# Strata Critical Medical, Inc. (SRTA)

> Source: Nexqual · https://nexqual.com/SRTA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Strata Critical Medical, Inc. (SRTA), nexqual.com/SRTA" · informational, not investment advice.

**Price:** USD 4.71 (-0.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.73 · day 4.66–4.78 · 52w 3.95–6.5 · market cap $417M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $256M, net income $40.2M (15.7% margin), free cash flow -$48.4M (SEC filings).
- Valuation: P/E 10.4x (avg 9.6x at the last 1 fiscal year-ends).
- 2 of 80 tracked superinvestors hold SRTA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $832K; 5 not under a Rule 10b5-1 plan ($450K); 2 by opportunistic insiders (2 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 9.56 (range 8–12.75).
- Total return with dividends: 1Y -6.4% vs S&P 500 +14.9%; 5Y -51.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -0.01, revenue estimate $72.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $50.5M | $146M | $225M | $147M | $197M | $256M |
| Gross profit | $10.5M | $22.3M | $42.1M | $29.6M | $41.1M | — |
| Operating income | -$24.1M | -$53.5M | -$68.1M | -$22.5M | -$22.4M | -$20.4M |
| Net income | -$40.1M | -$27.3M | -$56.1M | -$27.3M | $41.3M | $40.2M |
| EPS (diluted) | -$0.93 | -$0.38 | -$0.76 | -$0.35 | $0.50 | — |
| Free cash flow | -$15.9M | -$37.9M | -$34.5M | -$33.4M | -$58.5M | -$48.4M |
| Gross margin | 20.8% | 15.2% | 18.7% | 20.2% | 20.9% | — |
| Operating margin | -47.7% | -36.6% | -30.3% | -15.3% | -11.3% | -8.0% |
| Net margin | -79.3% | -18.7% | -24.9% | -18.6% | 21.0% | 15.7% |
| Revenue growth | — | — | +54.1% | -34.8% | +34.3% | — |
| Cash + short-term investments | $304M | $192M | $166M | $127M | $61.2M | — |
| Total debt | — | $0K | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.4x · P/S 1.6x · P/B 1.5x · FCF yield -11.63% · Earnings yield 9.65%
P/E at fiscal year-ends: Dec 2025 9.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold SRTA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 0.57% | $26.4M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $12.2M | Added +2.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Love Reginald | Director | 5,091 | $29K | 3.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-08 | Heyburn William A. | Co-CEO and CFO | 31,671 | $186K | 2% | No | Routine (traded in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-08 | Cohen Amir | Chief Accounting Officer | 4,655 | $27K | 3.1% | No | Too little history (no open-market trades in 2025) |
| 2026-06-08 | Tomkiel Melissa M. | Co-CEO and General Counsel | 29,730 | $175K | 1.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-08 | Wunsch Scott M | CEO, Logistics | 5,550 | $33K | 0.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-21…2026-05-22 | Cohen Amir | Chief Accounting Officer | 50,875 | $299K | 25.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2025) |
| 2026-05-11 | Cohen Amir | Chief Accounting Officer | 14,306 | $83K | 6.6% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 9.56 (low 8, high 12.75).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -6.4% | -51.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.4% | -13.3% |
| Volatility (annualized) | 53.7% | 66.1% |
| Max drawdown | -33.9% (May 2026→Oct 2026) | -79.1% (Nov 2021→Oct 2023) |

## Peers (Medical Care Facilities)
INNV (InnovAge Holding Corp.) USD 9.52 +4.16% · USPH (U.S. Physical Therapy, Inc.) USD 88.73 +2.84% · NUTX (Nutex Health Inc.) USD 206.09 +4.29% · PNTG (The Pennant Group, Inc.) USD 42.23 +2.90% · AGL (agilon health, inc.) USD 90.29 -0.77% · CMPS (COMPASS Pathways Plc - American) USD 11.63 -1.77%

## More
Full page: https://nexqual.com/SRTA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SRTA's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1779128/000162828026013628/blde-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Trinity Air Medical | "We also utilize proprietary technology to manage staffing, training and chain of custody, as well as help customers streamline organ evaluation (through our Trinity Organ Placement Services - TOPS), procurement and logis…" |
| Partner | Keystone Perfusion Services | "•our ability to realize the anticipated benefits of strategic transactions, including the recently completed divestiture of the Passenger business, the acquisition and integration of Keystone (as defined below), and any …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Logistics | $48.2M | 66.5% | +6.9% |
| Clinical | $24.3M | 33.5% | — |
| Total revenue | $72.5M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Transplant Clinical | $12.5M | 17.3% | — |
| Other Clinical | $11.7M | 16.2% | — |
| Total revenue | $72.5M | 100% | — |
The lines above cover 33.5% of total revenue.

## Revenue by region (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $62.4M | 88.2% | +7.7% |
| Non Us | $8.4M | 11.8% | -16.0% |
| Total revenue | $70.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. 5 Use of Non-GAAP Financial Information Strata believes that the non-GAAP measures discussed below, viewed in addition to and not"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $-0.02 | -62.5% | $72.7M | 4 |
| Next quarter (ends 2026-12-31) | $0.01 | $-0.02 | -150.0% | $78.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.09 | $-0.07 | +32.1% | $290.8M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.00 | $-0.01 | -125.0% | $326.1M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±18.9%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 75.4% | ±18.9% |
| 2027-02-19 | 119 | 68.4% | ±33.9% |
| 2027-05-21 | 210 | 64.6% | ±41.7% |