Kestra Medical Technologies (KMTS Proposed), which makes and sells a wearable cardioverter defibrillator, unveiled the terms for its IPO – 10 million shares at a price range of $14.00 to $16.00 – to raise $150.0 million, if priced at the mid-point, in an S-1/A filing early today – Wednesday, Feb. 26, 2025. The Kirkland, Washington-based medical device company would have a market cap of $714.75 million, if its IPO is priced at the $15.00 mid-point of its range.
BofA Securities, Goldman Sachs, Piper Sandler, Wells Fargo Securities and Stifel are the joint book-runners. Wolfe Nomura Alliance is a co-manager.
Founded in 2014, Kestra Medical Technologies designs, manufactures and sells a wearable cardioverter defibrillator (WCD) for patients who are at higher risk of cardiac arrest.
“Our ASSURE WCD has been worn by more than 17,000 patients since it was commercially launched in August 2022. Our cardiac recovery system – as of Jan. 31, 2025 – is actively prescribed by more than 550 U.S. hospitals,” Kestra Medical said in the prospectus.
The medical device company is not profitable. For the 12 months that ended Oct. 31, 2024, Kestra Medical Technologies reported a net loss of $84.8 million on revenue of $45.8 million.
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