Strata Critical Medical, Inc.

Q2 2026 revenue was $72.5 million, up 60.7% from $45.1 million a year ago. Gross profit was $15.2 million, up 68.9% from $9.0 million, and gross margin was 21%, up 100 basis points year over year. Adjusted EBITDA was $7.9 million versus $6.4 million in Q1 2026, and adjusted EBITDA margin was 10.9% versus 9.5%. Operating cash flow was $5.7 million and free cash flow was $2.9 million. Clinical revenue was $24.3 million, up 22.6% sequentially from $19.8 million in Q1, and Clinical gross margin improved to 26.1% from 25.0%. Logistics gross margin was 18.4% versus 19.3% in Q1. Management raised 2026 revenue guidance to $285 million-$295 million from $260 million-$275 million and adjusted EBITDA guidance to $33 million-$35 million from $29 million-$33 million. They still expect free cash flow before aircraft acquisitions of $15 million-$22 million in 2026. For Q3, Logistics revenue is expected to decline high single digits sequentially, Clinical revenue to grow about 20% sequentially, and Clinical gross margin to reach 27%-28% in the second half of the year. If the recent Clinical acquisitions had closed on January 1, 2026, revenue guidance would have been $295 million-$305 million and adjusted EBITDA $36 million-$38 million.

The co-CEOs framed the quarter as evidence that Strata’s shift toward clinical services is accelerating ahead of plan. Will Heyburn said the company completed three acquisitions year to date, added more than $20 million of revenue and $6.3 million of projected annualized adjusted EBITDA, and is seeing market-share gains in NRP and third-party surgical recovery. Both executives emphasized that the integrated model, broader footprint, and clinical mix shift should improve growth, margins, and cash generation over time.

Matt Schneider highlighted strong cash performance and a capital deployment plan that is ahead of schedule. He said Strata generated $5.7 million of operating cash flow and $2.9 million of free cash flow in Q2, with $2.8 million of capex driven mainly by aircraft maintenance and two completed engine overhauls, the only scheduled engine overhauls for 2026. Management also expects cash balance to build into year-end, helped by free cash flow and a $17.5 million Joby performance earn-out that they believe they are on track to receive in full by year-end.

Analysts pressed on whether Strata is gaining market share in machine perfusion and Logistics, and management said the best evidence is the strong sequential growth in Clinical and the continued rise in NRP penetration to about 59% of DCD donors versus 57% in Q1. On Logistics margins, management said the decline was driven by a fuel surcharge, an unfavorable short-trip mix, and lower owned-fleet and ground profitability; they said actions are underway, including removing low-margin aircraft, shifting lift to more efficient operators, and improving vehicle utilization. In response to questions on M&A sourcing, management said recent acquisitions should help attract more targets because acquired teams can point to Strata as a good home for sellers and a better platform for expanding the mission.