Strata Critical Medical, Inc. (SRTA): M&A transaction — Strata completes $124M acquisition of Keystone Perfusion, updates 2025 guidance

Strata Critical Medical, Inc.

Total upfront consideration of $124M (88% cash, 12% stock) at ~9x Keystone's estimated 2025 Adjusted EBITDA of ~$13M.
Up to $23M earn-out payable upon achieving ~25% gross profit growth in each of 2026, 2027, and 2028.
Keystone expected to generate ~$65M revenue and ~$13M Adjusted EBITDA in 2025, with >50% YoY revenue growth.
Updated full-year 2025 guidance: revenue $180-190M, Adjusted EBITDA $13-14M (includes Keystone from Sep 16).
Founder/CEO Louis Verdetto, Michael Hancock, and Christie Campbell remain in current roles post-closing.

item 1.01 item 2.01 item 9.01 item 3.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Strata Critical Medical, Inc. completed an acquisition involving Keystone Perfusion Services, LLC, LRV Holdco, Inc. for $124 million, subject to adjustment, payable eighty percent in cash and twenty percent in shares of the Company’s common stock (closed 2025-09-16).

Action: acquisition
Counterparty: Keystone Perfusion Services, LLC, LRV Holdco, Inc.
Consideration: $124 million, subject to adjustment, payable eighty percent in cash and twenty percent in shares of the Company’s common stock
Closing: 2025-09-16

Exact text from the filing

“Closing”) occurred on September 16, 2025. The aggregate consideration (including contingent consideration) payable by Buyer in connection with the Acquisition consists of (a) $124 million, subject to adjustment as set forth in the Purchase Agreement, payable eighty percent in cash and twenty percent in shares of the Company’s common stock, par value $0.0001 per

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Strata Critical Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001779128-25-000114

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