Strata Critical Medical, Inc. announced that it has completed the acquisition of Heart and Lung Transplant National Recovery Program (“HLT-NRP”), a provider of transplant surgical recovery services in the United States.

“HLT-NRP strengthens our organ recovery platform by significantly increasing our network of experienced transplant surgeons available to complete recoveries across the country adding clinical depth and geographic reach in key markets such as Florida and California,” said Will Heyburn, Co-CEO of Strata.

“This added scale will result in better service to the transplant community through improved surgeon availability closer to the donor hospital, enhancing responsiveness and continuity of care while reducing unnecessary travel and associated costs,” said Melissa Tomkiel, Co-CEO of Strata.

“I’m thrilled to join the Strata team for the long-term as we enter the next phase of accelerating growth for our company,“ said Dr. Samuel Jacob. “Combining with Strata allows us to efficiently expand access to our experienced transplant recovery surgeons while preserving the clinical standards and relationships that have defined HLT-NRP. The combined organization is well positioned to support the increasing complexity of contemporary transplantation and continue delivering value to transplant programs across the country.”

“We are doubling-down on our fastest-growing Transplant Clinical business line, which also drives significant demand for our logistics services,” said Mat Schneider, CFO of Strata’s Clinical business line. “The attractive, mid-single-digit pre-synergy Adjusted EBITDA multiple is consistent with our capital allocation framework and, looking ahead, we expect our combined growth and operational synergies will quickly lower our effective purchase price and maximize returns.”

The transaction value of $21.5 million consists of approximately 80% cash and 20% stock, which will be released from a multi-year lockup based on the Seller’s continued participation in the business. For the full year 2026, HLT-NRP is expected to generate revenue and Adjusted EBITDA⁽¹⁾ of approximately $10.0 million and $3.1 million, respectively.

(1) We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.