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Mar 31, 2025
Strata Critical Medical Q1 2025 Earnings Report
Blade reported a net loss but showed strong operational improvements in its Passenger segment for Q1 2025.
Key Takeaways
Blade posted a narrower net loss in Q1 2025, with notable progress in Passenger segment profitability and revenue growth, especially after exiting Canada and restructuring in Europe.
Passenger segment achieved first profitable Q1 Adjusted EBITDA since going public
Revenue increased to $54.3M, up from $51.5M the prior year
Medical revenue remained flat, while Passenger revenue saw strong growth
Company ended Q1 with $120M in cash and short-term investments and no debt
Forward Guidance
Blade reiterated full-year guidance and expects revenue and EBITDA improvements in both business segments, especially in the second half of 2025.
Positive Outlook
- Double-digit revenue growth expected in Medical for FY25
- Medical Adjusted EBITDA margin to reach ~15% for the year
- Passenger segment benefits to continue from cost cuts and restructuring
- Strong transplant volume growth supports Medical segment outlook
- Expectations of positive free cash flow before aircraft acquisitions
Challenges Ahead
- Elevated scheduled maintenance to impact Medical margins in Q2
- Helicopter tour incident may temporarily affect Passenger demand
- Economic uncertainty could influence high-end Passenger consumer behavior
- Medical margin may come slightly below target due to timing of maintenance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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