Strata Critical Medical
SRTA on Nasdaq. Strata sells organ transport and surgical services to transplant hospitals and organ procurement groups. Market value $426m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.39 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$4.81 a share, 22% above its 1-year low
Over the past year the price has ranged from $3.95 to $6.50.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $51m | $146m | $225m | $147m | $197m |
| Operating margin | |||||
| Operating margin | -47.7% | -36.6% | -30.3% | -15.3% | -11.3% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.00 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.08bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 37.7% a year
- Buying back its own sharesNo, 24% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $73 million last quarter, up 61% on a year ago.
- A loss of $11 million, compared with a loss of $4 million a year ago.
- It loses 8 cents on each $1 of sales, compared with 10 cents a year earlier.
- Over the past 12 months it spent $48 million more cash than it brought in, compared with $17 million a year earlier.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $36m |
| December 2024 | $36m |
| March 2025 | $36m |
| June 2025 | $45m |
| September 2025 | $49m |
| December 2025 | $67m |
| March 2026 | $67m |
| June 2026 | $73m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$10m |
| March 2025 | -$3m |
| June 2025 | -$4m |
| September 2025 | $57m |
| December 2025 | -$9m |
| March 2026 | $2m |
| June 2026 | -$11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 139 funds in all.
- Third PointDan Loeb
- Value
- $26m
- Share of fund
- 0.6%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $26m | 0.6% | |
| First Eagle Investment ManagementMatthew McLennan | $24m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $17m | 0.1% | Added |
| Boston PartnersBoston Partners team | $399,670 | <0.1% | Cut |
Largest holders overall
- Third Point$26m
- Northern Right Capital Management, L.P.$26mAdded
- BlackRock$25mAdded
- First Eagle Investment Management$24mAdded
- Royce & Associates$17mAdded
- Vanguard Capital Management$15m
- AWM Investment Company$15m
- ARK Investment Management$14mCut
- Pillsbury Lake Capital$11mCut
- Geode Capital Management$9mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Steele ExpCo Holdings, LLCPassive investorat least 9.0%(filed with 2 related holders)Since 30 June 2026
- Third PointPassive investorat least 5.8%−0.3 pts(filed with 1 related holder)Since 30 September 2025
- Northern Right Capital Management, L.P.Passive investorat least 5.1%(filed with 5 related holders)Since 11 June 2026
- BlackRock, Inc.Passive investor5.1%+0.1 ptsSince 31 December 2025
- ARK Investment Management LLCPassive investorat least 3.2%−5.4 pts(filed with 1 related holder)Since 30 June 2026
- Krstic VeliborActivistSold down below 5%Since 7 May 2026
What they said
This Amendment No. 3 is being filed to report that the 1,577,500 Warrants previously held by the Reporting Person (SRTAW) expired worthless on May 7, 2026, in accordance with the terms of the Warrant Agreement dated September 12, 2019. As a result of this expiration, the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Steele ExpCo Holdings, LLC Passive investor | at least 9.0% (filed with 2 related holders) | 30 June 2026 | |
Third Point Passive investor | at least 5.8%−0.3 pts (filed with 1 related holder) | 30 September 2025 | |
Northern Right Capital Management, L.P. Passive investor | at least 5.1% (filed with 5 related holders) | 11 June 2026 | |
BlackRock, Inc. Passive investor | 5.1%+0.1 pts | 31 December 2025 | |
ARK Investment Management LLC Passive investor | at least 3.2%−5.4 pts (filed with 1 related holder) | 30 June 2026 | |
Krstic Velibor Activist | Sold down below 5% | 7 May 2026 | What they saidThis Amendment No. 3 is being filed to report that the 1,577,500 Warrants previously held by the Reporting Person (SRTAW) expired worthless on May 7, 2026, in accordance with the terms of the Warrant Agreement dated September 12, 2019. As a result of this expiration, the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $97,840 of shares on the open market. 2 sold $507,020, $382,267 of it under preset trading plans.
- Love ReginaldDirectorSold
- Date
- 10 August 2026
- Shares
- 5,091
- Price
- $5.75
- Value
- $29,273
- Cohen AmirChief Accounting OfficerSoldunder a preset trading plan
- Date
- 22 May 2026
- Shares
- 40,575
- Price
- $5.91
- Value
- $239,798
- Cohen AmirChief Accounting OfficerSoldunder a preset trading plan
- Date
- 21 May 2026
- Shares
- 10,300
- Price
- $5.79
- Value
- $59,637
- Cohen AmirChief Accounting OfficerSoldunder a preset trading plan
- Date
- 11 May 2026
- Shares
- 14,306
- Price
- $5.79
- Value
- $82,832
- Heyburn William A.Co-CEO and CFO, DirectorBought
- Date
- 9 December 2025
- Shares
- 17,000
- Price
- $4.47
- Value
- $75,990
- LAUCK ANDREWDirectorBought
- Date
- 5 December 2025
- Shares
- 5,000
- Price
- $4.37
- Value
- $21,850
- Love ReginaldDirectorSold
- Date
- 20 November 2025
- Shares
- 11,000
- Price
- $4.37
- Value
- $48,070
- Love ReginaldDirectorSold
- Date
- 19 November 2025
- Shares
- 11,000
- Price
- $4.31
- Value
- $47,410
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 August 2026 | Love Reginald Director | Sold | 5,091 | $5.75 | $29,273 |
| 22 May 2026 | Cohen Amir Chief Accounting Officer | Sold under a preset trading plan | 40,575 | $5.91 | $239,798 |
| 21 May 2026 | Cohen Amir Chief Accounting Officer | Sold under a preset trading plan | 10,300 | $5.79 | $59,637 |
| 11 May 2026 | Cohen Amir Chief Accounting Officer | Sold under a preset trading plan | 14,306 | $5.79 | $82,832 |
| 9 December 2025 | Heyburn William A. Co-CEO and CFO, Director | Bought | 17,000 | $4.47 | $75,990 |
| 5 December 2025 | LAUCK ANDREW Director | Bought | 5,000 | $4.37 | $21,850 |
| 20 November 2025 | Love Reginald Director | Sold | 11,000 | $4.37 | $48,070 |
| 19 November 2025 | Love Reginald Director | Sold | 11,000 | $4.31 | $47,410 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.