0000950170-25-096609 | 10-K | XBRL Viewer | Kestra Medical Technologies LTD

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Current assets
Cash and cash equivalents	$ 237,595	$ 8,249
Accounts receivable, net	8,081	1,998
Disposable medical equipment supplies	6,572	3,290
Prepaid expenses and other current assets	3,080	1,370
Total current assets	255,328	14,907
Right-of-use assets	2,078	2,286
Deposits	2,021	1,710
Restricted cash	334	334
Property and equipment, net	34,830	26,105
Other long-term assets	1,153	607
Total assets	295,744	45,949
Current liabilities
Accounts payable	23,961	23,892
Accrued liabilities	13,829	9,079
Operating lease liabilities, current portion	187
Total current liabilities	37,977	32,971
Operating lease liabilities, net of current portion	3,026	2,633
Warrant liabilities	8,097
Other long-term liabilities	140	76
Long-term debt, net	41,098	42,536
Total liabilities	90,338	78,216
Commitments and contingencies (Note 14)
Redeemable preferred stock, $0.01 par value; 0 and 5,000,000 shares authorized as of April 30, 2025 and April 30, 2024, respectively; 0 and 177,110 shares issued and outstanding as of April 30, 2025 and April 30, 2024, respectively		177,110
Stockholders' equity (deficit)
Common stock, $0.01 par value; 5,000,000 shares authorized as of April 30, 2024; 105,808 shares issued and outstanding as of April 30, 2024. Common shares, $1.00 par value; 100,000,000 shares authorized as of April 30, 2025; 51,348,656 shares issued and outstanding as of April 30, 2025	51,349	19,909
Additional paid-in capital	674,306	177,149
Accumulated deficit	(520,249)	(406,435)
Total shareholders' equity (deficit)	205,406	(209,377)
Total liabilities and shareholders' equity (deficit)	$ 295,744	$ 45,949

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Debt Instrument [Line Items]
Accumulated paid in kind interest applied to term loan balance	$ 1,395	$ 540
Less: unamortized debt issuance costs and debt discount	(5,297)	(3,004)
Total long-term debt	41,098	42,536
Total long-term debt, net of current portion	41,098	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.

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+ 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

Long-Term Debt - Additional Information (Details)												12 Months Ended
Long-Term Debt - Additional Information (Details)	Feb. 25, 2025 USD ($)	Oct. 31, 2024 USD ($)	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	Apr. 30, 2025 $ / shares shares	Apr. 30, 2024 USD ($)	Apr. 30, 2022 USD ($)	Jan. 21, 2022 USD ($) $ / shares shares
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 April 30, 2024, the Company was in compliance with both financial covenants.
Facility and legal fees on undrawn amount			$ 588,000
First Tranche
Debt Instrument [Line Items]
Facility fee			600,000
Legal fees			1,753,000
First Draw
Debt Instrument [Line Items]
Drawn amount			45,000,000
Available loan amount			60,000,000
Second Tranche and Third Tranche
Debt Instrument [Line Items]
Debt related facility fees and debt issuance costs		$ 462,000
Preceding Six-months Trailing Revenue
Debt Instrument [Line Items]
Percentage increase in interest rate								1.00%
Principal payment period								24 months
Preceding Six-months Trailing Revenue \| First
Debt Instrument [Line Items]
Principal payment							$ 5,333,000
Date of first required payment							Feb. 01, 2023
Preceding Six-months Trailing Revenue \| Second
Debt Instrument [Line Items]
Principal payment					$ 5,511,000
Term Loan
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
Debt Instrument [Line Items]
Maturity date												Sep. 24, 2025
Delayed Senior Secured Term Loan \| Second Tranche
Debt Instrument [Line Items]
Drawn amount															$ 15,000,000
Term Loan 2024 \| Third Tranche
Debt Instrument [Line Items]
Proceeds available from issuance of long-term debt	$ 15,000,000
Minimum revenue milestone	$ 60,000,000
Revenue milestone period	12 months
Term Loan 2024 \| First Draw
Debt Instrument [Line Items]
Recognition of facility fee and legal fees as discount			$ 1,765,000
IPO \| Common Stock
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares												$ 11.54
Warrant expiration date												Sep. 29, 2033
IPO \| Maximum \| Common Stock
Debt Instrument [Line Items]
Number of warrants issued to purchase shares \| shares												325,847
Lender \| First Tranche
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares			$ 17.55
Fair value of warrant			$ 1,632,000
Lender \| Maximum \| First Tranche
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares			256,410
Lender \| Term Loan \| First Tranche
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares										$ 22.63
Fair value of warrant										$ 320,000
Lender \| Term Loan \| Second Tranche
Debt Instrument [Line Items]
Warrants exercise price \| $ / shares															$ 26.24
Fair value of warrant															$ 375,000
Lender \| Term Loan \| Maximum \| First Tranche
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares										49,044
Lender \| Term Loan \| Maximum \| Second Tranche
Debt Instrument [Line Items]
Warrant issued to purchase shares \| shares															36,783
Loan Agreement \| Term Loan \| First Tranche
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
Debt Instrument [Line Items]
Achievement amount in three month trailing revenue						$ 9,000,000
Amendment \| Lender \| Term Loan \| Tranche D Draw
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
Debt Instrument [Line Items]
Maturity date												Sep. 29, 2028
Interest rate, description												The Term Loan 2024 bears interest equal to the sum of Term Secured Overnight Financing Rate plus 7.25% for each interest period which is measured monthly and is payable on the last day of each fiscal quarter.
Interest rate			7.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Credit Agreement \| Lender \| Term Loan 2024 \| Second Tranche
Debt Instrument [Line Items]
Aggregate principal amount			$ 7,500,000
Achievement of revenue milestones of trailing twelve month revenues			50,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Third Tranche
Debt Instrument [Line Items]
Aggregate principal amount			7,500,000
Achievement of revenue milestones of trailing twelve month revenues			70,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount			$ 60,000,000
Number of tranches \| Tranche			3
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum
Debt Instrument [Line Items]
Minimum level of cash			$ 3,000,000
Credit Agreement \| Lender \| Term Loan 2024 \| Minimum \| First Tranche
Debt Instrument [Line Items]
Committed equity funding amount			$ 75,000,000
WAH Corp and Kestra \| Loan Agreement \| Lender \| Term Loan
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
Debt Instrument [Line Items]
Aggregate principal amount											$ 50,000,000
WAH Corp and Kestra \| Loan Agreement \| Lender \| Original Term Loan \| Maximum
Debt Instrument [Line Items]
Number of tranches \| Tranche											3

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Accrued Liabilities, Current [Abstract]
Bonuses and commissions	$ 6,368	$ 4,291
Other expenses	3,547	1,191
Paid time off	2,305	1,903
Professional services	1,141	1,460
Payroll and payroll taxes	468	234
Accrued liabilities	$ 13,829	$ 9,079

Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Income and Expenses, Lessee [Abstract]
2026	$ 333
2027	1,364
2028	1,405
2029	1,447
Total future lease payments	4,549
Less: imputed interest	(1,336)
Total lease liability balance	3,213
Less: current portion of lease liability	(187)
Total lease liability, net of current portion	$ 3,026	$ 2,633

Equity Incentive Plan - Summary of Incentive Units Activity (Details) - Incentive Units - shares	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding	2,130,143	2,087,651
Granted	1,192,999	141,800
Forfeited / repurchased	(192,405)	(99,308)
Exchanged into Common Shares	(3,130,737)
Outstanding	0	2,130,143

- Definition

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

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+ Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Apr. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

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


	April 30,
	2025		2024
Prepaid software fees	$	1,387	$	951
Other		1,693		419
Prepaid expenses and other current assets	$	3,080	$	1,370

Fair Value Measurement - Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 237,595	$ 8,249
Restricted cash	334	334
Total assets	237,929	$ 8,583
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	8,097
Total liabilities	$ 8,097

Equity Incentive Plan

12 Months Ended

Apr. 30, 2025

Equity [Abstract]

Equity Incentive Plan

12. Equity Incentive Plan

Incentive Units

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

Incentive Units vest based on continued service on a straight-line basis over the applicable service periods. Any unvested Incentive Units are automatically forfeited upon 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 April 30, 2024, total Incentive Units vested were 1,262,180 and total Incentive Units unvested were 867,963. Also 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 connection with the IPO, vesting was accelerated for all unvested Incentive Units and all Incentive Units were exchanged into Common Shares of Kestra Medical Technologies, Ltd. The Company recorded $2,783 in share-based compensation related to the acceleration of the vesting of the unvested Incentive Units. The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2023		2,087,651
Granted		141,800
Forfeited / repurchased		(99,308	)
Outstanding at April 30, 2024		2,130,143

Granted		1,192,999
Forfeited / repurchased		(192,405	)
Exchanged into Common Shares		(3,130,737	)
Outstanding at April 30, 2025		—

The weighted average grant date fair value of Incentive Units outstanding as of April 30, 2024 was $5.65 per share.

