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- **Revenue Surge**: 36.7% YoY growth to $49.3M, with 29% organic growth excluding Keystone. Adjusted EBITDA up 80% to $4.2M.
- **Strategic Wins**: Added 1 new OPO and 1 organ placement customer, outpacing industry by 11x. FDA approves in-flight liver perfusion, enhancing service offerings.
- **Profitability Boost**: EBITDA margin jumps to 15.1%, free cash flow of $2M, and $76M cash post-transactions.
- **Growth Catalysts**: Keystone's 40% YoY revenue growth, new DCD dry run services, and 250+ diverse customers drive resilience against seasonal volume declines.
- **Future Outlook**: Raised 2025 revenue guidance to $185-$195M, targeting solid free cash flow generation and EBITDA margin expansion.

**【Management Opening Remarks】**
- **Revenue Growth**: Q3 2025 revenue rose 36.7% YoY to $49.3 million, with 29% growth excluding Keystone Perfusion. Adjusted EBITDA increased 80% YoY to $4.2 million, driven by improved fleet performance and new services.
- **Strategic Transactions**: Divestiture of passenger business and Keystone acquisition completed, repositioning as a medical-focused, end-to-end organ recovery platform. Free cash flow of $2 million generated in Q3.

**【CEO Commentary】**
- **Market Share Expansion**: Added 1 new OPO air logistics customer and 1 organ placement customer, outpacing industry transplant volume growth (4% YoY vs. 15% revenue growth). Sequential revenue growth of 3% despite seasonal decline in transplant volumes.
- **Service Innovation**: Introduced cost-saving DCD dry run recoveries and integrated Keystone's surgical recovery services, reducing customer expenses and increasing transplant accessibility. FDA approval for OrganOx liver perfusion in-flight supports device-agnostic strategy.
- **Profitability**: Medical segment EBITDA margin improved to 15.1% (vs. 12.5% H1 2025), with Keystone contributing $2.8 million in 0.5 months of operations.

**【CFO Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $4.2 million (80% YoY growth), free cash flow of $2 million, and $76 million in cash post-Keystone and Joby transactions. Unallocated corporate expenses reduced 40% to $3.3 million.
- **One-Time Costs**: $44.3 million Keystone acquisition impact on operating cash flow, offset by $70 million from Joby share monetization. Capital expenditures of $3.2 million for aircraft maintenance and software.
- **Outlook**: Raised 2025 revenue guidance to $185-$195 million (from $175-$185 million) and reaffirmed EBITDA guidance of $13-$14 million. Expect sequential EBITDA margin expansion in Q4 due to Keystone mix.

**【Q&A Highlights】**
- **Growth Drivers**: New customer acquisition (250+ Keystone customers), market share gains, and industry growth (NRP adoption up 100% YoY). Diversified customer base with <10% overlap between legacy and Keystone transplant customers.
- **Fleet Performance**: Scheduled maintenance completed, enabling margin improvement. Free cash flow generation expected to continue.
- **Integration Benefits**: Keystone's local resources reduce costs, and new services like DCD dry runs address customer pain points. No material SG&A impact from relocation efforts.
- **Seasonality**: Q3 industry transplant volumes down 6%, but Strata outperformed with 3% sequential revenue growth, driven by market share gains and new services.

Strata Critical Medical, Inc. (SRTA) Q3 2025 Earnings Call Transcript

Revenue

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SRTA

SRTA fundamentals

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