0001193125-26-303397 | 10-K | XBRL Viewer | Kestra Medical Technologies LTD

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Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Gain contingency, description	Gain contingencies are not recognized until they are realized or realizable. From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business.
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.

Leases - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Income and Expenses, Lessee [Abstract]
Operating lease expense	$ 984	$ 758
Variable lease expense	680	636
Total operating lease expense	$ 1,664	$ 1,394

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2026
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (131,612)	$ (113,814)

- 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

Equity Incentive Plan and Share Based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Equity [Abstract]
Number of options, Beginning balance	4,649,100
Number of options, forfeited	(109,721)
Number of options, exercised	(34,871)
Number of options Ending balance	4,504,508	4,649,100
Number of options, vested and exercisable at April 30, 2026	3,182,286
Weighted average exercise price, Beginning balance	$ 17.04
Weighted average exercise price, Options forfeited	17.38
Weighted average exercise price, Options exercised	17
Weighted average exercise price, Balance at April 30, 2026	17.04	$ 17.04
Weighted average exercise price, Options vested and exercisable at April 30, 2026	$ 17.04
Weighted average remaining contractual life	8 years 10 months 6 days	9 years 10 months 6 days
Weighted average remaining contractual life, Options vested and exercisable at April 30, 2026	8 years 10 months 6 days
Aggregate intrinsic value , Balance at April 30, 2025	$ 32,640
Aggregate intrinsic value , Balance at April 30, 2026	16,675	$ 32,640
Aggregate intrinsic value , Options vested and exercisable at April 30, 2026	$ 11,768

Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Deferred Tax Assets
Loss Carryforwards	$ 80,953	$ 52,281
Interest Carryforward	6,661	7,211
Accrued Expenses	1,563	4,553
Operating Lease Liability	716	539
Inventory Basis Differences	308	224
R&D Credit Carryforward	5,912	5,517
Intangible Asset	35,375	35,375
Stock Based Compensation	6,156	4,998
Total deferred tax assets	137,644	110,698
Less: Valuation allowance for deferred tax assets	(125,962)	(103,815)
Net deferred tax assets	11,682	6,883
Deferred Tax Liabilities
Property and Equipment	(10,658)	(6,233)
Prepaid Expenses	(591)	(533)
Right-Of-Use Asset	(541)	(257)
Other	(198)
Total Deferred Tax Liabilities	(11,988)	(7,023)
Net deferred tax assets (liabilities)	$ (306)	$ (140)

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

12 Months Ended

Apr. 30, 2026

Apr. 30, 2025

Numerator:

Net loss attributable to Kestra Medical Technologies, Ltd.

$ (131,612)

$ (113,814)

Undeclared preferred dividends

(12,321)

Net loss attributable to common shareholders, basic

(131,612)

(126,135)

Net loss attributable to common shareholders, diluted

$ (131,612)

$ (126,135)

Denominator:

Weighted average shares of common share outstanding, basic

^[1]

54,184,698

24,583,745

Weighted average shares of common share outstanding, diluted

^[1]

54,184,698

24,583,745

Net loss per share attributable to common shareholders

Net loss per share attributable to common shareholders, basic

$ (2.43)

$ (5.13)

Net loss per share attributable to common shareholders, diluted

$ (2.43)

$ (5.13)

[1]	1Weighted-average shares of common shares 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.

Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Dec. 31, 2025	Apr. 30, 2025
Income and Expenses, Lessee [Abstract]
2027	$ 43
2028	1,346
2029	1,477
2030	1,424
2031	1,589
Total future lease payments	5,879
Less: imputed interest	(1,737)
Total lease liability balance	4,142	$ 1,585
Less: current portion of lease liability	(31)		$ (187)
Total lease liability, net of current portion	$ 4,111		$ 3,026

Prepaid Expenses and Other Current Assets

12 Months Ended

Apr. 30, 2026

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:


	April 30, 2026		April 30, 2025
Prepaid software fees	$	1,693	$	1,387
Other current assets		2,984		1,693
Total Prepaid expenses and other current assets	$	4,677	$	3,080

Commitments and Contingencies

12 Months Ended

Apr. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

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 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 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. From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business.

The Company enters into indemnification agreements with its officers and directors, and the Company’s bye-laws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions, and therefore there is no accrual of such amounts as of April 30, 2026 and 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.

Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2026

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment Estimated Useful Lives

Property and equipment are depreciated using the straight-line method based on the following estimated useful lives:


	April 30, 2026	April 30, 2025
Asset Classification	Estimated Useful Lives	Estimated Useful Lives
Computer software and equipment	3 years	3 years
Test equipment	5 years	5 years
Leasehold improvements	Lesser of useful life or lease-term	Lesser of useful life or lease-term
Medical rental equipment	2 - 15 years	2 - 8 years

During the year ended April 30, 2026, the estimated useful life of the medical rental equipment asset class was changed prospectively from 2 - 8 years to 2 - 15 years. This change was the result of actual field experience, established preventive maintenance programs, and an extensive engineering study completed during the period relating to the WCD monitor and battery charger. As a result, the useful life of the battery charger was changed from five years to fifteen years and the useful life of the WCD monitor was changed from seven years to fifteen years. The impact of the change was a reduction of depreciation expense, which is included within cost of revenue, by $1,410 in the year ended April 30, 2026, as compared to the useful life of medical rental equipment had it remained at 2 - 8 years. The net loss per share impact of the change is not material.

When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of operations and comprehensive loss for the period.

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid software fees	$ 1,693	$ 1,387
Other current assets	2,984	1,693
Total Prepaid expenses and other current assets	$ 4,677	$ 3,080

Long-Term Debt (Tables)

12 Months Ended

Apr. 30, 2026

Debt Disclosure [Abstract]

Summary of Long-term Debt

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


	April 30, 2026			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		(3,746	)		(5,297	)
Total long-term debt	$	42,649		$	41,098

Summary of Expenses Related to Term Loan

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


	Year Ended April 30,
	2026		2025
Cash interest expense	$	5,645	$	4,851
Amortization of the facility fee and legal fees		380		874
Amortization of the debt discount recognized in connection with the warrant		1,521		526
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		—		855
Total expense recognized related to the Term Loan 2024	$	7,546	$	7,106

The Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Dec. 04, 2025	Mar. 14, 2025	Mar. 07, 2025	Mar. 31, 2025	Apr. 30, 2026	Apr. 30, 2025
Nature Of Operations And Liquidity [Line Items]
Cash, cash equivalents, and investments					$ 262,201
Par value					$ 1	$ 1
Parent contribution of common stock					105,808
Net losses					$ 131,612	$ 113,814
Cash used in operating activities					81,703	77,608
Accumulated deficit					$ 651,861	$ 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
Common Shares
Nature Of Operations And Liquidity [Line Items]
Shares issued	900,000
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
Public Underwritten Offering \| Common Shares
Nature Of Operations And Liquidity [Line Items]
Shares issued	6,900,000
Initial public offering, Price per share	$ 23
Gross proceeds from initial public offering	$ 149,291

Equity Incentive Plan and Share Based Compensation (Tables)

12 Months Ended

Apr. 30, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Incentive Units/Stock Options Activity

The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2024		2,130,143
Granted		1,192,999
Forfeited / repurchased		(192,405	)
Exchanged into common shares		(3,130,737	)
Outstanding at April 30, 2025	—

Summary of Restricted Stock Unit Activity

Restricted stock unit activity for the year ended April 30, 2026 is as follows:


	Number of restricted units			Weighted average grant date fair value
Outstanding at April 30, 2025		—		$	—
Granted		2,655,737			17.56
Forfeited		(155,779	)		16.95
Outstanding at April 30, 2026		2,499,958		$	17.60

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:


	April 30, 2026
Expected volatility		54.6	%
Expected term	1.76 years
Risk free rate		3.91	%
Fair value of underlying common stock	$	17.30
Weighted average grant-date fair value per share	$	20.25

Summary of Share-based Compensation Expense

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


	Year Ended April 30,
	2026		2025
Research and development	$	3,601	$	1,964
Selling, general and administrative		30,043		22,307
Total share-based compensation expense	$	33,644	$	24,271

Stock Options

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Incentive Units/Stock Options Activity

Stock options activity for the year ended April 30, 2026 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
Forfeited		(109,721	)		17.38
Exercised		(34,871	)		17.00
Balance at April 30, 2026		4,504,508			17.04		8.85		16,675
Vested and exercisable at April 30, 2026		3,182,286			17.04		8.85		11,768

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2026

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 April 30, 2026 and 2025.


