0000950170-25-055319 | 10-Q | XBRL Viewer | Kestra Medical Technologies LTD

Long-Term Debt

9 Months Ended

Jan. 31, 2025

7. Long-Term Debt

On September 24, 2020, WAH Corp. and Kestra Medical Technologies, Inc. entered into the Loan and Security Agreement (the “Loan Agreement”) with a lender, which provided for a Senior Secured Delayed-Draw Term Loan in an aggregate principal amount of up to $50.0 million (as amended, the “Term Loan”). Borrowings under the original Term Loan are made available in up to three tranches, which are subject to the Company achieving certain funding, regulatory or revenue milestones as defined in the Loan Agreement. The term loan includes certain six month trailing revenue targets beginning in July of 2022, which, if breached, will increase the interest rate on the Term Loan by 1.0% and require the then outstanding balance to accelerate to be repaid over a 24-month period.

On December 28, 2020, the Company drew the first tranche of the Term Loan pursuant to the terms of the Loan Agreement in the amount of $20.0 million. The Company incurred a 1.0% facility fee of the total available loan amount of $50.0 million upon the drawing of the first tranche and legal fees of $832 for both the Company and the lender. The Company recognized a portion of the facility fee and legal fees as a discount to the long-term debt liability and a portion in other long-term assets, relative to the tranche draws, both of which are amortized as interest expense over the term of the loan on a straight-line basis.

In conjunction with the draw on the first tranche, the Parent issued a warrant to the lender to purchase up to 49,044 shares of the Parent’s common units at an exercise price of $22.63 per share. The fair value of the warrant is $320 and is 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 January 21, 2022, the Company drew the second tranche of the Term Loan pursuant to the terms of the Loan Agreement in the amount of $15.0 million. Relative to the second tranche draw, the Company reclassified a portion of the facility fee and legal fees from other long-term assets to the long-term debt liability as a debt discount, with both facility and legal fees being amortized as interest expense over the term of the loan on a straight-line basis.

In conjunction with the draw of the second tranche, the Parent issued a warrant to the lender to purchase up to 36,783 shares of the Parent’s common units at an exercise price of $26.24 per share. The fair value of the warrant is $375 and is 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.

The Term Loan originally bore interest on outstanding balances of 14.5% per annum, all of which could be paid-in-kind, accrued and added to the principal balance and compounded quarterly until the earlier of the repayment or maturity date of the Term Loan. Following achievement of Premarket Approval from the FDA of the Company’s ASSURE® WCD system, the Term Loan would bear interest of 12.5% per annum, up to 6.5% of which can be paid-in-kind, accrued and added to the principal and compounded quarterly until the earlier of either the repayment or maturity date of the Term Loan. On July 27, 2021, the Company received FDA Premarket Approval for the ASSURE®WCD system and submitted evidence of the FDA Premarket Approval to the lender of the Term Loan. As such, the Term Loan began to bear interest on outstanding balances of 12.5% per annum, up to 6.5% of which could be paid-in-kind, accrued and added to the principal and compounded quarterly until the earlier of either the repayment or maturity date of the Term Loan. On April 11, 2022, the Company and the lender entered into a First Amendment to Loan and Security Agreement (the “Amendment”), pursuant to which the parties agreed to amend the existing Loan Agreement to (i) provide for additional funding under additional tranche Loan (“Tranche D Draw”) in the amount of $10.0 million, (ii) increase the aggregated principal amount by $10.0 million, to a total of $60.0 million, (iii) increase the portion of paid-in-kind interest to 100% of a stated interest rate at 12.5% for the period starting February 1, 2022 through April 30, 2023 and thereafter at a rate of 6.5% in accordance with the terms of the loan agreement, and (iv) modify the certain revenue targets and defer the first measurement date to October of 2022. The Amendment included the ability to draw on the third tranche of the debt until March 24, 2023, provided the Company could achieve $9.0 million in three-month trailing revenue. Further, the Tranche D Draw for $10.0 million is available until July 24, 2023, upon achievement of a six-month trailing revenue of $25.0 million. The original loan maturity date of September 24, 2025, under the loan modification remained unchanged. The Company evaluated the Amendment to the Term Loan under accounting guidance ASC 470, Debt, and determined that the amendment should be treated as a debt modification, as such no gain or loss was recognized in the year ended April 30, 2022.

As of October 31, 2022, the Company did not meet the required revenue target for the preceding six-months trailing revenue. As a result, the Company began to make principal payments over a 24-month period, payable at the beginning of the following quarter and the interest rate increased by 1% to 13.5%. The Company made its first principal payment of $5,333 on February 1, 2023. The Company did not meet its revenue target for the preceding six months as of January 31, 2023, and principal payments continued. The Company made a second principal payment on May 1, 2023, for $5,511. The Company did not meet its revenue target for the preceding six months as of April 30, 2023, and the next principal payment was due on August 1, 2023.

On July 28, 2023, the Company entered into an agreement with the holder of the Term Loan, to defer a principal payment that was due on August 1, 2023, to extend the payment date to September 1, 2023. On August 31, 2023, the Company entered into an agreement to defer the principal payment that was due on August 1, 2023, to October 31, 2023. The agreement also changed the loan prepayment fee of 6% through from September 24, 2022, to September 24, 2023, to a loan prepayment fee of 5% from September 24, 2022, through December 31, 2023, and for the prepayment fee to be changed to 3% beyond December 31, 2023. On September 29, 2023, the Company terminated the Term Loan by paying off the loan balance of $34,209, accrued interest of $757, a prepayment fee of $1,710 and a loss on extinguishment of debt of $1,006, including the non-cash portion of $930. Loss on extinguishment of debt is part of “Other expense (income)” on the unaudited interim condensed consolidated statements of operations and comprehensive loss.

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

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

As of October 31, 2024, the Company determined that the revenue milestones related to the second tranche was not met and the third tranche were 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, the Parent issued a warrant to the lender to purchase up to 256,410 shares of the Parent’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.

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


	January 31, 2025			April 30, 2024
Term loans	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,243			540
Less: unamortized debt issuance costs and debt discount		(2,494	)		(3,004	)
Total long-term debt	$	43,749		$	42,536
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	43,749		$	42,536

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Cash interest expense	$	1,178	$	1,223	$	3,629	$	1,659
Amortization of the facility fee and legal fees		88		116		785		153
Amortization of the debt discount recognized in connection with the warrant		82		231		549		314
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		236		82		400		109
Total expense recognized related to the Term Loan 2024	$	1,584	$	1,652	$	5,363	$	2,235

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Cash interest expense	$	—	$	—	$	—	$	771
Amortization of the facility fee and legal fees		—		—		—		93
Amortization of the debt discount recognized in connection with the warrant		—		—		—		56
Interest expense paid-in-kind prior to the extinguishment of the Term Loan		—		—		—		1,141
Total expense recognized related to the Term Loan	$	—	$	—	$	—	$	2,061

- 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.

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+ Details

- Definition

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+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Accrued Liabilities, Current [Line Items]
Bonuses and commissions	$ 4,673	$ 4,291
Other expenses	3,447	1,191
Professional services	2,058	1,460
Paid time off	2,049	1,903
Payroll and payroll taxes	349	234
Deferred revenue	460
Accrued liabilities	$ 13,036	$ 9,079

Shareholder's Equity - KESTRA MEDICAL TECHNOLOGIES, LTD. - Additional Information (Details) - USD ($)	Jan. 31, 2025	Apr. 30, 2024
Stockholders' Equity Note [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	100	100
Shares subscription receivable from West Affum Holdings, L.P.	$ 100	$ 100

Significant Accounting Policies of KESTRA MEDICAL TECHNOLOGIES, LTD.	9 Months Ended
	Jan. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The unaudited interim condensed balance sheets are presented in accordance with the rules and regulations of the Securities and Exchange Commission and generally accepted accounting principles in the United States of America. Separate statements of income, comprehensive income, changes in shareholder’s equity, and cash flows have not been presented because the Company has not engaged in any activities except in connection with its formation. The Company’s fiscal year end is April 30. The unaudited interim condensed balance sheets have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.

Net Loss Per Share Attributable to Common Stockholder - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholder (Details) - West Affum Intermediate Holdings Corp. - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Jan. 31, 2025

Jan. 31, 2024

Jan. 31, 2025

Jan. 31, 2024

Numerator:

Net loss attributable to West Affum Intermediate Holdings

$ (21,509)

$ (21,619)

$ (61,761)

$ (71,836)

Undeclared preferred dividends

(3,324)

(1,812)

(9,030)

(4,727)

Net loss attributable to common stockholder, basic

(24,833)

(23,431)

(70,791)

(76,563)

Net loss attributable to common stockholder, diluted

$ (24,833)

$ (23,431)

$ (70,791)

$ (76,563)

Denominator:

Weighted average shares of common stock outstanding, basic

^[1]

19,885,382

Weighted average shares of common stock outstanding, diluted

^[1]

19,885,382

Net loss per share attributable to common stockholder

Net loss per share attributable to common stockholder, basic

$ (1.25)

$ (1.18)

$ (3.56)

$ (3.85)

Net loss per share attributable to common stockholder, diluted

$ (1.25)

$ (1.18)

$ (3.56)

$ (3.85)

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

Net Loss Per Share Attributable to Common Stockholder

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Earnings Per Share [Line Items]

Net Loss Per Share Attributable to Common Stockholder

16. Net Loss Per Share Attributable to Common Stockholder

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

Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the periods ended January 31, 2025 and April 30, 2024 include 280,510 and 177,110 shares of redeemable preferred stock, respectively. Based on the conversion terms of the redeemable preferred stock and circumstances existing as of January 31, 2025 and April 30, 2024, the Company is unable to quantify the quantity of shares of common shares the redeemable preferred stock is exchangeable into.

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, Parent contributed its 105,808 shares of common stock in the Company 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. The total number of outstanding shares disclosed on the face of the unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of changes in redeemable preferred stock and stockholder’s deficit represents the number of shares legally outstanding as of the latest unaudited condensed 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 to reflect the Exchange.

Other transactions that closed contemporaneously with the Organizational Transactions, including conversions of preferred stock, non-controlling interests, and equity awards were not given retrospective treatment as they changed the relative subordination characteristics of the securities owned by the respective holders after the effective date of the Organizational Transactions. Similarly, the shares issued upon the IPO and exercise of the underwriters’ overallotment option were not given retrospective treatment.

Due to the Company’s net losses, all potential common shares of the Company prior to the Exchange continued to be anti-dilutive following the Exchange. Additionally, Kestra Medical Technologies, Ltd. has no assets, liabilities, or operations and did not have any material equity transactions during the periods presented in these unaudited condensed financial statements. Therefore, the impact of the retrospective application of the Exchange for purposes of calculating basic and diluted net loss per share was limited to reflecting the shares of Kestra Medical Technologies, Ltd. issued in connection with the Exchange as the weighted average number of shares of common stock outstanding for basic and diluted net loss per share.

