Strong Q4 Sales, Conservative '27 Rev Guidance; Continue to Recommend Purchase

研报英文原文证据摘录

Strong Q4 Sales, Conservative '27 Rev Guidance; Continue to Recommend Purchase

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more in Opex than expected ($55M vs our $47M estimate), which in aggregate, yielded FY28E Rev (mil) — US$194.4

FY27E EPS US$(1.91) US$(2.33) adjusted EBITDA loss of $26.7M or about $3M lower than we had forecast.

FY28E EPS — US$(2.06)

• Fiscal ’27 Revenue Guidance Provided. The company issued its fiscal ’27 revenue 52-Week High / Low US$30.00 / US$13.25 Shares Out (mil) 55.8

guidance, which calls for sales of $137M (+44% y/y) landing higher than consensus Market Cap. (mil) US$1,350.4

($133M). KMTS did not provide any other financial guidance beyond the top-line, Avg Daily Vol (000) 332

consistent with its methodology from last year. Div Yield 0.00%

Fiscal Year End Apr

• Key Points from the Call. There were three things from the call that stood out to us.

Price Performance - 1 Year First, the revenue guidance for fiscal '27 appears conservative. The market is growing a

solid low to mid-teens and KMTS continues to take share. This backdrop plus company's USD

increased number of sales reps and more covered lives could deliver upside in the next 30

fiscal year. Second, the company secured up to $200M in non-dilutive financing via 28

a five-year term loan. We believe this is a solid strategic move by management that 26

capitalizes on its strong business momentum. While this does mean we expect more 22

spend in the near-term than we had previously modeled, this financing could also help 20

the company further accelerate sales growth. Third and lastly, leverage will likely come 18

a little later than we initially thought. We now expect EBITDA leverage to show in '28 to 16

'29, but it should be significant when it does come. Gross margins are improving which is 14