NEW YORK, March 03, 2026 — Leads & Copy —
Strata Critical Medical, Inc. (Nasdaq: SRTA) has announced its financial results for the fourth quarter ended December 31, 2025, showcasing significant revenue growth and increased financial guidance for 2026.
The company’s revenue for the fourth quarter of 2025 increased by 83.5% year-over-year, reaching $66.8 million. Logistics revenue and gross profit also saw substantial growth, increasing by 35.3% and 39.5% year-over-year, respectively. For the full year 2025, Strata reported a net loss from continuing operations of $20.1 million.
Strata’s full year 2025 revenue and Adjusted EBITDA reached $197.1 million and $14.1 million, respectively, exceeding the high end of the company’s guidance range. Looking ahead, Strata is raising its full year 2026 revenue guidance to between $260 and $275 million and Adjusted EBITDA guidance to between $29 and $33 million.
The financial results reflect continuing operations only, with the results of the divested Passenger business reclassified as discontinued operations in all periods. Strata now operates across two segments: Logistics and Clinical, reporting segment gross profit following the acquisition and integration of Keystone.
In Q4 2025, logistics revenue was $49.230 million, up 35.3% from $36.388 million in Q4 2024. Transplant Clinical revenue reached $7.765 million, while Other Clinical revenue was $9.792 million.
Gross profit increased 90.0% to $14.412 million in Q4 2025, compared to $7.585 million in the prior year period. Logistics gross profit increased 39.5% to $10.579 million.
The net loss from continuing operations decreased by $2.0 million year-over-year to $(5.388) million. Adjusted EBITDA increased by $5.9 million year-over-year to $6.955 million.
Operating cash flow was $(8.3) million in Q4 2025, with the difference between Adjusted EBITDA and operating cash flow driven by non-recurring items and an increase in working capital. Capital expenditures totaled $2.0 million, primarily for aircraft maintenance and ground logistics vehicles.
At the end of FY 2025, Strata had $61.2 million in cash and short term investments.
In early 2026, Strata acquired an additional aircraft to support customer wins in new geographies. The company has also taken steps to build out an abdominal organ recovery platform, including key operational hires.
Strata also closed a $30 million asset-backed credit facility with JP Morgan.
Will Heyburn, Co-CEO and CFO, noted the company’s ability to exceed ambitious goals for organic growth and M&A, while Melissa Tomkiel, Co-CEO and General Counsel, highlighted the company’s position in the evolving regulatory environment.
Dr. Scott Silvestry has assumed an expanded role as Chief Medical Officer of Strata.
The company held a conference call on March 3, 2026, to discuss the results for the fourth quarter and year ended December 31, 2025.
Strata defines Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities and other assets and liabilities, interest income and expense, income tax, realized gains and losses on short-term investments, impairment of intangible assets or property and equipment and certain other non-recurring items. Adjusted SG&A is defined as SG&A adjusted to exclude depreciation, stock-based compensation, impairment of property and equipment, other non-cash items and certain other non-recurring items.
Strata defines Free Cash Flow as net cash provided by / (used in) operating activities less capital expenditures and capitalized software development costs (net of proceeds from disposals). Free Cash Flow from continuing operations is defined as Free Cash Flow excluding transaction costs associated with the Passenger business sale. Free Cash Flow from continuing operations before aircraft and engines acquisitions is defined as Free Cash Flow from continuing operations excluding cash outflows related to aircraft and engines acquisitions.
Strata is a time-critical logistics and medical services provider to the U.S. healthcare industry.
Strata’s core services include air and ground logistics, surgical organ recovery, organ placement and normothermic regional perfusion for the transplant industry, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers, offered under the Trinity Medical Solutions and Keystone Perfusion brands.
Source: Strata Critical Medical, Inc.