The following table sets forth the computation of basic and diluted net loss per share attributable to the common stockholder:


	Three Months Ended January 31,						Nine Months Ended January 31,
	2025			2024			2025			2024
Numerator:
Net loss attributable to West Affum Intermediate Holdings	$	(21,509	)	$	(21,619	)	$	(61,761	)	$	(71,836	)
Undeclared preferred dividends		(3,324	)		(1,812	)		(9,030	)		(4,727	)
Net loss attributable to common stockholder	$	(24,833	)	$	(23,431	)	$	(70,791	)	$	(76,563	)
Denominator:
Weighted average shares of common stock outstanding
– basic and diluted		19,885,382			19,885,382			19,885,382			19,885,382
Net loss per share attributable to common stockholder
– basic and diluted	$	(1.25	)	$	(1.18	)	$	(3.56	)	$	(3.85	)

The Company has Incentive Units issued and outstanding under an equity incentive plan that may be settled in common units of the Parent. The Parent also issued warrants in connection with the draws of the first and second tranches under the Term Loan and the first tranche under the Term Loan 2024 that may be settled in common units of the Parent. The Incentive Units and warrants are not considered participating securities as they do not participate in undistributed earnings of the Company and therefore, would not be included in the calculation of both the basic and diluted loss per share.

The non-controlling interest is in the form of Class A redeemable ordinary shares and can be exchanged into common shares of the Company and subsequently exchanged into Class A common units of the Parent. There is no redemption feature that is not solely within the Company’s control, thus, the non-controlling interest is not entitled to receive dividends from the Company. The non-controlling interest is not considered to be participating securities and is not included in the calculation of basic or diluted loss per share.

The restricted common units and restricted Class A common units granted to certain directors represent equity interests in the Parent. Each of these classes of units are not considered to be participating securities and are not included in the calculation of basic or diluted loss per share.

Equity Incentive Plan - Summary of Incentive Units Activity (Details) - Incentive Units - West Affum Intermediate Holdings Corp. - shares	3 Months Ended
	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding	3,110,423	2,292,925	2,130,143	2,145,851	2,106,751	2,087,651
Granted	71,400	915,548	206,051	16,200	57,300	52,700
Forfeited / repurchased	(51,086)	(98,050)	(43,269)	(43,508)	(18,200)	(33,600)
Outstanding	3,130,737	3,110,423	2,292,925	2,118,543	2,145,851	2,106,751

- 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
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
401(k) Plan \| West Affum Intermediate Holdings Corp.
Defined Contribution Plan Disclosure [Line Items]
Matching and discretionary contributions	$ 444	$ 290	$ 1,210	$ 971

Fair Value Measurement - Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis - Level 1 - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 54,352	$ 8,249
Restricted cash	334	334
Total assets	$ 54,686	$ 8,583

Redeemable Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended					9 Months Ended
	May 31, 2022	Jan. 31, 2025	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Temporary Equity [Line Items]
Common stock, par value		$ 1					$ 1		$ 1
West Affum Intermediate Holdings Corp.
Temporary Equity [Line Items]
Existing share capital		5,000,000					5,000,000		5,000,000
Redeemable preferred stock, par value		$ 0.01					$ 0.01		$ 0.01
Common stock, par value	$ 0.01	$ 0.01					$ 0.01		$ 0.01
Redeemable Preferred Stock \| West Affum Intermediate Holdings Corp.
Temporary Equity [Line Items]
Redeemable preferred stock, description							In May 2022, the Company amended and restated the Memorandum and Articles of Association of the Company, according to which the Company’s existing share capital of 5,000,000 shares can upon the discretion of the Company be issued in the form of either common and/or preferred stock with a par value of $0.01 each. Preferred stock issued is considered non-voting and are subject to preferred dividend accrued daily with a set payment “yield” capped at 4.7%. The preferred dividend is declared upon the discretion of the directors of the Company on the interim basis and paid out on the annual basis upon discretion of the Company, provided there are funds lawfully available for distribution.
Existing share capital	5,000,000
Redeemable preferred stock, par value	$ 0.01
Percentage of preferred dividend	4.70%
Dividends declared		$ 0		$ 0			$ 0	$ 0
Cumulative unpaid dividends		$ 3,324,000		$ 1,812,000			$ 9,030,000	$ 4,727,000
Number of preferred shares issued		0	103,400	12,500	35,000	15,000	103,400	62,500
Proceeds from issuance preferred shares		$ 0	$ 103,400,000	$ 12,500,000	$ 35,000,000	$ 15,000,000	$ 103,400,000	$ 62,500,000

Long-Term Debt - Summary of Long-Term Debt (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Debt Instrument [Line Items]
Accumulated paid in kind interest applied to term loan balance	$ 1,243	$ 540
Less: unamortized debt issuance costs and debt discount	(2,494)	(3,004)
Total long-term debt	43,749	42,536
Total long-term debt, net of current portion	43,749	42,536
Term Loans
Debt Instrument [Line Items]
Term loans	$ 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

Subsequent Events - Additional Information (Details) - USD ($)				1 Months Ended	9 Months Ended
	Mar. 14, 2025	Mar. 07, 2025	Feb. 25, 2025	Mar. 31, 2025	Jan. 31, 2025
Subsequent Event
Subsequent Event [Line Items]
Net proceeds received	$ 28,200,000	$ 187,600,000
Additional common shares purchased	1,782,352
Subsequent Event \| IPO \| West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Initial public offering date		Mar. 07, 2025
Subsequent Event \| Common Shares \| IPO \| Perceptive Credit Holdings IV, LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		325,847
Warrant exercise price		$ 11.54
Subsequent Event \| Common Shares \| IPO \| Warrant One \| Kennedy Lewis Capital Partners Master Fund II LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		62,325
Warrant exercise price		$ 17.81
Subsequent Event \| Common Shares \| IPO \| Warrant Two \| Kennedy Lewis Capital Partners Master Fund II LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		46,744
Warrant exercise price		$ 20.65
Subsequent Event \| Common Shares \| IPO \| West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Initial public offering date		Mar. 07, 2025
Shares issued in initial public offering		11,882,352
Initial public offering, Price per share	$ 17	$ 17
Net proceeds received	$ 28,200,000	$ 187,600,000		$ 215,789,000
Underwriting discounts and commissions	$ 2,100,000	$ 14,400,000
Additional common shares purchased	1,782,352
Subsequent Event \| Common Shares \| IPO \| West Affum Intermediate Holdings Corp. \| Perceptive Credit Holdings IV, LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		325,847
Warrant exercise price		$ 11.54
Subsequent Event \| Common Shares \| IPO \| West Affum Intermediate Holdings Corp. \| Warrant One \| Kennedy Lewis Capital Partners Master Fund II LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		62,325
Warrant exercise price		$ 17.81
Subsequent Event \| Common Shares \| IPO \| West Affum Intermediate Holdings Corp. \| Warrant Two \| Kennedy Lewis Capital Partners Master Fund II LP
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		46,744
Warrant exercise price		$ 20.65
Term Loan \| West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Covenant description					On February 25, 2025, the Company entered into the Second Amendment to Credit Agreement and Guaranty, by and among Kestra Medical Technologies, Inc., the Company, the guarantors party thereto, the lenders party thereto and Perceptive Credit Holdings IV, LP, as administrative agent (the “Second Amendment to Credit Agreement”). Pursuant to the Second Amendment to Credit Agreement, the Term Loan 2024 (as defined below) facility was amended to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under its 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’s borrowing date.
Third Tranche \| Term Loan \| West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Covenant description					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.
Third Tranche \| Term Loan \| Subsequent Event \| West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Proceeds available from issuance of long-term debt		$ 15,000,000	$ 15,000,000
Minimum revenue milestone		$ 60,000,000	$ 60,000,000
Revenue milestone period		12 months	12 months

Fair Value Measurement (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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 January 31, 2025 and April 30, 2024.


	Level 1		Level 2		Level 3
January 31, 2025
Assets
Cash and cash equivalents	$	54,352	$	—	$	—
Restricted cash		334		—		—
Total assets	$	54,686	$	—	$	—

April 30, 2024
Assets
Cash and cash equivalents	$	8,249	$	—	$	—
Restricted cash		334		—		—
Total assets	$	8,583	$	—	$	—

Equity Incentive Plan - Additional Information (Details) - West Affum Intermediate Holdings Corp. - USD ($)			3 Months Ended						26 Months Ended
	Jan. 31, 2025	Apr. 30, 2024	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Nov. 03, 2024	Apr. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period									3 years
Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding	$ 2,927,000	$ 3,389,000	$ 2,927,000
Unrecognized compensation cost, period for recognition	2 years 5 months 26 days	3 years 2 months 4 days
Weighted average grant date fair value of Incentive Units outstanding	$ 4.38	$ 5.65	$ 4.38
Share granted			71,400	915,548	206,051	16,200	57,300	52,700
Shares, vested	1,876,499	1,262,180	1,876,499
Shares, unvested	3,130,737	2,130,143	3,130,737	3,110,423	2,292,925	2,118,543	2,145,851	2,106,751		2,087,651
Intrinsic value	$ 0		$ 0
Exercise price	$ 0		$ 0
Unvested Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, unvested	1,254,238	867,963	1,254,238
Restricted Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted									17,149
Restricted Class A Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted									25,562
Shares, vested	3,408		3,408
Shares, unvested	32,379		32,379
Restricted Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	8,575	2,858	8,575
Shares, unvested	8,575	14,291	8,575

Property and Equipment (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Property, Plant and Equipment [Line Items]

Summary of Property and Equipment

Property and equipment consisted of the following at:


	January 31, 2025			April 30, 2024
Medical rental equipment	$	47,866		$	38,097
Computer software and equipment		1,446			1,439
Test equipment		3,636			3,224
Leasehold improvements		919			891
Total property and equipment	$	53,867		$	43,651
Less: accumulated depreciation		(22,480	)		(17,546	)
Property and equipment, net	$	31,387		$	26,105

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jan. 31, 2025
Loss Contingencies [Line Items]
Commitments and Contingencies	3. Commitments and Contingencies As of January 31, 2025 and April 30, 2024, the Company has no commitments and contingencies.
West Affum Intermediate Holdings Corp.
Loss Contingencies [Line Items]
Commitments and Contingencies	14. Commitments and Contingencies From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset, or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when information available prior to issuance of the unaudited interim condensed consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the unaudited interim condensed consolidated financial statements, and the amount or range of loss can be reasonably estimated. Legal costs are expensed as incurred. Gain contingencies are not recognized until they’re realized or realizable. The Company enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions, therefore there is no accrual of such amounts as of January 31, 2025 and April 30, 2024. 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.

