Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Strata Critical Medical, Inc. (SRTA)
A forensic read on Strata Critical Medical, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
11.0
Distress distance
Watch
Earnings quality
6
Forensic signals
11.8
P / E (ttm)
14.8%
ROE
$476M
Market cap
34.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Strata Critical Medical, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.0, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
74d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 49 to 74 days FY2024→FY2025 (receivables +102% vs revenue +34%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 34 → 49 → 74 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
-6.4%
FY2025
Return on invested capital.Return on invested capital is -6.4% in the latest fiscal year and rising across FY2023–FY2025 from -23.2%. After-tax operating profit was ($54M) in FY2023 and ($18M) in FY2025, with operating income at -30.3% of revenue in FY2023, -15.3% in FY2024 and -11.3% in FY2025. The capital base behind it grew +19% across FY2023–FY2025, from $232M to $275M, and the return did not fall doing it, so the dollars added over that window earned at least the -23.2% the older base was already earning. FY2023's operating profit carried a $21M asset write-down that alone took about 7.1 points off that year's return, so about 7.1 of the 16.8-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $6M asset write-down that alone took about 2.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+5.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~10%.
Key fundamentals
Latest Revenue$197.1M
Revenue Growth YoY+34.3%
Revenue CAGR (2yr)-6.4%
Net Margin21.0%
Free Cash Flow-$58.5M
Return on Equity14.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Strata Critical Medical, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Strata Critical Medical, Inc. (SRTA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
9% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 9% of revenue in FY2025 — about $0.22 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.7% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $244,000 of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
-$83.8M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $42.0M against operating cash flow of -$83.8M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.