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Strata Critical Medical (SRTA) investor relations material
Strata Critical Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 36.7%–37% year-over-year to $49.3 million in Q3 2025, with organic growth (excluding Keystone) at 29%.
Adjusted EBITDA rose to $4.2 million (8.5% margin), with Medical Segment Adjusted EBITDA up to $7.6 million (15.3% margin).
Completed divestiture of the Passenger business and acquired Keystone Perfusion, rebranding as Strata Critical Medical with a sharpened healthcare focus.
Net income for the nine months ended September 30, 2025, was $50.2 million, primarily due to the gain on the Passenger business sale.
Positive free cash flow from continuing operations, with $75.9–$76 million in cash and short-term investments and no debt at quarter-end.
Financial highlights
Q3 2025 revenue: $49.3 million (up 36.7%–37% year-over-year); revenue excluding Keystone: $46.5 million.
Gross margin improved to 19.4% from 15.0%; flight margin rose to 23.6% from 20.8%.
Adjusted EBITDA margin reached 8.5% in Q3 2025, up from 0.2% in Q3 2024.
Keystone contributed $2.8 million in revenue for a half-month; for September, Keystone revenue grew over 40% year-over-year.
Adjusted unallocated corporate expenses dropped to $3.3 million, reflecting lower overhead post-divestiture.
Outlook and guidance
2025 revenue guidance raised to $185–$195 million; adjusted EBITDA guidance reaffirmed at $13–$14 million.
Pro forma 2025E (full-year Keystone): revenue $235–$245 million; adjusted EBITDA $22–$24 million.
Medical segment-adjusted EBITDA margins expected to rise sequentially in Q4.
Sufficient liquidity for at least 12 months; no additional capital needed for current plan.
Formal 2026 guidance and medium-term targets to be introduced at Investor Day.
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