	Level 1		Level 2		Level 3
April 30, 2026
Assets
Money market funds	$	22,146	$	—	$	—
U.S. treasury securities		—		195,338		—
Total assets	$	22,146	$	195,338	$	—
Liabilities
Warrant liabilities		—		—		1,369
Total liabilities	$	—	$	—	$	1,369

April 30, 2025
Liabilities
Warrant liabilities		—		—		8,097
Total liabilities	$	—	$	—	$	8,097

Summary of Fair Value and Amortized Cost of Available-for-Sale Marketable Securities

The fair value and amortized cost of available-for-sale marketable securities as of April 30, 2026 are presented in the following table:


			Gross Unrealized
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets
Money market funds	$	22,146	$	—	$	—		$	22,146
U.S. treasury securities		195,556		—		(218	)		195,338
Total	$	217,702	$	—	$	(218	)	$	217,484

Available-for-Sale Marketable Securities

As of April 30, 2026 available-for-sale marketable securities are classified as follows in the consolidated balance sheet:


Category:
Cash and cash equivalents	$	54,993
Short-term investments		96,724
Long-term investments		65,767
Total	$	217,484

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 April 30, 2026:


	April 30, 2026			April 30, 2025
Strike price	$	11.54		$	11.54
Expected term (in years)		7.42			8.42
Expected volatility		59.00	%		65.00	%
Risk free rate		4.20	%		4.21	%
Dividend yield		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		(2,673	)
Exercise of warrant		(4,055	)
Fair value of Level 3 liabilities as of April 30, 2026	$	1,369

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Subsequent Event - Additional Information (Details) - USD ($)	Jul. 10, 2026	Apr. 30, 2026	Apr. 30, 2025
Subsequent Event [Line Items]
Cash and cash equivalents		$ 99,710,000	$ 237,595,000
Lender \| Loan Agreement
Subsequent Event [Line Items]
Principal payment period	48 months
Frequency of periodic payment	The Term Loans provide for 48 months of interest-only payments
Subsequent Event
Subsequent Event [Line Items]
Maturity period	5 years
Subsequent Event \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Interest rate, description	The Term Loans bear interest as a variable rate per annum equal to a 5.50% plus three-month Secured Overnight Financing Rate (“SOFR”) with a SOFR floor of 3.25%.
Maturity date	Jul. 10, 2031
Payment terms	The Loan Agreement requires the Borrower to pay an amount equal to 1.75% of the Lenders’ total committed amount to fund the Term Loans, payable with respect to each Term Loan on the funding date of such Term Loan. The Term Loans provide for 48 months of interest-only payments and amortizes in four equal quarterly installments beginning in the second fiscal quarter of 2030 and continuing through the Maturity Date.
Issuance fee percentage	1.75%
Subsequent Event \| Floor Rate \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Interest rate	3.25%
Subsequent Event \| SOFR \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Interest rate	5.50%
Subsequent Event \| Maximum \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	$ 200,000,000
Subsequent Event \| Minimum \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Cash and cash equivalents	20,000,000
Subsequent Event \| Tranche A Loan \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	75,000,000
Net proceeds from issuance of debt	20,000,000
Subsequent Event \| Tranche B Loan \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	25,000,000
Subsequent Event \| Tranche C Loan \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	50,000,000
Achievement of revenue milestones of trailing twelve month revenues	150,000,000
Subsequent Event \| Tranche D Loan \| Lender \| Loan Agreement
Subsequent Event [Line Items]
Aggregate principal amount	$ 50,000,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Apr. 30, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2026

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following at:


	April 30, 2026			April 30, 2025
Medical rental equipment	$	83,053		$	52,670
Test equipment		3,490			3,115
Office equipment and furniture		1,517			1,446
Leasehold improvements		919			919
Work in progress		1,538			635
Total property and equipment		90,517			58,785
Less: accumulated depreciation		(31,427	)		(23,955	)
Total Property and equipment, net	$	59,090		$	34,830

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Apr. 30, 2026 USD ($) Segment	Apr. 30, 2025 USD ($)
Significant Accounting Policies [Line Items]
Depreciation expense	$ 8,709,000	$ 7,968,000
Restricted cash	334,000	334,000
Carrying amount of investment	5,000,000
Allowance for uncollectible accounts receivable	5,789,000	3,193,000
Impairment of long-lived assets	$ 0	$ 0
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
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 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 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.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Medical Rental Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	2 years	2 years
Medical Rental Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	15 years	8 years
Batteries \| Costs of Revenue
Significant Accounting Policies [Line Items]
Depreciation expense	$ 1,410,000
Batteries \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Batteries \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	8 years
Credit Card Collateralization
Significant Accounting Policies [Line Items]
Restricted cash	$ 225,000	$ 225,000
Lease Agreements \| Letter of Credit
Significant Accounting Policies [Line Items]
Cash security deposit	$ 109,000	$ 109,000

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2024	Apr. 30, 2024	Apr. 30, 2026	Apr. 30, 2025	Dec. 31, 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. In October 2023, the Company amended the existing office lease to expire in April 2029.
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
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Tenant improvement allowance		$ 943
Tenant improvement reimbursement		$ 786
Lease liability			$ 4,142		$ 1,585
Right-of-use assets			3,364	$ 2,078	$ 1,585
Additional rent abatement period	2 months
Cash paid for operating leases			$ 2,081	$ 655
Weighted average remaining lease term			60 months	48 months
Weighted average discount rate			12.00%	15.20%
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal period			3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal period			5 years

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

The accompanying 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.

Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of the 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 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.

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 April 30, 2026 and 2025. The Company also had restricted cash of $225 for credit card collateralization as of April 30, 2026 and 2025.

Investments

The Company considers investments with an original maturity greater than three months and remaining maturities less than 12 months to be short-term investments. The Company classifies those investments that are not required for use in current operations and that mature in more than 12 months as long-term investments.

The Company classifies its marketable securities as available for sale and reports them at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). For investments sold prior to maturity, the cost of investments sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in other income (expense), net in the consolidated statement of operations.

If the estimated fair value of a marketable debt security is below its amortized cost basis, the Company evaluates whether it is more likely than not that the Company will be required to sell the security before its anticipated recovery in market value and whether credit losses exist for the related securities. Credit-related losses are recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to earnings. Unrealized gains and losses that are unrelated to credit deterioration are reported in accumulated other comprehensive income (loss).

The Company invests in equity securities that do not have readily determinable fair values. Equity investments that do not have readily determinable fair values are measured using the measurement alternative at cost minus impairment, if any. These investments are included in Other long-term assets on the consolidated balance sheet as of April 30, 2026. The carrying amount of this investment is $5,000 and there were no adjustments to the carrying amount during the year ended April 30, 2026.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. There are three levels of inputs that may be used to measure fair value:

•

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

•

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability

•

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Disposable Medical Equipment Supplies

Disposable medical equipment supplies consist of equipment parts, consumables, and associated product supplies that are expensed to the cost of revenue at the time of order delivery to the patient or first use. Disposable medical equipment supplies are valued at cost.

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 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 $5,789 and $3,193 as of April 30, 2026 and 2025, respectively.

Property and Equipment

Property and equipment consist of medical rental equipment, test equipment, computer software and equipment, and leasehold improvements. Medical rental equipment used in the delivery of the ASSURE® WCD system consists of a therapy cable, batteries, a battery charger, assistant and WCD monitor, all of which have different useful lives. Upon completion of use by a patient, medical rental equipment is returned to the Company’s third-party manufacturing and supply partner and inspected, tested and re-certified for use by another patient. When not in use by patients, medical rental equipment resides with the Company’s third-party manufacturing and supply partner, at third-party warehouses or with the Company’s territory managers. Physical counts of components are conducted at least annually at the third-party manufacturing and supply partner locations and at least quarterly at other locations.

Property and equipment are stated at cost less accumulated depreciation. Depreciation of medical rental equipment commences at the date when it becomes available for service, which represents the date that the asset is ready for intended use by the patients and continues through the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs, including planned major maintenance activities, are expensed as incurred.

Property and equipment are depreciated using the straight-line method based on the following estimated useful lives:


	April 30, 2026	April 30, 2025
Asset Classification	Estimated Useful Lives	Estimated Useful Lives
Computer software and equipment	3 years	3 years
Test equipment	5 years	5 years
Leasehold improvements	Lesser of useful life or lease-term	Lesser of useful life or lease-term
Medical rental equipment	2 - 15 years	2 - 8 years

Deposits

Deposits represent advance payments to contracted suppliers for medical rental equipment. These payments are classified as long-term assets in the consolidated balance sheets.

Leases

The Company determines if an arrangement is a lease at inception and on the lease commencement date, the Company recognizes an asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term.

The Company determines whether a contract contains a lease at the inception of a contract. If the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the Company considers the contract to contain a lease.

The Company determines whether a contract conveys the right to control the use of an identified asset for a period of time if the contract contains both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset.

The Company’s leases do not provide an implicit rate. As such, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lease and non-lease components are combined for all leases. The measurement of lease right-of-use assets and liabilities includes amounts related to lease payments made prior to the lease commencement date, incentives from landlords received by the Company for signing a lease, including tenant improvement allowances or deferred lease credits paid to the Company by landlords, fixed payments related to lease components, such as rent escalation payments schedules at the lease commencement date, and fixed payments related to non-lease components, such as taxes, insurance and maintenance costs. The measurement of lease right-of-use assets and liabilities excludes amounts related to variable payments related to lease components, such as contingent rent payments.

Variable payments related to non-lease components, such as taxes, insurance and maintenance costs, are expensed as incurred in the consolidated statements of operations and comprehensive loss. The Company has elected not to recognize right-of use-assets and lease liabilities for leases with a term of twelve months or less. Lease costs for short-term leases are recognized on a straight-line basis over the lease term.

Certain of the Company’s leases may include options to extend the lease or to terminate the lease. The Company assesses these leases and, depending on the facts and circumstances, has not included these options in the measurement of the Company’s lease right-of-use assets and liabilities since extending the lease under an option is not reasonably certain of such option being exercised.

Non-cash amortization related to the lease right-of-use assets and liabilities is calculated on a straight-line basis over the lease term and is reflected in research and development expenses and selling, general and administrative expense in the consolidated statements of operations and comprehensive loss. Operating lease payments are classified as cash flows from operating activities in the consolidated statements of cash flows.