- 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

Leases - Additional Information (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024	Jan. 31, 2025	Jan. 31, 2024
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 expires in April 2024. In October 2023, the Company amended the existing arrangements into an extended office lease set 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
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Tenant improvement allowance			$ 943
Tenant improvement allowance			$ 786
Additional rent abatement period				2 months
Cash paid for operating leases	$ 173	$ 144		$ 506	$ 1,121
Weighted average remaining lease term	51 months		60 months	51 months
Weighted average discount rate	15.20%		15.20%	15.20%
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal period	3 years			3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal period	5 years			5 years

Subsequent Events of KESTRA MEDICAL TECHNOLOGIES, LTD.

9 Months Ended

Jan. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

5. Subsequent Events

On March 7, 2025, the Company completed an initial public offering of 11,882,352 Common Shares at an offering price of $17.00 per share (the “IPO”). On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price of $17.00 per share.

In connection with the IPO, the board of directors and sole shareholder of the Company approved an increase in its authorized share capital and a redesignation of its Ordinary Shares into Common Shares, as a result of which the Company’s authorized share capital at the time of the IPO was $100,000,000 divided into 100,000,000 Common Shares of par value $1.00 per share.

West Affum LP contributed all its equity interests, including preferred shares, in West Affum Intermediate Holdings Corp. (“Intermediate Holdings”) to the Company in exchange for Common Shares of the Company, thereby making Kestra Medical Technologies, Ltd. the top parent company of Intermediate Holdings and all of its subsidiaries (collectively, the “Organizational Transactions”). Together with the IPO, the Company completed the Organizational Transactions that represent a business combination between entities under common control under the principles of ASC Topic 805 Business Combinations. The Company will consolidate Intermediate Holdings following the Organizational Transactions. The Company delivered 37,683,952 Common Shares with a par value of $1.00 per share to the holders of West Affum LP Class A common units and incentive units, including 32,485 Common Shares of the Company that will be subject to vesting conditions, in consideration for the exchange of such holders’ interests in West Affum LP, and also including a third-party investor in West Affum Holdings Designated Activity Company, a subsidiary of Intermediate Holdings. Company is still assessing the income tax impacts of the Organizational Transactions.

West Affum LP will continue to hold Common Shares of the Company for the benefit of the holders of common units in West Affum LP, including an affiliate of Bain Capital, until such time that such Common Shares are distributed by West Affum LP to the remaining partners of West Affum LP, which is currently expected to occur approximately nine months after the consummation of the IPO (the “Post-IPO Distribution”). The allocation of the number of Common Shares of the Company held by West Affum LP among the holders of common units in West Affum LP in the Post-IPO Distribution will be determined in reference to the liquidation value of West Affum LP at the time of such Post-IPO Distribution.

All equity incentive units (“Incentive Units”) of West Affum LP were accelerated at time of exchange while the Class A common units continue to vest subject to the original vesting schedule. The Company also entered into the 2025 Omnibus Incentive Plan to grant eligible individuals stock options in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders.

The Company received net proceeds of $187.6 million after deducting underwriting discounts and commissions of $14.4 million. On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price of $17.00 per share and received additional net proceeds of $28.2 million after deducting underwriting discounts and commissions of $2.1 million.

Upon the IPO of Common Shares of the Company on March 7, 2025, the warrant issued to Perceptive Credit Holdings IV, LP on September 29, 2023 was cancelled and replaced with a new warrant to purchase up to 325,847 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $11.54. In addition, upon the funding of additional amounts under the third tranche, the Company will issue warrants equal to 10% of the amount funded. The Company also issued warrants to Kennedy Lewis Capital Partners Master Fund II LP on March 7, 2025 to purchase up to 62,325 Common Shares of the Company with an exercise price of $17.81 per Common Share and 46,744 Common Shares of the Company with an exercise price of $20.65 per Common Share.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK AND STOCKHOLDER'S DEFICIT (Unaudited) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Non-controlling Interests
Beginning balance at Apr. 30, 2023		$ 102,110
Beginning balance (in shares) at Apr. 30, 2023		102,110
Beginning balance at Apr. 30, 2023	$ (117,578)		$ 1	$ 194,736	$ (312,315)
Beginning balance (in shares) at Apr. 30, 2023			105,808
Stock-based compensation expense	361			361
Issuance of redeemable preferred stock		$ 15,000
Issuance of redeemable preferred stock (in shares)		15,000
Deemed dividend for payments to third party on behalf of stockholder	(201)			(201)
Net loss and comprehensive loss	(22,032)				(22,032)
Ending balance at Jul. 31, 2023		$ 117,110
Ending balance (in shares) at Jul. 31, 2023		117,110
Ending balance at Jul. 31, 2023	(139,450)		$ 1	194,896	(334,347)
Ending balance (in shares) at Jul. 31, 2023			105,808
Beginning balance at Apr. 30, 2023		$ 102,110
Beginning balance (in shares) at Apr. 30, 2023		102,110
Beginning balance at Apr. 30, 2023	(117,578)		$ 1	194,736	(312,315)
Beginning balance (in shares) at Apr. 30, 2023			105,808
Issuance of redeemable preferred stock		$ 62,500
Issuance of redeemable preferred stock (in shares)		62,500
Net loss and comprehensive loss	(71,836)
Ending balance at Jan. 31, 2024		$ 164,610
Ending balance (in shares) at Jan. 31, 2024		164,610
Ending balance at Jan. 31, 2024	(187,219)		$ 1	196,931	(384,151)
Ending balance (in shares) at Jan. 31, 2024			105,808
Beginning balance at Jul. 31, 2023		$ 117,110
Beginning balance (in shares) at Jul. 31, 2023		117,110
Beginning balance at Jul. 31, 2023	(139,450)		$ 1	194,896	(334,347)
Beginning balance (in shares) at Jul. 31, 2023			105,808
Stock-based compensation expense	366			366
Issuance of redeemable preferred stock		$ 35,000
Issuance of redeemable preferred stock (in shares)		35,000
Deemed dividend for payments to third party on behalf of stockholder	(225)			(225)
Capital contribution from Parent related to warrant obligation	1,632			1,632
Net loss and comprehensive loss	(28,185)				(28,185)
Ending balance at Oct. 31, 2023		$ 152,110
Ending balance (in shares) at Oct. 31, 2023		152,110
Ending balance at Oct. 31, 2023	(165,862)		$ 1	196,669	(362,532)
Ending balance (in shares) at Oct. 31, 2023			105,808
Stock-based compensation expense	372			372
Issuance of redeemable preferred stock		$ 12,500
Issuance of redeemable preferred stock (in shares)		12,500
Deemed dividend for payments to third party on behalf of stockholder	(110)			(110)
Net loss and comprehensive loss	(21,619)				(21,619)
Ending balance at Jan. 31, 2024		$ 164,610
Ending balance (in shares) at Jan. 31, 2024		164,610
Ending balance at Jan. 31, 2024	$ (187,219)		$ 1	196,931	(384,151)
Ending balance (in shares) at Jan. 31, 2024			105,808
Beginning balance at Apr. 30, 2024		$ 177,110
Beginning balance (in shares) at Apr. 30, 2024	177,110	177,110
Beginning balance at Apr. 30, 2024	$ (209,377)		$ 1	197,057	(406,435)
Beginning balance (in shares) at Apr. 30, 2024			105,808
Stock-based compensation expense	377			377
Issuance of redeemable preferred stock		$ 103,400
Issuance of redeemable preferred stock (in shares)		103,400
Issuance of stock to non-controlling interest	17,100					$ 17,100
Deemed dividend for payments to third party on behalf of stockholder	(4,248)			(4,248)
Net loss and comprehensive loss	(20,323)				(19,884)	(439)
Ending balance at Jul. 31, 2024		$ 280,510
Ending balance (in shares) at Jul. 31, 2024		280,510
Ending balance at Jul. 31, 2024	$ (216,471)		$ 1	193,186	(426,319)	16,661
Ending balance (in shares) at Jul. 31, 2024			105,808
Beginning balance at Apr. 30, 2024		$ 177,110
Beginning balance (in shares) at Apr. 30, 2024	177,110	177,110
Beginning balance at Apr. 30, 2024	$ (209,377)		$ 1	197,057	(406,435)
Beginning balance (in shares) at Apr. 30, 2024			105,808
Issuance of redeemable preferred stock		$ 103,400
Issuance of redeemable preferred stock (in shares)		103,400
Net loss and comprehensive loss	$ (62,703)
Ending balance at Jan. 31, 2025		$ 280,510
Ending balance (in shares) at Jan. 31, 2025	280,510	280,510
Ending balance at Jan. 31, 2025	$ (257,895)		$ 1	194,142	(468,196)	16,158
Ending balance (in shares) at Jan. 31, 2025			105,808
Beginning balance at Jul. 31, 2024		$ 280,510
Beginning balance (in shares) at Jul. 31, 2024		280,510
Beginning balance at Jul. 31, 2024	(216,471)		$ 1	193,186	(426,319)	16,661
Beginning balance (in shares) at Jul. 31, 2024			105,808
Stock-based compensation expense	1,122			1,122
Deemed dividend for payments to third party on behalf of stockholder	(575)			(575)
Net loss and comprehensive loss	(20,621)				(20,368)	(253)
Ending balance at Oct. 31, 2024		$ 280,510
Ending balance (in shares) at Oct. 31, 2024		280,510
Ending balance at Oct. 31, 2024	(236,545)		$ 1	193,733	(446,687)	16,408
Ending balance (in shares) at Oct. 31, 2024			105,808
Stock-based compensation expense	459			459
Issuance of redeemable preferred stock		$ 0
Issuance of redeemable preferred stock (in shares)		0
Deemed dividend for payments to third party on behalf of stockholder	(50)			(50)
Net loss and comprehensive loss	$ (21,759)				(21,509)	(250)
Ending balance at Jan. 31, 2025		$ 280,510
Ending balance (in shares) at Jan. 31, 2025	280,510	280,510
Ending balance at Jan. 31, 2025	$ (257,895)		$ 1	$ 194,142	$ (468,196)	$ 16,158
Ending balance (in shares) at Jan. 31, 2025			105,808

