<p>Kestra Medical Technologies Ltd. ((KMTS)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Kestra Medical Technologies 在最新的财报电话会议上语气明显乐观，强调了强劲的收入和处方增长，以及毛利率的扩大和关键的临床与监管胜利。管理层在这种乐观情绪中平衡了对亏损扩大、现金消耗增加和执行风险的坦诚承认，因为公司迅速扩大到更大的商业版图。</p>
<h2>收入激增和前景上调</h2>
<p>Kestra 报告第三季度收入为 2460 万美元，同比增长 63%，突显其可穿戴除颤器平台的加速采用。反映这一势头，管理层将 2026 财年的收入指引上调至 9300 万美元，意味着与 2025 财年相比增长 55%，并标志着自初步展望以来的第二次上调。</p>
<h2>处方势头显示市场份额增长</h2>
<p>公司在本季度接受了超过 5400 份处方，同比增长约 58%，进一步巩固了其强劲的收入扩张轨迹。管理层强调这一处方强度是持续市场份额增长和心脏病中心新账户激活的证据。</p>
<h2>毛利率扩大，目标超过 70%</h2>
<p>第三季度毛利率攀升至 52.6%，比去年同期提高约九个百分点，环比提高 200 个基点。这标志着 Kestra 连续第九个季度实现毛利率的环比扩张，管理层重申了在规模和效率提高的背景下，毛利率将超过 70% 的多年度路径。</p>
<h2>转化率和收入周期管理改善</h2>
<p>Kestra 的处方转化率在第三季度达到了约 46%，高于去年同期调整后的 43%，并在 2024 财年的 38% 和 2025 财年的 44% 的基础上稳步改善。公司归功于填充率、BIN 率和回款的提升，并进一步投资于基于人工智能的收入周期自动化，以优化这一流程。</p>
<h2>临床证据和监管利好</h2>
<p>来自 ACE PAS 的新数据被称为最大的真实世界处方前瞻性 WCD 研究，涉及超过 21000 名患者，显示出低误报率、强大的佩戴时间合规性和 100% 成功转化危险性心律失常。与此同时，FDA 批准了 Assure 算法的更新，旨在进一步减少误报和不当电击，增强临床吸引力。</p>
<h2>战略合作与产品扩展</h2>
<p>Kestra 宣布与 BioBeat Technologies 达成独家合作，包括 500 万美元的股权投资，将无袖带的动态血压监测整合到 Assure 套件中。公司指出，ACE PAS 患者中有 72% 患有高血压，使这一能力在未来产品差异化和更广泛的患者管理中具有高度相关性。</p>
<h2>市场准入胜利增强报销形象</h2>
<p>在支付方方面，Kestra 成为佛罗里达州管理医疗补助的批准提供商，并与该州四大管理医疗补助计划中的两个签署了合同。同时，它还被纳入美国退伍军人事务部的联邦供应计划，医疗保险的月度报销上涨 2%，达到 3589 美元，整体改善了每个适配器的收入和准入。</p>
<h2>资本状况支持增长投资</h2>
<p>公司在一月份结束时拥有 2.91 亿美元的现金及现金等价物，得益于 12 月的股权发行和最近完成的架构注册。管理层强调，尽管运营亏损和资本支出较高，Kestra 仍然资本充足，可以支持持续的商业扩张、研发和基础设施建设。</p>
<h2>扩大商业版图</h2>
<p>Kestra 在 2025 年日历年结束时大约有 100 个活跃销售区域，并预计到 4 月的财年结束时将达到约 130 个。这一加速扩张旨在扩大地理覆盖范围并加深与医生的互动，为更大的收入基础奠定基础，但也增加了短期支出。</p>
<h2>亏损扩大反映重投资</h2>
<p>第三季度 GAAP 净亏损扩大至 3420 万美元，较去年同期的 2180 万美元有所增加，而调整后的 EBITDA 亏损从 1630 万美元增加至 2120 万美元。管理层将这一增长主要归因于商业建设和上市公司基础设施的投资，认为这些成本是支持长期规模所必需的。</p>
<h2>运营费用和现金消耗上升</h2>
<p>第三季度 GAAP 运营费用达到 4770 万美元，其中包括 150 万美元的一次性项目，剔除一次性项目和基于股票的补偿后，运营费用从 2480 万美元上升至 3610 万美元。季度现金消耗（不包括对 BioBeat 的投资）被描述为在 2000 万美元中间范围，资本支出约为 900 万美元，预计年资本支出运行率接近 3000 万美元，以支持设备库存和区域增长。</p>
<h2>季节性和转化率波动</h2>
<p>管理层警告称，转化率受到季节性压力的影响，特别是在一月份的免赔额重置和假期期间，这可能使第三季度的结果更加波动，尽管潜在改善的基础上。投资者被提醒，即使年度转化趋势保持积极，季度间的噪音也是预期之中的。</p>
<h2>竞争格局和支付方复杂性</h2>
<p>Kestra 承认，现有竞争对手 ZOLL 已推出更大规模的 WCD 设备，但表示迄今为止尚未对其业务产生实质性影响。然而，公司指出，专注于业务便利性和与超过 3000 家美国支付方签约的挑战，形成了需要持续努力的长期协议。</p>
<h2>快速扩张带来的执行风险</h2>
<p>向大约 130 个地区的扩展带来了执行风险，因为新员工必须迅速提高生产力，以证明更高的固定成本是合理的。管理层承认，如果销售增长的速度低于预期，近期盈利能力可能会面临额外压力，这突显了有序招聘、培训和区域管理的重要性。</p>
<h2>指引与前景</h2>
<p>展望未来，Kestra 对 2026 财年的收入指引上调至 9300 万美元，依赖于持续的处方增长、提升收入的网络比例、改善的转化率以及扩大的销售覆盖范围。第三季度毛利率为 52.6%，并表示有望达到 70% 以上，管理层将当前阶段视为由强劲的 2.91 亿美元现金储备资助的投资期，并计划每年约 3000 万美元的资本支出。</p>
<p>Kestra 最近的电话会议描绘了一幅公司迅速扩大规模的图景，得益于强劲的收入增长、改善的经济效益和引人注目的临床数据。对于投资者而言，这个故事是一个经典的增长权衡：承诺的势头和扩大的市场准入与更高的亏损、更大的资本需求以及伴随激进商业扩张而来的运营风险之间的对比。</p>

KMTS

美国医药设备 ETF - iShares

标普健康医疗设备 ETF - SPDR

