KIRKLAND, Wash.--(BUSINESS WIRE)--Kestra Medical Technologies, Inc., a privately held wearable medical device and digital healthcare company, today announced an oversubscribed $196 million funding round to support the expansion of their commercial organization and advance its mission of protecting at-risk patients with its modern Wearable Cardioverter Defibrillator (WCD).
The round was co-led by Andera Partners, Ally Bridge Group, Longitude Capital and Omega Funds with participation from new investors, funds and accounts advised by T. Rowe Price Investment Management, Inc., Eventide Asset Management and Gilmartin Capital. Long-term investors Bain Capital and Endeavour Vision also participated with significant contributions.
"This oversubscribed financing is validation of the excitement and confidence that new and existing investors have for Kestra and our ASSURE cardiac recovery system which has been prescribed to well over 10,000 patients to date. With this funding, our team is ready to aggressively compete and accelerate our commercialization initiatives to transform the WCD market with our clinically proven system," said Brian Webster, President & CEO of Kestra Medical Technologies.
The ASSURE system represents the next generation of cardiac monitoring and defibrillation therapy. In addition to providing autonomous detection and defibrillation for ventricular arrhythmias, it can also detect and record other clinically significant arrhythmias which may require clinical intervention. Kestra offers the only option designed specifically to meet the under-served needs of female cardiac patients. The ASSURE system has established reimbursement and broad insurance coverage in the U.S.
“We are impressed with the clinical performance of the Kestra technology, their patient-focused approach and moreover, the exciting opportunity to penetrate this large and growing patient population,” said Aneta Sottil, Partner at Andera Partners. “We are keen to partner with Kestra and their passionate team as they work to disrupt the existing $1 billion WCD market.”
With four channels of ECG, an advanced algorithm and adaptive patient intelligence, the ASSURE WCD reduces noise and ensures clear data and insights. ASSURE is the only WCD system that offers additional support by sending an alert via the ASSURE patient application to an Emergency Medical Services (EMS) operator after a defibrillation shock.
The complete Cardiac Recovery System® includes the ASSURE WCD, the recently FDA-cleared ASSURE Wearable ECG, the ASSURE patient app, ASSURE Assist Services and the Kestra CareStation® remote patient data platform. All components of the system work together to provide comfortable protection for patients, improved compliance, and clear insights for healthcare providers.
“We are proud to continue our long-time support of Kestra and its people-driven mission to protect patients with technologies that are intuitive, intelligent, and mobile,” said Chris Gordon, a Partner at Bain Capital. “We welcome the support of the new investors and look forward to continuing to back Brian and his strong team as they continue to deliver lifesaving products and services that make a difference in patients’ lives.”
In conjunction with the financing, Kevin Reilly from Ally Bridge Group, Maxwell Bikoff from Longitude Capital, and Francesco Draetta from Omega Funds will join the Kestra Board of Directors.
BofA Securities acted as sole placement agent for this transaction.
About Kestra
Kestra Medical Technologies, Inc. is a privately held wearable medical device and digital healthcare company that protects cardiac patients with diagnostic monitoring and therapeutic technologies that are intuitive, intelligent, and mobile. Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. For more information, visit www.kestramedical.com.
Forward Looking Statements
Statements Kestra makes in this press release that relate to future plans, events, prospects, or performance are forward-looking statements and as such, are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed. While these current forward-looking statements represent the current beliefs of Management as of the date published, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, Kestra undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.