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jan. 31, 2025	Apr. 30, 2024
Current liabilities
Commitments and contingencies (Note 14)
Stockholder's deficit
Common stock, $0.01 par value; 5,000,000 shares authorized; 105,808 shares issued and outstanding	100	100
West Affum Intermediate Holdings Corp.
Current assets
Cash and cash equivalents	54,352,000	8,249,000
Accounts receivable, net	7,929,000	1,998,000
Disposable medical equipment supplies	5,999,000	3,290,000
Prepaid expenses and other current assets	1,636,000	1,370,000
Total current assets	69,916,000	14,907,000
Right-of-use assets	1,956,000	2,286,000
Deposits	2,058,000	1,710,000
Restricted cash	334,000	334,000
Property and equipment, net	31,387,000	26,105,000
Other long-term assets	2,344,000	607,000
Total assets	107,995,000	45,949,000
Current liabilities
Accounts payable	25,657,000	23,892,000
Accrued liabilities	13,036,000	9,079,000
Total current liabilities	38,693,000	32,971,000
Operating lease liabilities, net of current portion	2,862,000	2,633,000
Other long-term liabilities	76,000	76,000
Long-term debt, net	43,749,000	42,536,000
Total liabilities	85,380,000	78,216,000
Commitments and contingencies (Note 14)
Redeemable preferred stock, $0.01 par value; 5,000,000 shares authorized; 280,510 and 177,110 shares issued and outstanding as of January 31, 2025 and April 30, 2024, respectively	280,510,000	177,110,000
Stockholder's deficit
Common stock, $0.01 par value; 5,000,000 shares authorized; 105,808 shares issued and outstanding	1,000	1,000
Additional paid-in capital	194,142,000	197,057,000
Accumulated deficit	(468,196,000)	(406,435,000)
Total West Affum Intermediate Holdings Corp. stockholder's deficit	(274,053,000)	(209,377,000)
Non-controlling interest	16,158,000
Total stockholder's deficit	(257,895,000)	(209,377,000)
Total liabilities and stockholder's deficit	$ 107,995,000	$ 45,949,000

Significant Accounting Policies - Additional Information (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Significant Accounting Policies [Line Items]
Allowance for uncollectible accounts	$ 2,382		$ 2,382		$ 500
Depreciation expense	1,888	$ 3,363	6,132	$ 8,058
Deferred offering costs capitalized	2,289		2,289		$ 0
Administrative costs paid to third party	$ 50	$ 110	4,873	$ 536
Costs of Revenue
Significant Accounting Policies [Line Items]
Depreciation expense			$ 1,208
Medical Rental Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	2 years		2 years		1 year 6 months
Medical Rental Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	8 years		8 years		7 years
Therapy Cables
Significant Accounting Policies [Line Items]
Estimated useful life	2 years		2 years

Equity Incentive Plan

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

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

Equity Incentive Plan

12. Equity Incentive Plan

Certain employees and contractors of the Company have been granted equity incentive units (“Incentive Units”) of the Parent. The Parent has the ability to issue any number of additional Incentive Units at its discretion. The Incentive Units allow the holder to participate in the equity of the Parent subject to participation thresholds as defined by the Parent. Upon termination, the Company has the right but not the obligation to repurchase vested Incentive Units at fair market value within seven months following termination.

The Parent has issued Incentive Units to certain employees of the Company, which vest based on continued service on a straight-line basis over the applicable service periods. Any unvested Incentive Units are automatically forfeited upon a separation. Incentive Units do not expire and have no exercise price. Compensation cost of Incentive Units is estimated on the date of grant.

As of January 31, 2025 and April 30, 2024, total Incentive Units vested were 1,876,499 and 1,262,180, respectively. The total number of Incentive Units authorized is determined at the Parent’s discretion and is not limited.

The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2023		2,087,651
Granted		52,700
Forfeited / repurchased		(33,600	)
Outstanding at July 31, 2023		2,106,751
Granted		57,300
Forfeited / repurchased		(18,200	)
Outstanding at October 31, 2023		2,145,851
Granted		16,200
Forfeited / repurchased		(43,508	)
Outstanding at January 31, 2024		2,118,543

Outstanding at April 30, 2024		2,130,143
Granted		206,051
Forfeited / repurchased		(43,269	)
Outstanding at July 31, 2024		2,292,925
Granted		915,548
Forfeited / repurchased		(98,050	)
Outstanding at October 31, 2024		3,110,423
Granted		71,400
Forfeited / repurchased		(51,086	)
Outstanding at January 31, 2025		3,130,737

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Research and development	$	37	$	43	$	125	$	130
Selling, general and administrative		422		329		1,833		969
Total stock-based compensation expense	$	459	$	372	$	1,958	$	1,099

As of January 31, 2025 and April 30, 2024, total unvested Incentive Units were 1,254,238 and 867,963, respectively.

As of January 31, 2025, unrecognized compensation cost for outstanding Incentive Units was $2,927, with the weighted-average period over which this cost is expected to be recognized at 2.49 years. As of April 30, 2024, unrecognized compensation cost for outstanding Incentive Units was $3,389, with the weighted-average period over which this cost is expected to be recognized at 3.18 years.

In determining the compensation cost of the Incentive Units, the fair value for each Incentive Unit has been estimated at the date of grant using the Black-Scholes or probability-weighted expected return method (“PWERM”) models.

The Company’s PWERM approach estimated its enterprise value. This method considered various exit scenarios including an initial public offering, or staying private, and assigned a probability weight to each scenario. Using the PWERM, the enterprise value under each potential exit scenario and the timing of each scenario were weighted based on the estimated probability of occurrence for such scenario. The Company’s equity values under the initial public offering scenarios were each estimated using the market approach based on the valuation of comparable public companies.

There is no intrinsic value or exercise price associated with these Incentive Units as they are participation units rather than options. The weighted average significant assumptions used in these calculations were summarized as follows:


	January 31, 2025			April 30, 2024
Expected volatility		60.0	%		90.0	%
Expected time to liquidity	0.3 years			1.5 years
Risk free rate		4.88	%		4.04	%
Dividend yield		0.0	%		0.0	%
Estimated fair value	$	2.65		$	5.27

The weighted average grant date fair value of Incentive Units outstanding as of January 31, 2025 and April 30, 2024 were $4.38 and $5.65, respectively.

Certain directors and advisors of the Company have also been granted 17,149 shares of restricted common shares and 25,562 shares of restricted class A common units of the Parent (“RSA”) between September 1, 2022 and November 3, 2024, with a vesting period of 3 years. As of January 31, 2025, 8,575 and 8,575 restricted common units and 3,408 and 32,379 of restricted class A common units were vested and unvested, respectively. As of April 30, 2024, 2,858 and 14,291 restricted common units were vested and unvested, respectively. All restricted class A common units were granted after April 30, 2024. Share-based compensation expense associated with restricted common units and restricted class A common units has historically been immaterial and recorded within selling, general and administrative expense.

- 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

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Prepaid Expenses and Other Current Assets [Line Items]
Prepaid software fees	$ 1,200	$ 951
Other	436	419
Prepaid expenses and other current assets	$ 1,636	$ 1,370

Subsequent Events - KESTRA MEDICAL TECHNOLOGIES, LTD. - Additional Information (Details) - USD ($)			9 Months Ended
	Mar. 14, 2025	Mar. 07, 2025	Jan. 31, 2025	Apr. 30, 2024
Subsequent Event [Line Items]
Common stock, shares authorized			100	100
Common stock, par value			$ 1	$ 1
Common stock, shares issued			100	100
Subsequent Event
Subsequent Event [Line Items]
Offering price	$ 17
Net proceeds received	$ 28,200,000	$ 187,600,000
Underwriting discounts and commissions	$ 2,100,000	$ 14,400,000
Additional common shares purchased	1,782,352
West Affum LP \| Class A Common Units \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value		$ 1
Common stock, shares issued		37,683,952
Common shares subjected to vesting		32,485
IPO
Subsequent Event [Line Items]
Share capital			$ 100,000,000
Common stock, shares authorized			100,000,000
Common stock, par value		$ 1
IPO \| Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued		11,882,352
Offering price		$ 17
Common Shares \| IPO \| Perceptive Credit Holdings IV, LP \| Subsequent Event
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		325,847
Warrant exercise price		$ 11.54
Common Shares \| IPO \| Kennedy Lewis Capital Partners Master Fund II LP \| Subsequent Event \| Warrant One
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		62,325
Warrant exercise price		$ 17.81
Common Shares \| IPO \| Kennedy Lewis Capital Partners Master Fund II LP \| Subsequent Event \| Warrant Two
Subsequent Event [Line Items]
Number of warrants issued to purchase shares		46,744
Warrant exercise price		$ 20.65

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Prepaid Expenses and Other Current Assets [Line Items]

Summary of Prepaid Expenses and Other Current Assets

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


	January 31, 2025		April 30, 2024
Prepaid software fees	$	1,200	$	951
Other		436		419
Prepaid expenses and other current assets	$	1,636	$	1,370

Long-Term Debt - Summary of Expenses Related to Term Loan (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Debt Instrument [Line Items]
Interest expense paid-in-kind and applied to the Term Loan 2024 balance			$ 703	$ 871
Term Loan 2024
Debt Instrument [Line Items]
Cash interest expense	$ 1,178	$ 1,223	3,629	1,659
Amortization of the facility fee and legal fees	88	116	785	153
Interest expense paid-in-kind and applied to the Term Loan 2024 balance	236	82	400	109
Total expense recognized related to the Term Loan	1,584	1,652	5,363	2,235
Term Loan 2024 \| Warrant
Debt Instrument [Line Items]
Amortization of the debt discount recognized in connection with the warrant	$ 82	$ 231	$ 549	314
Term Loan
Debt Instrument [Line Items]
Cash interest expense				771
Amortization of the facility fee and legal fees				93
Interest expense paid-in-kind prior to the extinguishment of the Term Loan				1,141
Total expense recognized related to the Term Loan				2,061
Term Loan \| Warrant
Debt Instrument [Line Items]
Amortization of the debt discount recognized in connection with the warrant				$ 56

Income Taxes - Summary of Provision for Income Taxes and Effective Tax Rates (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Provision for income taxes	$ 18	$ 14	$ 33	$ 51
Effective tax rate	0.04%	0.06%	0.04%	0.06%

- Definition

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

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+ Details

Shareholder's Equity of KESTRA MEDICAL TECHNOLOGIES, LTD.

9 Months Ended

Jan. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholder's Equity

4. Shareholder’s Equity

As of January 31, 2025 and April 30, 2024, the Company has authorized for issuance 100 Ordinary Shares with $1.00 par value, all of which are outstanding with $100 shares subscription receivable from West Affum LP accounted for as contra-equity on the unaudited interim condensed balance sheets.

- Definition

The entire disclosure for equity.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - West Affum Intermediate Holdings Corp. - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jan. 31, 2025

Jan. 31, 2024

Jan. 31, 2025

Jan. 31, 2024

Revenue

$ 15,090

$ 8,277

$ 42,582

$ 17,760

Costs of revenue

8,543

7,397

26,005

18,795

Gross margin

6,547

880

16,577

(1,035)

Operating expenses:

Research and development costs

3,353

3,735

10,266

11,669

Selling, general and administrative

23,795

17,091

64,477

52,010

Total operating expenses

27,148

20,826

74,743

63,679

Loss from operations

(20,601)

(19,946)

(58,166)

(64,714)

Other expense (income):

Interest expense

1,783

1,651

5,974

4,295

Interest income

(628)

(1,543)

Other expense (income)

(15)

2,776

Net loss before provision for income taxes

(21,741)

(21,605)

(62,670)

(71,785)

Provision for income taxes

Net loss and comprehensive loss

(21,759)

(21,619)

(62,703)

(71,836)

Net loss attributable to non-controlling interest

(250)

(942)

Net loss and comprehensive loss attributable to West Affum Intermediate Holdings Corp.

