Strata Critical Medical (SRTA) Q2 2026 earnings summary

Executive summary

• Revenue grew 60.7% year-over-year to $72.5 million in Q2 2026, driven by organic growth in Logistics and significant expansion in Clinical services through three bolt-on acquisitions.

• Clinical revenue rose 22.6% sequentially, with Transplant Clinical revenue up 23.8% quarter-over-quarter.

• Adjusted EBITDA reached $7.9 million (10.9% margin), up 219.8% year-over-year and 140bps sequentially, reflecting higher Clinical gross margin and business mix shift.

• Net loss from continuing operations was $(10.5) million, impacted by accelerated trademark amortization and non-cash revaluation of earn-out liabilities.

• Strategic focus on roll-up acquisitions, expanding clinical and logistics services, and operational efficiency.

Financial highlights

• Total revenue increased 60.7% year-over-year to $72.5 million in Q2 2026; H1 2026 revenue was $139.9 million.

• Gross profit rose 68.9% to $15.2 million, with gross margin up 100 bps to 21.0%.

• Adjusted EBITDA was $7.9 million (10.9% margin), up from $2.5 million in Q2 2025.

• Operating cash flow reached $5.7 million; free cash flow before aircraft/engine acquisitions was $2.9 million.

• Ended Q2 2026 with $22.8 million in cash and short-term investments.

Outlook and guidance

• 2026 revenue guidance raised to $285–295 million (from $260–275 million); Adjusted EBITDA guidance increased to $33–35 million (from $29–33 million).

• Pro forma for all 2026 acquisitions, revenue guidance is $295–305 million and Adjusted EBITDA $36–38 million.

• Free cash flow before aircraft/engine acquisitions expected at $15–22 million for 2026.

• Clinical revenue expected to grow ~20% sequentially in Q3, with gross margins rising to 27–28% in H2.

• Management expects current liquidity to be sufficient for at least the next 12 months, with no additional capital anticipated.