Travel with Management; A Name to Own Right Here

研报英文原文证据摘录

Travel with Management; A Name to Own Right Here

seeing from the expanded sales force, we believe the company FY27E EPS — US$(1.91)

should deliver upside to this key metric and, correspondingly, beat estimates on the top-

52-Week High / Low US$30.00 / US$13.25 line. The same can be said for our GM expectation here in fiscal Q4, which is up 40 bps

Shares Out (mil) 55.8

sequentially compared to the 200 basis point improvement we saw in Q3. Market Cap. (mil) US$1,175.6

Avg Daily Vol (000) 357

• Upside to ’27 and ’28 Revenue Estimates Could Exist Too; Profitability Div Yield 0.00%

Improvements Meaningful. In addition to the ongoing sales force expansion, a new Fiscal Year End Apr

algorithm should lower false alarm rates by another 50% for KMTS (they were already

Price Performance - 1 Year well below the incumbent here), which, along with further market expansion and longer

wear times (more HF patients using their product) position KMTS to continue delivering USD

med tech leading revenue growth. The Street is modeling close to 40% growth in fiscal 30

’27 and ’28 but we would not be surprised to see it closer to 50% each year when all 28

is said and done. Further, the company expects meaningful GM expansion, with line of 26

sight to 70% here, which would also be above where the consensus is modeling the 22

business at present. We believe upside to these two key metrics would be welcome 20

updates for investors as they, potentially, materialize in the coming quarters. 18

• Stock Thoughts. Like much of medical technology this year, shares of KMTS have 14

been under pressure and are down about 15% YTD. That is despite good fiscal Q3 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

result (ending in January) and strong overall momentum in the business.