(21,509)

(21,619)

(61,761)

(71,836)

Less: Undeclared preferred stock dividends

3,324

1,812

9,030

4,727

Net loss attributable to common stockholder, basic

(24,833)

(23,431)

(70,791)

(76,563)

Net loss attributable to common stockholder, diluted

$ (24,833)

$ (23,431)

$ (70,791)

$ (76,563)

Net loss per share attributable to common stockholder, basic

$ (1.25)

$ (1.18)

$ (3.56)

$ (3.85)

Net loss per share attributable to common stockholder, diluted

$ (1.25)

$ (1.18)

$ (3.56)

$ (3.85)

Weighted-average shares of common stock outstanding, basic

^[1]

19,885,382

Weighted-average shares of common stock outstanding, diluted

^[1]

19,885,382

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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2025	Apr. 17, 2025
Cover [Abstract]
Document Type	10-Q
Entity Central Index Key	0001877184
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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	98003
City Area Code	425
Local Phone Number	279-8002
Title of 12(b) Security	Common Shares, par value $1.00 per share
Trading Symbol	KMTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,348,656

Equity Incentive Plan (Tables) - West Affum Intermediate Holdings Corp.

9 Months Ended

Jan. 31, 2025

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

Summary of Incentive Units Activity

The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2023		2,087,651
Granted		52,700
Forfeited / repurchased		(33,600	)
Outstanding at July 31, 2023		2,106,751
Granted		57,300
Forfeited / repurchased		(18,200	)
Outstanding at October 31, 2023		2,145,851
Granted		16,200
Forfeited / repurchased		(43,508	)
Outstanding at January 31, 2024		2,118,543

Outstanding at April 30, 2024		2,130,143
Granted		206,051
Forfeited / repurchased		(43,269	)
Outstanding at July 31, 2024		2,292,925
Granted		915,548
Forfeited / repurchased		(98,050	)
Outstanding at October 31, 2024		3,110,423
Granted		71,400
Forfeited / repurchased		(51,086	)
Outstanding at January 31, 2025		3,130,737

Summary of Stock-based Compensation Expense

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Research and development	$	37	$	43	$	125	$	130
Selling, general and administrative		422		329		1,833		969
Total stock-based compensation expense	$	459	$	372	$	1,958	$	1,099

Summary of Weighted Average Significant Assumptions used in Calculations

The weighted average significant assumptions used in these calculations were summarized as follows:


	January 31, 2025			April 30, 2024
Expected volatility		60.0	%		90.0	%
Expected time to liquidity	0.3 years			1.5 years
Risk free rate		4.88	%		4.04	%
Dividend yield		0.0	%		0.0	%
Estimated fair value	$	2.65		$	5.27

- 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

Property and Equipment

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Property, Plant and Equipment [Line Items]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following at:


	January 31, 2025			April 30, 2024
Medical rental equipment	$	47,866		$	38,097
Computer software and equipment		1,446			1,439
Test equipment		3,636			3,224
Leasehold improvements		919			891
Total property and equipment	$	53,867		$	43,651
Less: accumulated depreciation		(22,480	)		(17,546	)
Property and equipment, net	$	31,387		$	26,105

The Company recorded $1,888 and $3,363 of depreciation expense for the three months ended January 31, 2025, and 2024, respectively. The Company recorded $6,132 and $8,058 of depreciation expense for the nine months ended January 31, 2025, and 2024, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Cash flows from operating activities
Net loss	$ (62,703)	$ (71,836)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,132	8,058
Loss on disposal of property and equipment	1,383	845
Interest paid-in-kind	703	871
Amortization of debt discounts and issuance costs	1,031	410
Stock-based compensation expense	1,958	1,099
Non-cash lease expense	330	653
Non-cash loss on debt extinguishment		930
Changes in operating assets and liabilities:
Disposable medical equipment supplies	(2,677)	(1,385)
Prepaid expenses and other current assets	(161)	138
Accounts receivable	(5,931)	(1,396)
Accounts payable	3,038	5,719
Accrued liabilities	2,730	(780)
Operating lease liabilities	228	(593)
Other long-term assets	30	(20)
Net cash used in operating activities	(53,909)	(57,287)
Cash flows from investing activities
Purchases of property and equipment	(15,547)	(8,117)
Deposits for medical rental equipment		(196)
Refund of deposits for medical rental equipment		243
Net cash used in investing activities	(15,547)	(8,070)
Cash flows from financing activities
Proceeds from issuance of redeemable preferred stock	103,400	62,500
Deemed dividend for payments to third party on behalf of stockholder	(1,648)	(536)
Proceeds from issuance of stock to non-controlling interest	17,100
Proceeds from issuance of long-term debt		45,000
Payment of debt issuance costs		(2,352)
Payment of equity issuance costs	(3,224)
Repayment of long-term debt		(39,123)
Payments of deferred offering costs	(69)
Net cash provided by financing activities	115,559	65,489
Net increase in cash, cash equivalents and restricted cash	46,103	132
Cash, cash equivalents and restricted cash
Beginning of period	8,583	15,322
End of period	54,686	15,454
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	54,352	15,345
Restricted cash	334	109
Cash, cash equivalents and restricted cash	54,686	15,454
Non-cash investing and financing activities:
Purchases of property and equipment in accrued liabilities and accounts payable	8,621	13,334
Capital contribution from Parent to settle warrant obligation		1,632
Deferred offering costs incurred but not yet paid	2,220
Supplemental disclosure of cash flow information
Income taxes paid	81	100
Interest paid	$ 3,629	$ 2,429

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

Stockholder's Deficit	9 Months Ended
Stockholder's Deficit	Jan. 31, 2025
Class of Stock [Line Items]
Stockholder's Deficit	4. Shareholder’s Equity As of January 31, 2025 and April 30, 2024, the Company has authorized for issuance 100 Ordinary Shares with $1.00 par value, all of which are outstanding with $100 shares subscription receivable from West Affum LP accounted for as contra-equity on the unaudited interim condensed balance sheets.
West Affum Intermediate Holdings Corp.
Class of Stock [Line Items]
Stockholder's Deficit	9. Stockholder’s Deficit The Company had 5,000,000 shares of common stock authorized and 105,808 shares issued and outstanding with a par value of $0.01 as of January 31, 2025 and April 30, 2024. Each share of common stock is entitled to one vote. Contributions are recorded to additional paid-in capital.

- Definition

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

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-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

The entire disclosure for equity.

+ References

+ Details

Significant Accounting Policies

9 Months Ended

Jan. 31, 2025

Significant Accounting Policies [Line Items]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The unaudited interim condensed balance sheets are presented in accordance with the rules and regulations of the Securities and Exchange Commission and generally accepted accounting principles in the United States of America. Separate statements of income, comprehensive income, changes in shareholder’s equity, and cash flows have not been presented because the Company has not engaged in any activities except in connection with its formation.

The Company’s fiscal year end is April 30.

The unaudited interim condensed balance sheets have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.

West Affum Intermediate Holdings Corp.

Significant Accounting Policies [Line Items]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's reporting currency is the U.S. dollar.

The unaudited interim condensed consolidated balance sheet as of April 30, 2024, included herein, was derived from the audited financial statements as of that date. Certain information and disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such regulations. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s financial statements as of and for the years ended April 30, 2024 and 2023. The results for the interim periods are not necessarily indicative of results for the full year.

In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited interim condensed consolidated financial statements. The Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.

Use of Estimates

The preparation of the unaudited interim condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Estimates are required as part of determining the collectability of lease payments for revenue recognition, estimated lives of property and equipment, losses for unreturned property and equipment, stock-based compensation expense and valuation allowance for deferred tax assets.

The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Accounts Receivable

Accounts receivable and net revenues are based on contractually agreed-upon rates for leases for the ASSURE© System, reduced by estimated adjustments, including 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 order to report revenue at an expected collectable amount based on the total portfolio of receivables for which collectability has been deemed probable. The accounts receivable are presented on the unaudited interim condensed consolidated balance sheets net of the adjustments.

Receivables are considered past due when not collected by established due dates. Specific patient balances are written off after collection efforts have been followed and the account has been determined to be uncollectible. Changes to reserve estimate impacts are recorded as an adjustment to net revenue in the period during which changes in circumstances support a change to the estimate. The estimates of the allowance for uncollectible accounts were $2,382 and $500 as of January 31, 2025 and April 30, 2024, 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 therapy cables, batteries, battery chargers, assistants and WCD monitors, 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 recertified 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:


	January 31, 2025	April 30, 2024
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 - 8 years	1.5 - 7 years

During the nine months ended January 31, 2025, the estimated useful life of the medical rental equipment asset class was changed prospectively from 1.5 - 7 years to 2 - 8 years. This change was the result of an FDA approval allowing therapy cables to be repaired up to three times which increased the estimated useful life of this component from two years to eight years. The impact was a reduction of depreciation expense, which is included within costs of revenue, by $1,208 in the nine months ended January 31, 2025, compared to if the useful life of therapy cables had remained at two years. This change in estimated useful life reduced net loss and comprehensive loss by the same amount.

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 unaudited interim condensed consolidated statements of operations and comprehensive loss for the period.

Deposits

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

Revenue

The Company generates revenue from the leases of ASSURE© System, which consists of a Wearable Cardioverter Defibrillator combined with a proprietary digital healthcare platform, to at-risk patients for a fixed amount on a month-to-month basis. The lease payments generally consist of the contracted amounts based on reimbursement arrangements with third-party payors including Medicare, Medicaid and private commercial payors, and/or certain patient co-payments. The patient has the right to cancel the lease at any time during the rental period.

The equipment leases are classified as operating leases at lease commencement, and the Company recognizes the revenue associated with ASSURE© rentals in accordance with Accounting Standards Codification Topic 842, Leases (“ASC Topic 842”). The Company elected the practical expedient provided under ASC Topic 842 to combine the lease of ASSURE© System with the non-lease components, which includes the digital healthcare platform. The ASSURE© System is expected to be the predominant component and, as a result, the Company accounts for the combined revenue components under ASC Topic 842. Revenue is recognized on a straight-line basis over the contractual non-cancellable lease term, which is one month, when collectability of the lease payments is deemed to be probable. If collectability of the lease payments is not deemed to be probable, the lease income is limited to the lesser of the income that would have been recognized if collectability was probable or the lease payments collected. Collectability of all lease payments, which includes amounts reimbursed by third-party payors and/or amounts covered by the patient, is assessed for each contract upon lease commencement and is subject to subsequent reassessment throughout the lease term, as necessary.

Due to the nature of the industry and the reimbursement environment in which we operate, we periodically evaluate 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.

Deferred Offering Costs

Deferred offering costs primarily consist of legal, accounting and other fees related to the IPO are capitalized and included in other long-term assets in the unaudited interim condensed consolidated balance sheets and will be offset against the IPO proceeds. There were $2,289 and $0 of deferred offering costs capitalized as of January 31, 2025 and April 30, 2024, respectively.

