Key Highlights

  • Revenue of USD 74.1 million rose 50.3% year over year and topped the consensus estimate of USD 72.67 million.
  • Loss per share of USD 0.09 was wider than the consensus estimate of a loss of USD 0.01.
  • Clinical Revenue reached USD 29.2 million, while Logistics revenue slipped 3.5% to USD 44.9 million.
  • Gross Margin rose to 22.7% from 21.6%, and the quarterly loss from continuing operations narrowed to USD 7.6 million.

Strata Critical Medical, Inc. (NASDAQ:SRTA) reported third quarter 2026 revenue of USD 74.1 million, up 50.3% from USD 49.3 million a year earlier and above a consensus estimate of USD 72.67 million. Basic and diluted loss per share from continuing operations was USD 0.09 against a consensus estimate of a loss of USD 0.01 and a loss of USD 0.12 a year earlier. The net loss from continuing operations narrowed to USD 7.6 million from USD 9.7 million, and Gross Profit rose 57.9% to USD 16.8 million. A year earlier, total Net Income of USD 57.4 million included USD 67.1 million from discontinued operations tied to the sale of the Passenger business.

Acquisitions Reshape the Segment Mix

Clinical revenue rose to USD 29.2 million from USD 2.8 million, reflecting the Keystone Acquisition in mid-September 2025 and deals made in April and June 2026, including the purchase of Ohio Valley Perfusion Associates assets, Louisville Perfusion Services and Heart and Lung Transplant National Recovery Program. Clinical gross margin was 25.6%. Logistics revenue fell 3.5% to USD 44.9 million as decreased air revenue from shorter trips outweighed higher ground transportation and TOPS organ Placement revenue, and Logistics gross margin eased to 20.8% from 21.5% on higher owned fleet costs. Amortization of intangible Assets climbed to USD 5.5 million from USD 0.4 million, while selling, general and administrative expenses fell to USD 15.1 million from USD 15.9 million.

Nine Month Trends and Liquidity Position

Nine month revenue rose 64.1% to USD 214.0 million, with Logistics revenue up 10.3% to USD 140.7 million and Clinical revenue at USD 73.2 million. The nine month net loss from continuing operations was USD 15.7 million against USD 14.7 million. The company reported total liquidity of USD 41.6 million at September 30, 2026, made up of USD 35.1 million of cash and USD 6.5 million of short-term investments, and said that amount covers operating needs for at least the next 12 months. It also holds an ABL Facility entered in January 2026 with borrowing capacity of up to USD 30.0 million and an accordion of up to USD 20.0 million.

Margins, Liquidity and Facility Terms Against Prior Periods

Total gross margin of 22.7% compares with 21.6% a year earlier, and the nine month figure of 21.6% compares with 20.5%. Total liquidity of USD 41.6 million compares with USD 61.2 million at year end 2025, and net Working Capital stood at USD 80.0 million. Nine month Depreciation and amortization was USD 18.9 million against USD 5.2 million, and cash from operating activities, including discontinued operations, was USD 19.0 million against an outflow of USD 40.6 million. The ABL Facility matures on January 30, 2029 and carries interest at SOFR plus 2.00%.