- Strata Critical Medical, Inc. (SRTA) completed the acquisition of **Keystone Perfusion Services LLC** for **$124 million** in upfront consideration, paid approximately **88% in cash and 12% in stock**.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:0]** **[1779128_0001779128-25-000114_keystonepressrelease.htm:1]** **[1779128_0001779128-25-000114_srta-20250916.htm:1]**  Keystone is projected to generate approximately **$65 million of revenue** and **$13 million of Adjusted EBITDA** in full-year 2025, with revenue expected to grow **more than 50%** in 2025 compared to 2024.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:0]** 
- The acquisition establishes Strata as the **only full-service organ transplant service provider** and diversifies its operations into other medical services, with non-transplant services representing **more than half of Keystone's revenue**.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:0]**  Keystone management is eligible for up to **$23 million in earn-outs** based on achieving gross profit growth targets through 2028.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:1]** **[1779128_0001779128-25-000114_srta-20250916.htm:1]** 
- Strata updated its full-year 2025 financial guidance to reflect the acquisition, projecting **revenue of $180 to $190 million** and **Adjusted EBITDA of $13 to $14 million**.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:1]** 
- If the Keystone acquisition had closed on January 1, 2025, Strata's pro forma full-year 2025 guidance would be **revenue of $225 to $235 million** and **Adjusted EBITDA of $22 to $24 million**.  **[1779128_0001779128-25-000114_keystonepressrelease.htm:1]**

Strata Critical Medical (SRTA)