Impairment of Long-Lived Assets

The Company periodically reviews its long-lived assets, including property and equipment and right-of-use assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company compares the carrying value of the long-lived assets (asset group) with the estimated future net undiscounted future cash flows expected to result from the use of the assets (asset group), including cash flows from disposition. An impairment loss is measured as the amount by which the carrying value exceeds the fair value of the long-lived assets (asset group). No impairment of long-lived assets was recorded during the years ended April 30, 2026 and 2025.

Warrant Liabilities

The Company accounts for certain warrants as liabilities in accordance with ASC 815-40, Derivatives and Hedging. The warrants are presented as a warrant liability in the consolidated balance sheets and are measured at fair value, with gains or losses recognized in the Other expense (income) line item of the consolidated statements of operations and comprehensive loss during the years ended April 30, 2026 and 2025.

Revenue

The Company generates revenue from the leases of ASSURE© System, which consists of a WCD 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.

Cost of Revenue

Cost of revenue consists of direct material, labor and rental equipment costs and indirect costs related to rental performance of ASSURE© System. It includes the cost of disposable WCD device components, depreciation cost of medical rental equipment reusable components, shipping, and order fulfillment costs, as well as other indirect costs incurred to support the manufacture and medical rental equipment delivery to and ongoing support for the patient’s costs incurred in connection with providing the ASSURE© System to the patients.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established if it is more likely than not that some, or all of the net deferred tax assets will not be realized.

The Company recognizes the effect of income tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being recognized. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs.

Research and Development

Research and development expenses consist of salaries and related benefits of product development personnel, prototype materials and other expenses related to the development of new products. Research and development expenses are expensed as incurred.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. Patent-related legal costs are included as a component of selling, general and administrative expenses.

Share-Based Compensation

The Company accounts for share-based compensation for employee and non-employee awards in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires the recognition of compensation expense using a fair value-based method for costs related to all share-based awards, including stock options.

Share-based compensation expense for share-based payments is measured at the grant date based on the fair value of the award and recognized as compensation expense over the period of service. The Company uses the Black-Scholes option pricing model to determine the fair value of share-based payments. The model requires various assumptions involving the judgement of management, including the fair value of common units or common shares, volatility in price, time to liquidity (prior to the IPO) and risk-free interest rate. As the Company did not have sufficient trading history for share-based awards issued prior to the IPO, the expected volatility was derived from the average historical volatilities of several comparable public companies within the Company’s industry over a period equivalent to the expected term of the share-based awards. The Company will continue to analyze the volatility assumptions as additional data for the Company’s Common Share becomes available. Due to the lack of historical exercise history, the expected term of the Company’s stock options is determined using the “simplified” method. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to expected term of the stock options. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The Company classifies share-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Payments on Behalf of Shareholder

During the year ended April 30, 2026 and 2025, the Company paid administrative costs to third parties on behalf of one of its shareholders. The payments to third parties on behalf of the Company’s shareholder were recorded as a deemed dividend in the consolidated statements of changes in redeemable preferred stock and shareholders’ equity (deficit).

Concentrations of Risk

Credit Risk

Financial instruments which potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Company’s cash is mainly held in financial institutions. Amounts on deposit may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Further, the Company holds a small cash balance in its account located in Ireland, which is not insured.

Business Risk

The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies, materials, and rental equipment for its use in the commercial product and the clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.

Customer Risk

The Company earns revenues by seeking reimbursement for the product from governmental healthcare programs and private health insurance companies, including the federal Medicare program. If the Medicare program were to slow payments of the receivables for any reason, the Company would be adversely impacted. In addition, both governmental healthcare programs and private health insurance companies may seek ways to avoid or delay reimbursement, which could adversely affect the Company’s cash flow and revenues.

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 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 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 Consolidated Statements of Operations and Comprehensive Loss.

Comprehensive Loss

Comprehensive loss consists of net loss and other gains or losses affecting shareholders’ equity that, under accounting principles generally accepted in the United States of America, are excluded from net loss. For the year ended April 30, 2026, unrealized losses on marketable securities were included as a component of comprehensive loss. For the year ended April 30, 2025, there were no items which qualify as components of other comprehensive loss and therefore, the Company’s comprehensive loss was the same as its reported net loss.

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued 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 Company adopted ASU 2023-09 prospectively during the year ended April 30, 2026. The adoption of the amendments in ASU 2023-09 impacted the Company’s disclosures in the notes to the consolidated financial statements and did not have a material impact on its consolidated balance sheets, results of operations or cash flows.

Accounting Pronouncements Not Yet Adopted

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 reporting 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.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), modernizing the accounting framework for internal-use software by eliminating the prior stage-based model and introducing a principles-based capitalization threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the impact that this ASU will have on its financial statements and related disclosures.

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 consolidated financial statements as a result of future adoption.

Equity Incentive Plan and Share Based Compensation - Summary of Incentive Units Activity (Details) - shares	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted units, Outstanding, Beginning balance	0
Granted	2,655,737
Forfeited / repurchased	(155,779)
Number of restricted units, Outstanding, Ending balance	2,499,958	0
Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted units, Outstanding, Beginning balance	0	2,130,143
Granted		1,192,999
Forfeited / repurchased		(192,405)
Exchanged into Common Shares		(3,130,737)
Number of restricted units, Outstanding, Ending balance		0

- 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

Equity Incentive Plan and Share Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 33,644	$ 24,271
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	3,601	1,964
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 30,043	$ 22,307

- 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

Income Taxes

12 Months Ended

Apr. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The components of loss before income taxes are as follows:


	2026			2025
U.S. Operations	$	(116,148	)	$	(105,417	)
Foreign Operations		(15,171	)		(8,262	)
Total	$	(131,318	)	$	(113,679	)

In 2025, the Company completed its restructuring in connection with its initial public offering. The Company’s parent company is based in Bermuda and is a resident for Irish tax purposes. Its subsidiaries are 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.

As a result of the restructuring completed in connection with the initial public offering, the Company’s effective tax rate varies from the statutory Irish tax rate due to the effect of U.S. federal income taxes, 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 April 30, 2026 and 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.

Income tax expense for the year ended April 30, 2026 differs from the amount of income tax determined by applying the applicable Irish statutory tax rate to pretax income as a result of the following differences. For purposes of the reconciliation between the provision (benefit) for income taxes at the statutory rate and the effective tax rate, an Irish 12.5% rate is applied to pretax income as a result of the following for the year ended April 30, 2026:


	Year Ended April 30, 2026
	Amount			Percentage
Irish Statutory Tax Rate	$	(16,415	)		12.5	%
Foreign Tax Effects
US		(9,873	)		7.5	%
State Tax Provision (net of Federal Benefit)		(2,871	)		2.2	%
Other		503			(0.4	%)
Non-deductible Expenses
Stock-Based Compensation		6,656			(5.1	%)
Other		696			(0.5	%)
Tax Credits
R&D Credit		(395	)		0.3	%
Other		(155	)		0.1	%
Change in Valuation Allowance		22,148			(16.9	%)
	$	294			(0.2	%)

As previously disclosed for the year ended April 30, 2025, prior to the adoption of ASU 2023-09, income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:


	2025
Tax provision (benefit) at statutory rate	$	(28,420	)
Foreign Rate Differential		4,719
State Tax Provision (net of Federal Benefit)		(4,110	)
Non-deductible Expenses		3,561
R&D Credit		(402	)
Other		-
Change in Valuation Allowance		24,787
	$	135

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Net Loss Per Share Attributable to Common Shareholders (Tables)

12 Months Ended

Apr. 30, 2026

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 years ended April 30, 2026 and 2025:


	Year Ended April 30,
	2026			2025
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(131,612	)	$	(113,814	)
Undeclared preferred dividends		—			(12,321	)
Net loss attributable to common shareholders	$	(131,612	)	$	(126,135	)
Denominator:
Weighted average shares of common share outstanding - basic and diluted		54,184,698			24,583,745
Net loss per share attributable to common shareholders - basic and diluted	$	(2.43	)	$	(5.13	)

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):


	As of April 30,
	2026		2025
Stock options		4,504,508		4,649,100
Restricted stock units		2,499,958	—
Performance-based restricted stock units		434,702	—
Market-based restricted stock units		434,702	—
Restricted stock		25,640		32,485
Warrants to purchase Common Shares		109,069		434,916
Employee Stock Purchase Plan		68,142	—
Total		8,076,721		5,116,501

Equity Incentive Plan and Share Based Compensation - Summary of Restricted Stock Unit Activity (Details)	12 Months Ended
	Apr. 30, 2026 $ / shares shares
Equity [Abstract]
Number of restricted units, Outstanding, Beginning balance \| shares	0
Number of restricted units, Granted \| shares	2,655,737
Number of restricted units, Forfeited \| shares	(155,779)
Number of restricted units, Outstanding, Ending balance \| shares	2,499,958
Weighted average grant date fair value, Outstanding, Beginning balance \| $ / shares	$ 0
Weighted average grant date fair value, granted \| $ / shares	17.56
Weighted average grant date fair value, Forfeited \| $ / shares	16.95
Weighted average grant date fair value, Outstanding, Ending balance \| $ / shares	$ 17.6

