Blade(US:BLDE)2025-11-10 12:06Revenue Performance - Revenue increased 36.7% year-over-year to $49.3 million in Q3 2025, with a 29.0% increase excluding the impact of the Keystone acquisition[6] - Total revenue for the three months ended September 30, 2025, was $49,298,000, representing a 36.6% increase from $36,062,000 in the same period of 2024[28] - Revenue for the three months ended September 30, 2025, increased by 36.7% to $49,298, up from $36,062 in 2024[33] - Revenue excluding Keystone for the three months ended September 30, 2025, was $46,507, reflecting a 29.0% increase from $36,062 in 2024[33] Financial Losses - Net loss from continuing operations increased to $(9.7) million in Q3 2025, compared to $(5.6) million in the prior year period[6] - Operating loss from continuing operations for the three months ended September 30, 2025, was $(5,622,000), an improvement from $(7,092,000) in the same period of 2024[28] - Net loss from continuing operations for Q3 2025 was $9.657 million, compared to a loss of $5.627 million in Q3 2024, indicating a year-over-year increase of 72%[37] Adjusted EBITDA - Medical Segment Adjusted EBITDA rose 93.5% to $7.6 million in Q3 2025, with a margin of 15.3% compared to 10.8% in Q3 2024[11] - Adjusted EBITDA increased significantly to $4.2 million in Q3 2025 from $0.1 million in the prior year[11] - Adjusted EBITDA for the three months ended September 30, 2025, surged to $4,214, a significant increase of 6,189.6% from $67 in 2024[33] - Adjusted EBITDA as a percentage of revenue improved to 8.5% in Q3 2025 from 0.2% in Q3 2024, showcasing enhanced profitability[37] Cash Flow and Expenses - Operating cash flow was $(37.3) million in Q3 2025, primarily due to acquisition-related payments[16] - Free Cash Flow from continuing operations was $1.9 million in Q3 2025, excluding acquisition consideration and transaction costs[16] - Total operating expenses for the three months ended September 30, 2025, were $54,920,000, up from $43,154,000 in the same period of 2024[28] - Cash used in operating activities for the three months ended September 30, 2025, was $(37,297), compared to $6,355 in 2024[30] - Free cash flow from continuing operations for Q3 2025 was $1.911 million, with total free cash flow reported at $(40.492) million due to significant capital expenditures[45] Acquisition and Growth Strategy - The acquisition of Keystone Perfusion was completed, establishing a comprehensive organ recovery platform[16] - The divestiture of the Passenger business and the acquisition of Keystone are expected to drive long-term growth and value creation[8] - The company anticipates continued growth and integration benefits from the recent acquisition of Keystone, impacting future financial performance positively[51] Balance Sheet and Assets - Total assets increased to $335,078,000 as of September 30, 2025, up from $256,675,000 as of December 31, 2024[26] - Cash and cash equivalents rose to $22,753,000 as of September 30, 2025, compared to $16,072,000 as of December 31, 2024[26] - Total stockholders' equity increased to $283,000,000 as of September 30, 2025, from $221,938,000 as of December 31, 2024[26] - The company had cash and cash equivalents and restricted cash of $23,016 at the end of September 30, 2025, compared to $21,406 at the end of September 30, 2024[30] Legal and Transaction Costs - Legal expenses and regulatory advocacy fees for Q3 2025 totaled $5.045 million, primarily related to the Drulias lawsuit, indicating increased legal costs[38] - The company reported $1.134 million in non-recurring M&A transaction costs for Q3 2025, highlighting ongoing strategic acquisitions[37] - The company incurred acquisition costs of $(65,174) during the three months ended September 30, 2025[30] Net Income and Earnings Per Share - Net income from discontinued operations for the three months ended September 30, 2025, was $67,073,000, compared to $3,673,000 in the same period of 2024[28] - Basic and diluted earnings per share for the three months ended September 30, 2025, was $0.70, compared to $(0.03) in the same period of 2024[28] - Net income for the three months ended September 30, 2025, was $57,416, compared to a net loss of $(1,954) for the same period in 2024[30]