Payments on Behalf of Stockholder

During the three months ended January 31, 2025, and 2024, the Company paid administrative costs to a third party on behalf of its stockholder, Parent, of $50 and $110, respectively. During the nine months ended January 31, 2025, and 2024, the Company paid administrative costs to a third party on behalf of its stockholder, Parent, of $4,873 and $536, respectively. The payments to a third party on behalf of the Company's stockholder were recorded as a deemed dividend in the unaudited interim condensed consolidated statements of changes in redeemable preferred stock and stockholder’s deficit.

Non-controlling interests

The Company reports a non-controlling interest of a consolidated subsidiary within equity in the unaudited interim condensed consolidated balance sheet and the amount of consolidated net loss attributable to the Parent and to the non-controlling interest is presented in the unaudited interim condensed consolidated statements of operations and comprehensive loss. The amount attributed is calculated based on ownership in the consolidated subsidiary. Changes in ownership interests in the subsidiary in which the Company maintains a controlling interest are recorded in equity.

Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enables investors to better understand an entity’s overall performance and assists in assessing potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023. The Company is still evaluating the impact that this ASU will have on their financial statement disclosures.

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 guidance is effective for private business entities for annual reporting periods beginning after December 15, 2025. The Company does not anticipate a material impact to the required financial statement disclosure as a result of this ASU.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), requiring disclosure in the notes to the financial statements for specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027; however early adoption is permitted and can be applied either prospectively or retrospectively. The Company is still evaluating the impact that this ASU will have on their financial statement 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 unaudited interim condensed consolidated financial statements as a result of future adoption. No new accounting pronouncements were adopted during the nine months ended January 31, 2025.

Commitments and Contingencies - KESTRA MEDICAL TECHNOLOGIES, LTD. - Additional Information (Details) - USD ($)	Jan. 31, 2025	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies

Nature of Operations and Liquidity	9 Months Ended
Nature of Operations and Liquidity	Jan. 31, 2025
Nature Of Operations And Liquidity [Line Items]
Nature of Operations and Liquidity	1. Description of Business Kestra Medical Technologies, Ltd. (the “Company”) was formed as a limited company in Bermuda on May 20, 2021 and is a wholly owned subsidiary of West Affum Holdings, L.P. (“West Affum LP”), a company in the Cayman Islands. The Company 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 subsidiaries.
West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Nature of Operations and Liquidity	1. Nature of Operations and Liquidity West Affum Intermediate Holdings Corp., a Cayman Islands exempted company (the “Company”), was incorporated on August 6, 2020, in order to carry on the business of West Affum Holdings Corp. (“WAH Corp.”) and its consolidated subsidiaries. West Affum Intermediate Holdings Corp. is wholly owned by West Affum Holdings L.P., a Cayman Islands limited partnership (“West Affum LP” or the “Parent”). The Company and its consolidated subsidiaries own certain intellectual property related to the development of personal Wearable Cardioverter Defibrillators (“WCD”) approved by the U.S. Food and Drug Administration (“FDA”). The Company generates revenue through leasing the ASSURE© System, which consists of a Wearable Cardioverter Defibrillator, to patients. Initial Public Offering On March 7, 2025, Kestra Medical Technologies, Ltd. completed an initial public offering of 11,882,352 Common Shares at an offering price of $17.00 per share (“IPO”). On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price of $17.00 per share. In connection with the IPO, organizational transactions were effected whereby West Affum LP contributed all of its equity interests, including preferred shares, in West Affum Intermediate Holdings Corp. to Kestra Medical Technologies, Ltd. in exchange for 37,683,952 Common Shares, including 32,485 Common Shares of Kestra Medical Technologies, Ltd. that are subject to vesting conditions, to the holders of West Affum LP Class A Common Units (defined below) and Incentive Units (defined below), including a third-party investor in West Affum Holdings Designated Activity Company, a subsidiary of West Affum Intermediate Holdings Corp (collectively, the “Organizational Transactions”). 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. All Incentive Units were accelerated at time of the IPO while the Class A Common Units continue to vest subject to the original vesting schedule. In connection with the IPO, Kestra Medical Technologies, Ltd. also entered into the 2025 Omnibus Incentive Plan to grant eligible individuals stock options in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and Kestra Medical Technologies, Ltd.’s stockholders. West Affum LP will continue to hold Common Shares of Kestra Medical Technologies, Ltd. for the benefit of holders of common units in West Affum LP, until such time that such Common Shares are distributed by West Affum LP to the remaining partners of West Affum LP, which is expected to occur approximately nine months after March 5, 2025, the pricing date of the IPO (the “Post-IPO Distribution”). The allocation of the number of Common Shares of Kestra Medical Technologies, Ltd. held by West Affum LP among the holders of common units in West Affum LP in the Post-IPO Distribution will be determined in reference to the liquidation value of West Affum LP at the time of such Post-IPO Distribution. Kestra Medical Technologies, Ltd. also issued new warrants exercisable for its Common Shares in consideration of the cancellation of certain warrants issued by West Affum LP. Following the Organizational Transactions, pre-existing preferred interests in West Affum Intermediate Holdings Corp., as well as non-controlling interests of its subsidiary, were exchanged into Common Shares of Kestra Medical Technologies, Ltd., which became the top parent company of West Affum Intermediate Holdings Corp. and all of its subsidiaries. Liquidity As of January 31, 2025, and April 30, 2024, the Company’s principal sources of liquidity consisted of $54,352 and $8,249 of cash and cash equivalents, respectively. The Company has incurred negative operating cash flows and significant losses from operations since its inception. For the three months ended January 31, 2025, and 2024, the Company incurred net losses of $21,759 and $21,619, respectively. For the nine months ended January 31, 2025, and 2024, the Company incurred net losses of $62,703 and $71,836, respectively. Cash used in operating activities was $53,909 and $57,287 for the nine months ended January 31, 2025, and 2024, respectively. As of January 31, 2025, the Company had an accumulated deficit of $468,196. On February 25, 2025, the Company entered into the Second Amendment to Credit Agreement and Guaranty, by and among Kestra Medical Technologies, Inc., the Company, the guarantors party thereto, the lenders party thereto and Perceptive Credit Holdings IV, LP, as administrative agent (the “Second Amendment to Credit Agreement”). Pursuant to the Second Amendment to Credit Agreement, the Term Loan 2024 (as defined below) facility was amended to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under its 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’s borrowing date. In March 2025, Kestra Medical Technologies, Ltd., the top parent of the Company following the Organizational Transactions and IPO effected in March 2025, raised $215,789 in proceeds after deducting underwriting discounts and commissions and before deducting estimated offering costs. Based on the Company’s current operating plan in consideration of cash proceeds from the IPO, the Company believes that its existing cash and cash equivalents will be sufficient to fund the Company’s planned operating expenses and capital expenditure requirements for at least the next 12 months from the date these financial statements were available to be issued. 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.

Long-Term Debt (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Debt Instrument [Line Items]

Summary of Long-term Debt

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


	January 31, 2025			April 30, 2024
Term loans	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,243			540
Less: unamortized debt issuance costs and debt discount		(2,494	)		(3,004	)
Total long-term debt	$	43,749		$	42,536
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	43,749		$	42,536

- 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

Stockholder's Deficit - Additional Information (Details) - $ / shares	9 Months Ended
	Jan. 31, 2025	Apr. 30, 2024	May 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized	100	100
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
Common stock, par value	$ 1	$ 1
West Affum Intermediate Holdings Corp.
Class of Stock [Line Items]
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	105,808	105,808
Common stock, shares outstanding	105,808	105,808
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, voting rights description	Each share of common stock is entitled to one vote.

- 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

Non-Controlling Interest	9 Months Ended
Non-Controlling Interest	Jan. 31, 2025
West Affum Intermediate Holdings Corp.
Noncontrolling Interest [Line Items]
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 of the DAC at a price per share equal to $100,000 for an aggregate cash purchase price of $17,100. The Company allocates net income (loss) of the consolidated subsidiary to the Investor based on their proportional ownership. Concurrently with the execution and delivery of the agreement governing the Investor's investment into DAC, the Company entered into an agreement with the Investor and the Parent wherein, at the discretion of the Investor, the DAC’s Class A redeemable ordinary shares (“Class A Redeemable Ordinary Shares”) held by the Investor can be exchanged into common shares of the Company, and subsequently exchanged into class A common units of the Parent (“Class A Common Units”). 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 the Parent. There are no freestanding features requiring recognition or embedded features requiring bifurcation and there is no redemption feature that is not solely within the Company’s control. The agreement does not allow for a redemption for cash or other assets at a fixed or determinable price on a fixed or determinable date outside the Company’s control at the option of the Investor. Any redemption is at the discretion of the DAC. Therefore, the non-controlling interest is classified within permanent equity as it does not meet the liability or mezzanine-classification criteria.

Net Loss Per Share Attributable to Common Stockholder - Additional Information (Details) - West Affum Intermediate Holdings Corp. - shares	9 Months Ended		12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
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
Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share	280,510		177,110

Income Taxes

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Income Tax Disclosure [Line Items]

Income Taxes

13. Income Taxes

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


	Three Months Ended January 31,						Nine Months Ended January 31,
	2025			2024			2025			2024
Provision for income taxes	$	18		$	14		$	33		$	51
Effective tax rate		0.04	%		0.06	%		0.04	%		0.06	%