Restricted Common Units and Restricted Class A Common Units

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

Certain directors and advisors of the Company were granted 35,787 shares of restricted Class A Common Units of West Affum LP between July 24, 2024 and November 3, 2024, with a vesting period of 3 years. In connection with the IPO, Class A Common Units were automatically exchanged into restricted Common Shares of Kestra Medical Technologies, Ltd., subject to continued vesting under the directors’ original grant agreements. After the acceleration of 12,994 Class A Common Units in connection with the IPO, as of April 30, 2025, there were 32,485 shares of unvested restricted Common Shares outstanding.

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

Stock Options and Restricted Stock Units

In connection with the IPO, the Company entered into the 2025 Omnibus Incentive Plan to grant eligible individuals incentive equity awards, including stock options (“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 shareholders. The Company has granted 4,658,300 Stock Options to directors, active employees, and former employees since the IPO date. The Board of Directors determines the terms and conditions of the Stock Options, including the number of Stock Options to be granted and vesting criteria at the time of grant. The terms of each Stock Option are stated in the agreements. As of April 30, 2025, total vested Stock Options were 1,658,100. None of the vested Stock Options are exercisable due to the lock-up agreements which will expire in September 2025, thus, no Stock Options are exercised as of April 30, 2025.

Stock Options activity for the year ended April 30, 2025 is as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Balance at April 30, 2024		—		$	—		—	$	—
Options granted		4,658,300			17.04
Options forfeited		(9,200	)		17.00
Balance at April 30, 2025		4,649,100			17.04		9.85		32,640
Options vested at April 30, 2025		1,658,100			17.07		9.85		11,600
Options exercisable at April 30, 2025		—		$	—		—	$	—

Also as of April 30, 2025, unrecognized compensation cost for outstanding Stock Options was $28,293, with the weighted-average period over which this cost is expected to be recognized at 1.77 years. The aggregate intrinsic value of Stock Options is calculated as the difference between the exercise price of the Stock Options and the fair value of the Company’s Common Shares for those Stock Options that had exercise prices lower than the fair value of the Company’s Common Shares.

The weighted average grant date fair value of Stock Options outstanding as of April 30, 2025 was $10.20 per share.

The 2025 Omnibus Incentive Plan also allows for the grants of restricted shares and restricted stock units. No Restricted Common Shares or restricted stock units have been granted through April 30, 2025, except as described under “—Restricted Common Units and Restricted Class A Common Units.”

Share-Based Compensation

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


	Year Ended April 30,
	2025		2024
Research and development	$	1,964	$	174
Selling, general and administrative		22,307		1,314
Total share-based compensation expense	$	24,271	$	1,488

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.

For Incentive Units, 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 calculating the value of the Incentive Units were summarized as follows:


	April 30, 2024
Expected volatility		90.0	%
Expected term	1.5 years
Risk free rate		4.04	%
Dividend yield		0.0	%
Estimated fair value	$	5.27

The Company used Black-Scholes model to value Stock Options as the Company’s Common Stock is traded in the public markets. The volatility assumption was determined by examining the historical volatilities for industry peers, as the Company did not have sufficient trading history for the Company’s Common Shares. The expected time to liquidity is based on the midpoint of the option vesting term and the contractual term. The Company will continue to analyze the expected volatility and expected term assumptions as additional data for the Company’s Common Share becomes available. The risk-free interest rate assumption is based on the U.S. Constant Maturity Treasury rates, interpolated for the expected term of the Company’s Stock Options. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. The weighted average significant assumptions used in calculating the value of the Stock Options were summarized as follows:


	April 30, 2025
Expected volatility		65.0	%
Expected term	5.41 years
Risk free rate		4.04	%
Dividend yield		0.0	%

The Company

12 Months Ended

Apr. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

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

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

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

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

Initial Public Offering

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

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

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

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

Liquidity

As of April 30, 2025, the Company’s principal sources of liquidity consisted of $237,595 of cash and cash equivalents.

The Company has incurred negative operating cash flows and significant losses from operations since its inception. For the years ended April 30, 2025 and 2024, the Company incurred net losses of $113,814 and $94,120, respectively. Cash used in operating activities was $77,608 and $72,235 for the years ended April 30, 2025 and 2024, respectively. As of April 30, 2025, the Company had an accumulated deficit of $520,249.

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

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

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

Emerging Growth Company Status

The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), enacted in 2012. Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Fair Value Measurement

12 Months Ended

Apr. 30, 2025

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 April 30, 2025 and 2024.


	Level 1		Level 2		Level 3
April 30, 2025
Assets
Cash and cash equivalents	$	237,595	$	—	$	—
Restricted cash		334		—		—
Total assets	$	237,929	$	—	$	—
Liabilities
Warrant liabilities		—		—		8,097
Total liabilities	$	—	$	—	$	8,097

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 April 30, 2025 and 2024, the fair value of the long-term debt, net of discounts, approximated $47,330 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.

The Term Loan was transferred out from the Level 2 fair value hierarchy during the year ended April 30, 2024 when the Company paid off and terminated the Term Loan. In the same period, the 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 years ended April 30, 2025 and 2024.

Warrant Liabilities

As of April 30, 2025, the Company recorded warrant liabilities from issuance of warrants to the lender of the Term Loan 2024 in connection with the amendment on February 25, 2025. The warrant liabilities are based on significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the warrant liabilities utilized the Black-Scholes option-pricing model, which incorporates assumptions and estimates to value the warrants.

As of April 30, 2025, the quantitative elements associated with the Company’s Level 3 inputs impacting the fair value measurement of the warrant liabilities included the fair value per share of the underlying Common Shares, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of

the price of the underlying Common Shares. The expected volatility is derived from comparable public companies as the Company did not have sufficient trading history for the Company’s Common Shares. The change in fair value of warrant liability was $2,648 for the year ended April 30, 2025, which is included in other expense within the consolidated statements of operations and comprehensive loss.

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


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

A reconciliation of the Level 3 liabilities is as follows:


Fair value of warrant liabilities at issuance on March 7, 2025	$	5,449
Change in fair value of warrant liabilities		2,648
Fair value of Level 3 liabilities as of April 30, 2025	$	8,097

- 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
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

Non-Controlling Interest - Additional Information (Details) - DAC - Investor - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2024	Apr. 30, 2025
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, Intermediate Holdings entered into an agreement with the Investor and West Affum LP wherein, at the discretion of the Investor, the DAC’s Class A Redeemable Ordinary Shares held by the Investor can be exchanged into common stock of Intermediate Holdings, and subsequently exchanged into Class A Common Units of West Affum LP. The exchange ratio is calculated based on the DAC price per share of $100,000 and the Class A Common Unit price of $14.67 as of July 2024 which allows the Investor to exchange 171 DAC Class A Redeemable Ordinary Shares into 1,165,644.17 Class A Common Units of West Affum LP.
Number of shares exchange in conversion	171
Class A Common Units
Noncontrolling Interest [Line Items]
Common unit price	$ 14.67
Conversion of stock, shares converted	1,165,644.17

Property and Equipment

12 Months Ended

Apr. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following at:


	April 30,
	2025			2024
Medical rental equipment	$	52,670		$	38,097
Computer software and equipment		1,446			1,439
Test equipment		3,115			1,564
Leasehold improvements		919			891
Work in progress		635			1,660
Total property and equipment	$	58,785		$	43,651
Less: accumulated depreciation		(23,955	)		(17,546	)
Property and equipment, net	$	34,830		$	26,105

The Company recorded $7,968 and $11,560 of depreciation expense for the years ended April 30, 2025 and 2024, respectively.

Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Details)	Apr. 30, 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

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

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Apr. 30, 2025 USD ($)	Apr. 30, 2024 USD ($)
Cash flows from operating activities
Net loss	$ (113,814)	$ (94,120)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,968	11,560
Loss on disposal of property and equipment	2,094	1,070
Provision for uncollectible accounts receivable	2,694	500
Interest paid-in-kind	855	1,098
Amortization of debt discounts and issuance costs	1,400	610
Share-based compensation expense	24,270	1,488
Non-cash lease expense	416	729
Deferred income tax expense	64	12
Non-cash loss on debt extinguishment		930
Change in fair value of warrant liability	2,648
Changes in operating assets and liabilities:
Disposable medical equipment supplies	(3,443)	(1,177)
Prepaid expenses and other current assets	(1,852)	331
Accounts receivable	(8,777)	(2,498)
Accounts payable	2,842	7,340
Accrued liabilities	4,617	371
Operating lease liabilities	370	(469)
Other long-term assets	40	(10)
Net cash used in operating activities	(77,608)	(72,235)
Cash flows from investing activities
Purchases of property and equipment	(22,936)	(12,226)
Deposits for medical rental equipment	(655)	(288)
Refund of deposits for medical rental equipment	283	285
Net cash used in investing activities	(23,308)	(12,229)
Cash flows from financing activities
Proceeds from issuance of redeemable preferred stock	103,400	75,000
Deemed dividend for payments to third party on behalf of shareholder	(1,654)	(799)
Proceeds from issuance of stock to non-controlling interest	17,100
Proceeds from issuance of long-term debt		45,000
Proceeds from issuance of Common Shares	215,789
Proceeds from capital contributions	2,374
Payment of debt issuance costs		(2,353)
Payment of equity issuance costs	(3,224)
Repayment of long-term debt		(39,123)
Payments of IPO offering costs	(3,523)
Net cash provided by financing activities	330,262	77,725
Net increase (decrease) in cash, cash equivalents and restricted cash	229,346	(6,739)
Cash, cash equivalents and restricted cash
Beginning of period	8,583	15,322
End of period	237,929	8,583
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	237,595	8,249
Restricted cash	334	334
Cash, cash equivalents and restricted cash	237,929	8,583
Non-cash investing and financing activities:
Purchases of property and equipment in accrued liabilities and accounts payable	7,029	11,066
Capital contribution from West Affum LP to settle warrant obligation		1,632
IPO offering costs incurred but not yet paid	1,875
Issuance of warrants related to long term debt	5,449
Conversion of redeemable preferred stock into Common Shares on completion of IPO	280,510
Supplemental disclosure of cash flow information
Income taxes paid	83	(30)
Interest paid	$ 4,851	$ 3,630

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	Common Shares	Additional Paid-In Capital	Accumulated 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)		$ 19,909	$ 174,828	$ (312,315)
Beginning balance (in shares) at Apr. 30, 2023			19,909,281
Stock-based compensation expense	1,488			1,488
Issuance of redeemable preferred stock		$ 75,000
Issuance of redeemable preferred stock (in shares)		75,000
Deemed dividend for payments to third party on behalf of shareholder	(799)			(799)
Capital contribution from West Affum LP related to warrant obligation	1,632			1,632
Net loss and comprehensive loss	$ (94,120)				(94,120)
Ending balance at Apr. 30, 2024		$ 177,110
Ending balance (in shares) at Apr. 30, 2024	177,110	177,110
Ending balance at Apr. 30, 2024	$ (209,377)		$ 19,909	177,149	(406,435)
Ending balance (in shares) at Apr. 30, 2024			19,909,281
Stock-based compensation expense	$ 24,271			24,271
Issuance of redeemable preferred stock		$ 103,400
Issuance of redeemable preferred stock (in shares)	0	103,400
Issuance of stock to non-controlling interest	$ 17,100					$ 17,100
Deemed dividend for payments to third party on behalf of shareholder	(4,878)			(4,878)
Conversion of Incentive Units to common shares on IPO (in shares)			651,577
Conversion of Incentive Units to common shares on IPO			$ 652	(652)
Capital contribution from West Affum LP	2,374			2,374
Warrant modification upon IPO	(1,171)			(1,171)
Conversion of redeemable preferred stock to common shares on IPO (in shares)			15,444,716
Conversion of redeemable preferred stock to common shares on IPO	280,510		$ 15,445	265,065
Conversion of redeemable preferred stock to common shares on IPO ( in shares)		(280,510)
Conversion of redeemable preferred stock to common shares on IPO		$ (280,510)
Conversion of non-controlling interest to common shares on IPO (in shares)			1,645,893
Conversion of non-controlling interest to common shares on IPO			$ 1,646	15,454		$ (17,100)
Issuance of common shares upon IPO, net of underwriter discounts and issuance costs of $21,909	210,391		$ 13,665	196,726
Issuance of common shares upon IPO, net of underwriter discounts and issuance costs of $21,909 (in shares)			13,664,704
Issuance of restricted share awards			$ 32	(32)
Issuance of restricted share awards (in shares)			32,485
Net loss and comprehensive loss	$ (113,814)				(113,814)
Ending balance (in shares) at Apr. 30, 2025	0
Ending balance at Apr. 30, 2025	$ 205,406		$ 51,349	$ 674,306	$ (520,249)
Ending balance (in shares) at Apr. 30, 2025			51,348,656

Income Taxes

12 Months Ended

Apr. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The components of net loss before provision for income taxes are as follows:


	April 30,
	2025			2024
U.S. operations	$	(105,417	)	$	(75,374	)
Foreign operations		(8,262	)		(18,722	)
Net loss before provision for income taxes	$	(113,679	)	$	(94,096	)

Prior to the consummation of the IPO, the Company’s business was conducted through Intermediate Holdings and its consolidated subsidiaries. As a result of the Organizational Transactions effected in connection with the IPO, Kestra Medical Technologies, Ltd. became the top holding company, and operates and controls all of the business and affairs and consolidates the financial results of Intermediate Holdings. Kestra Medical Technologies, Ltd. is based in Bermuda and is a resident of Ireland for tax purposes. The Company has subsidiaries in the Cayman Islands, Ireland and the U.S. Under the current laws of Bermuda and the Cayman Islands, the Company is not subject to tax on income. However, the Company and its subsidiaries are subject to taxation in Ireland, the U.S. federal government, and various states. The Company accounts for the provision for income taxes in accordance

with ASC 740, Income Taxes, which requires an estimate of the annual effective tax rate for the full year to be applied to the interim period, taking into account year-to-date amounts and projected results for the full year.

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

For purposes of the reconciliation between the provision (benefit) for income taxes at the statutory rate and the effective tax rate, an Irish 25% rate is applied to pretax income as a result of the following for the year ended April 30, 2025. The U.S. statutory rate of 21% was used for the period ending April 30, 2024 due to the Company’s structure for that year:


	April 30,
	2025			2024
Tax benefit at U.S. statutory rate	$	(28,420	)	$	(19,760	)
Non-taxable foreign income		4,719			(373	)
State tax (net of federal tax benefit)		(4,110	)		(2,325	)
Non-deductible expenses		3,561			719
R&D credit (net of reserve)		(402	)		(704	)
Other		—			23
Change in valuation allowance		24,787			22,444
Provision for income taxes	$	135		$	24

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


	April 30,
	2025			2024
Deferred tax assets
Loss carryforwards	$	52,281		$	34,572
Interest carryforward		7,211			5,786
Accrued liabilities		4,553			2,261
Operating lease liability		539			354
Disposable medical equipment supplies		224			161
U.S. research and development credits		5,517			5,116
Intangible asset		35,375			35,375
Share-based compensation		4,998			—
Total deferred tax assets	$	110,698		$	83,625
Less: valuation allowance for deferred tax assets		(103,815	)		(79,028	)
Net deferred tax assets	$	6,883		$	4,597

Deferred tax liabilities
Property and equipment	$	(6,233	)	$	(4,161	)
Prepaid expenses		(533	)		(228	)
Right-of-use assets		(257	)		(284	)
Total deferred tax liabilities	$	(7,023	)	$	(4,673	)
Net deferred tax liabilities	$	(140	)	$	(76	)

The Company does not accrue a deferred tax liability on stock basis of its subsidiaries since the tax basis exceeds the book basis. There are no unremitted foreign earnings.

Utilization of some of the federal and state net operating losses and credit carryforwards may be subject to annual limitations due to the change in ownership provisions of the Internal Revenue Code of 1986 (“Internal Revenue Code”) and similar state provisions. The Tax Reform Act of 1986 limits the use of net operating loss and tax credit

carryforwards in certain situations where changes occur in the stock ownership of a company. A study has not yet been performed. If there was an ownership change, there could be an annual limitation that may result in the expiration of net operating losses and credits before utilization.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carry back opportunities and tax planning strategies in making the assessment. The Company believes it is more likely than not it will not realize the benefits of these deductible differences and has applied a full valuation allowance against them.