<p>Kestra Medical Technologies 在第三季度的财报电话会议中表现强劲，收入增长了 63%，达到 2460 万美元，并将 2026 财年的收入指引上调至 9300 万美元。公司看到处方量显著增长，毛利率扩大至 52.6%，并宣布与 BioBeat Technologies 的合作。尽管亏损扩大至 3420 万美元，Kestra 仍然资本充足，现金达到 2.91 亿美元。公司正在扩大其商业足迹，目标是在四月之前实现 130 个活跃销售区域，同时管理增加的运营费用和现金消耗</p>

<p>Kestra Medical Technologies Ltd. ((KMTS)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Kestra Medical Technologies Ltd. ((KMTS)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Kestra Medical Technologies struck a notably upbeat tone on its latest earnings call, underscoring powerful revenue and prescription growth alongside expanding gross margins and key clinical and regulatory wins. Management balanced this optimism with a candid acknowledgment of widening losses, higher cash burn, and execution risks as the company scales rapidly into a larger commercial footprint.</p>
<div class="lb-trans"><p>Kestra Medical Technologies 在最新的财报电话会议上语气明显乐观，强调了强劲的收入和处方增长，以及毛利率的扩大和关键的临床与监管胜利。管理层在这种乐观情绪中平衡了对亏损扩大、现金消耗增加和执行风险的坦诚承认，因为公司迅速扩大到更大的商业版图。</p>
</div><h2>Revenue Surges and Upgraded Outlook</h2>
<div class="lb-trans"><h2>收入激增和前景上调</h2>
</div><p>Kestra reported Q3 revenue of $24.6 million, up 63% year over year, underscoring accelerating adoption of its wearable defibrillator platform. Reflecting this momentum, management raised fiscal 2026 revenue guidance to $93 million, implying 55% growth versus fiscal 2025 and marking the second upward revision since the initial outlook.</p>
<div class="lb-trans"><p>Kestra 报告第三季度收入为 2460 万美元，同比增长 63%，突显其可穿戴除颤器平台的加速采用。反映这一势头，管理层将 2026 财年的收入指引上调至 9300 万美元，意味着与 2025 财年相比增长 55%，并标志着自初步展望以来的第二次上调。</p>
</div><h2>Prescription Momentum Signals Market Share Gains</h2>
<div class="lb-trans"><h2>处方势头显示市场份额增长</h2>
</div><p>The company accepted more than 5,400 prescriptions in the quarter, representing roughly 58% year-over-year growth and reinforcing its trajectory of strong top-line expansion. Management highlighted this prescription strength as evidence of ongoing market-share gains and new account activation across cardiology centers.</p>
<div class="lb-trans"><p>公司在本季度接受了超过 5400 份处方，同比增长约 58%，进一步巩固了其强劲的收入扩张轨迹。管理层强调这一处方强度是持续市场份额增长和心脏病中心新账户激活的证据。</p>
</div><h2>Gross Margins Expand With Line of Sight to 70%+</h2>
<div class="lb-trans"><h2>毛利率扩大，目标超过 70%</h2>
</div><p>Gross margin climbed to 52.6% in Q3, improving by about nine percentage points from a year earlier and 200 basis points sequentially. This marked Kestra’s ninth consecutive quarter of sequential gross margin expansion, with management reiterating a multi-year path toward margins above 70% as scale and efficiency improve.</p>
<div class="lb-trans"><p>第三季度毛利率攀升至 52.6%，比去年同期提高约九个百分点，环比提高 200 个基点。这标志着 Kestra 连续第九个季度实现毛利率的环比扩张，管理层重申了在规模和效率提高的背景下，毛利率将超过 70% 的多年度路径。</p>
</div><h2>Conversion and Revenue Cycle Management Improve</h2>