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

The Company’s effective tax rate varies from the statutory Irish tax rate due to the effect of state income taxes and research and development credits. The Company’s effective tax rate could fluctuate from quarter to quarter based on variations in the estimated and actual level of pre-tax income or loss by jurisdiction, changes in enacted tax laws and regulations, and changes in estimates regarding the realizability of deferred tax assets. As of January 31, 2025 and April 30, 2024, the Company provided a full valuation allowance against its net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Jan. 31, 2025
Subsequent Event [Line Items]
Subsequent Events	5. Subsequent Events On March 7, 2025, the Company completed an initial public offering of 11,882,352 Common Shares at an offering price of $17.00 per share (the “IPO”). On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price of $17.00 per share. In connection with the IPO, the board of directors and sole shareholder of the Company approved an increase in its authorized share capital and a redesignation of its Ordinary Shares into Common Shares, as a result of which the Company’s authorized share capital at the time of the IPO was $100,000,000 divided into 100,000,000 Common Shares of par value $1.00 per share. West Affum LP contributed all its equity interests, including preferred shares, in West Affum Intermediate Holdings Corp. (“Intermediate Holdings”) to the Company in exchange for Common Shares of the Company, thereby making Kestra Medical Technologies, Ltd. the top parent company of Intermediate Holdings and all of its subsidiaries (collectively, the “Organizational Transactions”). Together with the IPO, the Company completed the Organizational Transactions that represent a business combination between entities under common control under the principles of ASC Topic 805 Business Combinations. The Company will consolidate Intermediate Holdings following the Organizational Transactions. The Company delivered 37,683,952 Common Shares with a par value of $1.00 per share to the holders of West Affum LP Class A common units and incentive units, including 32,485 Common Shares of the Company that will be subject to vesting conditions, in consideration for the exchange of such holders’ interests in West Affum LP, and also including a third-party investor in West Affum Holdings Designated Activity Company, a subsidiary of Intermediate Holdings. Company is still assessing the income tax impacts of the Organizational Transactions. West Affum LP will continue to hold Common Shares of the Company for the benefit of the holders of common units in West Affum LP, including an affiliate of Bain Capital, until such time that such Common Shares are distributed by West Affum LP to the remaining partners of West Affum LP, which is currently expected to occur approximately nine months after the consummation of the IPO (the “Post-IPO Distribution”). The allocation of the number of Common Shares of the Company held by West Affum LP among the holders of common units in West Affum LP in the Post-IPO Distribution will be determined in reference to the liquidation value of West Affum LP at the time of such Post-IPO Distribution. All equity incentive units (“Incentive Units”) of West Affum LP were accelerated at time of exchange while the Class A common units continue to vest subject to the original vesting schedule. The Company also entered into the 2025 Omnibus Incentive Plan to grant eligible individuals stock options in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders. The Company received net proceeds of $187.6 million after deducting underwriting discounts and commissions of $14.4 million. On March 14, 2025, the underwriters purchased an additional 1,782,352 Common Shares at an offering price of $17.00 per share and received additional net proceeds of $28.2 million after deducting underwriting discounts and commissions of $2.1 million. Upon the IPO of Common Shares of the Company on March 7, 2025, the warrant issued to Perceptive Credit Holdings IV, LP on September 29, 2023 was cancelled and replaced with a new warrant to purchase up to 325,847 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $11.54. In addition, upon the funding of additional amounts under the third tranche, the Company will issue warrants equal to 10% of the amount funded. The Company also issued warrants to Kennedy Lewis Capital Partners Master Fund II LP on March 7, 2025 to purchase up to 62,325 Common Shares of the Company with an exercise price of $17.81 per Common Share and 46,744 Common Shares of the Company with an exercise price of $20.65 per Common Share.
West Affum Intermediate Holdings Corp.
Subsequent Event [Line Items]
Subsequent Events	17. Subsequent Events The Company has evaluated subsequent events through the date the unaudited interim condensed consolidated financial statements were available to be issued on April 17, 2025. 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. On March 7, 2025, Kestra Medical Technologies, Ltd. completed an initial public offering in which it issued and sold 11,882,352 Common Shares at an offering price of $17.00 per share for total net proceeds of $187.6 million after deducting underwriting discounts and commissions of $14.4 million. On March 14, 2025, the underwriters exercised the option to purchase 1,782,352 additional Common Shares at an offering price of $17.00 per share, resulting in additional net proceeds of $28.2 million after deducting underwriting discounts and commissions of $2.1 million. In connection with the IPO, the Company’s outstanding redeemable preferred stock and common stock were exchanged into Common Shares of Kestra Medical Technologies, Ltd. Also in connection with the IPO, Class A Redeemable Ordinary Shares of the DAC were exchanged into common units of the Parent, and the Parent will hold Common Shares of Kestra Medical Technologies, Ltd. for the benefit of the holders of common units in the Parent. Following the IPO, Kestra Medical Technologies, Ltd. controls and operates all business and affairs and consolidates the financial results of the Company and its subsidiaries. In connection with the IPO, the warrant issued to Perceptive Credit Holdings IV, LP on September 29, 2023 was cancelled and replaced with a new warrant to purchase up to 325,847 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $11.54. Perceptive Credit Holdings IV, LP is the administrative agent and a lender under the Term Loan 2024, which was amended in February 2025 to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under its third tranche of Term Loan 2024 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’s borrowing date. Upon the funding of additional amounts under the third tranche of Term Loan 2024, Kestra Medical Technologies, Ltd. will issue additional warrants to Perceptive Credit Holdings IV, LP equal to 10% of the amount funded. Additionally, in connection with the IPO, warrants issued to Kennedy Lewis Capital Partners Master Fund II LP on December 28, 2020 and March 7, 2022 were cancelled and replaced with new warrants to purchase up to 62,325 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $17.81 per Common Share and 46,744 Common Shares of Kestra Medical Technologies, Ltd. with an exercise price of $20.65 per Common Share, respectively.

Net Loss Per Share Attributable to Common Stockholder (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Earnings Per Share [Line Items]

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

The following table sets forth the computation of basic and diluted net loss per share attributable to the common stockholder:


	Three Months Ended January 31,						Nine Months Ended January 31,
	2025			2024			2025			2024
Numerator:
Net loss attributable to West Affum Intermediate Holdings	$	(21,509	)	$	(21,619	)	$	(61,761	)	$	(71,836	)
Undeclared preferred dividends		(3,324	)		(1,812	)		(9,030	)		(4,727	)
Net loss attributable to common stockholder	$	(24,833	)	$	(23,431	)	$	(70,791	)	$	(76,563	)
Denominator:
Weighted average shares of common stock outstanding
– basic and diluted		19,885,382			19,885,382			19,885,382			19,885,382
Net loss per share attributable to common stockholder
– basic and diluted	$	(1.25	)	$	(1.18	)	$	(3.56	)	$	(3.85	)

Income Taxes (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Effective Income Tax Rate Reconciliation [Line Items]

Summary of Provision for Income Taxes and Effective Tax Rates

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


	Three Months Ended January 31,						Nine Months Ended January 31,
	2025			2024			2025			2024
Provision for income taxes	$	18		$	14		$	33		$	51
Effective tax rate		0.04	%		0.06	%		0.04	%		0.06	%

Fair Value Measurement

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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 January 31, 2025 and April 30, 2024.


	Level 1		Level 2		Level 3
January 31, 2025
Assets
Cash and cash equivalents	$	54,352	$	—	$	—
Restricted cash		334		—		—
Total assets	$	54,686	$	—	$	—

April 30, 2024
Assets
Cash and cash equivalents	$	8,249	$	—	$	—
Restricted cash		334		—		—
Total assets	$	8,583	$	—	$	—

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

As of January 31, 2025 and April 30, 2024, the fair value of the long-term debt, net of discounts, approximated $46,420 and $43,870, 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.

Term Loan was transferred out from the Level 2 fair value hierarchy during the nine months ended January 31, 2024. In the same period, Term Loan 2024 was transferred into the Level 2 fair value hierarchy. Other than those items, there were no transfers into or out of the Level 1, 2 or 3 fair value hierarchies during the nine months ended January 31, 2025, and 2024.

- 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/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED BALANCE SHEETS of KESTRA MEDICAL TECHNOLOGIES, LTD (Unaudited) - USD ($)	Jan. 31, 2025	Apr. 30, 2024
Assets
Commitments and contingencies (Note 3)
Shareholder's equity
Shares subscription receivable from West Affum Holdings, L.P.	(100)	(100)
Ordinary Shares, $1.00 par value; 100 shares authorized, issued and outstanding	$ 100	$ 100

Nature of Operations and Liquidity - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended						9 Months Ended
	Mar. 14, 2025	Mar. 07, 2025	Feb. 25, 2025	Mar. 31, 2025	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024	May 31, 2022
Nature Of Operations And Liquidity [Line Items]
Par value					$ 1						$ 1		$ 1
West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Entity Incorporation, Date of Incorporation											Aug. 06, 2020
Cash and cash equivalents					$ 54,352,000			$ 15,345,000			$ 54,352,000	$ 15,345,000	$ 8,249,000
Par value					$ 0.01						$ 0.01		$ 0.01	$ 0.01
Net losses					$ 21,759,000	$ 20,621,000	$ 20,323,000	$ 21,619,000	$ 28,185,000	$ 22,032,000	$ 62,703,000	71,836,000
Cash used in operating activities											53,909,000	$ 57,287,000
Accumulated deficit					$ 468,196,000						$ 468,196,000		$ 406,435,000
Term Loan \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Covenant description											On February 25, 2025, the Company entered into the Second Amendment to Credit Agreement and Guaranty, by and among Kestra Medical Technologies, Inc., the Company, the guarantors party thereto, the lenders party thereto and Perceptive Credit Holdings IV, LP, as administrative agent (the “Second Amendment to Credit Agreement”). Pursuant to the Second Amendment to Credit Agreement, the Term Loan 2024 (as defined below) facility was amended to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under its 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’s borrowing date.
Third Tranche \| Term Loan \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Covenant description											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.
Subsequent Event
Nature Of Operations And Liquidity [Line Items]
Gross proceeds from initial public offering	$ 28,200,000	$ 187,600,000
Subsequent Event \| Third Tranche \| Term Loan \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Proceeds available from issuance of long-term debt		15,000,000	$ 15,000,000
Minimum revenue milestone		$ 60,000,000	$ 60,000,000
Revenue milestone period		12 months	12 months
IPO
Nature Of Operations And Liquidity [Line Items]
Par value		$ 1
IPO \| Subsequent Event \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Initial public offering date		Mar. 07, 2025
IPO \| Common Stock \| Subsequent Event \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Initial public offering date		Mar. 07, 2025
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
Initial public offering, Price per share	$ 17	$ 17
Gross proceeds from initial public offering	$ 28,200,000	$ 187,600,000		$ 215,789,000
IPO \| Common Stock \| Subsequent Event \| West Affum Holdings, L.P \| West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Shares issued		37,683,952

Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 459	$ 372	$ 1,958	$ 1,099
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	37	43	125	130
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 422	$ 329	$ 1,833	$ 969

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2025	Apr. 30, 2024
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	100	100
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
West Affum Intermediate Holdings Corp.
Redeemable preferred stock, par value	$ 0.01	$ 0.01
Redeemable preferred stock, shares authorized	5,000,000	5,000,000
Redeemable preferred stock, shares issued	280,510	177,110
Redeemable preferred stock, shares outstanding	280,510	177,110
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	105,808	105,808
Common stock, shares outstanding	105,808	105,808

