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.

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