SRTA · Strata Critical Medical, Inc.

Strata Critical Medical delivered strong Q1 2026 results with total revenue surging 87.4% year-over-year to $67.4 million, propelled by 32.4% organic growth in Logistics revenue to $47.6 million and the addition of Clinical revenue from the prior year's Keystone acquisition. Logistics gross profit rose 29.9% YoY to $9.2 million despite a slight margin contraction to 19.3% due to customer mix and weather disruptions. Clinical segments showed robust sequential momentum, with revenue up 12.7% and gross profit up 29.2% versus Q4 2025, driven by Transplant services including NRP and Surgical Recovery, lifting overall gross margin to 21.0%. GAAP operating loss narrowed 47.7% to $(3.0) million, while net income from continuing operations flipped to $2.4 million. Adjusted EBITDA expanded dramatically to $6.4 million (9.5% margin), reflecting scaled efficiencies and lower Adjusted SG&A as a percentage of revenue at 13.7%. Management highlighted operational progress, including a new Chicago hub and positive cash generation of $3.9 million from operations. The bolt-on acquisition of Ohio Valley Perfusion Associates for ~$1 million exemplifies their active M&A pipeline, aligning with growth in perfusion services. Fleet expanded to 35 aircraft across 20 bases, supporting transplant logistics. Reiterated FY2026 guidance underscores confidence: $260-275 million revenue and $29-33 million Adjusted EBITDA, positioning for sustained profitability amid improving transplant dynamics.