<div class="lb-trans"><h2>转化率和收入周期管理改善</h2>
</div><p>Kestra’s prescription conversion rate reached approximately 46% in Q3, up from an adjusted 43% in the prior-year quarter and building on steady improvement from 38% in fiscal 2024 and 44% in fiscal 2025. The company credited gains in fill rate, BIN rate, and collections, and is further investing in AI-driven revenue cycle automation to tighten this funnel.</p>
<div class="lb-trans"><p>Kestra 的处方转化率在第三季度达到了约 46%，高于去年同期调整后的 43%，并在 2024 财年的 38% 和 2025 财年的 44% 的基础上稳步改善。公司归功于填充率、BIN 率和回款的提升，并进一步投资于基于人工智能的收入周期自动化，以优化这一流程。</p>
</div><h2>Clinical Evidence and Regulatory Tailwinds</h2>
<div class="lb-trans"><h2>临床证据和监管利好</h2>
</div><p>New data from the ACE PAS, billed as the largest real-world prescribed prospective WCD study with more than 21,000 patients, showed low false alarm rates, strong wear-time compliance, and 100% successful conversion of dangerous arrhythmias. Complementing this, the FDA approved an update to the Assure algorithm designed to further reduce false alarms and inappropriate shocks, enhancing clinical appeal.</p>
<div class="lb-trans"><p>来自 ACE PAS 的新数据被称为最大的真实世界处方前瞻性 WCD 研究，涉及超过 21000 名患者，显示出低误报率、强大的佩戴时间合规性和 100% 成功转化危险性心律失常。与此同时，FDA 批准了 Assure 算法的更新，旨在进一步减少误报和不当电击，增强临床吸引力。</p>
</div><h2>Strategic Collaboration and Product Expansion</h2>
<div class="lb-trans"><h2>战略合作与产品扩展</h2>
</div><p>Kestra announced an exclusive collaboration with BioBeat Technologies, including a $5 million equity stake, to integrate cuffless ambulatory blood pressure monitoring into the Assure suite. The company noted that 72% of ACE PAS patients were hypertensive, positioning this capability as highly relevant for future product differentiation and broader patient management.</p>
<div class="lb-trans"><p>Kestra 宣布与 BioBeat Technologies 达成独家合作，包括 500 万美元的股权投资，将无袖带的动态血压监测整合到 Assure 套件中。公司指出，ACE PAS 患者中有 72% 患有高血压，使这一能力在未来产品差异化和更广泛的患者管理中具有高度相关性。</p>
</div><h2>Market Access Wins Strengthen Reimbursement Profile</h2>
<div class="lb-trans"><h2>市场准入胜利增强报销形象</h2>
</div><p>On the payer front, Kestra became an approved provider for Florida managed Medicaid and signed contracts with two of the state’s four largest managed Medicaid plans. It was also added to the Federal Supply Schedule for the U.S. Department of Veterans Affairs, while Medicare monthly reimbursement rose 2% to $3,589, collectively improving revenue-per-fit and access.</p>
<div class="lb-trans"><p>在支付方方面，Kestra 成为佛罗里达州管理医疗补助的批准提供商，并与该州四大管理医疗补助计划中的两个签署了合同。同时，它还被纳入美国退伍军人事务部的联邦供应计划，医疗保险的月度报销上涨 2%，达到 3589 美元，整体改善了每个适配器的收入和准入。</p>
</div><h2>Capital Position Supports Growth Investments</h2>
<div class="lb-trans"><h2>资本状况支持增长投资</h2>