Long-Term Debt - Additional Information (Details)						12 Months Ended		18 Months Ended
Long-Term Debt - Additional Information (Details)	Jul. 10, 2026	Sep. 04, 2025 shares	Feb. 25, 2025 USD ($)	Oct. 31, 2024 USD ($)	Sep. 29, 2023 USD ($) Tranche $ / shares shares	Apr. 30, 2026 $ / shares shares	Apr. 30, 2025 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 Stock
Debt Instrument [Line Items]
Number of common shares issued \| shares						6,900,000	13,664,704
Warrant
Debt Instrument [Line Items]
Number of common shares issued \| shares		100,397
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
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
Revenue milestone period			12 months
Percentage of warrants issuable						10.00%
Term Loan 2024 \| First Draw
Debt Instrument [Line Items]
Recognition of facility fee and legal fees as discount					$ 1,765,000
IPO \| Common Stock
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares						$ 11.54
Warrant expiration date						Sep. 29, 2033
IPO \| Maximum \| Common Stock
Debt Instrument [Line Items]
Number of warrants issued to purchase shares \| shares						325,847
Lender \| First Tranche
Debt Instrument [Line Items]
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
Loan Agreement \| Lender
Debt Instrument [Line Items]
Principal payment period	48 months
Frequency of periodic payment	The Term Loans provide for 48 months of interest-only payments
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]					Secured Overnight Financing Rate (SOFR) [Member]
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

Accrued Liabilities

12 Months Ended

Apr. 30, 2026

Payables and Accruals [Abstract]

Accrued Liabilities

6. Accrued Liabilities

Accrued liabilities consisted of the following at:


	April 30, 2026		April 30, 2025
Bonuses and commissions	$	10,885	$	6,368
Other accrued liabilities		5,486		3,547
Paid time off		3,050		2,305
Professional services		1,133		1,141
Payroll and payroll taxes		2,492		468
Total Accrued liabilities	$	23,046	$	13,829

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 90,517	$ 58,785
Less: accumulated depreciation	(31,427)	(23,955)
Total Property and equipment, net	59,090	34,830
Medical Rental Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	83,053	52,670
Test Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,490	3,115
Office Equipment and Furniture
Property, Plant and Equipment [Line Items]
Total property and equipment	1,517	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	$ 1,538	$ 635

Redeemable Preferred Stock - Additional Information (Details) - USD ($)			1 Months Ended		12 Months Ended
	May 02, 2023	Mar. 31, 2023	Jul. 31, 2024	May 31, 2024	Apr. 30, 2026	Apr. 30, 2025	Mar. 07, 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.In May and July of 2024, Intermediate Holdings issued to West Affum LP a total of 103,400 shares of preferred stock for proceeds $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’. There were no shares of preferred stock outstanding as of April 30, 2026 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	103,400		103,400
Proceeds from issuance preferred shares			$ 103,400,000	$ 103,400,000		$ 103,400,000
Redeemable Preferred Stock \| Directly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares					100.00%
Redeemable Preferred Stock \| Indirectly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares					100.00%
IPO \| Directly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares							100.00%
IPO \| Indirectly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares							100.00%

Fair Value Measurement - Summary of Fair Value and Amortized Cost of Available-for-Sale Marketable Securities (Details) - Level 2 $ in Thousands	12 Months Ended
	Apr. 30, 2026 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost Basis	$ 217,702
Unrealized Losses	(218)
Fair Value	217,484
U.S.Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost Basis	195,556
Unrealized Losses	(218)
Fair Value	195,338
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost Basis	22,146
Fair Value	$ 22,146

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- 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

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+ Details

Fair Value Measurement - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liabilities	$ (2,673)	$ 2,648
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	(2,673)
Exercise of warrant	(4,055)
Fair value of Level 3 liabilities as of April 30, 2026	$ 1,369	$ 8,097

Long-Term Debt - Summary of Expenses Related to Term Loan (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Debt Instrument [Line Items]
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		$ 855
Term Loan 2024
Debt Instrument [Line Items]
Cash interest expense	$ 5,645	4,851
Amortization of the facility fee and legal fees	380	874
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		855
Total expense recognized related to the Term Loan	7,546	7,106
Term Loan 2024 \| Warrant
Debt Instrument [Line Items]
Amortization of the debt discount recognized in connection with the warrant	$ 1,521	$ 526

- 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

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+ Details

Leases

12 Months Ended

Apr. 30, 2026

Leases [Abstract]

Leases

5. Leases

The Company had two operating leases for office space that commenced on May 1, 2020 and January 1, 2021 with a 48-month term and 40-month term, respectively. The Company determined at the commencement of both leases that it is reasonably certain that the Company will not exercise the option to extend the terms of either lease. The office leases have variable lease payments to reimburse the lessor for costs, such as insurance and taxes but do not depend on an index rate and are excluded from the measurement of the lease liability and are recognized in operating expense.

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 December 2025, the Company amended its office leases to extend the lease term through April 2031. The extended lease term resulted in a re-measurement resulting in the increase of the lease liability and right of use asset by $1,585.

In May 2025, the Company entered into a new lease agreement for an office in Texas, commencing on May 15, 2025. The lease is set to expire on May 31, 2027.

Operating lease expense was as follows for the periods below:


	Year Ended April 30,
	2026		2025
Operating lease expense	$	984	$	758
Variable lease expense		680		636
Total operating lease expense	$	1,664	$	1,394

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 $2,081 and $655 for the years ended April 30, 2026 and 2025, respectively.

The weighted average remaining lease term for the Company’s operating leases was 60 months as of April 30, 2026, 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 12.0% as of April 30, 2026 and 15.2% as of April 30, 2025.

Maturities of operating lease liabilities (net reimbursements) were as follows as of April 30, 2026:



Fiscal Year:
2027		43
2028		1,346
2029		1,477
2030		1,424
2031		1,589
Total future lease payments	$	5,879
Less: imputed interest		(1,737	)
Total lease liability balance	$	4,142
Less: current portion of lease liability		(31	)
Total lease liability, net of current portion	$	4,111

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2026	Jul. 09, 2026	Oct. 31, 2025
Cover [Abstract]
Document Type	10-K
Entity Central Index Key	0001877184
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Annual Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report relates (the “Proxy Statement”).
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 Public Float			$ 618.7
Entity Common Stock, Shares Outstanding		58,602,497
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Irvine, California
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Kestra Medical Technologies, Ltd. and its subsidiaries (the “Company”) as of April 30, 2026 and 2025, and the related consolidated statements of operations and comprehensive loss, of changes in redeemable preferred stock and shareholders’ equity (deficit) and of cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2026 and 2025, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Accrued Liabilities, Current [Abstract]
Bonuses and commissions	$ 10,885	$ 6,368
Other accrued liabilities	5,486	3,547
Paid time off	3,050	2,305
Professional services	1,133	1,141
Payroll and payroll taxes	2,492	468
Total Accrued liabilities	$ 23,046	$ 13,829

Fair Value Measurement

12 Months Ended

Apr. 30, 2026

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 April 30, 2026 and 2025.


	Level 1		Level 2		Level 3
April 30, 2026
Assets
Money market funds	$	22,146	$	—	$	—
U.S. treasury securities		—		195,338		—
Total assets	$	22,146	$	195,338	$	—
Liabilities
Warrant liabilities		—		—		1,369
Total liabilities	$	—	$	—	$	1,369

April 30, 2025
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 equivalents within the fair value hierarchy.

The fair value and amortized cost of available-for-sale marketable securities as of April 30, 2026 are presented in the following table:


			Gross Unrealized
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets
Money market funds	$	22,146	$	—	$	—		$	22,146
U.S. treasury securities		195,556		—		(218	)		195,338
Total	$	217,702	$	—	$	(218	)	$	217,484

As of April 30, 2026 available-for-sale marketable securities are classified as follows in the consolidated balance sheet:


Category:
Cash and cash equivalents	$	54,993
Short-term investments		96,724
Long-term investments		65,767
Total	$	217,484

Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year from the respective balance sheet date. The Company recognized no credit losses during the years ended April 30, 2026 and 2025, and had no allowance for credit losses as of April 30, 2026, and 2025.

As of April 30, 2026 and 2025, the fair value of the long-term debt, net of discounts, approximated $47,700 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 years ended April 30, 2026 and 2025.

Warrant Liabilities

As of April 30, 2026, 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 April 30, 2026, 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 $2,673 for the year ended April 30, 2026, which is included in other expense within the consolidated statements of operations and comprehensive loss.

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 April 30, 2026:


	April 30, 2026			April 30, 2025
Strike price	$	11.54		$	11.54
Expected term (in years)		7.42			8.42
Expected volatility		59.00	%		65.00	%
Risk free rate		4.20	%		4.21	%
Dividend yield		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		(2,673	)
Exercise of warrant		(4,055	)
Fair value of Level 3 liabilities as of April 30, 2026	$	1,369

- 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
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: 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 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2026	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	(3,746)	(5,297)
Total long-term debt	42,649	41,098
Term Loan
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

Equity Incentive Plan and Share Based Compensation

12 Months Ended

Apr. 30, 2026

Equity [Abstract]

Equity Incentive Plan and Share Based Compensation

12. Equity Incentive Plan and Share Based Compensation

Incentive Units

Prior to the IPO, certain employees and contractors of Intermediate Holdings were granted Incentive Units of West Affum LP. The Incentive Units allow the holder to participate in the equity of West Affum LP subject to participation thresholds as defined by West Affum LP. Upon termination of employment or services, West Affum LP has the right but not the obligation to repurchase vested Incentive Units at fair market value within seven months following termination.

Incentive Units vest based on continued service on a straight-line basis over the applicable service periods. Any unvested Incentive Units are automatically forfeited upon separation. Incentive Units do not expire and have no exercise price. Compensation cost of Incentive Units is estimated on the date of grant.

