Strata Critical Medical, Inc. (SRTA) · Nov 3, 2026 · Earnings

Strata earnings in line as clinical growth lifts cash flow

In line — Q3 revenue $74.1M vs published estimates of roughly $72.7M-$75.2M

Strata’s Q3 earnings show clinical acquisitions driving growth, stronger margins and record free cash flow, while logistics remains under pressure.

Strata is in the middle of a deliberate shift from its divested passenger business toward a medical-services platform built around transplant logistics, clinical services and acquisitions. The Q2 release had already established the playbook: three clinical acquisitions were completed, 2026 guidance was set at $285–295 million of revenue and $33–35 million of Adjusted EBITDA, and logistics faced seasonal pressure.

The quarter was broadly in line, not a clean upside surprise. Revenue of $74.1 million landed inside the published estimate range of roughly $72.7 million to $75.2 million, while the company reaffirmed its 2026 outlook rather than raising it.

Metric	Q3 2026	Q3 2025	Published comparison
Revenue (Financial Highlights)	$74.1M (+50.3%)	$49.3M	$72.7M–$75.2M consensus
Logistics revenue (Financial Highlights)	$44.9M (-3.5%)	$46.5M
Total clinical revenue (Financial Highlights)	$29.2M	$2.8M
Adjusted EBITDA (Financial Highlights)	$9.6M (+128.0%)	$4.2M
Adjusted EBITDA margin (Financial Highlights)	13.0% (+450 bps)	8.5%
Net loss from continuing operations (Income Statement)	$(7.6)M	$(9.7)M
Free cash flow (Cash Flow reconciliation)	$8.6M

Clinical is becoming the growth and margin engine. Clinical revenue rose 20.3% sequentially to $29.2 million, and clinical gross margin reached 25.6%, up from 23.8% a year earlier. The more informative comparison is pro forma revenue growth of only 8.5%, which shows that acquisitions explain much of the headline 50.3% reported growth rather than pure organic expansion. The filing says clinical revenue was driven by the Keystone acquisition and three acquisitions completed in Q2.

The operating model is showing better cash conversion. Adjusted EBITDA margin expanded to 13.0% from 8.5%, Adjusted SG&A fell sequentially to $8.9 million, and free cash flow reached $8.6 million. That is meaningful progress for a company still reporting a GAAP operating loss, because it suggests the acquired clinical businesses are contributing more profit without a matching increase in overhead.

Logistics remains the constraint on the story. Logistics revenue fell 6.9% sequentially and 3.5% year over year, while its gross margin of 20.8% was still below last year’s 21.5%. The sequential rebound from 18.4% was encouraging and restored the segment above management’s 20% target, but the core logistics business is not currently providing the growth that the clinical acquisitions are providing. 〔0〕

Capital allocation is becoming part of the story. The $15.3 million earn-out proceeds from the passenger-business sale strengthened liquidity, and management now says it can accelerate acquisitions while also using a new buyback program. That expands the capital-allocation toolkit, but it also raises the execution bar: the company must continue integrating acquisitions while converting the reported growth into organic, recurring cash generation.

Bottom line: This is a modestly positive execution quarter rather than a story-resetting beat. Clinical acquisitions are scaling into a higher-margin, cash-generative platform, but logistics weakness, continued GAAP losses and unchanged guidance keep the event from being a major upgrade to the existing story.

What to watch next

Q4/FY 2026 report; additional earn-out release by Q1 2027

Original filing on SEC EDGAR

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the raw filing — read the original on SEC.gov↗

decoded▸

AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Strata earnings in line as clinical growth lifts cash flow

What to watch next

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