Kestra Medical Technologies: Vegas takes

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Kestra Medical Technologies: Vegas takes

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Kestra Medical Technologies

Vegas takes

Maintain Rating: BUY | PO: 30.00 USD | Price: 21.45 USD

Fireside chat with KMTS CEO and CFO 14 May 2026

We hosted KMTS CEO, Brian Webster and CFO, Vaseem Mahboob, at our Healthcare Equity

conference in Vegas. We discussed commercial growth drivers, gross margin expansion,

Travis Steed

potential guideline updates, competition, collaboration opportunities, and market Research Analyst

expansion opportunities. We maintain our Buy rating. BofAS travis.steed@bofa.com

No material impact from inflation currently StephanieResearch AnalystElghazi

KMTS has not seen any material impact from inflation or freight costs. KMTS also noted BofAS stephanie.elghazi@bofa.com

it has done advanced purchases and invested $75m in capex, so it has a supply and

Rei Tan

inflation hedge because it is its own biggest supplier. KMTS’ hardware is also used over Research Analyst

a long period of time, so the depreciation helps offset future price uplifts in memory BofAS rei.tan@bofa.com

chip sets.

Gracia Mahoney

Research Analyst

BofASSalesforce and penetration are key growth drivers gracia.mahoney@bofa.com

KMTS’ current salesforce of 130 reps enables 60% market coverage in the US. In the Enjia Cao

markets KMTS is currently in (where it has a rep and resources), it has ≥25-30% market Research Analyst

share. KMTS expects gradual penetration since reps convert physicians one at a time (no BofASenjia.cao@bofa.com

hospital contracts, buying, or clinical committees). KMTS has 70%+ market share in the Aidan Lahey

accounts with more tenured reps. KMTS expects continued penetration to convert into Research Analyst

good sales productivity metrics.