incentive Plans

12. Equity Incentive Plans

Restricted Common Units and Restricted Shares

Certain directors and advisors of the Company were granted 17,149 shares of restricted common units of West Affum LP between September 1, 2022 and October 16, 2024, with a vesting period of 3 years. As of both July 31, 2025 and April 30, 2025, 8,575 and 8,575 restricted common units were vested and unvested, respectively.

Certain directors and advisors of the Company were granted 35,787 shares of restricted Class A Common Units of West Affum LP between July 24, 2024 and November 3, 2024, with a vesting period of 3 years. In connection with the IPO, Class A Common Units were automatically exchanged into restricted Common Shares of Kestra Medical Technologies, Ltd., subject to continued vesting under the directors’ original grant agreements. During the three months ended July 31, 2025, there were 4,331 restricted Common Shares vested. As of July 31, 2025, there were 17,325 and 28,154 shares of vested and unvested restricted Common Shares outstanding. As of April 30, 2025, there were 12,994 and 32,485 shares of vested and unvested restricted Common Shares outstanding.

Share-based compensation expense associated with restricted common units and restricted Common Shares is immaterial and recorded within selling, general and administrative expense.

Stock Options

Stock Option activity for the three months ended July 31, 2025 is as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Balance at April 30, 2025		4,649,100		$	17.04		9.85	$	32,640
Options forfeited		(109,800	)		17.25
Balance at July 31, 2025		4,539,300			17.04		9.60		—
Options vested at July 31, 2025		1,658,100			17.07		9.60		—
Options exercisable at July 31, 2025		—		$	—		—	$	—

Also as of July 31, 2025, unrecognized compensation cost for outstanding Stock Options was $23,430, with the weighted-average period over which this cost is expected to be recognized at 1.54 years. The aggregate intrinsic value of Stock Options is calculated as the difference between the exercise price of the Stock Options and the fair value of the Company’s Common Shares for those Stock Options that had exercise prices lower than the fair value of the Company’s Common Shares.

The weighted average grant date fair value of Stock Options outstanding as of July 31, 2025 was $10.20 per share.

Restricted Stock Units

The 2025 Omnibus Incentive Plan also allows for the grants of restricted shares and restricted stock units. During the three months ended July 31, 2025, the Company granted restricted stock units which vest under three methods:

•

Three-year service period restricted unit grants which vest one-third on each of the first, second and third anniversaries of the date of grant. The fair value of these restricted stock units is determined based upon the Company’s stock price on the date of grant and expensed over the service period.

•

Performance-based restricted stock unit grants that vest after one year only if the Company has achieved curtained performance objectives as defined and approved by the Company’s Board of Directors. The fair value of the performance awards is determined based on the Company’s stock price at the date of grant and expensed over the performance period based on the probability of achieving the performance objectives. If such targets are not met or service is not rendered for the requisite service period, no compensation cost is recognized, and any recognized compensation cost in prior periods will be reversed.

•

Market-based restricted stock units that have combined market conditions and service conditions for vesting, for which the Company uses the Monte Carlo valuation model to value equity awards (as of the date of grant). Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided.

Restricted Stock Units

Restricted unit activity for the three months ended July 31, 2025 is as follows:


	Number of restricted units		Weighted average grant date fair value
Outstanding at April 30, 2025		—	$	—
Restricted units granted		1,263,384		15.81
Outstanding at July 31, 2025		1,263,384	$	15.81

As of July 31, 2025, there was $19,489 of total unrecognized compensation cost related to unvested restricted units that is expected to be recognized over a weighted-average period of approximately 2.93 years. As of July 31, 2025, none of the restricted units were vested.

Performance-based Restricted Stock Units

During the three months ended July 31, 2025, the Company granted 395,589 performance-based restricted stock units that vest upon achieving curtained performance objectives. As of July 31, 2025, achievement of these performance objectives was deemed probable. The weighted average grant date fair value is $15.35.

As of July 31, 2025, there was $5,755 of total unrecognized compensation cost related to unvested performance-based restricted stock units that is expected to be recognized over a weighted-average period of approximately 0.75 years. As of July 31, 2025, none of the performance-based restricted stock units were vested.