Net operating losses and tax credit carryforwards as of April 30, 2025 are as follows:


	2025		Expiration Years
Net operating losses, federal	$	201,189	Indefinite
Net operating losses, state		110,475	Various
Tax credits, federal		6,336	2039 - 2043
Net operating losses, foreign		34,307	Indefinite

The Company determines whether a tax position is more likely than not to be sustained upon examination based on the technical merits of the position in accordance with ASC 740. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority.

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


	April 30,
	2025			2024
Unrecognized tax benefits at beginning of year	$	(774	)	$	(696	)
Additions based on tax positions taken in the current year		(45	)		(78	)
Additions based on tax positions taken in the prior year		—			—
Decreases based on tax positions taken in prior years		—			—
Unrecognized tax benefits at end of year	$	(819	)	$	(774	)

All of the unrecognized tax benefits as of April 30, 2025 are accounted for as a reduction in deferred tax assets. Due to the valuation allowance, none of the $(819) of unrecognized tax benefits would affect the effective tax rate, if recognized. The Company does not believe it is reasonably possible that the unrecognized tax benefits will significantly change in the next twelve months. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. There were no accrued interest or penalties related to unrecognized tax benefits for the year ended April 30, 2025 or April 30, 2024. The Company does not expect any significant change in the unrecognized tax benefits during the next twelve months.

The Company files Irish, U.S. federal and U.S. state income tax returns. The Company is not currently under examination but is open to audit by the I.R.S. and state tax authorities for tax years beginning in 2019. The resolutions of any examinations are not expected to be material to these financial statements. As of April 30, 2025, there are no penalties or accrued interest recorded in the financial statements.

On July 4, 2025, the One Big Beautiful Bill Act (2025 US tax reform) was enacted into law. The 2025 US tax reform contains several key tax laws, including extensions and modifications of the Tax Cuts and Jobs Act. In accordance with Accounting Standards Codification (ASC) 740, Income Taxes, the Company is required to recognize the effect of the tax law changes in the period of enactment, such as remeasuring the estimated U.S. deferred tax assets and liabilities. The Company is in the process of assessing the impacts from the 2025 US tax reform.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income and Expenses, Lessee [Abstract]
Operating lease expense	$ 758	$ 991
Variable lease expense	636	602
Total operating lease expense	$ 1,394	$ 1,593

The Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 14, 2025	Mar. 07, 2025	Mar. 31, 2025	Apr. 30, 2025	Apr. 30, 2024
Nature Of Operations And Liquidity [Line Items]
Cash and cash equivalents				$ 237,595	$ 8,249
Par value				$ 1	$ 0.01
Parent contribution of common stock				105,808
Common stock, shares issued				51,348,656	105,808
Net losses				$ 113,814	$ 94,120
Cash used in operating activities				77,608	72,235
Accumulated deficit				$ 520,249	$ 406,435
West Affum Intermediate Holdings Corp.
Nature Of Operations And Liquidity [Line Items]
Entity Incorporation, Date of Incorporation				Aug. 06, 2020
Kestra Medical Technologies, Ltd
Nature Of Operations And Liquidity [Line Items]
Parent contribution of common stock				19,885,382
IPO
Nature Of Operations And Liquidity [Line Items]
Initial public offering date		Mar. 07, 2025
IPO offering costs				$ 5,398
IPO \| Kestra Medical Technologies, Ltd \| Directly Owns
Nature Of Operations And Liquidity [Line Items]
Percentage of ownership of common shares		100.00%
IPO \| Kestra Medical Technologies, Ltd \| Indirectly Owns
Nature Of Operations And Liquidity [Line Items]
Percentage of ownership of common shares		100.00%
IPO \| Common Stock
Nature Of Operations And Liquidity [Line Items]
Shares issued		11,882,352
Additional common stock purchased by underwriters pursuant to option to purchase additional shares	1,782,352
Sale of stock, number of shares issued in transaction subject to vesting conditions		32,485
Par value		$ 1
Initial public offering, Price per share	$ 17	$ 17
Gross proceeds from initial public offering			$ 215,789
IPO offering costs			$ 5,398
IPO \| Common Stock \| West Affum Holdings, L.P
Nature Of Operations And Liquidity [Line Items]
Shares issued		37,683,952
Parent contribution of common stock		19,885,382
IPO \| Common Stock \| Kestra Medical Technologies, Ltd
Nature Of Operations And Liquidity [Line Items]
Parent contribution of common stock		105,808

Income Taxes - Summary of Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2025 USD ($)
Federal
Valuation Allowance [Line Items]
Net opreating losses	$ 201,189
Tax credits	$ 6,336
Net operating losses, Expiration Years	Indefinite
Federal \| Minimum
Valuation Allowance [Line Items]
Tax credits, Expiration Years	2039
Federal \| Maximum
Valuation Allowance [Line Items]
Tax credits, Expiration Years	2043
State
Valuation Allowance [Line Items]
Net opreating losses	$ 110,475
Net operating losses, Expiration Years	Various
Foreign
Valuation Allowance [Line Items]
Net opreating losses	$ 34,307
Net operating losses, Expiration Years	Indefinite

Equity Incentive Plan - Summary of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options, Beginning balance \| shares	0
Number of options, granted \| shares	4,658,300
Number of options, forfeited \| shares	(9,200)
Number of options Ending balance \| shares	4,649,100
Number of options, vested at April 30, 2025 \| shares	1,658,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 0
Weighted average exercise price, Options granted \| $ / shares	17.04
Weighted average exercise price, Options forfeited \| $ / shares	17
Weighted average exercise price, Balance at April 30, 2025 \| $ / shares	17.04
Weighted average exercise price, Options vested at April 30, 2025 \| $ / shares	$ 17.07
Weighted average remaining contractual life, Balance at April 30, 2025	9 years 10 months 6 days
Weighted average remaining contractual life, Options vested at April 30, 2025	9 years 10 months 6 days
Aggregate intrinsic value , Balance at April 30, 2025 \| $	$ 32,640
Aggregate intrinsic value , Options vested at April 30, 2025 \| $	$ 11,600

Significant Accounting Policies

12 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

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

Certain prior period amounts in the consolidated statements of cash flows have been reclassified to conform to the current period presentation.

Use of Estimates

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

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

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Restricted cash consists of amounts related to the Company’s office lease agreement and credit card collateralization. In lieu of a cash security deposit, the landlord required an irrevocable standby letter of credit upon execution of the lease be

maintained throughout the term of the lease agreement in the amount of $109 as of April 30, 2025 and 2024. The Company also had restricted cash of $225 for credit card collateralization as of April 30, 2025 and 2024.

Disposable Medical Equipment Supplies

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

Accounts Receivable

Accounts receivable and net revenues are based on contractually agreed-upon rates for leases for the ASSURE© System, reduced by contractual adjustments. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. The complexity of third-party billing arrangements and laws and regulations governing Medicare may result in adjustments to amounts originally recorded.

The Company performs a periodic analysis to review the valuation of accounts receivable and collectability of outstanding balances. These estimates are determined utilizing historical realization data under a portfolio approach which is then assessed by management to evaluate whether adjustments should be made based on accounts receivable aging trends, other operating trends, and relevant business conditions such as governmental and managed care payor claims processing procedures.

The Company records a reserve for estimated probable losses as part of net revenue adjustments in reporting revenue at an expected collectable amount based on the total portfolio of receivables for which collectability has been deemed probable. Accounts receivable is presented on the consolidated balance sheets net of the adjustments.

Receivables are considered past due when not collected by established due dates. Specific patient balances are written off after collection efforts have been followed and the account has been determined to be uncollectible. Changes to reserve estimate impacts are recorded as an adjustment to net revenue in the period during which changes in circumstances support a change to the estimate. The estimates of the allowance for uncollectible accounts receivable were $3,193 and $500 as of April 30, 2025 and 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:


	April 30, 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 year ended April 30, 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 cost of revenue, by $1,208 in the year ended April 30, 2025, compared to if the useful life of therapy cables had remained at two years. In addition, during the year ended April 30, 2025, the estimated useful lives of batteries was extended from two years to six years and was applied prospectively. This change was a result of the better-than-expected performance of the batteries. The impact was a reduction of depreciation expense, which is included within cost of revenue, by $198 in the year ended April 30, 2025, compared to if the useful life of batteries 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 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 consolidated balance sheets.

Leases

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

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

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

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

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

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

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

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

Impairment of Long-Lived Assets

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

The Company compares the carrying value of the long-lived assets (asset group) with the estimated future net undiscounted future cash flows expected to result from the use of the assets (asset group), including cash flows from disposition. An impairment loss is measured as the amount by which the carrying value exceeds the fair value of the long-lived assets (asset group). No impairment of long-lived assets was recorded during the years ended April 30, 2025 and 2024.

