Strata Critical Medical Inc
stratacritical.comWhat Do They Do?
Provides air and ground transport of organs and related medical materials, plus organ-placement coordination for transplant centers and organ procurement organizations. Provides surgical organ recovery, preservation and perfusion services to hospitals and cardiovascular surgery centers.
10-K for FY2025, filed Mar 3, 2026Strata Critical Medical, Inc.(f/k/a Blade Air Mobility, Inc.) (“Strata” or the “Company”) is a time-critical logistics and medical services…View ↗
Strata operates across two operating segments: Logistics and Clinical (see Note 11 to the consolidated financial statements included in…View ↗
Air Logistics – Air transportation of human organs for transplant as well as related staff, equipment, blood samples, and tissue samples.…View ↗
Organ Recovery – Surgical procurement of donor organs. Normothermic Regional Perfusion (“NRP”) – In situ perfusion of donor organs with…View ↗
Cardiac Care – Cardiac perfusion, blood management & autotransfusion and disposables. Services are typically provided under contract with…View ↗
How Do They Make Money?
For transport, Strata charges by flight hour and applies fuel surcharges; customers pay for organ placement through fixed monthly fees. Clinical customers pay for completed procedures, while staffing and equipment rentals are billed over contract terms.
10-K for FY2025, filed Mar 3, 2026Pricing is based on a fixed price per flight hour flown with a fuel cost surcharge above a set benchmark. Ancillary costs such as landing…View ↗
Organ placement services, branded as “TOPS,” are provided on a contractual basis with a fixed monthly fee based on the size of the…View ↗
Our clinical work for OPOs typically consists of surgical recovery, operation of preservation devices, NRP services and related equipment…View ↗
For transplant centers, surgical recovery, preservation and NRP services are typically provided on an ad hoc basis with pricing on a per…View ↗
For cardiac care hospitals, we typically provide perfusion staffing, often combined with perfusion equipment, on a contractual basis with a…View ↗
Clinical staffing, on-call arrangements and equipment rental are recognized over the contract term. Case-based clinical procedures are…View ↗
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10-K for FY2025, filed Mar 3, 2026
FY2025 revenue by reportable segment ↗
$197.1M
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10-K for FY2025, filed Mar 3, 2026
$197.1M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Logistics
|
90% |
Logistics, FY2025
$176.8M Sources
|
|
Clinical
|
10% |
Clinical, FY2025
$20.3M Sources
|
Who Are Their Customers?
Transplant centers and organ procurement organizations buy logistics and transplant services directly; hospitals buy clinical staffing and perfusion services directly.
10-K for FY2025, filed Mar 3, 2026Strata operates across two operating segments: Logistics and Clinical (see Note 11 to the consolidated financial statements included in…View ↗
We typically provide logistics services to transplant centers, organ procurement organizations and other businesses on a contractual basis…View ↗
For cardiac care hospitals, we typically provide perfusion staffing, often combined with perfusion equipment, on a contractual basis with a…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 21 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$58.5M.
10-K for FY2025, filed Mar 3, 2026
−$22.4MView ↗
10-K for FY2025, filed Mar 3, 2026
$41.3MView ↗
10-K for FY2025, filed Mar 3, 2026
−$58.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$10.5MView ↗
- ▲ +181% (Loss)
- vs −$3.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Completed three clinical-services acquisitions and agreed to take over Statline customer relationships
The acquired businesses were Louisville Perfusion Services, Heart and Lung Transplant National Recovery Program, and Ohio Valley Perfusion Associates.
Sources
8-K, filed Aug 4, 2026
Revenue increased 60.7% year-over-year to $72.5 million in Q2 2026 Clinical revenue increased 22.6% sequentially in Q2 2026; Excluding…View ↗
Growing. Revenue grew 3.9x in 4 years, from $50.5M in FY2021 to $197.1M in FY2025, about 41% a year.
From passenger air mobility to medical services
The older report described passenger air mobility alongside organ transport. The latest describes a medical-services business focused on organ logistics and clinical services after the Passenger business sale and Keystone acquisition.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 3, 2026Business OverviewView ↗
Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States, Canada and Europe between 10 and…View ↗
MediMobility Organ Transport – Consisting of transportation of human organs for transplant and/or the medical teams supporting these…View ↗
Strata Critical Medical, Inc.(f/k/a Blade Air Mobility, Inc.) (“Strata” or the “Company”) is a time-critical logistics and medical services…View ↗
In August 2025, the Company completed the divestiture of its legacy Passenger mobility business. Following that transaction, the Company…View ↗
On September 16, 2025, the Company completed the acquisition of Keystone Perfusion Services, LLC (“Keystone”), an organ recovery and…View ↗
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