1. Kestra is like the Tesla of wearable defibrillators.

2. Kestra is like the iPhone for wearable defibrillators.

3. Kestra is the Netflix of life-saving cardiac devices.

• ASSURE WCD (Wearable Cardioverter Defibrillator): A next-generation wearable device that continuously monitors heart rhythm and delivers a defibrillation shock to patients at risk of sudden cardiac arrest.
• ASSURE patient application: A mobile application that engages patients with real-time updates to promote compliance and enhance their experience.
• Kestra CareStation remote patient data platform: A digital platform providing healthcare providers with actionable insights from patient data for timely and informed care decisions.
• Heart Alert Services: A service that delivers critical alerts to healthcare providers for significant arrhythmias detected by the system.
• ASSURE Assist services: A service designed to notify emergency services when defibrillation therapy is administered, ensuring post-therapy EMS support.
• ASSURE wearable ECG: A monitoring and connectivity device for patients no longer indicated for a WCD but who still require ongoing cardiac support.

Major Customers of Kestra Medical Technologies (KMTS)

Kestra Medical Technologies primarily serves individual patients who are at an elevated risk of sudden cardiac arrest and require continuous monitoring and potential therapeutic intervention. While healthcare providers such as hospitals and cardiology practices play a critical role in prescribing the ASSURE WCD, Kestra utilizes a lease business model where the device is delivered directly to the patient, and the company provides extensive direct patient support services (e.g., fitting, training, digital applications, alert services). The company's revenue cycle management also focuses on claims submitted according to individual payor requirements, typically on behalf of the patient.

The categories of individual patients that Kestra Medical Technologies serves include:

• Cardiac Patients with Reduced Heart Function: This category includes individuals who have experienced a myocardial infarction (heart attack) or have been diagnosed with heart failure, and who also have a low Left Ventricular Ejection Fraction (LVEF). These conditions significantly increase their risk of sudden cardiac arrest, making them eligible for WCD therapy.
• Patients with Specific Arrhythmias, Genetic Conditions, or Temporary ICD Needs: This group comprises patients with documented ventricular tachycardia (VT) or ventricular fibrillation (VF), those with inherited genetic conditions predisposing them to arrhythmias, or patients who have had their implantable cardioverter defibrillators (ICD) temporarily explanted and require interim protection.
• Patients Requiring Post-WCD Cardiac Monitoring: Kestra also supports patients who are no longer indicated for a wearable cardioverter defibrillator but still require ongoing monitoring and support as their heart remodels, through solutions like the ASSURE wearable ECG.

Brian Webster, President and Chief Executive Officer

Brian Webster is the Founder, President, and Chief Executive Officer of Kestra Medical Technologies, Ltd.. Prior to founding Kestra Medical Technologies in 2014, he served as the CEO of Physio-Control, a global leader in emergency medical response solutions. Under his leadership, Physio-Control expanded its global market presence and developed groundbreaking technologies. In 2016, Stryker acquired Physio-Control for $1.28 billion. He participated in five ownership transfers during his career at Physio-Control, including those involving Eli Lilly, Bain Capital, Medtronic, and eventually Stryker, indicating a pattern of managing companies backed by private equity firms and involvement in company sales.

Vaseem Mahboob, Chief Financial Officer

Vaseem Mahboob has served as Kestra Medical Technologies' Chief Financial Officer since 2021. He brings over 23 years of finance leadership experience across the medtech sector and GE Healthcare. His previous roles include CFO positions in major imaging businesses and emerging markets, as well as public company CFO/COO experience at DIH Technology and Endologix.

Traci Umberger, General Counsel & Chief Administrative Officer

Traci Umberger is a Co-Founder of Kestra Medical Technologies and serves as the General Counsel & Chief Administrative Officer. She is also a board member of the Kestra Medical Foundation.

Al Ford, Chief Commercial Officer

Al Ford is the Chief Commercial Officer at Kestra Medical Technologies.

Timothy Moran, Chief Business Officer

Timothy Moran serves as the Chief Business Officer for Kestra Medical Technologies.

The key risks for Kestra Medical Technologies (KMTS) are:

1. Intense Competition from an Established Incumbent: Kestra Medical Technologies operates in a market that was dominated by a single wearable cardioverter defibrillator (WCD) solution for over 20 years prior to the FDA approval of Kestra's ASSURE WCD in 2021. Despite Kestra's reported clinical and functional advantages, including greater patient compliance and reduced false alarms, the incumbent competitor likely possesses deeply established relationships with healthcare providers, significant brand recognition, and a large installed base. Kestra's ability to continue capturing market share and differentiate its product against a reactive and well-entrenched competitor is a major ongoing challenge. The incumbent could introduce its own product improvements, pricing strategies, or aggressive marketing campaigns to defend its market position.

2. Low Market Penetration and Reimbursement Vulnerabilities: The overall WCD therapy market remains significantly underutilized, reaching only 14% of the eligible U.S. patient population in 2023. Kestra's growth depends not only on outcompeting the incumbent but also on expanding the broader adoption of WCD therapy among eligible patients and healthcare providers. Successfully increasing this penetration rate requires substantial efforts in physician education and patient awareness, which is a broader market challenge. Furthermore, Kestra's business model relies on established reimbursement rates, such as the average Medicare reimbursement rate of $3,436 per patient per month. Any adverse changes in Medicare or private payor reimbursement policies, rates, or coverage could significantly impact the company's revenue, profitability, and overall addressable market potential.

Kestra Medical Technologies (KMTS) has identified the following addressable markets for its Cardiac Recovery System platform, which includes the ASSURE WCD and integrated digital solutions and services:

• U.S. Annual Addressable Market for WCD Therapy: Approximately $10 billion. This is based on an estimated 800,000 cardiac patients each year who have experienced a myocardial infarction or are diagnosed with heart failure and have low Left Ventricular Ejection Fraction, plus an additional 50,000 patients each year with documented ventricular tachycardia or ventricular fibrillation, an inherited genetic condition, or temporarily explanted implantable cardioverter defibrillators. This calculation assumes an average WCD wear prescription length of 3.4 months per patient and an average Medicare reimbursement rate of $3,436 per patient per month.
• International Annual Addressable Market for WCD Therapy: Approximately $14 billion. This is based on an estimated 1.8 million patients meeting the indications for WCD therapy annually in select international markets. This calculation assumes an estimated average WCD wear prescription length of 2.5 months per patient and an estimated average reimbursement rate of $3,000 per patient per month.

Capital Expenditures

• Kestra Medical Technologies has made material investments in infrastructure to support rapid growth and scalability, specifically in its commercial organization, distribution and supply chain capabilities, and revenue cycle management capabilities.
• The company has also made a substantial investment in a fleet of devices, designed for reprocessing and reintroduction into the distribution network to enable business scaling.
• These significant investments in infrastructure are intended to create a high barrier to entry and help protect and grow market share.