Market-based Restricted Stock Units

During the three months ended July 31, 2025, the Company granted 197,794 market-based restricted stock units that vest upon achieving both market conditions and service conditions.

The Company estimated the fair value of the market-based restricted stock units granted using a Monte Carlo simulation model with the following assumptions:


	July 31, 2025
Expected volatility		54.0	%
Expected term	1.8 years
Risk free rate		3.95	%
Fair value of underlying common stock	$	16.46
Weighted average grant-date fair value per share	$	18.81

As of July 31, 2025, there was $3,645 of total unrecognized compensation cost related to unvested market-based restricted stock units that is expected to be recognized over a weighted-average period of approximately 1.96 years. As of July 31, 2025, none of the market-based restricted stock units were vested.

Share-Based Compensation

The Company recorded share-based compensation in the following expense categories of its unaudited interim condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended July 31,
	2025		2024
Research and development	$	455	$	44
Selling, general and administrative		4,124		333
Total share-based compensation expense	$	4,579	$	377

Long-Term Debt - Additional Information (Details)				3 Months Ended	18 Months Ended
Long-Term Debt - Additional Information (Details)	Feb. 25, 2025 USD ($)	Oct. 31, 2024 USD ($)	Sep. 29, 2023 USD ($) Tranche $ / shares shares	Jul. 31, 2025 $ / shares shares	Mar. 31, 2025
Debt Instrument [Line Items]
Covenant compliance				The revenue covenant began to be measured on April 30, 2024.
Facility and legal fees on undrawn amount			$ 588,000
Common Shares \| IPO
Debt Instrument [Line Items]
Warrant Expiration Date				Sep. 29, 2033
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 11.54
Warrants exercise price \| $ / shares				$ 11.54
First Tranche
Debt Instrument [Line Items]
Facility fee			600,000
Legal fees			1,753,000
First Draw
Debt Instrument [Line Items]
Drawn amount			$ 45,000,000
Facility fee percentage on available loan amount			1.00%
Available loan amount			$ 60,000,000
Second Tranche and Third Tranche
Debt Instrument [Line Items]
Debt related facility fees and debt issuance costs		$ 462,000
Maximum \| Common Shares \| IPO
Debt Instrument [Line Items]
Number of Warrants Outstanding \| shares				325,847
Term Loan 2024 \| Third Tranche
Debt Instrument [Line Items]
Proceeds Available from Issuance of Long Term Debt	$ 15,000,000
Minimum Revenue Milestone	$ 60,000,000
Percentage of warrants issuable				10.00%
Revenue milestone period	12 months
Term Loan 2024 \| First Draw
Debt Instrument [Line Items]
Recognition of facility fee and legal fees as discount			$ 1,765,000
Lender \| First Tranche
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 17.55
Warrants exercise price \| $ / shares			$ 17.55
Fair value of warrant			$ 1,632,000
Lender \| Maximum \| First Tranche
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares			256,410
Credit Agreement \| Lender \| Term Loan 2024
Debt Instrument [Line Items]
Maturity date				Sep. 29, 2028
Interest rate, description				The Term Loan 2024 bears interest equal to the sum of Term Secured Overnight Financing Rate plus 7.25% for each interest period which is measured monthly and is payable on the last day of each fiscal quarter.
Interest rate			7.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Credit Agreement \| Lender \| Term Loan 2024 \| Second Tranche
Debt Instrument [Line Items]
Aggregate principal amount			$ 7,500,000
Achievement of revenue milestones of trailing twelve month revenues			50,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Third Tranche
Debt Instrument [Line Items]
Aggregate principal amount			7,500,000
Achievement of revenue milestones of trailing twelve month revenues			70,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount			$ 60,000,000
Number of tranches \| Tranche			3
Percentage of pay-in kind interest					2.00%
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum
Debt Instrument [Line Items]
Minimum level of cash			$ 3,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum \| First Tranche
Debt Instrument [Line Items]
Committed equity funding amount			$ 75,000,000

Fair Value Measurement - Reconciliation of Level 3 Liabilities (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liabilities	$ (2,909)
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of Level 3 liabilities as of April 30, 2025	8,097
Change in fair value of warrant liabilities	(2,909)
Fair value of Level 3 liabilities as of July 31, 2025	$ 5,188

Common Shares

3 Months Ended

Jul. 31, 2025

Equity [Abstract]

Common Shares

9. Common Shares

The Company had 100,000,000 Common Shares authorized and 51,348,656 Common Shares issued and outstanding with a par value of $1.00 as of July 31, 2025 and April 30, 2025. Each Common Share is entitled to one vote.

