Strata Critical Medical, Inc.

What they do

Strata provides an integrated 'one call' offering for donor organ recovery to transplant centers and Organ Procurement Organizations. Its Logistics segment, marketed as Trinity, provides air and ground transport of organs and related staff and samples, plus organ placement administration. Its Clinical segment, marketed as Keystone, provides surgical organ recovery, normothermic regional perfusion, organ preservation, cardiac perfusion, ECMO services and perfusion staffing. All services are billed directly to transplant centers, hospitals, OPOs or other businesses.

Revenue drivers

• Logistics — Air and ground organ transport plus organ placement, priced at a fixed rate per flight hour with a fuel surcharge above a benchmark; generated $48.2M of $72.5M total Q2 2026 revenue.
• Transplant Clinical — Surgical organ recovery, normothermic regional perfusion and preservation; contributed $12.5M in Q2 2026 and grew 23.8% sequentially excluding Q2 acquisitions.
• Other Clinical — Cardiac perfusion, blood management and disposables under hospital contracts, plus ECMO services, perfusion temporary staffing and equipment rental; contributed $11.7M in Q2 2026.
• Asset-light operator network — Strata primarily uses third-party owned and operated aircraft at pre-negotiated fixed hourly rates, paying only for flights flown, with capacity purchase agreements guaranteeing access to certain aircraft.

Recent performance

Q2 2026 revenue rose 60.7% year over year to $72.5M, with Logistics up 6.9% to $48.2M and the Clinical segment contributing $24.3M. Gross margin was 21.0% versus 20.0% a year earlier, and Adjusted EBITDA was $7.9M, a 10.9% margin. The company reported a net loss from continuing operations of $(10.5)M, or (14.5)% of revenue, compared with $(3.4)M a year earlier, driven largely by $6.6M of intangible amortization. Operating cash flow was $5.7M in the quarter and free cash flow was $2.9M. For the first half of 2026, revenue was $139.9M versus $81.1M a year earlier.

Strategy

Strata completed the divestiture of its Passenger business in the second half of 2025 and now focuses exclusively on medical logistics and clinical services. It closed bolt-on Clinical acquisitions in Q2 2026: Louisville Perfusion Services, Heart and Lung Transplant National Recovery Program, and Ohio Valley Perfusion Associates. It also signed an agreement to take over Statline's Transplant Center Organ Placement customer relationships on a rolling basis over the next year. Management states its goal is to increase the number of organs successfully transplanted while extending its expertise to a broader healthcare customer base, and it has cautioned about risks of purchasing aircraft or evolving from its asset-light model.

Risks

• History of losses — The company has incurred significant losses since inception and may continue to incur net losses from continuing operations despite Q2 2026 Adjusted EBITDA of $7.9M.
• Third-party operator reliance — Its asset-light logistics model depends on third-party aircraft operators for capacity, and operator workforce or financial difficulties could interrupt service.
• Transplant volume dependence — Revenue depends on the availability and utilization of donor organs and transplant volumes, factors outside the company's control.
• Integration and reputational exposure — Recently completed Keystone and Q2 2026 bolt-on acquisitions must be integrated, and clinical outcomes or negative publicity around perfusion and organ recovery could harm the brand.

Outlook

Management has not provided specific forward financial guidance in the excerpts. It points to continued expansion of the integrated clinical and logistics offering, integration of the Q2 2026 bolt-on acquisitions, and the multi-year transition of Statline's Transplant Center Organ Placement customer relationships. The company notes its historical financial statements are not comparable across periods following reclassification of the Passenger business as discontinued operations.