Logistics revenue is expected to fall high-single-digits sequentially in Q3 on seasonality, a roughly 3% revenue headwind; it is expected to recover to near Q2 levels in Q4.
Clinical revenue is forecast to rise about 20% sequentially in Q3; mid-single-digit sequential growth is expected in Q4.
Clinical gross margin is seen at 27%-28% in the second half of the year.
2026 outlook raised on stronger revenue and EBITDA
Strata Critical Medical raised 2026 revenue guidance to $285 million-$295 million from $260 million-$275 million; lifted 2026 Adjusted EBITDA outlook to $33 million-$35 million from $29 million-$33 million.
On a pro forma basis assuming recent Clinical acquisitions closed Jan. 1, 2026, guidance implies revenue of $295 million-$305 million; Adjusted EBITDA of $36 million-$38 million.
Free Cash Flow outlook, before aircraft acquisitions, was reaffirmed at $15 million-$22 million for 2026; higher M&A cash costs and working-capital build are expected to offset EBITDA gains.
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