Strata Critical Medical (SRTA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 50.3% YoY to $74.081M, with pro forma revenue growth of 8.5%; Adjusted EBITDA reached $9.606M at a 13.0% margin.

• Record Q3 free cash flow was $8.643M; clinical share gains and sequential margin improvement supported reiterated guidance and 2027 growth targets.

Financial highlights

• Q3 gross profit rose 57.9% YoY to $16.820M; gross margin expanded 110 bps to 22.7%.

• Adjusted EBITDA increased to $9.606M from $4.214M YoY and $7.9M QoQ; 9M Adjusted EBITDA was $23.903M versus $7.096M.

• Continuing-operations net loss was $7.615M, or $0.09 per share, versus $9.657M a year earlier; operating loss narrowed to $3.8M from $5.6M.

• 9M revenue increased 64.1% to $213.971M; 9M continuing-operations net loss was $15.7M versus $14.7M.

• Q3 operating cash flow was $9.5M, free cash flow $8.643M and capex $0.8M; 9M operating cash flow was $19.0M.

Outlook and guidance

• Reiterated FY2026 guidance: revenue of $285M–$295M, Adjusted EBITDA of $33M–$35M and free cash flow of $15M–$22M before aircraft and engine acquisitions.

• Pro forma FY2026 guidance, assuming 2026 acquisitions completed Jan. 1, is revenue of $295M–$305M and Adjusted EBITDA of $36M–$38M.

• Q4 revenue at guidance midpoint implies low-single-digit sequential growth; Clinical is expected to lead, Logistics to be roughly flat, and gross margin roughly flat QoQ.

• 2027 targets are high-teens organic Adjusted EBITDA growth and 30%+ total growth including acquisitions; Clinical is expected to lead, with free cash flow conversion of 60%–70%+.

• Clinical margins are expected to improve in 2027 as staffing and training investments are leveraged; no material near-term aircraft purchases are expected.