---
schema_version: "secwatch.filing_event.v1"
accession: "0001779128-25-000114"
form_type: "8-K"
ticker: "SRTA"
cik: "0001779128"
company_name: "Strata Critical Medical, Inc."
filed_at: "2025-09-16T23:59:59+00:00"
generated_at: "2026-05-17T06:31:02.708656+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Strata completes $124M acquisition of Keystone Perfusion, updates 2025 guidance

## Summary
- 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.

## SEC filing metadata
- accession: 0001779128-25-000114
- form_type: 8-K
- ticker: SRTA
- cik: 0001779128
- company_name: Strata Critical Medical, Inc.
- filed_at: 2025-09-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 9.01, 3.02, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1779128/000177912825000114/0001779128-25-000114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1779128/000177912825000114/srta-20250916.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001779128-25-000114
- JSON: https://secwatch.observer/filing/0001779128-25-000114.json
- Plain text: https://secwatch.observer/filing/0001779128-25-000114.txt

## Key facts
- M&A Transactions
  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
  source text: “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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1779128/000177912825000114/0001779128-25-000114-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.