Kestra Medical Technologies, which makes a wearable cardioverter defibrillator for higher-risk cardiac arrest patients, raised $202 million by offering 11.9 million shares at $17, above the range of $14 to $16. The company offered 1.9 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol KMTS. BofA Securities, Goldman Sachs, Piper Sandler, Wells Fargo Securities, and Stifel acted as joint bookrunners on the deal.