In connection with the IPO, vesting was accelerated for all unvested Incentive Units and all Incentive Units were exchanged into Common Shares of Kestra Medical Technologies, Ltd. The Company recorded $2,783 in share-based compensation related to the acceleration of the vesting of the unvested Incentive Units. The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2024		2,130,143
Granted		1,192,999
Forfeited / repurchased		(192,405	)
Exchanged into common shares		(3,130,737	)
Outstanding at April 30, 2025	—

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. In connection with the IPO, the restricted common units converted into 23,899 restricted Common Shares of Kestra Medical Technologies, Ltd., subject to continued vesting under the original grant agreements. As of April 30, 2026, 19,916 and 3,983 of these Common Shares were vested and unvested, respectively. As of April 30, 2025, 11,950 and 11,950 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 45,479 restricted Common Shares of Kestra Medical Technologies, Ltd., subject to continued vesting under the directors’ original grant agreements. During the year ended April 30, 2026, 18,795 restricted Common Shares vested. As of April 30, 2026, there were 23,822 and 21,657 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.

In connection with the IPO, the Company entered into the Kestra Medical Technologies, Ltd. 2025 Omnibus Incentive Plan (the "2025 Omnibus Incentive Plan") to grant eligible individuals incentive equity awards, including stock options and restricted stock units. Stock option and restricted stock unit activity for the year ended April 30, 2026 is as follows:

Stock Options

Stock options activity for the year ended April 30, 2026 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
Forfeited		(109,721	)		17.38
Exercised		(34,871	)		17.00
Balance at April 30, 2026		4,504,508			17.04		8.85		16,675
Vested and exercisable at April 30, 2026		3,182,286			17.04		8.85		11,768

Also as of April 30, 2026, unrecognized compensation cost for outstanding stock options was $12,539, with the weighted-average period over which this cost is expected to be recognized at 0.45 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 April 30, 2026 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 year ended April 30, 2026, 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.

Time Based Restricted Stock Units

Restricted stock unit activity for the year ended April 30, 2026 is as follows:


	Number of restricted units			Weighted average grant date fair value
Outstanding at April 30, 2025		—		$	—
Granted		2,655,737			17.56
Forfeited		(155,779	)		16.95
Outstanding at April 30, 2026		2,499,958		$	17.60

As of April 30, 2026, there was $34,052 of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of approximately 2.38 years. As of April 30, 2026, none of the restricted stock units were vested.

Performance Based Restricted Stock Units

During the year ended April 30, 2026, the Company granted 434,702 performance-based restricted stock units that vest upon achieving curtained performance objectives. Achievement of these performance objectives was deemed probable during the three months ended July 31, 2025. The weighted average grant date fair value is $16.04.

As of April 30, 2026, there was no unrecognized compensation cost related to unvested performance-based restricted stock units. As of April 30, 2026, none of the performance-based restricted stock units were vested.

Market Based Restricted Stock Units

During the year ended April 30, 2026, the Company granted 217,351 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:


	April 30, 2026
Expected volatility		54.6	%
Expected term	1.76 years
Risk free rate		3.91	%
Fair value of underlying common stock	$	17.30
Weighted average grant-date fair value per share	$	20.25

As of April 30, 2026, there was $2,741 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 1.21 years. As of April 30, 2026, none of the market-based restricted stock units were vested.

Employee Stock Purchase Plan

Under the 2025 Employee Stock Purchase Plan (the "ESPP"), participants are permitted to purchase shares of Common Shares, up to the IRS allowable limit of $25,000 in any calendar year and no more than 1,000 shares on any purchase date, through contributions (in the form of payroll deductions or otherwise to the extent permitted by the administrator of the ESPP) of up to 15% of their eligible compensation. The ESPP provides for offering periods not to exceed 27-months, and the Company anticipates each offering period to consist of one or more six-month purchase periods. Participants are permitted to purchase shares of the Company’s Common Shares at 85% of the lower of the fair market value of the Company’s Common Shares on the first trading day of an offering period or on the last trading date in each purchase period in the applicable offering period. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares. Participation ends automatically upon termination of employment with the Company. No purchases were made during the year ended April 30, 2026.

Share-Based Compensation

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


	Year Ended April 30,
	2026		2025
Research and development	$	3,601	$	1,964
Selling, general and administrative		30,043		22,307
Total share-based compensation expense	$	33,644	$	24,271

Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Details)	Apr. 30, 2026	Apr. 30, 2025
Computer Software and Equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years	3 years
Test Equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember	us-gaap:UsefulLifeTermOfLeaseMember
Medical Rental Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years	2 years
Medical Rental Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years	8 years

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,709	$ 7,968

Common Shares

12 Months Ended

Apr. 30, 2026

Equity [Abstract]

Common Shares

9. Common Shares

The Company had 100,000,000 Common Shares authorized and 58,383,924 and 51,348,656 Common Shares issued and outstanding with a par value of $1.00 per Common Share as of April 30, 2026 and April 30, 2025, respectively. Each Common Share is entitled to one vote.

- Definition

The entire disclosure for equity.

+ References

+ Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Apr. 30, 2026

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:


	April 30, 2026		April 30, 2025
Prepaid software fees	$	1,693	$	1,387
Other current assets		2,984		1,693
Total Prepaid expenses and other current assets	$	4,677	$	3,080

The Company

12 Months Ended

Apr. 30, 2026

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 (“WCD”), 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. Effective on December 31, 2025, West Affum LP was dissolved and all of the Common Shares it had received at IPO were distributed to its unit holders.

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 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 April 30, 2026, the Company’s principal sources of liquidity consisted of $262,201 of cash, cash equivalents, and investments.

The Company has incurred negative operating cash flows and significant losses from operations since its inception. For the years ended April 30, 2026 and 2025, the Company incurred net losses of $131,612 and $113,814, respectively. Cash used in operating activities was $81,703 and $77,608 for the years ended April 30, 2026 and 2025, respectively. As of April 30, 2026, the Company had an accumulated deficit of $651,861.

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.

On December 4, 2025, the Company completed a public underwritten offering and issued an aggregate of 6,900,000 Common Shares at a price of $23.00 per share, resulting in net proceeds to the Company of $149,291, after deducting underwriting discounts but before expenses paid by the Company. The aggregate number of Common Shares offered in the public offering included 900,000 Common Shares issued pursuant to the exercise in full of the underwriters’ option to purchase additional shares.

Based on the Company’s current operating plan, the Company believes that its existing cash, cash equivalents, and investments 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.

Equity Incentive Plan and Share Based Compensation - Summary of Fair Value of the Market-Based Restricted Stock Units Granted Using a Monte Carlo Simulation (Details)	12 Months Ended
	Apr. 30, 2026 $ / shares
Equity [Abstract]
Expected volatility	54.60%
Expected term	1 year 9 months 3 days
Risk free rate	3.91%
Fair value of underlying common stock	$ 17.3
Weighted average grant-date fair value per share	$ 20.25

Fair Value Measurement - Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	$ 217,484
Recurring Basis \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	22,146
Total assets	22,146
Recurring Basis \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	195,338
Total assets	195,338
Recurring Basis \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	1,369	$ 8,097
Total liabilities	$ 1,369	$ 8,097

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Income Tax Disclosure [Abstract]
U.S. Operations	$ (116,148)	$ (105,417)
Foreign Operations	(15,171)	(8,262)
Net loss before provision for income taxes	$ (131,318)	$ (113,679)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

Fair Value Measurement - Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025
Marketable Securities [Line Items]
Cash and cash equivalents	$ 99,710	$ 237,595
Available-for-sale Marketable Securities
Marketable Securities [Line Items]
Cash and cash equivalents	54,993
Short-term investments	96,724
Long-term investments	65,767
Total	$ 217,484

Fair Value Measurement - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit losses	$ 0	$ 0
Allowance for credit losses	0	0
Transfers into or out of the Level 1, 2 or 3 fair value hierarchies	0	0
Change in fair value of warrant liabilities	(2,673,000)	2,648,000
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt, net of discounts	$ 47,700,000	$ 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.

+ References

+ Details

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

Common Shares - Additional Information (Details) - $ / shares	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	58,383,924	51,348,656
Common stock, shares outstanding	58,383,924	51,348,656
Common stock, par value	$ 1	$ 1
Common stock, voting rights description	Each Common Share is entitled to one vote

Income Taxes - Summary of Reconciliation Between Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Amount
Irish Statutory Tax Rate	$ (16,415)
Foreign Tax Effects
US	(9,873)
State Tax Provision (net of Federal Benefit)	(2,871)
Other	503
Non-deductible Expenses
Stock-Based Compensation	6,656
Other	696
Tax Credits
R&D Credit	(395)	$ (402)
Tax provision (benefit) at statutory rate		(28,420)
Foreign Rate Differential		4,719
State Tax Provision (net of Federal Benefit)		(4,110)
Non-deductible Expenses		3,561
Other	(155)
Change in Valuation Allowance	22,148	24,787
Provision for income taxes	$ 294	$ 135
Percentage
Irish Statutory Tax Rate	12.50%
Foreign Tax Effects
US	7.50%
State Tax Provision (net of Federal Benefit)	2.20%
Other	(0.40%)
Non-deductible Expenses
Stock-Based Compensation	(5.10%)
Other	(0.50%)
Tax Credits
R&D Credit	0.30%
Other	0.10%
Change in Valuation Allowance	(16.90%)
Provision for income taxes, percent	(0.20%)

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

12 Months Ended

Apr. 30, 2026

Apr. 30, 2025

Income Statement [Abstract]

Revenue

$ 95,126

$ 59,815

Cost of revenue

46,263

35,605

Gross profit

48,863

24,210

Operating expenses:

Research and development

19,484

15,652

Selling, general and administrative

164,120

114,936

Total operating expenses

183,604

130,588

Loss from operations

(134,741)

(106,378)

Other expense (income):

Interest expense

7,546

7,734

Interest income

(8,351)

(3,199)

Other expense (income)

(2,618)

2,766

Net loss before provision for income taxes

(131,318)

(113,679)

Provision for income taxes

294

135

Net loss

(131,612)

(113,814)

Less: Undeclared preferred stock dividends

12,321

Net loss attributable to common shareholders, basic

(131,612)

(126,135)

Net loss attributable to common shareholders, diluted

$ (131,612)

$ (126,135)

Net loss per share attributable to common shareholders, basic

$ (2.43)

$ (5.13)

Net loss per share attributable to common shareholders, diluted

$ (2.43)

$ (5.13)

Weighted average shares of common share outstanding, basic

^[1]

54,184,698

24,583,745

Weighted average shares of common share outstanding, diluted

^[1]

54,184,698

24,583,745

Other comprehensive loss:

Net loss

$ (131,612)

$ (113,814)

Unrealized loss on marketable securities

(218)

Comprehensive loss

$ (131,830)

$ (113,814)

[1]	1Weighted-average shares of common shares 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.

