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SRTA

Strata Critical Medical, Inc.

SRTA

Strata Critical Medical, Inc. • NASDAQ
$4.34 ▲ 0.93% (+0.04)
Market Cap $374.83 M
52w High $6.02
52w Low $2.35
Dividend Yield 0%
P/E -10.33
Volume 185.31K
Outstanding Shares 86.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $49.298M ▼ $17.236M ▼ $57.416M ▲ 116.467% ▲ $0.7 ▲ $-9.238M ▼
Q2-2025 $70.801M ▲ $22.691M ▲ $-3.743M ▼ -5.287% ▲ $-0.046 ▼ $-3.178M ▲
Q1-2025 $54.306M ▼ $19.561M ▼ $-3.493M ▲ -6.432% ▲ $-0.04 ▲ $-5.886M ▲
Q4-2024 $54.357M ▼ $20.961M ▼ $-9.793M ▼ -18.016% ▼ $-0.12 ▼ $-6.842M ▼
Q3-2024 $74.877M $23.374M $-1.954M -2.61% $-0.025 $-2.258M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $75.918M ▼ $335.078M ▲ $52.078M ▲ $283M ▲
Q2-2025 $113.42M ▼ $257.919M ▲ $34.819M ▲ $223.1M ▲
Q1-2025 $120.006M ▼ $250.55M ▼ $30.818M ▼ $219.732M ▼
Q4-2024 $127.135M ▼ $256.675M ▼ $34.737M ▼ $221.938M ▼
Q3-2024 $136.338M $282.945M $49.446M $233.499M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.657M ▼ $-31.84M ▼ $2.398M ▼ $-7.244M ▼ $-37.302M ▼ $-34.966M ▼
Q2-2025 $-3.743M ▼ $-4.215M ▲ $28.68M ▲ $14K ▼ $24.63M ▲ $-6.943M ▲
Q1-2025 $-3.493M ▲ $-4.552M ▼ $20.407M ▲ $60K ▲ $16.041M ▲ $-7.703M ▼
Q4-2024 $-9.793M ▼ $13K ▼ $3.976M ▲ $-5.639M ▼ $-1.759M ▲ $-5.029M ▼
Q3-2024 $-1.954M $6.355M $-12.646M $-731K $-6.96M $-3.562M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Medical Segment
Medical Segment
 $40.00M ▲$40.00M ▲$40.00M ▲$50.00M ▲
Passenger Segment
Passenger Segment
 $40.00M ▲$20.00M ▼$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily from a very small base, which suggests the business is gaining commercial traction in its niche. Gross profit has also improved, indicating that each unit of service is becoming somewhat more profitable. That said, the company is still losing money at the operating and net income level. Losses have narrowed compared with the prior year, but the firm has not yet demonstrated consistent profitability. Overall, the trend shows early-stage growth with improving efficiency, but the income statement still reflects a business in investment and scale-up mode rather than a mature, profit-generating operation.

Balance Sheet

Balance Sheet The balance sheet is modest in size, with a relatively small asset base and limited cash on hand. Equity makes up most of the capital structure, with only light use of debt, which reduces financial leverage risk but also means less outside funding capacity from lenders. Over time, equity has slowly eroded as losses accumulate, and cash has drifted down, which is something to watch if the company continues to burn cash. In simple terms, the balance sheet is clean and not over-levered, but it is thin and depends on the company improving its earnings or raising additional capital over time.

Cash Flow

Cash Flow Operating cash flow has moved closer to breakeven, showing that the core business is gradually absorbing fewer cash resources than before. However, free cash flow remains negative, driven by ongoing investment needs and limited internal cash generation. Capital spending has been modest, but even small investments matter when starting from a small cash base. The overall picture is of a company still funding its growth from external sources or existing reserves rather than from its own operations, with improving but not yet self-sustaining cash dynamics.

Competitive Edge

Competitive Edge Strata operates in a highly specialized and time-critical segment: organ transplant logistics and related clinical support. Its integrated, “one-call” model—covering air and ground transport, surgical recovery teams, organ perfusion, and placement support—gives it a differentiated offering compared with more traditional, single-service transport providers. Relationships with transplant centers and organ procurement organizations, along with a track record in a zero-error-tolerance environment, create meaningful switching barriers once a client is onboarded. The asset-light model also allows flexibility and scalability. The main competitive risks are potential new entrants with strong capital, hospitals choosing in-house solutions, or adjacent logistics players expanding into this niche, but Strata’s end-to-end focus and client integration provide a notable defensive edge.

Innovation and R&D

Innovation and R&D The company’s innovation is more operational and clinical than purely technological. Its key advance is the integrated platform that unifies logistics, surgical recovery, perfusion services, and staffing, turning a fragmented process into a coordinated service. The Keystone Perfusion acquisition adds advanced techniques like normothermic regional perfusion and specialized perfusion staffing, deepening the clinical side of the model. Looking ahead, the big opportunity is to build a more sophisticated technology backbone—such as real-time tracking, predictive planning tools, and a unified software layer for hospitals and organ procurement organizations—and to selectively acquire additional clinical or logistics capabilities. There is also longer-term optionality from emerging transport technologies, but those are still speculative and depend on regulation, economics, and adoption.

Summary

Strata Critical Medical is a small but growing specialist in organ transplant logistics and related clinical services, transitioning from a pure logistics provider into a more comprehensive medical services platform. Financially, it shows steady revenue growth and improving margins but remains loss-making with negative free cash flow and a relatively thin, equity-heavy balance sheet. Competitively, its integrated “one-call” solution, strong client relationships, and clinical capabilities create a meaningful moat in a niche market where reliability and coordination are paramount. The core uncertainties revolve around its path to consistent profitability, its ability to fund growth without overstraining the balance sheet, and how effectively it can execute on technology and acquisition plans in a regulated, mission-critical space.

NEWS

November 17, 2025 · 2:00 PM UTC

Strata Critical Medical Hosts 2025 Investor Day; Provides 2026 and Medium-Term Financial Guidance

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November 10, 2025 · 7:00 AM UTC

Strata Critical Medical Announces Third Quarter 2025 Results

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October 9, 2025 · 4:16 PM UTC

Strata Critical Medical Announces Date for Third Quarter Ending September 30, 2025 Earnings Release Conference Call

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September 30, 2025 · 4:00 PM UTC

Strata Announces 2025 Investor Day

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September 18, 2025 · 11:30 AM UTC

OrganOx metra® Receives FDA Approval for Operation During Air Transport, Expanding Access to Life-Saving Liver Perfusion Technology

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