The raised guidance and strong organic Clinical growth are the key catalysts. Monitor the Q3 earnings call for updates on the integration of the three Q2 acquisitions and the Statline customer transition, which could drive further upside to estimates. The cash burn from M&A is a watch item, but the improving operating cash flow trajectory supports the growth narrative.
Price Chart
Executive Summary
Strata Critical Medical reported Q2 2026 revenue of $72.5M (+60.7% YoY), beating the $67.6M consensus, and a GAAP EPS loss of -$0.12, which is worse than the -$0.04 consensus. The headline GAAP net loss widened to -$10.5M from -$3.4M a year ago, driven by $5.0M in accelerated trademark amortization and a $10.5M non-cash revaluation of earn-out liabilities. However, the company raised its full-year 2026 revenue guidance to $285-295M (from $260-275M) and Adjusted EBITDA guidance to $33-35M (from $29-33M), signaling strong underlying operational momentum in its Clinical segment and successful M&A execution. The stock will likely focus on the raised guidance and record operating cash flow, offsetting the GAAP loss noise.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $72.5M, up 60.7% YoY and above $67.6M consensus.
- GAAP net loss from continuing operations of -$10.5M, or -$0.12 per share, vs. -$3.4M loss a year ago.
- Adjusted EBITDA of $7.9M, up 219.8% YoY, with margin expanding to 10.9% from 5.5%.
- Raised full-year 2026 revenue guidance to $285-295M (from $260-275M) and Adjusted EBITDA guidance to $33-35M (from $29-33M).
- Clinical revenue grew 22.6% sequentially; excluding acquisitions, organic Clinical revenue rose 15.1%.
- Completed three bolt-on acquisitions in Q2 2026 and signed an agreement to take over Statline's organ placement customer relationships.
- Operating cash flow of $5.7M and free cash flow before aircraft acquisitions of $2.9M, both records.
- Cash and short-term investments fell to $22.8M from $58.8M at Q1 end, largely due to $34.8M in acquisition spending.
Financial Impact
Revenue guidance raised by $22.5M at midpoint; Adjusted EBITDA guidance raised by $3M at midpoint.
Risk Factors
- GAAP net loss widened significantly due to non-cash charges, which may concern some investors.
- Cash and short-term investments dropped sharply from $58.8M to $22.8M due to acquisition spending, raising liquidity questions if M&A continues at this pace.
- Logistics gross margin declined 160 bps YoY to 18.4%, pressured by fuel costs and customer mix.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052152 |
| Document: srta-20260804.htm | 0001628280-26-052152 |
| Document: 0001628280-26-052152-index-headers.html | 0001628280-26-052152 |
| Document: 0001628280-26-052152-index.html | 0001628280-26-052152 |
| Document: 0001628280-26-052152.txt | 0001628280-26-052152 |
| 8-K Data (Synthetic) | 0001628280-26-052152 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Press Release | $4.66 | awaiting T+1 | — | $4.76 (+2.15%) |
Oct 15, 2026 11d ago | SC 13D | $4.54 $4.54 | · 0.00% | ▼ −0.42% | $4.76 (+4.85%) |
Oct 2, 2026 24d ago | 144 | $4.73 $4.81 | ▲ +1.69% | ▲ +1.02% | $4.76 (+0.63%) |
Aug 21, 2026 9w ago | Institutional Cluster | $6.24 $5.97 | ▼ −4.33% | ▼ −4.03% | $4.76 (−23.72%) |
Aug 4, 2026 11w ago | 8-K | $5.57 $5.85 | ▲ +5.03% | ▲ +5.23% | $4.76 (−14.54%) |
Jul 21, 2026 13w ago | Press Release | $5.08 $5.09 | ▲ +0.20% | ▲ +1.43% | $4.76 (−6.30%) |
Jun 10, 2026 19w ago | Insider Cluster | $5.49 $5.43 | ▲ +1.09% | ▲ +1.63% | $4.76 (+13.30%) |
May 7, 2026 24w ago | Press Release | $5.57 $5.66 | ▲ +1.62% | ▲ +1.38% | $4.76 (−14.54%) |
Mar 3, 2026 33w ago | Press Release | $4.80 $4.89 | ▲ +1.88% | ▲ +1.11% | $4.76 (−0.83%) |
Feb 28, 2026 34w ago | Institutional Cluster | $4.49 $4.80 | ▲ +6.90% | ▲ +7.82% | $4.76 (+6.01%) |
US Market Status
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