Property and Equipment

12 Months Ended

Apr. 30, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following at:


	April 30, 2026			April 30, 2025
Medical rental equipment	$	83,053		$	52,670
Test equipment		3,490			3,115
Office equipment and furniture		1,517			1,446
Leasehold improvements		919			919
Work in progress		1,538			635
Total property and equipment		90,517			58,785
Less: accumulated depreciation		(31,427	)		(23,955	)
Total Property and equipment, net	$	59,090		$	34,830

The Company recorded $8,709 and $7,968 of depreciation expense for the years ended April 30, 2026 and 2025, respectively.

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Matching and discretionary contributions	$ 2,240	$ 1,660

Significant Accounting Policies

12 Months Ended

Apr. 30, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

Cash, Cash Equivalents and Restricted Cash

Investments

Fair Value of Financial Instruments

•

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

•

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Disposable Medical Equipment Supplies

Accounts Receivable

Property and Equipment

Property and equipment are depreciated using the straight-line method based on the following estimated useful lives:


	April 30, 2026	April 30, 2025
Asset Classification	Estimated Useful Lives	Estimated Useful Lives
Computer software and equipment	3 years	3 years
Test equipment	5 years	5 years
Leasehold improvements	Lesser of useful life or lease-term	Lesser of useful life or lease-term
Medical rental equipment	2 - 15 years	2 - 8 years

Deposits

Deposits represent advance payments to contracted suppliers for medical rental equipment. These payments are classified as long-term assets in the consolidated balance sheets.

Leases

Impairment of Long-Lived Assets

Warrant Liabilities

Revenue

Cost of Revenue

Income Taxes

Research and Development

Patent Costs

Share-Based Compensation

Payments on Behalf of Shareholder

Concentrations of Risk

Credit Risk

Business Risk

Customer Risk

Segment Information

Comprehensive Loss

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Non-Controlling Interest

12 Months Ended

Apr. 30, 2026

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. Effective on December 31, 2025, West Affum LP was dissolved and all of the Common Shares it had received at IPO were distributed to its unit holders.

Equity Incentive Plan and Share Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended		26 Months Ended
	Nov. 03, 2024	Apr. 30, 2026	Apr. 30, 2025	Oct. 16, 2024	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition		5 months 12 days
Weighted average grant date fair value		$ 17.6	$ 0
Share granted		2,655,737
Shares, unvested		2,499,958	0
Stock options are exercised		34,871
Exercise price		$ 17.04	$ 17.04
Unrecognized compensation cost		$ 12,539,000
Weighted average grant date fair value		$ 10.2
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation related to acceleration of vesting of unvested Incentive Units		$ 2,783,000
Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted			1,192,999
Shares, unvested			0		2,130,143
Restricted Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted				17,149
Vesting period				3 years
Shares, vested		23,822	12,994
Shares, unvested		21,657	32,485
Restricted Common Shares \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested		18,795
Number of restricted common units converted into restricted common shares		23,899
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 Class A Common Units \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted common units converted into restricted common shares		45,479
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		19,916	11,950
Shares, unvested		3,983	11,950
Unvested Restricted Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding		$ 34,052,000
Unrecognized compensation cost, period for recognition		2 years 4 months 17 days
Performance Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding		$ 0
Weighted average grant date fair value		$ 16.04
Share granted		434,702
Shares, vested		0
Market Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted		217,351
Shares, vested		0
Unvested Market Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding		$ 2,741,000
Unrecognized compensation cost, period for recognition		1 year 2 months 15 days
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum purchase value during calendar year, per employee		$ 25,000,000
Maximum number of shares per employee		1,000
Employee stock purchase plan		15.00%
Share-based payment award, description		The ESPP provides for offering periods not to exceed 27-months, and the Company anticipates each offering period to consist of one or more six-month purchase periods.
Company Common Stock		85.00%

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The components of loss before income taxes are as follows:


	2026			2025
U.S. Operations	$	(116,148	)	$	(105,417	)
Foreign Operations		(15,171	)		(8,262	)
Total	$	(131,318	)	$	(113,679	)

Summary of Reconciliation Between Provision (Benefit) for Income Taxes


	Year Ended April 30, 2026
	Amount			Percentage
Irish Statutory Tax Rate	$	(16,415	)		12.5	%
Foreign Tax Effects
US		(9,873	)		7.5	%
State Tax Provision (net of Federal Benefit)		(2,871	)		2.2	%
Other		503			(0.4	%)
Non-deductible Expenses
Stock-Based Compensation		6,656			(5.1	%)
Other		696			(0.5	%)
Tax Credits
R&D Credit		(395	)		0.3	%
Other		(155	)		0.1	%
Change in Valuation Allowance		22,148			(16.9	%)
	$	294			(0.2	%)


	2025
Tax provision (benefit) at statutory rate	$	(28,420	)
Foreign Rate Differential		4,719
State Tax Provision (net of Federal Benefit)		(4,110	)
Non-deductible Expenses		3,561
R&D Credit		(402	)
Other		-
Change in Valuation Allowance		24,787
	$	135

Summary of Components of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows:


	2026			2025
Deferred Tax Assets
Loss Carryforwards	$	80,953		$	52,281
Interest Carryforward		6,661			7,211
Accrued Expenses		1,563			4,553
Operating Lease Liability		716			539
Inventory Basis Differences		308			224
R&D Credit Carryforward		5,912			5,517
Intangible Asset		35,375			35,375
Stock Based Compensation		6,156			4,998
		137,644			110,698
Less: Valuation allowance for deferred tax assets		(125,962	)		(103,815	)
Net deferred tax assets	$	11,682		$	6,883

	2026			2025
Deferred Tax Liabilities
Property and Equipment	$	(10,658	)	$	(6,233	)
Prepaid Expenses		(591	)		(533	)
Right-Of-Use Asset		(541	)		(257	)
Other		(198	)	—
Total Deferred Tax Liabilities		(11,988	)		(7,023	)

Net deferred tax assets (liabilities)	$	(306	)	$	(140	)

Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards for the year ended April 30, 2026 are as follows:


	2026		Expiration Years
Net operating losses, federal (Pre-TCJA)	—
Net operating losses, federal (Post-TCJA)		322,006	Indefinite
Net operating losses, state		97,540	Various
Tax credits, federal		6,336	2039 - 2043
Tax credits, state	—
Net operating losses, foreign		43,657	Indefinite
Tax Credits, foreign	—

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarized the activity related to unrecognized tax benefits:


	2026
Unrecognized Tax Benefit - Beginning of Year	$	819
Additions - current year		44
Additions - prior year	—
Decreases - prior year	—
Unrecognized Tax Benefit - End of Year	$	863

Accrued Liabilities (Tables)

12 Months Ended

Apr. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following at:


	April 30, 2026		April 30, 2025
Bonuses and commissions	$	10,885	$	6,368
Other accrued liabilities		5,486		3,547
Paid time off		3,050		2,305
Professional services		1,133		1,141
Payroll and payroll taxes		2,492		468
Total Accrued liabilities	$	23,046	$	13,829

Net Loss Per Share Attributable to Common Shareholders - Additional Information (Details) - shares	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares	0	0
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

Non-Controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2024	Apr. 30, 2026
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. 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.
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. Effective on December 31, 2025, West Affum LP was dissolved and all of the Common Shares it had received at IPO were distributed to its unit holders.
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

