SRTA Filings — Strata Critical Medical, Inc. - FilingSpy
SRTA
Strata Critical Medical, Inc.
A healthcare services company that rushes donor organs to transplant centers via air and ground, under the Trinity brand, and provides surgical recovery, preservation, and cardiac perfusion staffing under Keystone. Born in 2014 as Blade Air Mobility, the helicopter passenger app, it pivoted during the pandemic to organ transport and rebranded as Strata in 2025. Fun fact: its old name "Blade" honored helicopter rotor blades.
Strata's Q2 revenue rose 61% on the Keystone acquisition, but operating loss widened as intangible amortization rose to $6.6M.
The Keystone acquisition reshaped Strata's income statement, adding a full quarter of Clinical . Total revenue rose 60.7% to $72.5 million and widened 1.0 point to 21.0%, but operating loss deepened to $5.4 million as rose to $6.6 million, including $5.0 million in accelerated charges for retiring trade names. The company is now a pure-play organ-transport business, but the cost of that transformation is flowing through the .
Key takeaways
rose 60.7% to $72.5 million, driven by the new Clinical , which contributed $24.3 million from the Keystone Perfusion Services acquisition; the legacy Logistics segment grew 6.9% on higher air revenue per flight hour.
Total widened 1.0 point to 21.0%, as the Clinical delivered a 26.1% margin, while Logistics gross margin fell to 18.4% from 20.0% due to higher fuel costs, owned-fleet expenses, and a shift toward lower-margin third-party ground operators.
Section summaries
Management's Discussion and Analysis
Revenue rose 61% to $72.5M driven by Keystone acquisition, but operating loss widened on higher amortization and fair-value charges.
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Total grew 60.7% to $72.5M, with Logistics up 6.9% on higher air revenue per flight hour and Clinical contributing $24.3M from the Keystone acquisition.
Operating loss widened to $5.4 million from $4.6 million a year ago, as rose to $6.6 million, including $5.0 million of accelerated for Keystone and Trinity trade names being retired by September 2026.
SG&A expenses rose only 5.3% to $14.0 million, as a $1.2 million drop in partly offset added Keystone staff costs and M&A professional fees.
turned positive at $5.7 million, a swing from a $3.1 million outflow a year ago, and turned positive at $3.2 million.
Cash and equivalents fell to $16.3 million from $58.8 million a year ago, after $34.8 million in acquisition spending; a new $30 million provides additional liquidity with no outstanding borrowings at quarter-end.
What changed
The Q1 FY2026 watch item on whether the Clinical 's 25.0% was sustainable was answered in part: the Clinical margin rose to 26.1% in Q2, suggesting the perfusion services margin profile held or improved as integration progressed.
The Q1 FY2026 watch item on whether Logistics' 32.4% growth rate could be maintained was settled: Logistics growth decelerated to 6.9% in Q2, indicating the Q1 acceleration reflected a one-time boost from new client onboarding rather than a new run rate.
The Q1 FY2026 watch item on the 'one call' integrated logistics-and-clinical offering generating measurable cross- benefits remains open; the filing does not cite any specific cross-segment or margin lift, though the Clinical segment's full-quarter contribution is now visible.
turned positive at $3.2 million, a reversal from the negative $1.3 million in Q1 FY2026, driven by the swing in to $5.7 million from $3.9 million in the prior quarter.
What to watch
Whether the $5.0 million in accelerated for Keystone and Trinity trade names is a one-quarter charge or whether additional intangible amortization will continue to pressure through September 2026.
Whether the Logistics 's 6.9% growth rate represents the underlying run rate after the Q1 onboarding boost, and whether the 18.4% Logistics stabilizes or continues to erode from higher fuel and owned-fleet costs.
The rate of cash consumption against the $16.3 million cash balance and the undrawn $30 million , particularly with $34.8 million in acquisition spending already deployed and only recently turning positive.
Whether the Clinical 's 26.1% is sustainable as Keystone is fully integrated, or whether staffing costs and volume mix shift the margin profile in subsequent quarters.
Logistics fell to 18.4% from 20.0% due to higher fuel costs, owned-fleet expenses, and a shift toward lower-margin third-party ground operators.
Total improved to 21.0% from 20.0% as the newly added Clinical delivered a 26.1% margin.
SG&A rose only 5.3% to $14.0M as a $1.2M drop in partly offset added Keystone staff costs and M&A professional fees.
of intangibles surged to $6.6M, including $5.0M of accelerated amortization for Keystone and Trinity trade names being retired by September 2026.
Liquidity stood at $22.8M after $34.8M in acquisition spending; a new $30M ABL facility provides additional flexibility.
Quantitative and Qualitative Disclosures About Market Risk
Our primary market risk exposure is interest rate risk related to potential borrowings. Borrowings under our ABL Facility bear interest at a variable rate based on SOFR plus an applicable margin as described in Note 18 to the unaudited interim condensed consolidated financial st…
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Our primary market risk exposure is interest rate risk related to potential borrowings. Borrowings under our ABL Facility bear interest at a variable rate based on SOFR plus an applicable margin as described in Note 18 to the unaudited interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. As of June 30, 2026, there were no outstanding borrowings under the ABL Facility and accordingly our earnings and cash flows would not have been materially impacted by a hypothetical change in interest rates.
We do not have material exposure to foreign currency exchange rate risk as our operations are conducted entirely within the United States following the sale of our Passenger business in August 2025.
See “—Legal and Environmental” within Note 14 to the unaudited interim condensed consolidated financial statements in Part I, Item 1 for information on legal proceedings.
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See “—Legal and Environmental” within Note 14 to the unaudited interim condensed consolidated financial statements in Part I, Item 1 for information on legal proceedings.
There have been no material changes to the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider these risks as they could materially affect our business, results of operations or financial cond…
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There have been no material changes to the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider these risks as they could materially affect our business, results of operations or financial condition, cause the trading price of our common stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks are not exclusive, and additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.