</div><p>The company ended January with $291 million in cash and equivalents, bolstered by proceeds from a December equity offering and a recently completed shelf registration. Management emphasized that Kestra remains well-capitalized to fund ongoing commercial expansion, R&amp;D, and infrastructure, despite elevated operating losses and CapEx.</p>
<div class="lb-trans"><p>公司在一月份结束时拥有 2.91 亿美元的现金及现金等价物，得益于 12 月的股权发行和最近完成的架构注册。管理层强调，尽管运营亏损和资本支出较高，Kestra 仍然资本充足，可以支持持续的商业扩张、研发和基础设施建设。</p>
</div><h2>Expanding Commercial Footprint</h2>
<div class="lb-trans"><h2>扩大商业版图</h2>
</div><p>Kestra closed calendar 2025 with roughly 100 active sales territories and is tracking toward about 130 by the end of the fiscal year in April. This accelerated expansion is intended to broaden geographic coverage and deepen physician engagement, setting up a larger revenue base but increasing near-term spending.</p>
<div class="lb-trans"><p>Kestra 在 2025 年日历年结束时大约有 100 个活跃销售区域，并预计到 4 月的财年结束时将达到约 130 个。这一加速扩张旨在扩大地理覆盖范围并加深与医生的互动，为更大的收入基础奠定基础，但也增加了短期支出。</p>
</div><h2>Widening Losses Reflect Heavy Investment</h2>
<div class="lb-trans"><h2>亏损扩大反映重投资</h2>
</div><p>GAAP net loss widened to $34.2 million in Q3 from $21.8 million a year earlier, while adjusted EBITDA loss increased to $21.2 million from $16.3 million. Management tied this step-up largely to investments in commercial build-out and public company infrastructure, arguing that these costs are necessary to support long-term scale.</p>
<div class="lb-trans"><p>第三季度 GAAP 净亏损扩大至 3420 万美元，较去年同期的 2180 万美元有所增加，而调整后的 EBITDA 亏损从 1630 万美元增加至 2120 万美元。管理层将这一增长主要归因于商业建设和上市公司基础设施的投资，认为这些成本是支持长期规模所必需的。</p>
</div><h2>Operating Expenses and Cash Burn Climb</h2>
<div class="lb-trans"><h2>运营费用和现金消耗上升</h2>
</div><p>GAAP operating expenses reached $47.7 million in Q3, including $1.5 million of nonrecurring items, and excluding one-offs and stock-based compensation rose to $36.1 million from $24.8 million. Quarterly cash burn, excluding the BioBeat investment, was described as in the mid-$20 million range, with CapEx at about $9 million and an expected annual CapEx run rate near $30 million to fund device inventory and territory growth.</p>
<div class="lb-trans"><p>第三季度 GAAP 运营费用达到 4770 万美元，其中包括 150 万美元的一次性项目，剔除一次性项目和基于股票的补偿后，运营费用从 2480 万美元上升至 3610 万美元。季度现金消耗（不包括对 BioBeat 的投资）被描述为在 2000 万美元中间范围，资本支出约为 900 万美元，预计年资本支出运行率接近 3000 万美元，以支持设备库存和区域增长。</p>
</div><h2>Seasonality and Conversion Variability</h2>
<div class="lb-trans"><h2>季节性和转化率波动</h2>
</div><p>Management cautioned that conversion rates are subject to seasonal pressures, particularly deductible resets in January and the holiday period, which can make Q3 results more volatile despite underlying improvement. Investors were reminded that such quarter-to-quarter noise is expected even as the year-over-year conversion trend remains positive.</p>