Long-Term Debt - Additional Information (Details)											9 Months Ended		12 Months Ended
Long-Term Debt - Additional Information (Details)	Oct. 31, 2024 USD ($)	Sep. 29, 2023 USD ($) Tranche $ / shares shares	Jul. 24, 2023 USD ($)	May 01, 2023 USD ($)	Mar. 24, 2023 USD ($)	Feb. 01, 2023 USD ($)	Oct. 31, 2022	Apr. 11, 2022 USD ($)	Dec. 28, 2020 USD ($) $ / shares shares	Sep. 24, 2020 USD ($) Tranche	Jan. 31, 2025	Jan. 31, 2024 USD ($)	Apr. 30, 2022 USD ($)	Jan. 21, 2022 USD ($) $ / shares shares
West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Frequency of periodic payment											over a 24-month period, payable at the beginning of the following quarter
Payment terms											The Company made its first principal payment of $5,333 on February 1, 2023. The Company did not meet its revenue target for the preceding six months as of January 31, 2023, and principal payments continued. The Company made a second principal payment on May 1, 2023, for $5,511. The Company did not meet its revenue target for the preceding six months as of April 30, 2023, and the next principal payment was due on August 1, 2023.
Loss on extinguishment of debt												$ 930,000
Covenant compliance											The revenue covenant began to be measured on April 30, 2024. As of January 31, 2025, the Company was in compliance with both financial covenants.
Facility and legal fees on undrawn amount		$ 588,000
First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Facility fee		600,000
Legal fees		1,753,000
First Draw \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Drawn amount		45,000,000
Available loan amount		60,000,000
Second Tranche and Third Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Debt related facility fees and debt issuance costs	$ 462,000
Preceding Six-months Trailing Revenue \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Percentage increase in interest rate							1.00%
Principal payment period							24 months
Preceding Six-months Trailing Revenue \| First \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Principal payment						$ 5,333,000
Date of first required payment						Feb. 01, 2023
Preceding Six-months Trailing Revenue \| Second \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Principal payment				$ 5,511,000
Term Loan \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Interest rate														14.50%
Gain or loss recognized from debt modifications													$ 0
Loan balance paid off		34,209,000
Accrued interest		757,000
Prepayment fee		1,710,000
Loss on extinguishment of debt		1,006,000
Non-cash portion		930,000
Original Term Loan \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Maturity date											Sep. 24, 2025
Delayed Senior Secured Term Loan \| Second Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Drawn amount														$ 15,000,000
Term Loan 2024 \| First Draw \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Recognition of facility fee and legal fees as discount		1,765,000
Lender \| First Tranche
Debt Instrument [Line Items]
Fair value of warrant		$ 1,632,000
Lender \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares		$ 17.55
Lender \| Maximum \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares		256,410
Lender \| Term Loan \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares									$ 22.63
Fair value of warrant									$ 320,000
Lender \| Term Loan \| Second Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares														$ 26.24
Fair value of warrant														$ 375,000
Lender \| Term Loan \| Maximum \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares									49,044
Lender \| Term Loan \| Maximum \| Second Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares														36,783
Loan Agreement \| Term Loan \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Drawn amount									$ 20,000,000
Available loan amount									50,000,000
Legal fees									$ 832,000
Amendment \| Lender \| Term Loan \| Third Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Achievement amount in three month trailing revenue					$ 9,000,000
Amendment \| Lender \| Term Loan \| Tranche D Draw \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Additional funded amount								$ 10,000,000
Increased aggregated principal amount by								10,000,000
Increased aggregated principal amount								$ 60,000,000
Available amount			$ 10,000,000
Achievement amount in six month trailing revenue			$ 25,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Maturity date											Sep. 29, 2028
Interest rate, description											The Term Loan 2024 bears interest equal to the sum of Term Secured Overnight Financing Rate plus 7.25% for each interest period which is measured monthly and is payable on the last day of each fiscal quarter.
Interest rate		7.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Credit Agreement \| Lender \| Term Loan 2024 \| Second Tranche \| West Affum Intermediate Holdings Corp.
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 \| West Affum Intermediate Holdings Corp.
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 \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Aggregate principal amount		$ 60,000,000
Number of tranches \| Tranche		3
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Minimum level of cash		$ 3,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum \| First Tranche \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Committed equity funding amount		$ 75,000,000
WAH Corp and Kestra \| Loan Agreement \| Lender \| Term Loan \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Outstanding balance if target not met amount repayment period										24 months
WAH Corp and Kestra \| Loan Agreement \| Lender \| Term Loan \| Maximum \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Aggregate principal amount										$ 50,000,000
WAH Corp and Kestra \| Loan Agreement \| Lender \| Original Term Loan \| Maximum \| West Affum Intermediate Holdings Corp.
Debt Instrument [Line Items]
Number of tranches \| Tranche										3

Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Details) - West Affum Intermediate Holdings Corp.	Jan. 31, 2025	Apr. 30, 2024
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	1 year 6 months
Medical Rental Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	8 years	7 years

Commitments and Contingencies - Additional Information (Details) - West Affum Intermediate Holdings Corp. - USD ($)	9 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Loss Contingencies [Line Items]
Gain contingency, description	Gain contingencies are not recognized until they’re realized or realizable.
Indemnification provisions, accrual amount	$ 0	$ 0
Claims or actions pending	Management believes that there are currently no other claims or actions pending against the Company where the ultimate disposition could have a material effect on the Company’s results of operations, financial condition or cash flows.

- 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 - Summary of Weighted Average Significant Assumptions used in Calculations (Details) - West Affum Intermediate Holdings Corp.	9 Months Ended	12 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	60.00%	90.00%
Expected time to liquidity	3 months 18 days	1 year 6 months
Risk free rate	4.88%	4.04%
Dividend yield	0.00%	0.00%

- 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

Leases (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Lessee, Lease, Description [Line Items]

Summary of Operating Lease Expense

Operating lease expense was as follows for the periods below:


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Operating lease expense	$	192	$	201	$	559	$	790
Variable lease expense		155		146		461		464
Total operating lease expense	$	347	$	347	$	1,020	$	1,254

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
West Affum Intermediate Holdings Corp.
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,888	$ 3,363	$ 6,132	$ 8,058

Commitments and Contingencies of KESTRA MEDICAL TECHNOLOGIES, LTD.

9 Months Ended

Jan. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

3. Commitments and Contingencies

As of January 31, 2025 and April 30, 2024, the Company has no commitments and contingencies.

Leases

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Lessee, Lease, Description [Line Items]

Leases

5. Leases

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

The October 2023 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 specific for tenant improvements. In August of 2024, the Company amended its office lease to allow for two additional months of rent abatement and also allowed the specific tenant improvement reimbursement to be used for rent abatement or tenant improvements.

Operating lease expense was as follows for the periods below:


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Operating lease expense	$	192	$	201	$	559	$	790
Variable lease expense		155		146		461		464
Total operating lease expense	$	347	$	347	$	1,020	$	1,254

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 $173 and $144 for the three months ended January 31, 2025, and 2024, respectively. Cash paid for operating leases was $506 and $1,121 for the nine months ended January 31, 2025, and 2024, respectively.

The weighted average remaining lease term for the Company’s operating leases was 51 months as of January 31, 2025, and 60 months as of April 30, 2024. The weighted average discount rate used to calculate the net present value of the Company’s operating lease liabilities was 15.2% as of January 31, 2025 and April 30, 2024.

Accrued Liabilities (Tables)

9 Months Ended

Jan. 31, 2025

West Affum Intermediate Holdings Corp.

Payables and Accruals [Line Items]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following at:


	January 31, 2025		April 30, 2024
Bonuses and commissions	$	4,673	$	4,291
Other expenses		3,447		1,191
Professional services		2,058		1,460
Paid time off		2,049		1,903
Payroll and payroll taxes		349		234
Deferred revenue		460		—
Accrued liabilities	$	13,036	$	9,079

Property and Equipment - Summary of Property and Equipment (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 53,867	$ 43,651
Less: accumulated depreciation	(22,480)	(17,546)
Property and equipment, net	31,387	26,105
Medical Rental Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	47,866	38,097
Computer Software and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,446	1,439
Test Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,636	3,224
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 919	$ 891

Fair Value Measurement - Additional Information (Details) - West Affum Intermediate Holdings Corp. - USD ($)	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers into or out of the Level 1, 2 or 3 fair value hierarchies	$ 0	$ 0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt, net of discounts	$ 46,420,000		$ 43,870,000

CONDENSED BALANCE SHEETS of KESTRA MEDICAL TECHNOLOGIES, LTD(Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2025	Apr. 30, 2024
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	100	100
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Non-Controlling Interest - Additional Information (Details) - Investor - West Affum Intermediate Holdings Corp. - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Jul. 31, 2024	Jan. 31, 2025
Class A Common Units
Noncontrolling Interest [Line Items]
Common unit price	$ 14.67
Conversion of stock, shares converted	1,165,644.17
DAC
Noncontrolling Interest [Line Items]
Redemption description		There are no freestanding features requiring recognition or embedded features requiring bifurcation and there is no redemption feature that is not solely within the Company’s control. The agreement does not allow for a redemption for cash or other assets at a fixed or determinable price on a fixed or determinable date outside the Company’s control at the option of the Investor. Any redemption is at the discretion of the DAC. Therefore, the non-controlling interest is classified within permanent equity as it does not meet the liability or mezzanine-classification criteria.
DAC \| Class A Redeemable Ordinary Shares
Noncontrolling Interest [Line Items]
Number of shares sold	171
Price per share	$ 100,000
Cash purchase price	$ 17,100
Common stock conversion description		Concurrently with the execution and delivery of the agreement governing the Investor's investment into DAC, the Company entered into an agreement with the Investor and the Parent wherein, at the discretion of the Investor, the DAC’s Class A redeemable ordinary shares (“Class A Redeemable Ordinary Shares”) held by the Investor can be exchanged into common shares of the Company, and subsequently exchanged into class A common units of the Parent (“Class A Common Units”). 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 the Parent.
Number of shares exchange in conversion	171

Significant Accounting Policies (Policies) - West Affum Intermediate Holdings Corp.

9 Months Ended

Jan. 31, 2025

Significant Accounting Policies [Line Items]

Basis of Presentation

The Company’s fiscal year end is April 30.

Basis of Presentation

Use of Estimates

Accounts Receivable

Property and Equipment

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


	January 31, 2025	April 30, 2024
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 - 8 years	1.5 - 7 years

Deposits

Revenue

Deferred Offering Costs

Accounting Pronouncements Not Yet Adopted

Description of Business of KESTRA MEDICAL TECHNOLOGIES, LTD

9 Months Ended

Jan. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Kestra Medical Technologies, Ltd. (the “Company”) was formed as a limited company in Bermuda on May 20, 2021 and is a wholly owned subsidiary of West Affum Holdings, L.P. (“West Affum LP”), a company in the Cayman Islands. The Company 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 subsidiaries.

Defined Contribution Plan	9 Months Ended
Defined Contribution Plan	Jan. 31, 2025
West Affum Intermediate Holdings Corp.
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan	15. Defined Contribution Plan The Company sponsors a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “401(k) Plan”), for its full-time employees, which covers all eligible employees in the United States. The 401(k) Plan provides for matching and discretionary contributions by the Company. For the three months ended January 31, 2025, and 2024, matching and discretionary contributions by the Company totaled $444 and $290, respectively. For the nine months ended January 31, 2025, and 2024, matching and discretionary contributions by the Company totaled $1,210 and $971, respectively.

Leases - Summary of Operating Lease Expense (Details) - West Affum Intermediate Holdings Corp. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 192	$ 201	$ 559	$ 790
Variable lease expense	155	146	461	464
Total operating lease expense	$ 347	$ 347	$ 1,020	$ 1,254