Business
Strata Acquires Keystone Perfusion, Creating Integrated Organ Recovery Platform, Diversifying into Other Medical Services
Keystone is expected to generate approximately $65 million of revenue and approximately $13 million of Adjusted EBITDA(1) in the full-year 2025, with revenue
About this update from Strata Critical Medical, Inc.
[{"type":"text","content":"Keystone is expected to generate approximately $65 million of revenue and approximately $13 million of Adjusted EBITDA(1) in the full-year 2025, with revenue expected to grow more than 50% in 2025 versus 2024Acquisition follows multi-year partnership between Strata and Keystone whereby Keystone has successfully recovered hundreds of organs on behalf of Strata customers$124 million acquisition represents an approximate 9x multiple of 2025 estimated Adjusted EBITDA(1); Keystone's go forward Free Cash Flow(1) conversion is expected to be approximately 80% NEW YORK, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Strata Critical Medical, Inc. (Nasdaq: SRTA, \"Strata\" or the \"Company\"), formerly known as Blade Air Mobility, Inc. (Nasdaq: BLDE), today announced that it has completed the acquisition of Keystone Perfusion Services LLC (\"Keystone\"), one of the largest organ recovery and normothermic regional perfusion (\"NRP\") service providers to the transplant industry and an industry leader in perfusion and other critical medical solutions for hospitals in non-transplant surgeries nationwide. This transformative acquisition, combined with Strata's existing capabilities and its Trinity Medical Solutions subsidiary, creates the only full-service organ transplant service provider offering surgical recovery, NRP services, air and ground logistics and organ placement services while supporting any preservation or machine perfusion provider a customer may choose. “Having partnered with Lou, Mike, Christie and the entire Keystone team for hundreds of successful organ recoveries using NRP, we've had a front-row seat to their unmatched skill coupled with leading tech-enabled communication and quality control,” said Strata Co-CEO Will Heyburn. “Like our acquisition of Trinity, this opportunity was born out of the mutual respect and trust we built through a successful commercial relationship, giving us the first-hand experience we need to offer Keystone's services to our nationwide customer base with absolute confidence.” “Keystone’s NRP and recovery services enable us to say ‘yes’ to our transplant customers' requests to provide these additional critical services directly, which we have historically arranged for them through third-parties,” said Melissa Tomkiel, Co-CEO of Strata. “At the same time, we're establishing a platform to provide non-transplan...