- Definition

The entire disclosure for equity.

+ References

+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Jul. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s reporting currency is the U.S. dollar. The unaudited interim condensed consolidated balance sheet as of April 30, 2025, included herein, was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s financial statements as of and for the years ended April 30, 2025 and 2024. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited interim condensed consolidated financial statements. The Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. Certain prior period amounts in the unaudited interim condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of the unaudited interim condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Estimates are required as part of determining the collectability of lease payments for revenue recognition, estimated useful lives of property and equipment, losses for unreturned property and equipment, share-based compensation expense, fair value of warrants and valuation allowance for deferred tax assets. The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Accounts Receivable	Accounts Receivable Accounts receivable and net revenues are based on contractually agreed-upon rates for leases for the ASSURE© System, reduced by contractual adjustments. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. The complexity of third-party billing arrangements and laws and regulations governing Medicare may result in adjustments to amounts originally recorded. The Company performs a periodic analysis to review the valuation of accounts receivable and collectability of outstanding balances. These estimates are determined utilizing historical realization data under a portfolio approach which is then assessed by management to evaluate whether adjustments should be made based on accounts receivable aging trends, other operating trends, and relevant business conditions such as governmental and managed care payor claims processing procedures. The Company records a reserve for estimated probable losses as part of net revenue adjustments in reporting revenue at an expected collectable amount based on the total portfolio of receivables for which collectability has been deemed probable. The accounts receivable is presented on the unaudited interim condensed consolidated balance sheets net of the adjustments. Receivables are considered past due when not collected by established due dates. Specific patient balances are written off after collection efforts have been followed and the account has been determined to be uncollectible. Changes to reserve estimate impacts are recorded as an adjustment to net revenue in the period during which changes in circumstances support a change to the estimate. The estimates of the allowance for uncollectible accounts receivable were $3,806 and $3,193 as of July 31, 2025 and April 30, 2025, respectively.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Restricted cash consists of amounts related to the Company’s office lease agreement and credit card collateralization. In lieu of a cash security deposit, the landlord required an irrevocable standby letter of credit upon execution of the lease be maintained throughout the term of the lease agreement in the amount of $109 as of July 31, 2025 and April 30, 2025. The Company also had restricted cash of $225 for credit card collateralization as of July 31, 2025 and April 30, 2025.
Revenue	Revenue The Company generates revenue from the leases of ASSURE© System, which consists of a Wearable Cardioverter Defibrillator combined with a proprietary digital healthcare platform, to at-risk patients for a fixed amount on a month-to-month basis. The lease payments generally consist of the contracted amounts based on reimbursement arrangements with third-party payors including Medicare, Medicaid and private commercial payors, and/or certain patient co-payments. The patient has the right to cancel the lease at any time during the rental period. The equipment leases are classified as operating leases at lease commencement, and the Company recognizes the revenue associated with ASSURE© rentals in accordance with Accounting Standards Codification Topic 842, Leases (“ASC Topic 842”). The Company elected the practical expedient provided under ASC Topic 842 to combine the lease of ASSURE© System with the non-lease components, which includes the digital healthcare platform. The ASSURE© System is expected to be the predominant component and, as a result, the Company accounts for the combined revenue components under ASC Topic 842. Revenue is recognized on a straight-line basis over the contractual non-cancellable lease term, which is one month, when collectability of the lease payments is deemed to be probable. If collectability of the lease payments is not deemed to be probable, the lease income is limited to the lesser of the income that would have been recognized if collectability was probable or the lease payments collected. Collectability of all lease payments, which includes amounts reimbursed by third-party payors and/or amounts covered by the patient, is assessed for each contract upon lease commencement and is subject to subsequent reassessment throughout the lease term, as necessary. Due to the nature of the industry and the reimbursement environment in which the Company operates, the Company periodically evaluates the need to record a general reserve under ASC 450, Contingencies, for a portfolio of operating lease receivables that are probable of collection. Inherent in the reserve estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain payors may result in adjustments to amounts originally recorded. Such adjustments are expected to be identified and recorded at the point of cash application or claim denial.
Segment Information	Segment Information The Company has a single operating and reportable segment. The Company has determined that its Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and in a consistent manner with that is included in the unaudited interim condensed consolidated statements of operations and comprehensive loss for purposes of assessing performance and making decisions on how to allocate resources. As the Company operates as one operating segment, all required segment financial information, such as revenues and significant operating expenses, is found in the accompanying unaudited interim condensed consolidated financial statements. For the periods presented, all of the Company’s long-lived assets were located in the United States, and all revenues from leasing of ASSURE© System devices to patients were earned in the United States. The accounting policies for segment reporting are the same as for the Company as a whole. The chief operating decision maker utilizes the Company’s financial information such as net loss and comprehensive loss derived from revenues and operating expenses included in the Company forecast, performance metrics, and budget versus actual analyses for purposes of evaluating financial performance and how to best allocate resources when developing and reviewing the annual budget to achieve the Company’s long-term objectives. Significant expenses within loss from operations include cost of revenue, research and development expenses, and selling, general and administrative expenses, which are each separately presented on the Company’s unaudited interim condensed consolidated statements of operations and comprehensive loss.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency and decision usefulness of income tax disclosures, primarily related to the income tax rate reconciliation and income taxes paid information. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2024. The Company does not anticipate a material impact to the required financial statement disclosure as a result of this ASU. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is evaluating the impact that this ASU will have on its financial statement disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), requiring election of a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. The Company is evaluating the impact that this ASU will have on its financial statements. The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the unaudited interim condensed consolidated financial statements as a result of future adoption. No new accounting pronouncements were adopted during the three months ended July 31, 2025.

