Strata Critical Medical Hosts 2025 Investor Day; Provides 2026 and Medium-Term Financial Guidance

Rhea-AI Summary

Strata Critical Medical (Nasdaq: SRTA) held its 2025 Investor Day on Nov 17, 2025, and issued 2026 guidance plus a 2027–2029 medium-term framework.

Key targets: 2026 revenue $255–270M, 2026 Adjusted EBITDA $28–32M, and 2026 free cash flow $15–22M (before aircraft and engine acquisitions).

Medium-term goals include a high‑teens organic Adjusted EBITDA CAGR leading to a doubling of Adjusted EBITDA by 2029, an Adjusted EBITDA margin ~13.0% by 2029, 60–70% free cash flow conversion, and ~$200M of cash available for deployment through 2029.

Positive

• 2026 revenue guidance of $255–270 million
• 2026 Adjusted EBITDA guidance of $28–32 million
• Target: double Adjusted EBITDA organically by 2029 vs 2025 pro forma
• Medium-term margin target ~13.0% Adjusted EBITDA by 2029
• Free cash flow conversion target of 60–70% of Adjusted EBITDA
• ~$200M capital available for deployment through 2029

Negative

• Forward-looking metrics not reconciled to GAAP due to variability of key items
• 2026 free cash flow excludes aircraft and engine acquisitions, limiting comparability

Insights

Financial Strategist

Strata sets a clear organic growth path and gives concrete 2026 metrics, implying meaningful margin expansion and cash generation to fund M&A.

The company targets high-teens organic Adjusted EBITDA CAGR and projects Adjusted EBITDA of 28-32 million for 2026, implying margin expansion to an ~13.0% Adjusted EBITDA margin by 2029. The firm also expects free cash flow of 15-22 million in 2026 and a 60-70% conversion of Adjusted EBITDA to free cash flow in the medium term, which together signal disciplined cash generation assumptions and a focus on converting profit into deployable capital.

Key dependencies and risks include execution versus the stated organic growth and margin targets and the unspecified variability in incentive, transaction-related, and fair-value costs that preclude a GAAP reconciliation. Watch near-term realized 2026 revenue and Adjusted EBITDA versus guidance, and monitor free cash flow conversion and realized cash build to validate the announced ~200 million capital deployment capacity through 2029. Expect meaningful resolution on these items in the next 4–12 months as quarterly results and capital deployment decisions are disclosed.

Operations & M&A Analyst

The company frames a roll-up play with ~200 million deployment capacity and an explicit aim to double Adjusted EBITDA by 2029.

The presentation emphasizes a localized service model and a fragmented market where acquisitions can expand coverage and lower unit costs. The allocation of an estimated 200 million for deployment through 2029 ties directly to the stated goal of accelerating growth beyond organic trends while preserving margin improvement to ~13.0% by 2029.

Execution risks include integration of acquisitions and the timing of deployable cash (estimated from 90 million operating cash, 60 million borrowing, and 50 million current cash). Monitor announced transactions, transaction-related expenses disclosure, and quarterly cash flow detail over the next 12–36 months to see whether acquisition spending aligns with the stated plan and sustains the projected EBITDA trajectory.

• Event highlights multiple ongoing industry growth catalysts and a range of factors that should enable Strata to grow faster than the overall market
• Team defines roll-up opportunity, acquisition philosophy and priority targets for $200 million of estimated cash available for deployment through 2029
• New 2026 financial guidance and medium-term financial framework targets a sustained high-teens target CAGR⁽¹⁾ for Adjusted EBITDA on an organic basis
• Adjusted EBITDA expected to double organically⁽¹⁾ by 2029, before capital deployment
  
  

NEW YORK, Nov. 17, 2025 (GLOBE NEWSWIRE) -- Strata Critical Medical, Inc. (Nasdaq: SRTA, "Strata" or the "Company") is hosting its 2025 Investor Day today at the Nasdaq MarketSite in New York City. The event features presentations by leaders across the business and begins at 2:00pm ET.

Key Investment Highlights

• Market leader with differentiated business model in non-correlated industry with life-saving mission
• Multiple catalysts driving industry volume growth
• Well positioned to outgrow the market while expanding margins
• Target for high-teens organic Adjusted EBITDA CAGR⁽¹⁾ in the medium-term, which would result in a doubling of Adjusted EBITDA by 2029
• Significant roll-up opportunity in fragmented industry with strong balance sheet to execute
  
  

"Strata is a market leader in the growing, non-correlated transplant industry in the midst of an incredible transformation, resulting in more organs getting to those who need them and a significantly increased need for clinical and logistical support in this life-saving mission," said Will Heyburn Co-CEO and CFO. "We are well positioned to deliver on these increased demands, and, as such, we are confident in our newly introduced target to organically sustain a high-teens Adjusted EBITDA compound annual growth rate⁽¹⁾ in the medium-term, with further opportunity for significant growth through acquisitions."

"Our integrated end to end organ recovery platform operates with a highly efficient, localized service model, saving our customers money, and more importantly, enabling faster and more efficient organ recovery processes," said Melissa Tomkiel, Co-CEO and General Counsel. "That's why, for us, acquisitions in this fragmented market aren't just about the attractive financial return, they can also expand our local service delivery area and enable us to provide additional services at lower cost to all of our customers."

