Kestra Medical Technologies Ltd. (KMTS): 4QFY26 delivers again with solid FY27 growth outlook

研报英文原文证据摘录

Kestra Medical Technologies Ltd. (KMTS): 4QFY26 delivers again with solid FY27 growth outlook

Goldman Sachs Kestra Medical Technologies Ltd. (KMTS)

underpinning FY27 revenue guidance including continued momentum in market

share capture of WCD prescriptions; (3) trajectory of commercial investments along

with efforts to increase sales force productivity; (4) gross margin inflection continues

with expectation for ~700bps of YoY margin expansion in FY27 and reiteration of

expected path to 70%+ over the next few years; and (5) capital allocation priorities

in light of incremental financing including further investments in commercial

expansion and market development (early career fellowship education and clinical

publications). On our follow-up call, the company further clarified: (1)

considerations underpinning FY2027 revenue growth cadence; (2) timing of sales

force hiring and corresponding flow through to revenue growth; (3) cash utilization

assumptions; and (4) trajectory of market growth (sustainability of recent uptick and

assumptions on long-term performance).

n Changes to our model (see Exhibit 2 for full details): We revise our forecasts to

reflect (1) 4Q operating results and newly established FY27 guidance; (2) updated

financial profile (both OpEx and cash flow projections); and (3) the 4QFY26 10Q. For

2027, we now project sales of ~$137 million (versus $128 million prior) implying 44%

YoY growth and full-year gross margin forecast of ~58.5% (+720bps YoY following

~1,100bps expansion in FY26). Our longer-term revenue outlook increases in FY27

and the outer years given the performance in 4Q, end-market trends, and share gain

trajectory. At the same time, our adjusted EBITDA loss forecasts widen reflecting the

exit rate for FY26 and commercial investments.