Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Blade Air Mobility — Q1 2025 Earnings Presentation
69 slides from Strata Critical Medical's earnings presentation, May 12, 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This investor presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identifie
Slide 3: Blade is a Global Leader in Air Mobility
Blade is a Global Leader in Air Mobility Financial Highlights Blade provides air transportation and logistics for hospitals across the United States, where it $249mm $147mm +$17.8mm is one of the largest transporters of human FY 2024 Revenue Medical Revenue Adjusted EBITDA +10% Y/Y Growth +16% Y/Y G
Slide 4: Investment Highlights
Investment Highlights Asset-light model enables capital efficient growth, flexible aircraft capacity and margin enhancement through economies of scale Fast-growing, contractual Medical business benefits from strong organ volume growth, continued share gains in a fragmented market, business line expa
Slide 5: Key Business Segments
Key Business Segments Medical Segment Passenger Segment Trailing Twelve Months ending March 31, 2025 Trailing Twelve Months ending March 31, 2025 Revenue Flight Profit Segment Adj EBITDA Revenue Flight Profit Segment Adj EBITDA $147mm $33mm $19.0mm $105mm $28mm $6.3mm 8% Y/Y Growth 22% Margin 43% Y/
Slide 6: Operating Leverage
Blade’s Aircraft Capacity (Medical & Passenger) Blade’s Third-party, without Differentiated commitment (Safety Vetted) • Owned, operated and maintained by third-parties overseen by Blade safety team Asset-Light Model • We pay only for flight hours actually flown • ~ 30% • Blade provides no guarantee
Slide 7: Blade Safety Overview
Blade Safety Overview Blade partners exclusively with third-party operators who are subject to regular audits by Blade's safety team and meet Blade- specific standards. These operators manage our owned aircraft as well as the non-owned aircraft we utilize • Each core operator must pass comprehensive
Slide 8: Medical Investment Highlights
Medical Investment Highlights
Slide 9: Blade Medical – Investment Highlights
Blade Medical – Investment Highlights Attractive Growth in Organ Transplant Volumes Organ preservation technologies, such as perfusion, and policy reforms are driving growth in the supply of donor organs, though demand for organs continues to far outstrip supply Market Outgrowth Opportunities Medica
Slide 10: Attractive Growth in Organ Transplant Volumes
Attractive Growth in Organ Transplant Volumes Organ preservation technologies and policy reforms have increased industry growth rate • Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool • In recent years, growth in organ transplant volumes
Slide 11: New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs
New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs Multiple new technologies are emerging that allow utilization of organs that would otherwise not be suitable for transplant. Blade is contracted by our customers to provide all logistics regardless of what preservation technol
Slide 12: Organs Are Traveling Longer Distances
Organs Are Traveling Longer Distances Organ allocation policy reforms and new technologies enable organs to travel longer distances to reach recipients resulting in more successful matches with increased flight hours per trip • Blade sells organ transportation by the flight hour, benefiting from bot
Slide 13: New Customer Acquisition Potential
New Customer Acquisition Potential Blade is well positioned to acquire new customers given our coast-to-coast presence and agnostic approach to preservation devices, enabling our customers to benefit from economies of scale across 100% of their flying utilizing a combination of traditional cold stor
Slide 14: Aircraft Ownership Return and Growth Opportunity
Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Strategic Benefits Hawker 800 Platform • Enables Flight Margin expansion in • Aircraft ownership has become an Range regions with contracted customer increasingly important competitive ~2,600 nm density factor • Participat
Slide 15: Medical Ground Transport Growth Opportunity
Medical Ground Transport Growth Opportunity Blade Medical Ground Transport Snapshot The Ground Opportunity 20 ~30 Annualized $200mm Target Flight Ground Total ~$ mm Revenue(1) %+ Margin Addressable Market(3) ~50 9 Vehicles Established in Fleet Vehicle Hubs Ground Hubs 9 Throughout the United States
Slide 16: Growth Opportunity – Organ Placement Services and Addressable Market
Growth Opportunity – Organ Placement Services and Addressable Market Organ placement strengthens our competitive position and expands our addressable market in Medical while enabling our customers to evaluate and, ultimately, accept more organs for transplant Organ Placement Overview Customer Value
Slide 17: Time-Critical Logistics Opportunity
