Strata Critical Medical (SRTA)
Market Price (5/12/2026): $5.58 | Market Cap: $476.1 MilSector: Health Care | Industry: Health Care Facilities
Strata Critical Medical (SRTA)
Market Price (5/12/2026): $5.58Market Cap: $476.1 MilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine. Themes include Remote Patient Monitoring, Health Data Analytics, and AI in Healthcare Management. | Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -53% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.8% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine. Themes include Remote Patient Monitoring, Health Data Analytics, and AI in Healthcare Management. |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -53% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.8% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23% |
Qualitative Assessment
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1. Strata Critical Medical reported robust First Quarter 2026 financial results that significantly exceeded analyst expectations, leading to a substantial positive market reaction. The company announced total revenue of $67.4 million, an 87.4% year-over-year increase, beating estimates of $64.95 million. Net income from continuing operations turned positive at $2.4 million, compared to a loss of $(5.4) million in the previous quarter. Earnings per share of $0.03 also surpassed analyst estimates of -$0.04. Following this news on May 6, 2026, SRTA's stock surged by 10.6% in a single trading session.
2. The company reiterated its strong full-year 2026 financial guidance, reinforcing investor confidence in its future performance. Strata Critical Medical confirmed its 2026 revenue guidance of $260–275 million, Adjusted EBITDA of $29–33 million, and free cash flow of $15–22 million before aircraft and engine acquisitions. This consistent outlook, coupled with the strong Q1 results, signals management's confidence in continued growth.
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Stock Movement Drivers
Fundamental Drivers
The 16.0% change in SRTA stock from 1/31/2026 to 5/11/2026 was primarily driven by a 32.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.88 | 5.66 | 16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 192 | 254 | 32.1% |
| Net Income Margin (%) | 21.0% | 18.5% | -11.9% |
| P/E Multiple | 10.0 | 10.3 | 3.1% |
| Shares Outstanding (Mil) | 82 | 85 | -3.4% |
| Cumulative Contribution | 16.0% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| SRTA | 16.0% | |
| Market (SPY) | 3.6% | 51.9% |
| Sector (XLV) | -7.2% | 19.3% |
Fundamental Drivers
The 12.5% change in SRTA stock from 10/31/2025 to 5/11/2026 was primarily driven by a 41.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.03 | 5.66 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 179 | 254 | 41.9% |
| P/S Multiple | 2.3 | 1.9 | -16.8% |
| Shares Outstanding (Mil) | 81 | 85 | -4.7% |
| Cumulative Contribution | 12.5% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| SRTA | 12.5% | |
| Market (SPY) | 5.5% | 44.1% |
| Sector (XLV) | -0.0% | 17.0% |
Fundamental Drivers
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Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| SRTA | ||
| Market (SPY) | 30.4% | 40.3% |
| Sector (XLV) | 3.6% | 17.7% |
Fundamental Drivers
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Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| SRTA | ||
| Market (SPY) | 78.7% | 40.3% |
| Sector (XLV) | 12.6% | 17.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SRTA Return | - | - | - | - | 10% | 16% | 27% |
| Peers Return | 59% | 24% | -2% | -8% | 14% | 13% | 130% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| SRTA Win Rate | - | - | - | - | 40% | 60% | |
| Peers Win Rate | 52% | 48% | 42% | 44% | 44% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| SRTA Max Drawdown | - | - | - | - | -9% | -16% | |
| Peers Max Drawdown | -10% | -56% | -43% | -38% | -32% | -23% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMDX, CYRX, CCRN, BLFS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
SRTA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.7% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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SRTA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Strata Critical Medical (SRTA)
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- Uber/Lyft for urban and regional air transportation via helicopters and seaplanes.
- Like NetJets, but for by-the-seat bookings on helicopters and small aircraft for quick, short-distance routes.
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- Charter Flights: Private air transportation services for individuals or groups using helicopters, jets, turboprops, and amphibious seaplanes.
- By-the-Seat Flights: Scheduled air transportation services where passengers can book individual seats on helicopters, jets, turboprops, and amphibious seaplanes.
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- Helijet Charters Inc.
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Melissa M. Tomkiel, Co-Chief Executive Officer and General Counsel
- Melissa Tomkiel is the Co-CEO and General Counsel of Strata Critical Medical, Inc.. She also serves on Strata's board of directors.
- Before her current role, she served as President and General Counsel of Blade Air Mobility, the predecessor company to Strata, which she joined in 2015.