- Definition

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+ References

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- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Fair Value Measurement - Summary of Significant Inputs and Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Warrant Liabilities (Details)	Jul. 31, 2025	Apr. 30, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	8 years 2 months 1 day	8 years 5 months 1 day
Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	11.54	11.54
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	65	65
Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	4.14	4.21
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0

Defined Contribution Plan

3 Months Ended

Jul. 31, 2025

Defined Contribution Plan Disclosure [Line Items]

Defined Contribution Plan

15. Defined Contribution Plan

The Company sponsors a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “401(k) Plan”), for its full-time employees, which covers all eligible employees in the United States. The 401(k) Plan provides for matching and discretionary contributions by the Company. For the three months ended July 31, 2025, and 2024, matching and discretionary contributions by the Company totaled $548 and $428, respectively.

Non-Controlling Interest

3 Months Ended

Jul. 31, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interest

11. Non-Controlling Interest

In July 2024, West Affum Holdings Designated Activity Company (the “DAC”), a subsidiary of the Company, received a $17,100 investment from a third party (the “Investor”) in exchange for shares. The DAC sold the Investor 171 Class A redeemable ordinary shares (“Class A Redeemable Ordinary Shares”) of the DAC at a price per share equal to $100,000 for an aggregate cash purchase price of $17,100. Concurrently with the execution and delivery of the agreement governing the Investor’s investment into DAC, Intermediate Holdings entered into an agreement with the Investor and West Affum LP wherein, at the discretion of the Investor, the DAC’s Class A Redeemable Ordinary Shares held by the Investor can be exchanged into common stock of Intermediate Holdings, and subsequently exchanged into Class A Common Units of West Affum LP. The exchange ratio is calculated based on the DAC price per share of $100,000 and the Class A Common Unit price of $14.67 as of July 2024 which allows the Investor to exchange 171 DAC Class A Redeemable Ordinary Shares into 1,165,644.17 Class A Common Units of West Affum LP.

In connection with the IPO, all Class A Redeemable Ordinary Shares were exchanged for common stock of Intermediate Holdings, which common stock were exchanged for common units of West Affum LP immediately after. West Affum LP contributed all of its Intermediate Holdings common stock to Kestra Medical Technologies, Ltd. for its Common Shares.