Strata Critical Medical (SRTA) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue growth of 83.5% year-over-year to $66.8 million, driven by 35% organic growth and the Keystone acquisition, surpassing expectations and guidance.

• Full-year 2025 revenue reached $197.1 million with Adjusted EBITDA of $14.1 million, both exceeding guidance.

• Raised 2026 revenue and Adjusted EBITDA guidance due to strong Q4 volumes, new customer wins, and successful integration of Keystone.

• Positioned as a market leader in time-critical medical logistics with a differentiated, integrated platform and nationwide scale.

• Continued focus on M&A and asset-light strategy to accelerate growth and expand geographic reach.

Financial highlights

• Q4 2025 revenue was $66.8 million, with logistics revenue up 35.3% to $49.2 million and clinical revenue at $17.6 million.

• Q4 gross profit increased 90% to $14.4 million, gross margin up 80bps to 21.6%.

• Adjusted EBITDA for Q4 was $7.0 million (10.4% margin), up from $1.1 million a year ago; full-year Adjusted EBITDA was $14.1 million.

• Operating cash flow in Q4 was -$8.3 million, impacted by $9.6 million in non-recurring items and $5.7 million working capital build.

• Ended 2025 with no debt and $61.2 million in cash and short-term investments.

Outlook and guidance

• 2026 revenue guidance raised to $260–$275 million; Adjusted EBITDA guidance increased to $29–$33 million.

• Free cash flow before aircraft and engine purchases projected at $15–$22 million.

• Management targets at least 30% annualized Adjusted EBITDA growth rate, with improvement anticipated in Q2 and H2 2026.

• Medium-term targets: high-teens organic revenue and Adjusted EBITDA CAGR, 13% Adjusted EBITDA margin by 2029, 60–70% EBITDA-to-cash conversion.

• $200 million cash available for capital deployment through 2029.