Kestra Medical Technologies, Ltd. announced the closing of its upsized initial public offering (IPO) on March 7, 2025, raising approximately $202 million. The company offered 11,882,352 common shares at $17 per share, with trading beginning on Nasdaq on March 6 under the ticker “KMTS.”
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Kestra is a commercial-stage wearable medical device and digital healthcare company dedicated to improving patient outcomes in cardiovascular disease.
Its Cardiac Recovery system platform combines continuous monitoring, therapeutic intervention and digital health solutions into one integrated system, specifically designed to address the risks associated with sudden cardiac arrest — a condition that accounts for roughly 50% of cardiovascular-related deaths in the US.
At the core of this platform is the ASSURE wearable cardioverter defibrillator (WCD), a lightweight, non-invasive device that continuously monitors a patient’s heart rhythm and delivers an electric shock if a life-threatening arrhythmia occurs.
It uses built-in sensors to track heart activity in real-time, filtering out movement-related noise to avoid false alarms. The system automatically responds when needed, restoring normal heart rhythm within seconds.
The ASSURE WCD stands out from ZOLL’s LifeVest, the only other commercially available WCD, by significantly reducing false alarms — only 6% of patients experience a false alert compared to 46% with the LifeVest, which has dominated the market for over 20 years.
Designed for comfort, the ASSURE defibrillator features gender-specific, breathable garments that allow for a median daily wear time of 23.2 hours.
More than 550 hospitals across the US have already prescribed the device, and over 17,000 patients have benefited from its advanced monitoring and therapeutic capabilities since its full commercial launch.
In addition to its enhanced alert system, the ASSURE WCD is designed to deliver a 170 joule shock, effectively treating patients who require higher energy levels. It is also built to provide a minimum defibrillation capacity of 25 shocks, providing a significant safety buffer during prolonged cardiac events.
The market opportunity for WCDs is substantial.
An estimated 800,000 patients in the US are eligible for such therapy annually, yet only 14% received a prescription in 2023 — representing roughly a $10 billion annual domestic opportunity, with an additional $14 billion potential internationally.
The global cardiac monitoring devices market will reach nearly $48.58 billion by 2032. Meanwhile, the cardiac AI monitoring and diagnostics market is expected to surge to $16.13 billion by 2034, driven by advancements in AI, wearable adoption and telemedicine.
Kestra is one among many contemporaries advancing wearable defibrillator technology. In 2024, Element Science reported findings on the Jewel Patch WCD, which demonstrated a median daily wear time of 23.5 hours, a skin-related adverse effect rate of 2.3% and an inappropriate shock rate of just 0.36 per 100 patient-months.
With its IPO capital, Kestra plans to expand beyond the US, investing in its supply chain and operations while pursuing regulatory approvals, including the CE mark in Europe, to bring its technology to new markets.
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