Warrant Liabilities

The Company accounts for certain warrants as liabilities in accordance with ASC 815-40, Derivatives and Hedging. The warrants are presented as a warrant liability in the consolidated balance sheets and are measured at fair value, with gains or losses recognized in the consolidated statements of operations and comprehensive loss.

Revenue

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

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

Due to the nature of the industry and the reimbursement environment in which the Company operates, the Company periodically evaluates the need to record a general reserve under ASC 450, Contingencies, for a portfolio of operating lease receivables that are probable of collection. Inherent in the reserve estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain payors may result in adjustments to amounts originally recorded. Such adjustments are expected to be identified and recorded at the point of cash application or claim denial.

Cost of Revenue

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

Deferred IPO Offering Costs

The Company capitalized as deferred offering costs all direct and incremental legal, professional and other third-party fees incurred in connection with the Company’s IPO within long-term assets. The Company recorded $5,398 in deferred offering costs through the IPO in March 2025 (see Note 1 “The Company”). The deferred offering costs were offset against the IPO proceeds upon closing of the IPO and were no longer deferred. As of April 30, 2025, $1,875 of the IPO offering costs were in accounts payable and accrued expenses.

Income Taxes

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

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

Research and Development

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

Patent Costs

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

Share-Based Compensation

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

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

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

Payments on Behalf of Shareholder

During the year ended April 30, 2025, and 2024, the Company paid administrative costs to third parties on behalf of one of its shareholders of $4,878 and $799, respectively. The payments to third parties on behalf of the Company’s shareholder were recorded as a deemed dividend in the consolidated statements of changes in redeemable preferred stock and shareholders’ equity (deficit).

Concentrations of Risk

Credit Risk

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

Business Risk

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

Customer Risk

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

Segment Information

The Company has a single operating and reportable segment. The Company has determined that its Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and in a consistent manner with that is included in the consolidated statements of operations and comprehensive loss for purposes of assessing performance and making decisions on how to allocate resources. As the Company operates as one operating segment, all required segment financial information, such as revenues and significant operating expenses, is found in the accompanying consolidated financial statements. For the periods presented, all of the Company’s long-lived assets were located in the United States, and all revenues from leasing of ASSURE© System devices to patients were earned in the United States. The accounting policies for segment reporting are the same as for the Company as a whole.

The chief operating decision maker utilizes the Company’s financial information such as net loss and comprehensive loss derived from revenues and operating expenses included in the Company forecast, performance metrics, and budget versus actual analyses for purposes of evaluating financial performance and how to best allocate resources when developing and reviewing the annual budget to achieve the Company’s long-term objectives. Significant expenses within loss from operations include cost of revenue, research and development, selling, general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Fair Value of Financial Instruments

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

•

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

•

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

•

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

Comprehensive Loss

Comprehensive loss consists of net loss and other gains or losses affecting shareholders’ equity that, under accounting principles generally accepted in the United States of America, are excluded from net loss. For the years ended April 30, 2025 and 2024, there were no items which qualify as components of other comprehensive loss and therefore, the Company’s comprehensive loss was the same as its reported net loss.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”). ASU 2023-07 requires that an entity disclose significant segment expenses, a description of “other segment items,” and the title and position of the chief operating decision maker along with an explanation of how the reported segment profit or loss is assessed and allocated. The amendments in this ASU were applied retrospectively for all prior periods presented in the financial statements. The Company adopted ASU 2023-07 during the year ended April 30, 2025. The adoption of the amendments in ASU 2023-07 impacted the Company’s disclosures in the notes to the consolidated financial statements and did not have a material impact on its consolidated balance sheets, results of operations or cash flows.

Accounting Pronouncements Not Yet Adopted

In 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 evaluating the impact that this ASU will have on its 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 consolidated financial statements as a result of future adoption.

Fair Value Measurement - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liabilities		$ 2,648
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of warrant liabilities at issuance on March 7, 2025	$ 5,449
Change in fair value of warrant liabilities	2,648
Fair value of Level 3 liabilities as of April 30, 2025	$ 8,097	$ 8,097

Common Shares - Additional Information (Details) - $ / shares	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Equity [Abstract]
Common stock, shares authorized	100,000,000	5,000,000
Common stock, shares issued	51,348,656	105,808
Common stock, shares outstanding	51,348,656	105,808
Common stock, par value	$ 1	$ 0.01
Common stock, voting rights description	Each share of common stock was entitled to one vote.

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits at beginning of year	$ (774)	$ (696)
Additions based on tax positions taken in the current year	(45)	(78)
Unrecognized tax benefits at end of year	$ (819)	$ (774)

Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 24,271	$ 1,488
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	1,964	174
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 22,307	$ 1,314

- 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

Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2025

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 April 30, 2025 and 2024.


	Level 1		Level 2		Level 3
April 30, 2025
Assets
Cash and cash equivalents	$	237,595	$	—	$	—
Restricted cash		334		—		—
Total assets	$	237,929	$	—	$	—
Liabilities
Warrant liabilities		—		—		8,097
Total liabilities	$	—	$	—	$	8,097

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

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

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


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

Reconciliation of Level 3 Liabilities

A reconciliation of the Level 3 liabilities is as follows:


Fair value of warrant liabilities at issuance on March 7, 2025	$	5,449
Change in fair value of warrant liabilities		2,648
Fair value of Level 3 liabilities as of April 30, 2025	$	8,097

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Certain prior period amounts in the consolidated statements of cash flows have been reclassified to conform to the current period presentation.

Use of Estimates

Cash, Cash Equivalents and Restricted Cash

Accounts Receivable

Property and Equipment

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


	April 30, 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

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

Leases

Impairment of Long-Lived Assets

Revenue

Cost of Revenue

Deferred IPO Offering Costs

Income Taxes

Research and Development

Share-Based Compensation

Concentrations of Risk

Credit Risk

Business Risk

Customer Risk

Segment Information

Fair Value of Financial Instruments

•

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

•

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

Comprehensive Loss

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Leases

12 Months Ended

Apr. 30, 2025

Leases [Abstract]

Leases

5. Leases

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

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

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

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

Operating lease expense was as follows for the periods below:


	Year Ended April 30,
	2025		2024
Operating lease expense	$	758	$	991
Variable lease expense		636		602
Total operating lease expense	$	1,394	$	1,593

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 $655 and $1,269 for the years ended April 30, 2025 and 2024, respectively.

The weighted average remaining lease term for the Company’s operating leases was 48 months as of April 30, 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 April 30, 2025 and 2024.

Maturities of operating lease liabilities (net reimbursements) were as follows as of April 30, 2025:


	2025
Fiscal Year:

2026	$	333
2027		1,364
2028		1,405
2029		1,447
Total future lease payments	$	4,549
Less: imputed interest		(1,336	)
Total lease liability balance	$	3,213
Less: current portion of lease liability		(187	)
Total lease liability, net of current portion	$	3,026

Equity Incentive Plan - Summary of Weighted Average Significant Assumptions used in Calculations (Details)	12 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Expected volatility	90.00%
Expected term	1 year 6 months
Risk free rate	4.04%
Dividend yield	0.00%

Accrued Liabilities (Tables)

12 Months Ended

Apr. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following at:


	April 30,
	2025		2024
Bonuses and commissions	$	6,368	$	4,291
Other expenses		3,547		1,191
Paid time off		2,305		1,903
Professional services		1,141		1,460
Payroll and payroll taxes		468		234
Accrued liabilities	$	13,829	$	9,079

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

12 Months Ended

Apr. 30, 2025

Apr. 30, 2024

Numerator:

Net loss attributable to Kestra Medical Technologies, Ltd.

