Strata Critical Medical reported third-quarter 2026 revenue of $74.1 million, up 50.3% from a year earlier, with growth coming from its clinical businesses. The company also authorized up to $20 million in share repurchases while saying it would continue pursuing acquisitions.
Despite higher revenue and improved gross margin, Strata recorded a $7.6 million net loss from continuing operations. It reported positive adjusted EBITDA and cash flow for the quarter.
Key details
- Clinical revenue drove the year-over-year increase. Total clinical revenue was $29.2 million, compared with $2.8 million a year earlier. That included $15.2 million from transplant clinical services and $14.0 million from other clinical services. Clinical revenue also rose 20.3% from the second quarter.
- Logistics revenue declined in the quarter. It was $44.9 million, down 3.5% from a year earlier, even as logistics revenue for the first nine months rose 10.3% to $140.7 million.
- Nine-month revenue increased 64.1%. Revenue for the first three quarters of 2026 totaled $214.0 million, including $73.2 million from clinical services.
- Gross margin improved. Third-quarter gross profit rose 57.9% to $16.8 million, and gross margin increased to 22.7% from 21.6% a year earlier. Selling, general and administrative expenses were $15.1 million, down 4.9%.
- The company remained loss-making on a GAAP basis. Net loss from continuing operations was $7.6 million, equal to 10.3% of revenue.
- Adjusted EBITDA was $9.6 million, or 13.0% of revenue. Strata also generated $9.5 million in cash from operating activities and reported free cash flow of $8.6 million.
- Strata authorized up to $20 million in share repurchases. The company said it expects to deploy capital for repurchases alongside its ongoing acquisition strategy. The announcement does not state that shares have already been bought back.
The quarter’s revenue growth came alongside a sharp increase in clinical services, while logistics revenue fell year over year. The repurchase authorization adds a capital-return option but does not replace Strata’s stated focus on acquisitions.