Kestra Medical Technologies, which makes a wearable cardioverter defibrillator for higher-risk cardiac arrest patients, announced terms for its IPO on Wednesday.
The Kirkland, WA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Kestra Medical Technologies would command a fully diluted market value of $716 million.
Kestra is commercializing its Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The cornerstone of the platform is the ASSURE WCD, a next generation wearable cardioverter defibrillator (WCD) used to protect patients at an elevated risk of sudden cardiac arrest. As of January 31, 2025, Kestra's system is actively being prescribed by more than 550 hospitals across the US (~20% of the country's WCD prescribing hospitals) and has been worn by over 17,000 patients since it was fully commercially launched in August 2022.
Kestra Medical Technologies was founded in 2014 and booked $46 million in sales for the 12 months ended October 31, 2024. It plans to list on the Nasdaq under the symbol KMTS. BofA Securities, Goldman Sachs, Piper Sandler, Wells Fargo Securities, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of March 3, 2025.
