Strata Acquires Heart and Lung Transplant National Recovery Program, Expanding National Organ Recovery Platform
Rhea-AI Summary
Strata Critical Medical (Nasdaq: SRTA) completed the $21.5 million acquisition of Heart and Lung Transplant National Recovery Program (HLT-NRP), a US transplant surgical recovery provider. The deal, done at a mid-single-digit pre-synergy Adjusted EBITDA multiple, expands Strata’s Transplant Clinical platform and surgeon network, especially in Florida and California.
For 2026, HLT-NRP is expected to contribute about $10.0 million revenue and $3.1 million Adjusted EBITDA. Consideration is roughly 80% cash and 20% stock, with stock subject to a multi-year lockup tied to the seller’s continued participation.
Positive
- $21.5 million HLT-NRP acquisition at mid-single-digit Adjusted EBITDA multiple
- Expands transplant surgeon network and geographic reach in Florida and California
- Adds scale to Transplant Clinical, described as Strata’s fastest-growing line
- 2026 HLT-NRP outlook: approximately $10.0 million revenue, $3.1 million Adjusted EBITDA
- Transaction funded with about 80% cash and 20% stock in multi-year lockup
Negative
- None.
News Market Reaction – SRTA
In the Jun 24 session, SRTA declined 1.08%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 02 | Bolt-on acquisition | Positive | +2.3% | All-cash Louisville Perfusion deal adding revenue and EBITDA to 2026 base. |
| Apr 30 | Small tuck-in deal | Positive | +1.2% | Acquisition of OVPA to expand perfusion services footprint and capabilities. |
| Feb 05 | Credit facility | Positive | -6.2% | New asset-based revolver to fund future M&A and enhance liquidity. |
| Sep 16 | Major acquisition | Positive | +8.2% | Keystone Perfusion acquisition significantly expanding organ recovery platform. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition-related news has generally prompted modest share gains for SRTA, with one notable selloff around acquisition financing.
Key Terms
adjusted ebitda financial
lockup financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Network of experienced transplant surgeons in key markets will immediately become available to all Strata customers
- Adds significant scale to Transplant Clinical, Strata’s fastest growing business line, with a similar, rapid growth trajectory
$21.5 million acquisition completed at mid-single-digit multiple of Adjusted EBITDA, pre-synergy, consistent with Strata’s capital deployment strategy
NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- Strata Critical Medical, Inc. (Nasdaq: SRTA, “Strata” or the “Company”), today announced that it has completed the acquisition of Heart and Lung Transplant National Recovery Program (“HLT-NRP”), a provider of transplant surgical recovery services in the United States.
“HLT-NRP strengthens our organ recovery platform by significantly increasing our network of experienced transplant surgeons available to complete recoveries across the country adding clinical depth and geographic reach in key markets such as Florida and California,” said Will Heyburn, Co-CEO of Strata.
“This added scale will result in better service to the transplant community through improved surgeon availability closer to the donor hospital, enhancing responsiveness and continuity of care while reducing unnecessary travel and associated costs,” said Melissa Tomkiel, Co-CEO of Strata.
“I’m thrilled to join the Strata team for the long-term as we enter the next phase of accelerating growth for our company,“ said Dr. Samuel Jacob. “Combining with Strata allows us to efficiently expand access to our experienced transplant recovery surgeons while preserving the clinical standards and relationships that have defined HLT-NRP. The combined organization is well positioned to support the increasing complexity of contemporary transplantation and continue delivering value to transplant programs across the country.”
“We are doubling-down on our fastest-growing Transplant Clinical business line, which also drives significant demand for our logistics services,” said Mat Schneider, CFO of Strata’s Clinical business line. “The attractive, mid-single-digit pre-synergy Adjusted EBITDA multiple is consistent with our capital allocation framework and, looking ahead, we expect our combined growth and operational synergies will quickly lower our effective purchase price and maximize returns.”
The transaction value of
(1) We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
About Strata Critical Medical, Inc.
Strata is a time-critical logistics and medical services provider to the U.S. healthcare industry. We operate one of the nation’s largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated “one call” solution for donor organ recovery.
Strata’s core services include air and ground logistics, surgical organ recovery, organ placement and normothermic regional perfusion for the transplant industry, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers, offered under the Trinity Medical Solutions and Keystone Perfusion brands.
For more information, visit https://stratacritical.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", “anticipate”, “believe”, “could”, “continue”, “expect", “estimate”, “may”, “plan”, “outlook”, “future”, "target", and “project” and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Strata’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the integration of HLT-NRP and its impact, Strata’s future plans and business strategies, financial and operating performance (including the discussion of HLT-NRP’s performance for 2026 and beyond), results of operations, and industry environment and growth opportunities. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Strata’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: our continued net losses or failure to achieve or maintain profitability; our ability to realize the anticipated benefits of strategic transactions, including the recently completed divestment of the Passenger business and the acquisition and integration of Keystone and HLT-NRP; any future acquisitions or partnerships; harm to our reputation and brand; negative publicity, litigation, claims or regulatory scrutiny; our ability to provide high-quality customer support and maintain trusted relationships with customers; our reliance on contractual relationships with transplant centers, hospitals, Organ Procurement Organizations and strategic partners; adoption and effective utilization of our integrated clinical and logistics offerings by medical customers; competition; our dependence on the availability and utilization of organ donors and transplant volumes; insufficient reimbursement or funding for organ transport and related services; risks inherent in organ transportation operations; risks associated with ground transportation operations; advancements in preservation technology or alternative transport methods; aviation safety risks; the effects of climate change, extreme weather events or environmental developments affecting our operations; terrorist attacks, geopolitical conflict or security events affecting aviation or healthcare infrastructure; the volatility in aircraft fuel availability or cost; our ability to obtain additional capital or financing; restrictions under our credit agreement; our ability to manage our growth; insurance market conditions; our dependence on key personnel and our ability to attract and retain qualified professionals; employment-related claims, workforce litigation or labor market challenges; our ability to maintain our company culture as we grow; fluctuations in financial results and the non-comparability of historical financial statements; risks associated with purchasing aircraft or evolving from an asset-light model; risks associated with directly operating aircraft; our reliance on maintaining efficient aircraft utilization to manage costs, operating efficiency and margins; changes in regulatory frameworks; our reliance on third-party aircraft operators; the availability of sufficient third-party aircraft capacity; workforce disruptions, operations interruptions or financial difficulties affecting third-party operators or service workers; risks arising from illegal, improper, or otherwise inappropriate operation of branded aircraft by third-party operators; our reliance on third-party cloud infrastructure, hosting providers and other technology vendors; interruptions, defects, failures or vulnerabilities in our technology systems or those of third-party providers; cybersecurity incidents, data breaches or misuse of artificial intelligence technologies; our ability to protect and enforce intellectual property rights; risks associated with our use of open-source software; our operations within highly regulated environments; the impact of any litigation or regulatory investigations that we may be subject to; our ability to comply with privacy, data protection, consumer protection and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses and maintain effective disclosure controls and procedures; and other factors beyond our control. Additional factors can be found in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Strata undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
Contacts
Mathew Schneider
investors@srta.com