$ (113,814)

$ (94,120)

Undeclared preferred dividends

(12,321)

(6,721)

Net loss attributable to common shareholders, basic

(126,135)

(100,841)

Net loss attributable to common shareholders, diluted

$ (126,135)

$ (100,841)

Denominator:

Weighted average shares of common shares outstanding, basic

^[1]

24,583,745

19,885,382

Weighted average shares of common shares outstanding, diluted

^[1]

24,583,745

19,885,382

Net loss per share attributable to common stockholder

Net loss per share attributable to common shareholders, basic

$ (5.13)

$ (5.07)

Net loss per share attributable to common shareholders, diluted

$ (5.13)

$ (5.07)

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

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

12 Months Ended

Apr. 30, 2025

Apr. 30, 2024

Income Statement [Abstract]

Revenue

$ 59,815

$ 27,814

Costs of revenue

35,605

27,452

Gross profit

24,210

362

Operating expenses:

Research and development

15,652

15,490

Selling, general and administrative

114,936

69,935

Total operating expenses

130,588

85,425

Loss from operations

(106,378)

(85,063)

Other expense (income):

Interest expense

7,734

6,230

Interest income

(3,199)

Other expense

2,766

2,803

Net loss before provision for income taxes

(113,679)

(94,096)

Provision for income taxes

135

Net loss and comprehensive loss

(113,814)

(94,120)

Less: Undeclared preferred stock dividends

12,321

6,721

Net loss attributable to common shareholders, basic

(126,135)

(100,841)

Net loss attributable to common shareholders, diluted

$ (126,135)

$ (100,841)

Net loss per share attributable to common shareholders, basic

$ (5.13)

$ (5.07)

Net loss per share attributable to common shareholders, diluted

$ (5.13)

$ (5.07)

Weighted average shares of common shares outstanding, basic

^[1]

24,583,745

19,885,382

Weighted average shares of common shares outstanding, diluted

^[1]

24,583,745

19,885,382

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

Fair Value Measurement - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	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
Change in fair value of warrant liability	2,648,000
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt, net of discounts	$ 47,330,000	$ 43,870,000

Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Deferred tax assets
Loss carryforwards	$ 52,281	$ 34,572
Interest carryforward	7,211	5,786
Accrued liabilities	4,553	2,261
Operating lease liability	539	354
Disposable medical equipment supplies	224	161
U.S. research and development credits	5,517	5,116
Intangible asset	35,375	35,375
Share-based compensation	4,998
Total deferred tax assets	110,698	83,625
Less: valuation allowance for deferred tax assets	(103,815)	(79,028)
Net deferred tax assets	6,883	4,597
Deferred tax liabilities
Property and equipment	(6,233)	(4,161)
Prepaid expenses	(533)	(228)
Right-of-use assets	(257)	(284)
Total deferred tax liabilities	(7,023)	(4,673)
Net deferred tax liabilities	$ (140)	$ (76)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (113,814)	$ (94,120)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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+ Details

Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following at:


	April 30,
	2025			2024
Medical rental equipment	$	52,670		$	38,097
Computer software and equipment		1,446			1,439
Test equipment		3,115			1,564
Leasehold improvements		919			891
Work in progress		635			1,660
Total property and equipment	$	58,785		$	43,651
Less: accumulated depreciation		(23,955	)		(17,546	)
Property and equipment, net	$	34,830		$	26,105

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

Equity Incentive Plan - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended		26 Months Ended
	Apr. 30, 2024	Nov. 03, 2024	Apr. 30, 2025	Apr. 30, 2024	Oct. 16, 2024	Apr. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition			1 year 9 months 7 days
Options granted			4,658,300
Total vested stock options			1,658,100
Exercise price	$ 0		$ 17.04	$ 0
Unrecognized compensation cost			$ 28,293,000
Weighted average grant date fair value			$ 10.2
2025 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted			4,658,300
Stock options exercisable			0
Total vested stock options			1,658,100
Stock options are exercised			0
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation related to acceleration of vesting of unvested Incentive Units			$ 2,783,000
Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost outstanding	$ 3,389,000			$ 3,389,000
Unrecognized compensation cost, period for recognition	3 years 2 months 4 days
Weighted average grant date fair value of Incentive Units outstanding	$ 5.65			$ 5.65
Share granted			1,192,999	141,800
Shares, vested	1,262,180			1,262,180
Total incentive units unvested	2,130,143		0	2,130,143		2,087,651
Intrinsic value			$ 0
Exercise price			$ 0
Unvested Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total incentive units unvested	867,963			867,963
Restricted Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted					17,149
Vesting period					3 years
Restricted Common Shares \| 2025 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted			0
Restricted Common Shares \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total incentive units unvested			32,485
Restricted Class A Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted		35,787
Vesting period		3 years
Restricted Class A Common Units \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested			12,994
Restricted Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	2,858		8,575	2,858
Total incentive units unvested	14,291		8,575	14,291
Restricted Common Units \| 2025 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share granted			0

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Matching and discretionary contributions	$ 1,660	$ 1,345

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Gain contingency, description	Gain contingencies are not recognized until they are realized or realizable.
Indemnification provisions, accrual amount	$ 0	$ 0
Claims or actions pending	Management believes that there are currently no other claims or actions pending against the Company where the ultimate disposition could have a material effect on the Company’s results of operations, financial condition or cash flows.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

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

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 April 30, 2025 and 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.

Net Loss Per Share Attributable to Common Shareholders

12 Months Ended

Apr. 30, 2025

Earnings Per Share [Line Items]

Net Loss Per Share Attributable to Common Shareholders

16. Net Loss Per Share Attributable to Common Shareholders

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

Basic net loss per share attributable to common shareholders is calculated by dividing net loss by the weighted average number of Common Shares outstanding during the period and excludes any dilutive effects of employee share-based awards and warrants. Diluted net loss per share attributable to common shareholders is computed giving effect to all potentially dilutive common shares, including common shares issuable upon vesting of share-based payment awards and/or upon exercise of the warrants. For the years ended April 30, 2025 or 2024, the Company did not have any dilutive shares. For both periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding due to the Company’s net loss position.

Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the year ended April 30, 2025 include 4,649,100, 434,916, and 32,485 shares of common shares underlying stock options, warrants,

and restricted stock, respectively. Potentially anti-dilutive shares excluded from the calculation of diluted net loss per share for the year ended April 30, 2024 include 23,899 shares of restricted stock.

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders for the years ended April 30, 2025 and 2024:


	Year Ended April 30,
	2025			2024
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(113,814	)	$	(94,120	)
Undeclared preferred dividends		(12,321	)		(6,721	)
Net loss attributable to common shareholders	$	(126,135	)	$	(100,841	)
Denominator:
Weighted average shares of common share outstanding
– basic and diluted		24,583,745			19,885,382
Net loss per share attributable to common shareholders
– basic and diluted	$	(5.13	)	$	(5.07	)

Equity Incentive Plan - Summary of Weighted Average Significant Assumptions Used in Calculating Value of Stock Options (Details)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		90.00%
Expected term		1 year 6 months
Risk free rate		4.04%
Dividend yield		0.00%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	65.00%
Expected term	5 years 4 months 28 days
Risk free rate	4.04%
Dividend yield	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

Defined Contribution Plan

12 Months Ended

Apr. 30, 2025

Defined Contribution Plan Disclosure [Line Items]

Defined Contribution Plan

15. Defined Contribution Plan

The Company sponsors a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “401(k) Plan”), for its full-time employees, which covers all eligible employees in the United States. The 401(k) Plan provides for matching and discretionary contributions by the Company. For the years ended April 30, 2025 and 2024, matching and discretionary contributions by the Company totaled $1,660 and $1,345, respectively.

Income Taxes - Summary of Reconciliation Between Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax benefit at U.S. statutory rate	$ (28,420)	$ (19,760)
Non-taxable foreign income	4,719	(373)
State tax (net of federal tax benefit)	(4,110)	(2,325)
Non-deductible expenses	3,561	719
R&D credit (net of reserve)	(402)	(704)
Other		23
Change in valuation allowance	24,787	22,444
Provision for income taxes	$ 135	$ 24

- Definition

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

+ References

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+ Details

Long-Term Debt (Tables)

12 Months Ended

Apr. 30, 2025

Debt Disclosure [Abstract]

Summary of Long-term Debt

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


	April 30,
	2025			2024
Term loans	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,395			540
Less: unamortized debt issuance costs and debt discount		(5,297	)		(3,004	)
Total long-term debt	$	41,098		$	42,536
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	41,098		$	42,536

Long-Term Debt - Summary of Expenses Related to Term Loan (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Debt Instrument [Line Items]
Interest expense paid-in-kind and applied to the Term Loan 2024 balance	$ 855	$ 1,098
Term Loan 2024
Debt Instrument [Line Items]
Cash interest expense	4,851	2,860
Amortization of the facility fee and legal fees	874	271
Interest expense paid-in-kind and applied to the Term Loan 2024 balance	855	540
Total expense recognized related to the Term Loan	7,106	4,109
Term Loan 2024 \| Warrant
Debt Instrument [Line Items]
Amortization of the debt discount recognized in connection with the warrant	$ 526	438
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

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2025	Apr. 30, 2024
Redeemable preferred stock, shares authorized	0	5,000,000
Redeemable preferred stock, shares issued	0	177,110
Redeemable preferred stock, shares outstanding	0	177,110
Common stock, par value	$ 1	$ 0.01
Common stock, shares authorized	100,000,000	5,000,000
Common stock, shares issued	51,348,656	105,808
Common stock, shares outstanding	51,348,656	105,808
West Affum Intermediate Holdings Corp.
Redeemable preferred stock, par value	$ 0.01	$ 0.01

