Strata Critical Medical, Inc. (SRTA) Earnings
Strata Critical Medical, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.04. SRTA has beaten EPS estimates in 6 of its last 11 reported quarters (average surprise -175.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.04 | $0.03 | +175.0% | $67M | +5.8% |
| Mar 3, 2026 | $0.01 | $-0.07 | -800.0% | $23M | -63.7% |
| Mar 13, 2025 | $-0.12 | $-0.12 | +0.0% | $54M | +6.7% |
| Mar 12, 2024 | $-0.13 | $-0.23 | -76.9% | $47M | -1.9% |
| May 11, 2023 | $-0.21 | $-0.14 | +33.3% | $45M | +11.8% |
| Mar 15, 2023 | $-0.19 | $-0.23 | -21.1% | $38M | +6.0% |
| Nov 10, 2022 | $-0.14 | $-0.13 | +7.1% | $46M | +18.2% |
| Aug 9, 2022 | $-0.13 | $-0.09 | +30.8% | $36M | +31.0% |
| Feb 10, 2022 | $-0.21 | $-0.13 | +38.1% | $25M | +51.2% |
| Dec 20, 2021 | $-0.14 | $-0.13 | +7.1% | $20M | +47.7% |
| Aug 16, 2021 | $-0.01 | $-0.15 | -2622.3% | $13M | -5.1% |
| May 17, 2021 | — | $-0.33 | — | $9M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Co-CEOs Will Hayburn and Melissa Tomkeel reported another great quarter with revenue and adjusted EBITDA ahead of guidance. 87% year-over-year revenue growth with 32% organic growth in logistics and strong contribution from new clinical business. - Announced acquisition of Ohio Valley Perfusion Associates, which is aligned with M&A strategy, contributing ~$100,000 of adjusted EBITDA for remainder of year. - Built national footprint of aviation, ground, and clinical resources, acquired 1 new plane, opened several new aviation bases, and launched combined logistics and clinical base in Chicago. - Clinical division had great results with growth from new customer acquisitions and higher volumes. - Regulatory scrutiny around donor surgeon certification, and Strata is forward compatible and expanding capacity. - Focus on key value drivers: strengthening national organ recovery platform, acquiring new customers, optimizing profitability, and executing on M&A strategy.
Guidance
Revenue trending above midpoint of guidance range. Reiterating 2026 guidance: revenue $260 - $275 million, adjusted EBITDA $29 - $33 million, free cash flow before aircraft and engine purchases $15 - $22 million. Second quarter expected revenue increase in low single digits sequentially, adjusted EBITDA margin expected to improve to ~10%.
Segment performance
Total revenue increased 87.4% to $67.4 million in Q1 2026 versus $35.9 million in the prior year period. Logistics revenue, excluding Keystone, increased 32.4% to $47.6 million, driven by higher air revenue. Clinical revenue, non-existent in prior year, increased 12.7% sequentially to $19.8 million, driven by transplant clinical revenue. Gross profit increased 100% to $14.1 million. Logistics gross profit, excluding Keystone, increased 29.9% to $9.2 million. Logistics gross margin 19.3% in Q1 2026, down 30 basis points year-over-year. Clinical gross profit rose 29.2% sequentially to $5 million, clinical gross margin 25% in Q1 2026. Adjusted SG&A increased 0.3 million sequentially to $9.2 million. Adjusted EBITDA fell to $6.4 million, adjusted EBITDA margin 9.5% in Q1 2026. Operating cash flow was $3.9 million. Capital expenditures $5.5 million. Free cash flow before aircraft and engine acquisitions $2.1 million.
Risks & headwinds
- Forward-looking statements subject to risks and uncertainties, actual results may differ materially. - Non-GAAP measures should not be considered in isolation or substitute for GAAP. - Customer mix shifts can impact gross margins. - Timing of annual incentive compensation payouts can impact working capital and cash flow. - Oil price fluctuations could impact costs, but fuel surcharges are passed through to customers. - Regulatory changes and donor volume variability can impact business.
Analyst Q&A
Q: If oil price stays high, how will it impact top and bottom line?
A: Fuel pass-through above threshold in logistics contracts, costs passed through to customers, and national infrastructure built to reduce repositioning costs.
Q: Criteria for entering new market?
A: Responsive to customers' needs, offering dedicated capacity, and using locally-based surgeons and aviation assets.
Q: Logistics associated with clinical trials in transplant space: higher margin?
A: No, relationship with customer is agnostic, not charging differently based on medical device used.
Q: Structure of acquisitions?
A: Varies case-by-case, often includes equity components as companies want to participate in upside.
Q: Organ recovery hubs' growth?
A: Driven by customers, with strong footprint on east coast and opportunity in west and southwest.
Q: Donor metrics and average transport distance?
A: Average transport distance variability due to customer mix, but industry sees increase over time due to regulatory change.
Q: Weather effects in Q1?
A: Teterboro airport closed for several days, but transplant centers are nimble, impact not determinative.
Q: SG&A going forward?
A: Modest increase to support business growth, adding staff and infrastructure.
Q: Transplant industry growth expectations?
A: Deceased donor activity improved, transplant growth reaccelerated to mid-single digits in first quarter, in line with guidance, and potential upside if deceased donors recover.