Time-Critical Logistics Opportunity Blade sees an opportunity to expand into other time-critical logistics verticals, a multi-billion dollar opportunity, given aircraft capacity and logistics expertise Strategic Rationale ➢ Increase utilization of existing fleet and drive further improvement in oper
Slide 18: How Blade Creates Value via M&A: Trinity Air Medical Case Study
How Blade Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Blade has significantly accelerated growth in the business, enhancing returns for shareholders • Blade acquired Trinity in September 2021 for Trailing Twelve Month Revenue ($mm) $23mm(1) • Trinity’s trailing twe
Slide 19: Passenger Investment Highlights
Passenger Investment Highlights
Slide 20: Blade Passenger – Investment Highlights
Blade Passenger – Investment Highlights Leading Short Distance Transportation Ecosystem Blade has established the leading short distance transportation ecosystem over the last 10 years in terms of scale, infrastructure, technology and brand Continued Profitability Improvements Building on recent tra
Slide 21: Strategic Infrastructure and Terminal Network
Strategic Infrastructure and Terminal Network Blade's strategic infrastructure and terminal network are essential for passenger comfort, check-in, security, and luggage handling, and are expected to become even more critical as future scaled EVA operations handle increased passenger volumes Manhatta
Slide 22: Blade’s Proprietary Technology and Logistics Platform
Blade’s Proprietary Technology and Logistics Platform Blade built a Customer-to-Cockpit urban air mobility technology platform enabling us to manage hundreds of flights per day 1 2 3 4 Operator and In-Cockpit Dashboard Blade Proprietary Intelligent software integrates Consumer Facing App critical lo
Slide 23: Brands Partner with Blade
Brands Partner with Blade Blade works with brand partners on a category exclusive basis to amplify their exposure to our global flier base across our suite of services and geographies. Partner activations can be for cash, products or services in-kind Food & Beverages Technology Entertainment/Sports
Slide 24: Passenger Segment Achieves Significant Adjusted EBITDA Expansion
Blade’s Passenger Segment Achieves Significant Adjusted EBITDA Expansion with Continued Gains Expected Blade significantly increased its trailing twelve month adjusted EBITDA in the Passenger segment, supported by a broad spectrum of improvements across the business. Looking forward, we anticipate f
Slide 25: Well Positioned for Transition to Electric Vertical Aircraft
Well Positioned for Transition to Electric Vertical Aircraft EVA’s lower noise footprint and zero emissions have the potential to grow Blade’s Passenger segment. The availability of quiet aircraft is expected to unlock the opportunity to create numerous new, convenient landing zones in major metropo
Slide 26: Electric Vertical Aircraft Is Expected To Significantly Expand Passenger TAM
Electric Vertical Aircraft Is Expected To Significantly Expand Blade Passenger’s Total Addressable Market Immediately Actionable EVA Opportunity • Many of Blade’s Short Distance markets today are explicitly limited by restrictions on flight volumes, landing zones and flight paths driven by noise con
Slide 27: Financial Highlights
Financial Highlights
Slide 28: Consolidated Financial Results Q1 2025
Consolidated Financial Results Q1 2025 Consolidated Results Three Months Ended March 31, Commentary ($ in thousands) 2025 2024 %Δ vs 2024 $Δ vs 2024 Short Distance Revenue $9,279 $9,810 (5%) ($531) ➢ Excluding Canada, Short Distance revenue increased ~28% Jet / Other Revenue 9,078 5,678 60% 3,400 ve
Slide 29: Balance Sheet Strength and Capital Allocation
Balance Sheet Strength and Capital Allocation Balance Sheet Cash & Short Term Investments Capital Allocation Framework ➢ Strong balance sheet with no debt $120 ➢ Investment in Medical: High return and low risk, opportunistic investments in aircraft and ground vehicles $mm ➢ Focused Medical M&A: Bolt
Slide 30: Medical Overview
Medical Overview
Slide 31: Medical Business Overview
Medical Business Overview Key Business Attributes Medical Segment Trailing Twelve Month Revenues ($ in mm) $142 $147 $147 ➢ End-to-end air and ground transportation services for transplant centers and organ $136 $140 $127 procurement organizations $116 ➢ Contractual relationships with transplant hos
Slide 32: Blade’s Medical Service Offerings
Blade’s Medical Service Offerings Blade primarily transports hearts, livers, and lungs as the very short time these organs remain viable outside of a human body often makes flying the only viable option. Transplants typically follow the process below. ORGAN PLACEMENT LOGISTICS LOGISTICS (TOPS) SERVI
Slide 33: Medical Financial Drivers
Medical Financial Drivers Third-Party & Ground(2) Organ Placement Owned Aircraft(1) Dedicated Aircraft Fee per Block Hours Block Hours Billable Hours Placement Coordinator Revenue Supplemental Usage Revenue per Hour Revenue per Hour Revenue per Hour per Hour Flight Hours Flown • Fuel consumed • Fuel
Slide 34: Passenger Overview
Passenger Overview
