Strata Critical Medical (SRTA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 87.4% year-over-year to $67.4 million, driven by strong organic growth in Logistics and the addition of Clinical segment revenue following the Keystone acquisition.

• Net income from continuing operations was $2.4 million, reversing a loss in the prior year.

• Adjusted EBITDA reached $6.4 million (9.5% margin), up sharply year-over-year, reflecting operational leverage and segment expansion.

• Generated positive operating and free cash flow before aircraft acquisitions, reflecting improved cash conversion.

• Completed the acquisition of Ohio Valley Perfusion Associates, expanding clinical service capabilities and supporting M&A strategy.

Financial highlights

• Total revenue rose to $67.4 million in Q1 2026, up 87.4% year-over-year and up 0.9% sequentially.

• Logistics revenue increased 32.4% year-over-year to $47.6 million; Clinical revenue reached $19.8 million, up 12.7% sequentially.

• Gross profit doubled to $14.1 million; gross margin improved by 140 bps to 21.0%.

• Adjusted EBITDA was $6.4 million, margin at 9.5%, up from 1.2% year-over-year.

• Ended Q1 with $58.8 million in cash and short-term investments.

Outlook and guidance

• Reiterated 2026 guidance: revenue of $260–$275 million, adjusted EBITDA of $29–$33 million, and free cash flow before aircraft/engine purchases of $15–$22 million.

• Q2 2026 revenue expected to increase low single digits sequentially; adjusted EBITDA margin to improve to ~10%.

• High single-digit organic revenue growth expected, with mid-teens NRP donor growth and continued industry volume expansion.

• Management expects sufficient liquidity for at least the next 12 months, with no additional capital needed for the current plan.