Cybersecurity Risk Management, Strategy, and Governance Disclosure	12 Months Ended
	Apr. 30, 2026
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy The Company is committed to maintaining a robust cybersecurity risk management program designed to identify, assess, and mitigate cybersecurity risks, including those related to data breaches, phishing, ransomware, insider threats, third-party relationships, software vulnerabilities, regulatory compliance, cloud security, artificial intelligence, and end-user computing. We are constantly evolving our cyber defenses to prevent and minimize impacts from cyber threats by using a multi-pronged approach that helps safeguard our assets and data. We maintain and process a range of sensitive information, including Personally Identifiable Information (PII), Protected Health Information (PHI), financial data, intellectual property, and other regulated or proprietary information. Our cybersecurity management program is designed to protect confidentiality, integrity, and availability of information systems and sensitive data. The program is aligned with cybersecurity frameworks and governance standards such as the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and NIST SP 800-53, and the International Organization of Standardization (ISO) 27001 information security management system framework as a structured approach to identifying, assessing, and mitigating cyber risk. Our cybersecurity management program includes the following elements: Policies and Procedures: Processes are documented to formalize the implementation of the cybersecurity program. Continuous Monitoring: Use of automated tools and third-party services for real-time threat detection, vulnerability scanning, penetration testing, and incident alerting. Security Incident Response Plan: A formal plan that includes containment, eradication, recovery, and communication protocols. Third-Party Risk Management: We assess the cybersecurity posture of third-party suppliers, vendors, and other partners through due diligence, including assessments at the initiation of the relationship and on an ongoing basis appropriate to the cyber risk. Training and Awareness: All Kestra team members, including senior management, receive mandatory cybersecurity training and periodic phishing simulations. Periodic risk assessment: We periodically re-assess the cybersecurity program for continuous improvement and to account for emerging risks. In the event of a cybersecurity incident, our incident response team refers to the Company’s Security Incident Response Plan. Pursuant to this process, designated personnel are responsible for assessing the severity of the incident and any associated threats, containing and resolving the incident as quickly as possible, managing any damage to the Company’s systems and networks, minimizing the impact on the Company’s stakeholders, analyzing and executing upon internal reporting obligations, escalating information about the incident to senior management, as appropriate, and performing post-incident analysis and program enhancements, as needed. All Kestra team members participate in quarterly security awareness training, such as phishing tests as well as mandatory annual Security Awareness and HIPAA Covered Entity training to keep pace with industry standards, evolving challenges, and innovative solutions with respect to information security, data privacy, and cybersecurity risks to the Company. With respect to artificial intelligence, the Company has identified the potential exposure of trade secrets and protected health information to open large language models as a risk, accordingly an Artificial Intelligence Acceptable Use Policy has been implemented, and all Kestra team members have been trained on its requirements. As of the date of this Annual Report, the Company has not experienced any material cybersecurity incidents. Cybersecurity risks that are not currently known to the Company, or that are currently deemed immaterial, could materially affect the Company’s business, operations, or financial condition in the future. We describe risks faced by us from identified cybersecurity threats in Item 1A, “Risk Factors—Risks Related to Our Business—Security breaches, loss of data, unauthorized uses or disclosures, and other disruptions involving our systems, products or data could compromise sensitive information related to our business or patients, result in operational disruption, or prevent us from accessing critical information, exposing us to liability, and adversely affecting our business, financial condition, results of operation and prospects.” Governance The Company’s Chief Information Officer ("CIO") has primary responsibility for the Company’s cybersecurity program and manages the implementation of the cybersecurity risk management strategy, coordinating efforts across technical and operational functions. Our CIO has over 13 years of experience leading information security functions, including over eight years with the Company in roles of increasing seniority. Cybersecurity oversight is coordinated through the Security Council, which meets regularly and consists of cross-functional leaders. The Security Council is advised by the CIO and the Director of Information Security and Compliance on strategic cybersecurity initiatives, emerging threats, and risk posture. The Security Council formulates our cybersecurity policies and determines the priorities of our risk management plan. The information security team, led by the CIO, executes the plan, uses automated tools, follows procedures to monitor and respond to cyber threats, and subscribes to reports and services to stay current on the threat landscape. In addition to full time staff with cybersecurity responsibilities, we engage qualified third-party partners, including assessors, auditors, consultants and other entities to support our cybersecurity processes for security engineering, security monitoring, incident response, security assessments, and independent audits of cybersecurity controls. Third-party partners work under the direction of the CIO or their designee. The Audit Committee of our Board of Directors is responsible for oversight of the Company's programs, policies, procedures, and risk management activities related to information security and data protection. The Audit Committee receives regular briefings on cybersecurity matters from the CIO, including updates on material risks, cyber incidents, cyber program maturity, and ongoing improvements. The CIO prepares regular updates on Cybersecurity, which are integrated into the Board of Directors’ broader oversight of enterprise risk management, and any material cyber risk is treated as part of overall business and risk management strategy.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The CIO prepares regular updates on Cybersecurity, which are integrated into the Board of Directors’ broader oversight of enterprise risk management, and any material cyber risk is treated as part of overall business and risk management strategy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of our Board of Directors is responsible for oversight of the Company's programs, policies, procedures, and risk management activities related to information security and data protection. The Audit Committee receives regular briefings on cybersecurity matters from the CIO, including updates on material risks, cyber incidents, cyber program maturity, and ongoing improvements.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives regular briefings on cybersecurity matters from the CIO, including updates on material risks, cyber incidents, cyber program maturity, and ongoing improvements.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Chief Information Officer ("CIO") has primary responsibility for the Company’s cybersecurity program and manages the implementation of the cybersecurity risk management strategy, coordinating efforts across technical and operational functions. Our CIO has over 13 years of experience leading information security functions, including over eight years with the Company in roles of increasing seniority. Cybersecurity oversight is coordinated through the Security Council, which meets regularly and consists of cross-functional leaders. The Security Council is advised by the CIO and the Director of Information Security and Compliance on strategic cybersecurity initiatives, emerging threats, and risk posture. The Security Council formulates our cybersecurity policies and determines the priorities of our risk management plan. The information security team, led by the CIO, executes the plan, uses automated tools, follows procedures to monitor and respond to cyber threats, and subscribes to reports and services to stay current on the threat landscape.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CIO has over 13 years of experience leading information security functions, including over eight years with the Company in roles of increasing seniority. Cybersecurity oversight is coordinated through the Security Council, which meets regularly and consists of cross-functional leaders.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has over 13 years of experience leading information security functions, including over eight years with the Company in roles of increasing seniority.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Security Council is advised by the CIO and the Director of Information Security and Compliance on strategic cybersecurity initiatives, emerging threats, and risk posture. The Security Council formulates our cybersecurity policies and determines the priorities of our risk management plan. The information security team, led by the CIO, executes the plan, uses automated tools, follows procedures to monitor and respond to cyber threats, and subscribes to reports and services to stay current on the threat landscape.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Cash flows from operating activities
Net loss	$ (131,612)	$ (113,814)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,709	7,968
Loss on disposal of property and equipment	1,161	1,340
Reserve for equipment and supplies	2,435	754
Provision for uncollectible accounts receivable	2,596	2,694
Amortization (accretion) of premiums (discounts) on securities, net	(106)
Interest paid-in-kind		855
Amortization of debt discounts and issuance costs	1,874	1,400
Share-based compensation expense	33,644	24,270
Non-cash lease expense	326	416
Deferred income tax expense	166	64
Change in fair value of warrant liabilities	(2,673)	2,648
Changes in operating assets and liabilities:
Disposable medical equipment supplies	(458)	(3,443)
Prepaid expenses and other current assets	(563)	(1,852)
Accounts receivable	(9,056)	(8,777)
Accounts payable	4,302	2,842
Accrued liabilities	8,197	4,617
Operating lease liabilities	(685)	370
Other long-term assets	40	40
Net cash used in operating activities	(81,703)	(77,608)
Cash flows from investing activities
Purchases of property and equipment	(34,892)	(22,936)
Deposits for medical rental equipment	(528)	(655)
Refund of deposits for medical rental equipment	184	283
Investment in equity security	(5,000)
Purchase of marketable securities	(163,041)
Net cash used in investing activities	(203,277)	(23,308)
Cash flows from financing activities
Proceeds from issuance of redeemable preferred stock		103,400
Proceeds from issuance of common stock	149,291	215,789
Proceeds from issuance of stock to non-controlling interest		17,100
Proceeds from capital contributions		2,374
Payments of IPO offering costs		(3,523)
Payment of equity issuance costs	(2,466)	(3,224)
Deemed dividend for payments to third party on behalf of shareholder	(323)	(1,654)
Proceeds from stock option exercises	593
Net cash provided by financing activities	147,095	330,262
Net increase (decrease) in cash, cash equivalents and restricted cash	(137,885)	229,346
Cash, cash equivalents and restricted cash
Beginning of period	237,929	8,583
End of period	100,044	237,929
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	99,710	237,595
Restricted cash	334	334
Cash, cash equivalents and restricted cash	100,044	237,929
Non-cash investing and financing activities:
Purchases of property and equipment in accrued liabilities and accounts payable	8,314	7,029
Exercise of liability classified warrant	4,055
Remeasurement of lease liability	1,614
Equity offering costs incurred but not yet paid	415	1,875
Deemed dividend for payments to third party on behalf of shareholder included in accrued liabilities and accounts payable	172
Issuance of warrants related to long term debt		5,449
Conversion of redeemable preferred stock into Common Shares on completion of IPO		280,510
Supplemental disclosure of cash flow information
Income taxes paid	13	83
Interest paid	$ 5,645	$ 4,851

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Statement of Stockholders' Equity [Abstract]
Underwriter discounts and issuance costs, net	$ 10,414	$ 21,909

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2026 USD ($)
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefit - Beginning of Year	$ 819
Additions - current year	44
Unrecognized tax benefits at end of year	$ 863

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2026	Apr. 30, 2025
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	58,383,924	51,348,656
Common stock, shares outstanding	58,383,924	51,348,656

Subsequent Event

12 Months Ended

Apr. 30, 2026

Subsequent Events [Abstract]

Subsequent Event

17. Subsequent Event

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

The Borrower’s net proceeds from the Tranche A Loan were approximately $20.0 million, after deducting estimated debt issuance costs, fees and expenses, and repaying the Borrower's obligations under Term Loan 2024 on July 10, 2026. The remaining proceeds will be used to fund the Company’s general corporate and working capital requirements.

