Strata Critical Medical
Coordinates organ-transport logistics and surgical recovery services for U.S. transplant centers.
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Profile
Runs a two-segment medical-logistics business — air and ground transport of donor organs for U.S. transplant centers under the Trinity brand, and surgical organ recovery plus normothermic perfusion under the Keystone brand — built on a network of contracted charter operators rather than a large owned fleet.
Coordinates time-critical logistics and clinical services for organ transplantation across the United States, running a Logistics segment marketed as Trinity and a Clinical segment marketed as Keystone.
Trinity arranges air and ground transport of donor organs and surgical teams for transplant centers and organ procurement organizations; Keystone performs surgical organ recovery and normothermic regional perfusion that extends how long a donated organ stays viable, plus perfusion staffing for hospitals outside the transplant pipeline.
Most transport runs through contracted third-party charter operators rather than a large owned fleet, and growth has come mainly through acquiring established commercial partners rather than building services from scratch.
Originally an urban air-mobility operator founded in 2014, the company sold its passenger business and narrowed to organ logistics and recovery in 2025. Demand tracks national policy on organ donation and allocation across U.S. transplant centers.
Company facts
Categories
Key statistics
Year to date +21.1% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Sep 17, 2025 | Lake Street | Reiterate | Buy | $7.25 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$0.02 | −$0.12 | −500.0% | $67.6M | $72.5M | +7.2% | +0.36% |
| May 6, 2026Q1 FY26 | −$0.04 | $0.03 | +175.0% | $63.7M | $67.4M | +5.8% | +0.19% |
| Mar 3, 2026Q4 FY25 | $0.01 | −$0.06 | −721.4% | $60.4M | $66.8M | +10.7% | +1.87% |
| Nov 10, 2025Q3 FY25 | −$0.02 | −$0.06 | −200.0% | $60.4M | $49.3M | −18.3% | +3.92% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $54.3M | $70.8M | $49.3M | $66.8M | $67.4M | $72.5M | |
| Gross profit | $12.0M | $17.7M | $11.6M | $11.7M | $14.1M | $15.2M | |
| Operating income | −$7.6M | −$5.0M | −$5.6M | −$6.4M | −$3.0M | −$5.4M | |
| Net income | −$3.5M | −$3.7M | $57.4M | −$8.8M | $2.2M | −$10.5M | |
| Diluted EPS | −$0.04 | −$0.05 | $0.70 | −$0.11 | $0.03 | −$0.12 | |
| Gross margin | 22.1% | 25.1% | 23.6% | 17.5% | 21.0% | 21.0% | |
| Operating margin | -14.0% | -7.0% | -11.4% | -9.6% | -4.4% | -7.5% |
Fiscal years (4-quarter sums)FY21 $57.9M · FY22 $146.1M · FY23 $225.2M · FY24 $248.7M · FY25 $241.2M
Revenue by product · Q2 FY26
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $22.8M · Total debt $4.3M · Total assets $332.7M · Shareholders' equity $279.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 86.53M · Float 45.00M · 52.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| ARK Investment Management LLC | 7.46M | 8.57% | 13G | Apr 30, 2026 |
| Robert S. Wiesenthal · director | 5.33M | 6.16% | Form 4 | Aug 3, 2026 |
| Third Point LLC | 5.00M | 5.80% | 13G | Nov 14, 2025 |
| Northern Right Capital Management, L.P. | 4.40M | 5.10% | 13G | Jun 17, 2026 |
| BlackRock, Inc. | 4.38M | 5.10% | 13G | Jan 21, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Reginald Love | director | −5,091 | $5.75 |
| Jun 8, 2026 | Scott M. Wunsch | officer: CEO, Logistics | −5,550 | $5.87 |
| Jun 8, 2026 | Melissa M. Tomkiel | director, officer: Co-CEO and General Counsel | −29,730 | $5.87 |
| Jun 8, 2026 | Amir Cohen | officer: Chief Accounting Officer | −4,655 | $5.87 |
| Jun 8, 2026 | William A. Heyburn | director, officer: Co-CEO and CFO | −31,671 | $5.87 |
Peers
- TransMedics Group
Device maker running an end-to-end organ retrieval and logistics service
- LivaNova
UK medtech; global leader in heart-lung machines for cardiac surgery
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Strata Critical Medical | $6.00 | +0.50% | $516.6M | 12.0 | 99.5 | 2.0 | +2.4% |
| TransMedics Group | $88.62 | +0.21% | $3.06B | 22.9 | 47.0 | 4.6 | +20.7% |
| LivaNova | $80.32 | −0.02% | $4.41B | 23.7 | 18.2 | 3.0 | +10.8% |
| Median | 23.3 | 32.6 | 3.8 | +15.8% |