Earnings

Strata Clinical Mix Lifts Adjusted EBITDA Margin to 13.0%

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $74.1 million as Clinical reached $29.2 million and Logistics fell 3.5% year over year.

Strata Critical Medical (SRTA), a transplant logistics and clinical-services company, reported third-quarter revenue of $74.1 million, up 50.3% from $49.3 million a year earlier. The year-over-year growth rate slowed from 60.7% in the second quarter and 87.4% in the first, as Clinical acquisitions filled the mix and Logistics contracted.

Clinical revenue was $29.2 million, up 20.3% sequentially after 22.6% sequential growth in the second quarter. The company said the increase reflected a full quarter of contribution from the Keystone acquisition that closed in the third quarter of 2025 and three Clinical deals completed in the second quarter of 2026, plus modest organic sequential growth. On a pro forma basis that treats those acquisitions as having closed at the start of the prior year, revenue rose 8.5%.

Logistics revenue was $44.9 million, down 3.5% from $46.5 million a year earlier after 6.9% year-over-year growth in the second quarter and 32.4% growth in the first. Sequential Logistics revenue fell 6.9%, which the company said was towards the high end of its guidance framework and consistent with seasonal transplant-industry volume declines. Logistics gross profit declined 6.6% to $9.3 million.

Gross margin rose 110 basis points year over year to 22.7%. The company attributed the lift primarily to the larger Clinical segment and Clinical margin expansion, partially offset by a decline in Logistics gross margin. Logistics gross margin rebounded 240 basis points sequentially to 20.8% from 18.4% in the second quarter. The company said the year-over-year Logistics margin decline was driven primarily by higher fuel-surcharge pass-through revenue and shorter average donor-to-recipient distances, which reduce margins on owned aircraft. Co-CEO Melissa Tomkiel said Logistics gross margins were back above the company’s 20% target faster than anticipated.

Clinical gross profit was $7.5 million. Clinical gross margin was 25.6%, up from 23.8% a year earlier, then down 50 basis points from 26.1% in the second quarter, which the company said was primarily due to investments in staff and training.

Adjusted EBITDA was $9.6 million, up from $7.9 million in the second quarter and $6.4 million in the first. Adjusted EBITDA margin rose to 13.0% from 10.9% and 9.5%. The company said the 450-basis-point year-over-year increase in Adjusted EBITDA margin was driven by higher Clinical gross margin and a lower Adjusted SG&A percentage of revenue, partially offset by the Logistics gross-margin decline. Adjusted SG&A was $8.9 million, down $0.2 million sequentially from $9.1 million in the second quarter.

Net loss from continuing operations was $7.6 million, or 10.3% of revenue, after a $10.5 million loss, or 14.5% of revenue, in the second quarter. Operating cash flow was $9.5 million. Free cash flow was $8.6 million, which the company described as a record, after $2.9 million in the second quarter. Cash and short-term investments ended the quarter at $41.6 million.

The company announced a $20 million share-repurchase authorization to be used alongside its M&A strategy. It also received an EBITDA earn-out from the Passenger business sale, settled in Joby Aviation stock that it sold for net proceeds of $15.3 million. Up to an additional $27.5 million of retention earn-out and indemnity holdback may be received by the first quarter of 2027. Co-CEO and CFO Will Heyburn said the company is in a position to accelerate its target pace of acquisitions and return cash through the buyback.

Strata reiterated 2026 guidance of revenue of $285 million to $295 million, Adjusted EBITDA of $33 million to $35 million, and free cash flow before aircraft and engine acquisitions of $15 million to $22 million.

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