The Term Loans mature on July 10, 2031 (the “Maturity Date”). The Term Loans bear interest as a variable rate per annum equal to a 5.50% plus three-month Secured Overnight Financing Rate (“SOFR”) with a SOFR floor of 3.25%. Interest is due and payable on the last day of each quarter, with payment beginning in the calendar quarter immediately following July 10, 2026. The Loan Agreement requires the Borrower to pay an amount equal to 1.75% of the Lenders’ total committed amount to fund the Term Loans, payable with respect to each Term Loan on the funding date of such Term Loan. The Term Loans provide for 48 months of interest-only payments and amortizes in four equal quarterly installments beginning in the second fiscal quarter of 2030 and continuing through the Maturity Date. The Term Loans may be voluntarily prepaid in whole (but not in part), and are subject to make-whole, prepayment premium and exit fees, and must be prepaid upon a Change in Control (as defined in the Loan Agreement). The Borrower is required to maintain a minimum liquidity of at least $20.0 million in cash and cash equivalents at all times.

Defined Contribution Plan

12 Months Ended

Apr. 30, 2026

Defined Contribution Plan [Abstract]

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 years ended April 30, 2026 and 2025, matching and discretionary contributions by the Company totaled $2,240 and $1,660, respectively.

Long-Term Debt

12 Months Ended

Apr. 30, 2026

Debt Disclosure [Abstract]

Long-Term Debt

7. Long-Term Debt

On September 29, 2023, the Company entered into a Credit Agreement with a lender that provided a Senior Secured Delayed Draw Term Loan Facility (as amended, the “Term Loan 2024”) in an aggregate principal amount of up to $60,000 and 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 $75,000, and two follow on tranches of $7,500 which became available before November 1, 2024, and February 1, 2025, dependent upon achievement of revenue milestones of trailing twelve-month revenues of $50,000 and $70,000, 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 $3,000 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 an initial $45,000. In connection with the first draw, the Company incurred a 1% facility fee of the total available loan amount of $60,000 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 April 30, 2026, 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 (the “2033 Warrant”) to purchase up to 325,847 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $11.54. The 2033 Warrant expires on September 29, 2033. The 2033 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 exercisable for Common Shares with a value equal to 10% of the amount funded.

On September 4, 2025, the lender fully exercised the 2033 Warrant to purchase Common Shares on a cashless basis, resulting in the issuance of 100,397 Common Shares and the cancellation of the 2033 Warrant.

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


	April 30, 2026			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		(3,746	)		(5,297	)
Total long-term debt	$	42,649		$	41,098

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


	Year Ended April 30,
	2026		2025
Cash interest expense	$	5,645	$	4,851
Amortization of the facility fee and legal fees		380		874
Amortization of the debt discount recognized in connection with the warrant		1,521		526
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		—		855
Total expense recognized related to the Term Loan 2024	$	7,546	$	7,106

- 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
-Name Accounting Standards Codification
-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
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Net Loss Per Share Attributable to Common Shareholders

12 Months Ended

Apr. 30, 2026

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 Company's equity offerings 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 consolidated balance sheets and consolidated statements of changes in redeemable preferred stock and shareholders’ equity

(deficit) represents the number of shares legally outstanding as of the latest 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 years ended April 30, 2026 or 2025, 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 years ended April 30, 2026 and 2025:


	Year Ended April 30,
	2026			2025
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(131,612	)	$	(113,814	)
Undeclared preferred dividends		—			(12,321	)
Net loss attributable to common shareholders	$	(131,612	)	$	(126,135	)
Denominator:
Weighted average shares of common share outstanding - basic and diluted		54,184,698			24,583,745
Net loss per share attributable to common shareholders - basic and diluted	$	(2.43	)	$	(5.13	)


	As of April 30,
	2026		2025
Stock options		4,504,508		4,649,100
Restricted stock units		2,499,958	—
Performance-based restricted stock units		434,702	—
Market-based restricted stock units		434,702	—
Restricted stock		25,640		32,485
Warrants to purchase Common Shares		109,069		434,916
Employee Stock Purchase Plan		68,142	—
Total		8,076,721		5,116,501

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	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	$ 24,271			24,271
Issuance of redeemable preferred stock		$ 103,400
Issuance of redeemable preferred stock (in shares)	0	103,400
Issuance of stock to non-controlling interest	$ 17,100						$ 17,100
Deemed dividend for payments to third party on behalf of shareholder	(4,878)			(4,878)
Conversion of Incentive Units to common shares on IPO (in shares)			651,577
Conversion of Incentive Units to common shares on IPO			$ 652	(652)
Capital contribution from West Affum LP	2,374			2,374
Warrant modification upon IPO	(1,171)			(1,171)
Conversion of redeemable preferred stock to common shares on IPO (in shares)			15,444,716
Conversion of redeemable preferred stock to common shares on IPO	280,510		$ 15,445	265,065
Conversion of redeemable preferred stock to common shares on IPO ( in shares)		(280,510)
Conversion of redeemable preferred stock to common shares on IPO		$ (280,510)
Conversion of non-controlling interest to common shares on IPO (in shares)			1,645,893
Conversion of non-controlling interest to common shares on IPO			$ 1,646	15,454			$ (17,100)
Issuance of common shares upon IPO or equity offering, net of underwriter discounts and issuance costs	210,391		$ 13,665	196,726
Issuance of common shares upon IPO or equity offering, net of underwriter discounts and issuance costs (in shares)			13,664,704
Issuance of restricted share awards			$ 32	(32)
Issuance of restricted share awards (in shares)			32,485
Net loss and comprehensive loss	(113,814)					(113,814)
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	33,644			33,644
Issuance of common shares - exercise of warrant	$ 4,054		$ 100	3,954
Issuance of common shares - exercise of warrant			100,397
Issuance of redeemable preferred stock (in shares)	0
Deemed dividend for payments to third party on behalf of shareholder	$ (495)			(495)
Issuance of common shares upon IPO or equity offering, net of underwriter discounts and issuance costs	148,286		$ 6,900	141,386
Issuance of common shares upon IPO or equity offering, net of underwriter discounts and issuance costs (in shares)			6,900,000
Issuance of common shares - stock option exercises	593		$ 35	558
Issuance of common shares - stock option exercises (in shares)			34,871
Other comprehensive loss	(218)				$ (218)
Net loss and comprehensive loss	(131,612)					(131,612)
Ending balance at Apr. 30, 2026	$ 259,658		$ 58,384	$ 853,353	$ (218)	$ (651,861)
Ending balance (in shares) at Apr. 30, 2026			58,383,924

Net Loss Per Share Attributable to Common Shareholders - Schedule of Dilutive Securities Excluded from Computation of Weighted Average Shares (Details) - shares	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,076,721	5,116,501
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,504,508	4,649,100
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,499,958
Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	434,702
Market-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	434,702
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	25,640	32,485
Warrants to Purchase Common Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	109,069	434,916
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	68,142

Leases (Tables)

12 Months Ended

Apr. 30, 2026

Leases [Abstract]

Summary of Operating Lease Expense

Operating lease expense was as follows for the periods below:


	Year Ended April 30,
	2026		2025
Operating lease expense	$	984	$	758
Variable lease expense		680		636
Total operating lease expense	$	1,664	$	1,394

Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities (net reimbursements) were as follows as of April 30, 2026:



Fiscal Year:
2027		43
2028		1,346
2029		1,477
2030		1,424
2031		1,589
Total future lease payments	$	5,879
Less: imputed interest		(1,737	)
Total lease liability balance	$	4,142
Less: current portion of lease liability		(31	)
Total lease liability, net of current portion	$	4,111

Income Taxes - Summary of Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2026 USD ($)
Federal
Valuation Allowance [Line Items]
Tax credits	$ 6,336
Net operating losses, Expiration Years	Indefinite
Federal \| Minimum
Valuation Allowance [Line Items]
Tax credits, Expiration Years	2039
Federal \| Maximum
Valuation Allowance [Line Items]
Tax credits, Expiration Years	2043
Federal \| Pre-TCJA
Valuation Allowance [Line Items]
Net opreating losses	$ 0
Federal \| Post-TCJA
Valuation Allowance [Line Items]
Net opreating losses	322,006
State
Valuation Allowance [Line Items]
Net opreating losses	97,540
Tax credits	$ 0
Net operating losses, Expiration Years	Various
Foreign
Valuation Allowance [Line Items]
Net opreating losses	$ 43,657
Tax credits	$ 0
Net operating losses, Expiration Years	Indefinite

Fair Value Measurement - Summary of Significant Inputs and Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Warrant Liabilities (Details)	Apr. 30, 2026	Apr. 30, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	7 years 5 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	59	65
Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	4.2	4.21
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Income Tax Disclosure [Line Items]
Unremitted foreign earnings	$ 0
Unrecognized tax benefits would affect effective tax rate	863,000
Accrued interest or penalties related to unrecognized tax benefits	$ 0	$ 0
IRELAND
Income Tax Disclosure [Line Items]
Statutory tax rate, foreign	12.50%
Accrued interest or penalties related to unrecognized tax benefits	$ 0
Minimum
Income Tax Disclosure [Line Items]
Income tax threshold percentage being recognized	50.00%

Redeemable Preferred Stock

12 Months Ended

Apr. 30, 2026

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.

In May and July of 2024, Intermediate Holdings issued to West Affum LP a total of 103,400 shares of preferred stock for proceeds $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’. There were no shares of preferred stock outstanding as of April 30, 2026 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 as of the year ended April 30, 2026 or 2025. 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.