Equity Incentive Plan (Tables)

12 Months Ended

Apr. 30, 2025

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

Summary of Incentive Units/Stock Options Activity

The following table summarizes Incentive Units activity:


	Incentive Units
Outstanding at April 30, 2023		2,087,651
Granted		141,800
Forfeited / repurchased		(99,308	)
Outstanding at April 30, 2024		2,130,143

Granted		1,192,999
Forfeited / repurchased		(192,405	)
Exchanged into Common Shares		(3,130,737	)
Outstanding at April 30, 2025		—

Summary of Share-based Compensation Expense

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


	Year Ended April 30,
	2025		2024
Research and development	$	1,964	$	174
Selling, general and administrative		22,307		1,314
Total share-based compensation expense	$	24,271	$	1,488

Summary of Weighted Average Significant Assumptions used in Calculations

The weighted average significant assumptions used in calculating the value of the Incentive Units were summarized as follows:


	April 30, 2024
Expected volatility		90.0	%
Expected term	1.5 years
Risk free rate		4.04	%
Dividend yield		0.0	%
Estimated fair value	$	5.27

Summary of Weighted Average Significant Assumptions Used in Calculating Value of Stock Options

The weighted average significant assumptions used in calculating the value of the Stock Options were summarized as follows:


	April 30, 2025
Expected volatility		65.0	%
Expected term	5.41 years
Risk free rate		4.04	%
Dividend yield		0.0	%

Stock Options

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

Summary of Incentive Units/Stock Options Activity

Stock Options activity for the year ended April 30, 2025 is as follows:


	Number of options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Balance at April 30, 2024		—		$	—		—	$	—
Options granted		4,658,300			17.04
Options forfeited		(9,200	)		17.00
Balance at April 30, 2025		4,649,100			17.04		9.85		32,640
Options vested at April 30, 2025		1,658,100			17.07		9.85		11,600
Options exercisable at April 30, 2025		—		$	—		—	$	—

- 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

Net Loss Per Share Attributable to Common Shareholders (Tables)

12 Months Ended

Apr. 30, 2025

Earnings Per Share [Abstract]

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

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders for the years ended April 30, 2025 and 2024:


	Year Ended April 30,
	2025			2024
Numerator:
Net loss attributable to Kestra Medical Technologies, Ltd.	$	(113,814	)	$	(94,120	)
Undeclared preferred dividends		(12,321	)		(6,721	)
Net loss attributable to common shareholders	$	(126,135	)	$	(100,841	)
Denominator:
Weighted average shares of common share outstanding
– basic and diluted		24,583,745			19,885,382
Net loss per share attributable to common shareholders
– basic and diluted	$	(5.13	)	$	(5.07	)

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Net Loss Before Provision for Income Taxes

The components of net loss before provision for income taxes are as follows:


	April 30,
	2025			2024
U.S. operations	$	(105,417	)	$	(75,374	)
Foreign operations		(8,262	)		(18,722	)
Net loss before provision for income taxes	$	(113,679	)	$	(94,096	)

Summary of Reconciliation Between Provision (Benefit) for Income Taxes


	April 30,
	2025			2024
Tax benefit at U.S. statutory rate	$	(28,420	)	$	(19,760	)
Non-taxable foreign income		4,719			(373	)
State tax (net of federal tax benefit)		(4,110	)		(2,325	)
Non-deductible expenses		3,561			719
R&D credit (net of reserve)		(402	)		(704	)
Other		—			23
Change in valuation allowance		24,787			22,444
Provision for income taxes	$	135		$	24

Summary of Components of Deferred Tax Assets and Liabilities

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


	April 30,
	2025			2024
Deferred tax assets
Loss carryforwards	$	52,281		$	34,572
Interest carryforward		7,211			5,786
Accrued liabilities		4,553			2,261
Operating lease liability		539			354
Disposable medical equipment supplies		224			161
U.S. research and development credits		5,517			5,116
Intangible asset		35,375			35,375
Share-based compensation		4,998			—
Total deferred tax assets	$	110,698		$	83,625
Less: valuation allowance for deferred tax assets		(103,815	)		(79,028	)
Net deferred tax assets	$	6,883		$	4,597

Deferred tax liabilities
Property and equipment	$	(6,233	)	$	(4,161	)
Prepaid expenses		(533	)		(228	)
Right-of-use assets		(257	)		(284	)
Total deferred tax liabilities	$	(7,023	)	$	(4,673	)
Net deferred tax liabilities	$	(140	)	$	(76	)

Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards as of April 30, 2025 are as follows:


	2025		Expiration Years
Net operating losses, federal	$	201,189	Indefinite
Net operating losses, state		110,475	Various
Tax credits, federal		6,336	2039 - 2043
Net operating losses, foreign		34,307	Indefinite

Summary of Activity Related to Unrecognized Tax Benefits

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


	April 30,
	2025			2024
Unrecognized tax benefits at beginning of year	$	(774	)	$	(696	)
Additions based on tax positions taken in the current year		(45	)		(78	)
Additions based on tax positions taken in the prior year		—			—
Decreases based on tax positions taken in prior years		—			—
Unrecognized tax benefits at end of year	$	(819	)	$	(774	)

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2024	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 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 were set to expire in April 2024. In October 2023, the Company amended the existing office lease to expire in April 2029.
Lessee, operating lease, option to extend			The Company has the option to renew for 3 or 5 years upon expiration of the extended term at prevailing market rates
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Tenant improvement allowance		$ 943
Tenant improvement reimbursement		$ 786		$ 786
Additional rent abatement period	2 months
Cash paid for operating leases			$ 655	$ 1,269
Weighted average remaining lease term		60 months	48 months	60 months
Weighted average discount rate		15.20%	15.20%	15.20%
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal period			3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal period			5 years

Leases (Tables)

12 Months Ended

Apr. 30, 2025

Leases [Abstract]

Summary of Operating Lease Expense

Operating lease expense was as follows for the periods below:


	Year Ended April 30,
	2025		2024
Operating lease expense	$	758	$	991
Variable lease expense		636		602
Total operating lease expense	$	1,394	$	1,593

Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities (net reimbursements) were as follows as of April 30, 2025:


	2025
Fiscal Year:

2026	$	333
2027		1,364
2028		1,405
2029		1,447
Total future lease payments	$	4,549
Less: imputed interest		(1,336	)
Total lease liability balance	$	3,213
Less: current portion of lease liability		(187	)
Total lease liability, net of current portion	$	3,026

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Tax Disclosure [Line Items]
Statutory effective tax rate		21.00%
Unremitted foreign earnings	$ 0
Unrecognized tax benefits would affect effective tax rate	(819,000)
Accrued interest or penalties related to unrecognized tax benefits	$ 0	$ 0
IRELAND
Income Tax Disclosure [Line Items]
Statutory tax rate, foreign	25.00%
Accrued interest or penalties related to unrecognized tax benefits	$ 0

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7,968	$ 11,560

Long-Term Debt

12 Months Ended

Apr. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

7. Long-Term Debt

On September 24, 2020, West Affum Holdings Corp. and Kestra Medical Technologies, Inc. (subsidiaries of West Affum Intermediate Holdings Corp.) 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 were made available in up to three tranches, which were subject to the Company achieving certain funding, regulatory or revenue milestones as defined in the Loan Agreement. The term loan included certain six-month trailing revenue targets beginning in July of 2022, which, if breached, would 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 were amortized as interest expense over the term of the loan on a straight-line basis.

In conjunction with the draw on the first tranche, West Affum LP issued a warrant to the lender to purchase up to 49,044 shares of West Affum LP’s common units at an exercise price of $22.63 per share. The fair value of the warrant was $320 and was recognized as a debt discount and as a capital contribution, and the debt discount was 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, West Affum LP issued a warrant to the lender to purchase up to 36,783 shares of West Affum LP’s common units at an exercise price of $26.24 per share. The fair value of the warrant was $375 and was recognized as a debt discount and as a capital contribution, and the debt discount was 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 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 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 was 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 included in other expense on the 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 April 30, 2024, 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 milestone related to the second tranche was not met and the third tranche was not probable of being achieved. As a result, the Company expensed the asset related to debt issuance costs and facility fees in the amount of $462.

