Third Point discloses 5.8% stake in Strata, calls for potential sale
Key Facts
Third Point, led by investor Dan Loeb, called for a review of strategic alternatives for Strata Critical Medical in an ownership filing submitted to the U.S. Securities and Exchange Commission on October 15, 2026. The investment firm and Loeb disclosed shared beneficial ownership of 5,126,511 shares, representing approximately 5.8% of the medical services company's outstanding shares. The call comes from an existing shareholder, as Third Point had disclosed ownership of 5,000,000 shares in an earlier filing dated November 14, 2025. The total purchase cost of the stake held by Third Point's funds was $24,452,374, funded from their investment capital, according to the current filing. The SEC accepted the filing at 16:09:06, after regular trading had ended on the submission date.
Third Point outlined its objections to the expense structure, saying Strata's business "is not large enough to support its current overhead." It also criticized incentive stock options granted to management, saying they were not aligned with shareholder value creation. The investment firm and Loeb said they believed Strata's shares were undervalued, an assessment they set out in the filing. Third Point called for the review of strategic alternatives to include a potential sale of the company. It urged that the process be managed by a reputable investment bank.
Strata provides time-sensitive logistics and medical services to the U.S. healthcare sector, according to the company's description of its business. Its services include organ transportation and surgical recovery, as well as transplant support. The company was previously known as Blade Air Mobility before being renamed Strata Critical Medical. The name change followed the sale of its passenger transportation business to Joby Aviation. The rebranding was accompanied by a change in the stock's ticker symbol from BLDE to SRTA, reflecting the medical services company's new name.
Strata's results for the second quarter of 2026 showed revenue rising 60.7% year on year to $72.5 million, according to the company's statement. Management attributed the growth to an expansion in logistics services and the addition of clinical operations through the acquisition of Keystone, as well as contributions from subsequent clinical acquisitions. Adjusted earnings before interest, taxes, depreciation and amortization totaled $7.9 million during the same quarter. The company posted a net loss from continuing operations of $10.5 million in the second quarter. That compares with net income from continuing operations of $2.4 million in the first quarter of the year.
As part of its clinical expansion, Strata announced in June 2026 the acquisition of the National Heart and Lung Procurement Program for approximately $21.5 million. The deal consideration comprised approximately 80% cash and 20% stock, according to the company's acquisition announcement. Management said expanding the network of surgeons near donor hospitals improves service availability. It added that having surgeons near those hospitals reduces unnecessary travel and associated costs. Strata held $22.8 million in cash and short-term investments at the end of June 2026, according to its quarterly results.
In the October 16, 2026 session following the filing, SRTA shares closed at $4.54, according to EL7 data. The stock had closed at $4.34 on October 15, before the filing was submitted after regular trading ended. For 2026, Strata raised its revenue guidance to a range of $285 million to $295 million. Its previous revenue guidance ranged from $260 million to $275 million, according to the second-quarter results statement. The company also raised its full-year adjusted earnings before interest, taxes, depreciation and amortization guidance to between $33 million and $35 million, compared with a previous range of $29 million to $33 million.