Kestra Medical Technologies reported QQ3 2023 revenue of $8.28 million with a gross margin of 10.6% ($0.88 million gross profit). The quarter shows a pronounced operating loss of $19.95 million and a net loss of $21.62 million, driven primarily by substantial operating expenses and a high R&D and SG&A burden. Despite a modest gross profit, the company’s operating leverage remains weak as it invests aggressively in R&D and market development for its Cardiac Recovery System ecosystem, which includes the ASSURE WCD wearable cardioverter defibrillator and connected digital health services. The company also experienced negative free cash flow of $20.76 million for the quarter, with cash burn from operating activities of $15.80 million and a net financing inflow of $11.90 million, leaving cash at period-end of $15.45 million.