<div class="lb-trans"><p>管理层警告称，转化率受到季节性压力的影响，特别是在一月份的免赔额重置和假期期间，这可能使第三季度的结果更加波动，尽管潜在改善的基础上。投资者被提醒，即使年度转化趋势保持积极，季度间的噪音也是预期之中的。</p>
</div><h2>Competitive Landscape and Payer Complexity</h2>
<div class="lb-trans"><h2>竞争格局和支付方复杂性</h2>
</div><p>Kestra acknowledged that incumbent rival ZOLL has launched a larger WCD device but said it has not seen a material impact on its business to date. However, the company pointed to an intense focus on ease-of-business and the challenge of contracting with more than 3,000 U.S. payers, creating a long tail of agreements that will require sustained effort.</p>
<div class="lb-trans"><p>Kestra 承认，现有竞争对手 ZOLL 已推出更大规模的 WCD 设备，但表示迄今为止尚未对其业务产生实质性影响。然而，公司指出，专注于业务便利性和与超过 3000 家美国支付方签约的挑战，形成了需要持续努力的长期协议。</p>
</div><h2>Execution Risks from Rapid Scale-Up</h2>
<div class="lb-trans"><h2>快速扩张带来的执行风险</h2>
</div><p>The push toward roughly 130 territories brings execution risk, as new hires must ramp productivity quickly to justify higher fixed costs. Management conceded that if the pace of sales ramp lags expectations, near-term profitability could come under additional pressure, underscoring the importance of disciplined hiring, training, and territory management.</p>
<div class="lb-trans"><p>向大约 130 个地区的扩展带来了执行风险，因为新员工必须迅速提高生产力，以证明更高的固定成本是合理的。管理层承认，如果销售增长的速度低于预期，近期盈利能力可能会面临额外压力，这突显了有序招聘、培训和区域管理的重要性。</p>
</div><h2>Guidance and Path Ahead</h2>
<div class="lb-trans"><h2>指引与前景</h2>
</div><p>Looking forward, Kestra’s higher fiscal 2026 revenue guidance to $93 million rests on continued prescription growth, a rising in-network mix that lifts revenue-per-fit, improving conversion rates, and the expanded sales footprint. With Q3 gross margin at 52.6% and a stated path to 70%+, management framed the current period as an investment phase funded by a strong $291 million cash position and supported by planned annual CapEx of roughly $30 million.</p>
<div class="lb-trans"><p>展望未来，Kestra 对 2026 财年的收入指引上调至 9300 万美元，依赖于持续的处方增长、提升收入的网络比例、改善的转化率以及扩大的销售覆盖范围。第三季度毛利率为 52.6%，并表示有望达到 70% 以上，管理层将当前阶段视为由强劲的 2.91 亿美元现金储备资助的投资期，并计划每年约 3000 万美元的资本支出。</p>
</div><p>Kestra’s latest call painted a picture of a company moving quickly to build scale, backed by strong revenue growth, improving economics, and compelling clinical data. For investors, the story is a classic growth trade-off: promising momentum and expanding market access against higher losses, heavier capital needs, and the operational risks that come with an aggressive commercial ramp.</p>
<div class="lb-trans"><p>Kestra 最近的电话会议描绘了一幅公司迅速扩大规模的图景，得益于强劲的收入增长、改善的经济效益和引人注目的临床数据。对于投资者而言，这个故事是一个经典的增长权衡：承诺的势头和扩大的市场准入与更高的亏损、更大的资本需求以及伴随激进商业扩张而来的运营风险之间的对比。</p>
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Kestra Medical Technologies 的财报电话会议突显了其快速增长