- Prior to Blade, Ms. Tomkiel co-founded and was President of Fly The Whale, a commuter air carrier operating amphibious seaplanes and rotorcraft. She began her career as an attorney at Pryor Cashman.
- Ms. Tomkiel was appointed Co-CEO when Blade Air Mobility rebranded to Strata Critical Medical in August 2025. She has made significant stock purchases in Strata (SRTA).
William A. Heyburn, Co-Chief Executive Officer and Chief Financial Officer
- William Heyburn is the Co-CEO and Chief Financial Officer of Strata Critical Medical, Inc., and also serves as a director.
- He previously held the positions of Chief Financial Officer and Head of Corporate Development at Blade Air Mobility, which he joined in 2018.
- Before joining Blade Air Mobility, Mr. Heyburn was a Vice President at RedBird Capital Partners, a principal investment firm specializing in growth equity, build-up, and structured equity investments.
- He was appointed Co-CEO and CFO in August 2025, concurrent with the company's rebranding. He purchased 17,000 shares of Strata Critical Medical Inc on December 9, 2025.
Scott M. Wunsch, Chief Executive Officer, Logistics
- Scott Wunsch is the CEO of Strata's Logistics business.
- He joined Trinity Medical Solutions in 2018, a company later acquired by Strata in 2021.
- Prior to Trinity, Mr. Wunsch spent 13 years at LifeCenter Northwest, where he was the Vice President of Clinical Operations, managing overall operations and logistics for one of the largest geographic organ procurement organizations in the country.
Amir M. Cohen, Chief Accounting & Integration Officer
- Amir Cohen is Strata's Chief Accounting & Integration Officer.
- He played a key role in building the company's accounting organization through its transition from private to public and led significant aspects of the passenger-business carve-out.
- Before joining Strata, Mr. Cohen held senior finance roles at various WPP agencies and WPP's global headquarters, and previously worked as a manager at PwC. He holds an MBA from NYU Stern and is a CPA.
Mathew Schneider, Vice President of Finance and Investor Relations, and CFO of Clinical Services
- Mathew Schneider has served as Strata's Vice President of Finance and Investor Relations since April 2024 and as Chief Financial Officer of Strata's Clinical Services business since October 2025.
- Prior to Strata, he worked as a senior analyst at Holocene Advisors L.P. and an analyst at Glenhill Capital L.P., focusing on the Industrial sector.
- Mr. Schneider also served as a Vice President in Morgan Stanley's equity research division and an Associate in UBS's equity research division.
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Strata Critical Medical (symbol: SRTA) focuses on time-critical logistics and specialized medical services for the U.S. healthcare industry. The company, which was formerly known as Blade Air Mobility, Inc., rebranded to Strata Critical Medical, Inc. in August 2025 after selling its passenger division.
Strata Critical Medical's main products and services include air and ground transportation for human organs, transplant teams, and related medical materials, as well as organ placement services. It also provides transplant clinical services such as organ recovery procedures, normothermic regional perfusion, and preservation services. Additionally, the company offers cardiac perfusion services, blood management and autotransfusion services, extracorporeal membrane oxygenation services, perfusion staffing, and equipment rentals.
The company plays a significant role in the U.S. organ transport market, dominating approximately 90% of this sector.
The addressable markets for Strata Critical Medical's main products and services are primarily within the United States:
- Organ Transport Service Market (U.S.): The global organ transport service market is projected to grow from USD 4.40 billion in 2025 to USD 4.74 billion in 2026, and further to USD 9.40 billion by 2035. North America accounts for approximately 41% of this global market. The U.S. organ transport service market is anticipated to experience substantial growth due to increasing organ transplant procedures and advancements in medical technologies.
- U.S. Transplantation Market: The U.S. transplantation market size was valued at USD 3.40 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 9.1% during the forecast period.
- Organ Preservation Market (U.S.): The global organ preservation market size was USD 280.7 million in 2024 and is expected to reach USD 510.0 million by 2032, growing at a CAGR of 7.9% during 2025–2032. The U.S. performed 48,149 transplants in 2024, indicating a high demand for organ preservation solutions.
Strata Critical Medical's projected revenues were between $160 million and $170 million for 2025, and the company has raised its 2026 revenue guidance to between $260 million and $275 million.