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

On February 25, 2025, the Company amended the Term Loan 2024 facility to adjust the revenue milestones applicable to the debt covenants therein and amend the ability to draw additional loans under the third tranche to allow for the ability to draw an additional $15.0 million through July 31, 2026 upon the achievement of revenue of at least $60.0 million for any twelve consecutive month period prior to the third tranche borrowing date. As of April 30, 2025, the Company was in compliance with all financial covenants.

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

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


	April 30,
	2025			2024
Term loans	$	45,000		$	45,000
Accumulated paid-in-kind interest applied to term loan balance		1,395			540
Less: unamortized debt issuance costs and debt discount		(5,297	)		(3,004	)
Total long-term debt	$	41,098		$	42,536
Less: Current portion of long-term debt		—			—
Total long-term debt, net of current portion	$	41,098		$	42,536

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


	Year Ended April 30,
	2025		2024
Cash interest expense	$	4,851	$	2,860
Amortization of the facility fee and legal fees		874		271
Amortization of the debt discount recognized in connection with the warrant		526		438
Interest expense paid-in-kind and applied to the Term Loan 2024 balance		855		540
Total expense recognized related to the Term Loan 2024	$	7,106	$	4,109

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


	Year Ended April 30,
	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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (b)
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+ Details

Common Shares

12 Months Ended

Apr. 30, 2025

Equity [Abstract]

Common Shares

9. Common Shares

The Company had 100,000,000 Common Shares authorized and 51,348,656 Common Shares issued and outstanding with a par value of $1.00 as of April 30, 2025. Each Common Share is entitled to one vote. 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 April 30, 2024. Each share of common stock was entitled to one vote. Contributions are recorded to additional paid-in capital.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Shareholders - Additional Information (Details) - shares	12 Months Ended
	Apr. 30, 2025	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
Warrants
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	434,916
Restricted 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	32,485	23,899
Stock Options
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	4,649,100

Non-Controlling Interest

12 Months Ended

Apr. 30, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interest

11. Non-Controlling Interest

In July 2024, West Affum Holdings Designated Activity Company (the “DAC”), a subsidiary of the Company, received a $17,100 investment from a third party (the “Investor”) in exchange for shares. The DAC sold the Investor 171 Class A redeemable ordinary shares (“Class A Redeemable Ordinary Shares”) of the DAC at a price per share equal to $100,000 for an aggregate cash purchase price of $17,100. Concurrently with the execution and delivery of the agreement governing the Investor’s investment into DAC, Intermediate Holdings entered into an agreement with the Investor and West Affum LP wherein, at the discretion of the Investor, the DAC’s Class A Redeemable Ordinary

Shares held by the Investor can be exchanged into common stock of Intermediate Holdings, and subsequently exchanged into Class A Common Units of West Affum LP. The exchange ratio is calculated based on the DAC price per share of $100,000 and the Class A Common Unit price of $14.67 as of July 2024 which allows the Investor to exchange 171 DAC Class A Redeemable Ordinary Shares into 1,165,644.17 Class A Common Units of West Affum LP.

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

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Prepaid Expenses and Other Current Assets [Line Items]
Prepaid software fees	$ 1,387	$ 951
Other	1,693	419
Prepaid expenses and other current assets	$ 3,080	$ 1,370

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Apr. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Components of Net Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Tax Disclosure [Abstract]
U.S. operations	$ (105,417)	$ (75,374)
Foreign operations	(8,262)	(18,722)
Net loss before provision for income taxes	$ (113,679)	$ (94,096)

- Definition

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

+ References

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+ Details

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 58,785	$ 43,651
Less: accumulated depreciation	(23,955)	(17,546)
Property and equipment, net	34,830	26,105
Medical Rental Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	52,670	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	3,115	1,564
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	919	891
Work in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 635	$ 1,660

Redeemable Preferred Stock - Additional Information (Details) - USD ($)			12 Months Ended
	May 02, 2023	Mar. 31, 2023	Apr. 30, 2025	Apr. 30, 2024	Mar. 07, 2025	May 31, 2022
Temporary Equity [Line Items]
Existing share capital			0	5,000,000
Common stock, par value			$ 1	$ 0.01
Number of preferred shares issued			0
Outstanding preferred stock				$ 177,110,000
Redeemable Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, description			In May 2022, Intermediate Holdings amended and restated its Memorandum and Articles of Association, according to which Intermediate Holdings’ existing share capital of 5,000,000 shares can upon the discretion of Intermediate Holdings be issued in the form of either common and/or preferred stock with a par value of $0.01 each.For the years ended April 30, 2025 and 2024, Intermediate Holdings issued to West Affum LP a total of 103,400 and 75,000 shares of preferred stock for proceeds of $103,400 and $75,000, respectively. Following the Organizational Transactions, pre-existing interests in Intermediate Holdings, as well as non-controlling interests of its subsidiaries, were exchanged into Common Shares. Kestra Medical Technologies, Ltd. now directly owns 100% of Intermediate Holdings and indirectly owns 100% of each of Intermediate Holdings’ direct and indirect subsidiaries. There were no shares of preferred stock outstanding as of April 30, 2025. Outstanding preferred stock was $177,110 as of April 30, 2024.Preferred stock issued is considered non-voting and is subject to a preferred dividend accrued daily with a set payment “yield” capped at 4.7% for issuances prior to April 30, 2023 and at 6.0% for issuances on or after May 1, 2023.
Existing share capital						5,000,000
Redeemable preferred stock, par value						$ 0.01
Common stock, par value						$ 0.01
Percentage of preferred dividend	6.00%	4.70%
Dividends declared			$ 0	$ 0
Number of preferred shares issued			103,400	75,000
Outstanding preferred stock				$ 177,110,000
Proceeds from issuance preferred shares			$ 103,400,000	$ 75,000,000
Redeemable Preferred Stock \| Directly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares			100.00%
Redeemable Preferred Stock \| Indirectly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares			100.00%
IPO \| Directly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares					100.00%
IPO \| Indirectly Owns \| Kestra Medical Technologies, Ltd
Temporary Equity [Line Items]
Percentage of ownership of common shares					100.00%

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2025	Jul. 17, 2025	Oct. 31, 2024
Cover [Abstract]
Document Type	10-K
Entity Central Index Key	0001877184
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity File Number	001-42549
Entity Registrant Name	Kestra Medical Technologies, Ltd.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	3933 Lake Washington Blvd NE
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Kirkland
Entity Address, State or Province	WA
Entity Tax Identification Number	00-0000000
Entity Address, Postal Zip Code	98033
City Area Code	425
Local Phone Number	279-8002
Title of 12(b) Security	Common Shares, par value $1.00 per share
Trading Symbol	KMTS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Annual Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting to be held in 2025, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report relates (the “Proxy Statement”).
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		51,348,656
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Irvine, California
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Kestra Medical Technologies, Ltd. and its subsidiaries (the “Company”) as of April 30, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of changes in redeemable preferred stock and shareholders’ equity (deficit) and of cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

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

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Apr. 30, 2025 USD ($) Segment	Apr. 30, 2024 USD ($)
Significant Accounting Policies [Line Items]
Depreciation expense	$ 7,968,000	$ 11,560,000
Administrative costs paid to third party	4,878,000	799,000
Restricted cash	334,000	334,000
Allowance for uncollectible accounts receivable	3,193,000	500,000
Impairment of long-lived assets	$ 0	$ 0
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
Segment Reporting, Expense Information Used by CODM, Description	The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis and in a consistent manner with that is included in the consolidated statements of operations and comprehensive loss for purposes of assessing performance and making decisions on how to allocate resources. As the Company operates as one operating segment, all required segment financial information, such as revenues and significant operating expenses, is found in the accompanying consolidated financial statements. For the periods presented, all of the Company’s long-lived assets were located in the United States, and all revenues from leasing of ASSURE© System devices to patients were earned in the United States. The accounting policies for segment reporting are the same as for the Company as a whole.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Costs of Revenue
Significant Accounting Policies [Line Items]
Depreciation expense	$ 1,208,000
Medical Rental Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	2 years	1 year 6 months
Medical Rental Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	8 years	7 years
Therapy Cables
Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Batteries
Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Batteries \| Costs of Revenue
Significant Accounting Policies [Line Items]
Depreciation expense	$ 198,000
Batteries \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Batteries \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	6 years
Credit Card Collateralization
Significant Accounting Policies [Line Items]
Restricted cash	$ 225,000	$ 225,000
Lease Agreements \| Letter of Credit
Significant Accounting Policies [Line Items]
Cash security deposit	109,000	$ 109,000
IPO
Significant Accounting Policies [Line Items]
IPO offering costs	5,398,000
IPO offering costs in accounts payable and accrued expenses	$ 1,875,000