In conjunction with the event, the company is providing 2026 guidance and a medium term financial framework.

^{(1): 2029 Adjusted EBITDA compared to 2025 Adjusted EBITDA pro forma for the Keystone acquisition.}

2026 Financial Guidance⁽²⁾

• Revenue: $255-270 million
• Adjusted EBITDA: $28-32 million
• Free cash flow, before aircraft and engine acquisitions: $15-22 million
  
  

Medium Term Financial Framework⁽²⁾

Medium term financial framework covers the period 2027-2029

• Organic revenue growth: Low double digit CAGR
• Adjusted EBITDA margin: Approximately 13.0% by 2029
• Free cash flow⁽²⁾ conversion of Adjusted EBITDA: 60-70%
• Capital deployment: Approximately $200 million of cash available⁽³⁾ for deployment through 2029
  
  

Webcast 
The event can be viewed live by clicking on the following link https://edge.media-server.com/mmc/p/3tauswyr/h. A copy of the materials to be presented at the event, which includes some additional information about the non-GAAP numbers mentioned in this press release, is available on the investor relations section of our website and we encourage you to review that in conjunction with this release. A replay of the event will be available on the investor relations section of our website within 24 hours and will be available for 1 year thereafter.

^{(2) We have not reconciled the forward-looking Adjusted EBITDA, Free cash flow, before aircraft and engine acquisitions, Adjusted EBITDA margin, or Free cash flow conversion guidance included above to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
(3) Based on an estimated $90 million in aggregate cash flow, an estimated $60 million in borrowing and $50 million in current cash and cash equivalents, net of minimum cash}

About Strata Critical Medical

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 www.srta.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 impact and anticipated benefits of the acquisition of Keystone Perfusion, the impact of such acquisition on Strata’s financial performance and liquidity outlook, Strata’s future plans and business strategies, financial and operating performance (including the discussion of financial and liquidity outlook and guidance for 2025, 2026 and beyond), results of operations, industry and competitive environment, market share and growth opportunities, and capital deployment strategies and 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 incurrence of significant losses; the impact of our recently completed divestment of the Passenger business and acquisition of Keystone Perfusion and our ability to realize the anticipated benefits of these transactions, including the receipt of contingent consideration in connection with the sale of the Passenger business; any change to the ownership of our aircraft and the challenges related thereto; the effects of competition; harm to our reputation and brand; our ability to provide high-quality customer support; our reliance on contractual relationships with certain transplant centers, hospitals and Organ Procurement Organizations; our reliance on certain customers; competition from providers with proprietary organ preservation technology or additional capabilities; the continuing availability of organ donors and viable donor organs; insufficient reimbursement and funding for organ transport costs; risks related to organ transport operations; new technology that could make ground or commercial air transport of organs more viable; negative publicity, reputational damage, litigation, claims or investigations relating to our provision of clinical services and perfusion staffing services; regulatory changes, legislative reforms, and civil or criminal enforcement actions; our ability to successfully integrate Keystone and to identify, complete and successfully integrate future acquisitions; impact of natural disasters, outbreaks and pandemics, economic, social, weather, growth constraints, geopolitical, and regulatory conditions or other circumstances on metropolitan areas and airports where we have geographic concentration; any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators; the effects of climate change; terrorist attacks, geopolitical conflict or security events; the availability of aircraft fuel; our ability to access additional funding to finance our operations; our ability to manage our growth; increases in insurance costs or reductions in insurance coverage; the loss of key members of our management team; our ability to maintain our company culture; effects of fluctuating financial results and the fact that the Company’s historical financial statements included in prior periodic reports may not be comparable due to the impact of discontinued operations; our reliance on third-party operators; the availability of third-party operators; disruptions to third-party operators and providers workforce; the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate our branded aircraft; our reliance on third-party web service providers; our ability to address system failures; interruptions or security breaches of our information technology systems; our ability to protect our intellectual property rights; changes in our regulatory environment; risks and impact of any litigation we may be subject to; regulatory obstacles in local governments; the expansion of domestic and foreign privacy and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses or maintain internal controls over financial reporting; our ability to maintain effective internal controls and disclosure controls; changes in the fair value of our warrants; 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

FAQ

What is Strata (SRTA) 2026 revenue guidance announced on Nov 17, 2025?

Strata guided 2026 revenue of $255–270 million.

What Adjusted EBITDA does SRTA forecast for 2026?

Strata provided a 2026 Adjusted EBITDA range of $28–32 million.

What medium-term Adjusted EBITDA growth target did Strata set for 2027–2029?

Strata targets a high‑teens organic Adjusted EBITDA CAGR, implying a doubling by 2029 vs 2025 pro forma.

How much capital does SRTA plan to deploy through 2029 after Investor Day?

Strata indicated approximately $200 million of cash available for deployment through 2029.

What Adjusted EBITDA margin does Strata aim for by 2029?

The company targets an Adjusted EBITDA margin of about 13.0% by 2029.

How does Strata define its free cash flow guidance for 2026?

Strata guided 2026 free cash flow of $15–22 million before aircraft and engine acquisitions.

Are Strata's forward-looking metrics reconciled to GAAP?

No; the company said forward-looking Adjusted EBITDA and free cash flow are not reconciled to GAAP due to variability in items like incentive and transaction-related expenses.