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The company Strata Critical Medical, Inc. (SRTA) provides time-critical logistics and medical services to the healthcare industry in the United States. It was formerly known as Blade Air Mobility, Inc. and changed its name to Strata Critical Medical, Inc. in August 2025, at which point its ticker changed from BLDE to SRTA. The company focuses on services such as air and ground transportation for human organs, transplant teams, and related medical materials. Here is a summary of Strata Critical Medical's capital allocation decisions over the last 3-5 years, reflecting its operations as Blade Air Mobility's medical division and subsequently as Strata Critical Medical:Capital Allocation Decisions
- Share Issuance
- Strata Critical Medical had 86.4 million shares outstanding as of February 23, 2026.
- As of March 14, 2026, the company had 86.99 million shares outstanding.
- Inbound Investments
- Strata announced the closing of a revolving credit facility in February 2026 to support its acquisition strategy execution.
- Outbound Investments
- Strata Critical Medical aims to strategically expand its portfolio of services through acquisition and organic growth.
Trade Ideas
Select ideas related to SRTA.
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| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.17 |
| Mkt Cap | 0.7 |
| Rev LTM | 254 |
| Op Inc LTM | -15 |
| FCF LTM | -2 |
| FCF 3Y Avg | -37 |
| CFO LTM | 18 |
| CFO 3Y Avg | 6 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 27.5% |
| Rev Chg 3Y Avg | 12.6% |
| Rev Chg Q | 21.2% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 17.5% |
| Op Inc Chg 3Y Avg | -11.7% |
| Op Mgn LTM | -7.8% |
| Op Mgn 3Y Avg | -14.5% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 4.7% |
| CFO/Rev 3Y Avg | 3.9% |
| FCF/Rev LTM | -1.8% |
| FCF/Rev 3Y Avg | -16.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 3.5 |
| P/Op Inc | -24.2 |
| P/EBIT | -20.0 |
| P/E | 8.6 |
| P/CFO | 8.7 |
| Total Yield | 7.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.5% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 36.2% |
| 3M Rtn | 20.9% |
| 6M Rtn | 7.5% |
| 12M Rtn | -6.4% |
| 3Y Rtn | -15.0% |
| 1M Excs Rtn | 27.5% |
| 3M Excs Rtn | 14.5% |
| 6M Excs Rtn | -9.7% |
| 12M Excs Rtn | -33.7% |
| 3Y Excs Rtn | -94.9% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/3/2026 | 6.9% | 1.8% | -6.9% |
| 11/10/2025 | 9.5% | 8.1% | 4.3% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 0 | 0 | 1 |
| Median Positive | 8.2% | 5.0% | 4.3% |
| Median Negative | -6.9% | ||
| Max Positive | 9.5% | 8.1% | 4.3% |
| Max Negative | -6.9% | ||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/12/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 260.00 Mil | 267.50 Mil | 275.00 Mil | 0 | Affirmed | Guidance: 267.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 29.00 Mil | 31.00 Mil | 33.00 Mil | 3.3% | Raised | Guidance: 30.00 Mil for 2026 | |
| 2026 Free Cash Flow | 15.00 Mil | 18.50 Mil | 22.00 Mil | 0 | Affirmed | Guidance: 18.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 260.00 Mil | 267.50 Mil | 275.00 Mil | 40.8% | Raised | Guidance: 190.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | 29.00 Mil | 31.00 Mil | 33.00 Mil | 129.6% | Raised | Guidance: 13.50 Mil for 2025 | |
| 2026 Free Cash Flow | 15.00 Mil | 18.50 Mil | 22.00 Mil | Higher New | |||
| 2026 Adjusted EBITDA Growth Rate | 30.0% | Higher New | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Heyburn, William A | Co-CEO and CFO | Direct | Buy | 12102025 | 4.47 | 17,000 | 76,044 | 6,277,850 | Form |
| 2 | Lauck, Andrew | Direct | Buy | 12052025 | 4.37 | 5,000 | 21,825 | 592,077 | Form | |
| 3 | Love, Reginald | Direct | Sell | 11242025 | 4.37 | 11,000 | 48,070 | 497,730 | Form | |
| 4 | Love, Reginald | Direct | Sell | 11202025 | 4.31 | 11,000 | 47,434 | 538,581 | Form | |
| 5 | Tomkiel, Melissa M | President and General Counsel | Direct | Sell | 8052025 | 4.94 | 47,995 | 237,134 | 5,676,159 | Form |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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