Slide 35: Short Distance Overview
Short Distance Overview Key Products Short Distance Trailing Twelve Month Revenues • Passenger flights primarily ($ in mm) Airport between Blade terminals Service between throughout the greater New York Manhattan and New York $74 $72 $72 area as well as France and area airports and between $71 $70 $
Slide 36: Jet & Other Overview
Jet & Other Overview Key Products Jet and Other Trailing Twelve Months Revenue(1) ($ in mm) • Jet charter in the United States and Europe • Payments from brand Jet Charter Asset-light charter $33 partners for exposure to U.S. service leveraging the $30 $31 $30 and European Blade fliers in Blade bran
Slide 37: Short Distance Footprint in Markets with Significant Congestion
Short Distance Footprint in Markets with Significant Congestion & Strategic Infrastructure Blade sees significant value in urban air mobility services for busy travel corridors that face significant congestion or geographic challenges Market Snapshot: Market Snapshot: Manhattan <> JFK and EWR Airpor
Slide 38: Passenger Financial Drivers
Passenger Financial Drivers By-The-Seat Products Charter Products Other Revenue Seats Sold Flights Sold • Upgrades (Meet & Greet, Car Services, Flexible Fares) Revenue • Gift Cards, Excess Luggage/Pet Fees, Unused Credits Price Per Seat Price Per Flight • Change/Cancellation Fees Flights Flown Fligh
Slide 39: Illustrative By-The-Seat Unit Economics For One-Way Blade Airport Flight
Illustrative By-The-Seat Unit Economics For One-Way Blade Airport Flight A typical one-way Blade Airport flight from the West 30th Street Heliport to JFK achieves break-even Flight Profit at approximately two seats Illustrative Unit Economics at Various Passenger Load Factors Key Cost Components Ave
Slide 40: Illustrative EVA Unit Economics
Illustrative EVA Unit Economics Management estimates that EVA should initially enable a modest reduction in flying cost on key routes, with further savings expected over time. While these costs are higher than those assumed by many EVA manufacturers, Blade has had 10+ years of learnings to make thes
Slide 41: Components of Aircraft Operating Costs
Components of Aircraft Operating Costs Given the fixed costs associated with operating any aircraft, along with the need for infrastructure owners to make profits from fuel / electricity sales and landing fees, we anticipate that early EVA is expected to produce modest improvements in unit economics
Slide 42: Illustrative EVA Fixed Costs
Illustrative EVA Fixed Costs We estimate that the fixed costs associated with EVA operation should largely resemble helicopter / fixed wing costs, equating to ~$600-$900 per hour assuming 1,000-1,500 hours flown per machine, per year (2) Category Assumption Annualized Per Hour Vs. Heli These costs m
Slide 43: Appendix
Appendix
Slide 44: Blade Management
Blade Management Rob Wiesenthal Melissa Tomkiel Will Heyburn Founder and Chief Executive Officer President and General Counsel Chief Financial Officer • Founder and Chief Executive Officer of • Former President and General Counsel • Previously at RedBird Capital Partners BLADE Urban Air Mobility, In
Slide 45: Blade Board of Directors
Blade Board of Directors Eric Affeldt Edward Philip Susan Lyne Kenneth Lerer Chairman of Board of Directors Chair of Audit Committee Chair of Compensation Committee Member of Board of Directors • Former Chief Executive Officer of • Chairman of United Airlines • Co-Founder and General Partner of • Ma
Slide 46: Blade Historical Disaggregated Revenue By Product Line
Blade Historical Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DIS AGGREGATED REVENUE BY PRODUCT LINE ($ in thousands, unaudited) Three Months Ended March 31, December 31, S eptember 30, June 30, 2024 March 31, December 31, S eptember June 30, March 31, December 31, S eptember June
Slide 47: Use Of Non-GAAP Information
Use Of Non-GAAP Information To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Blade reports Adjusted EBITDA, Adjusted EDITDA as a percentage of Revenue, Flight Profit, Segment Flight Profit
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Use Of Non-GAAP Information (Continued) Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, inter
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Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicl
Slide 67: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We have also shown revenue, Short Distance and Passenger revenue excluding the impact of Canada in this release. These amounts reflect total revenue, short distance and passenger revenue, respectively, excluding the activity in Canada in both the current and t
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Use Of Non-GAAP Information (Continued) IMPACT OF FORMER OPERATIONS IN CANADA ON REPORTED REVENUE (in thousands, unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 % Change 2024 2023 % Change Revenue $ 54,357 $ 47,478 14.5% $ 248,693 $ 225,180 10.4% Canada revenue – (2,942)
Slide 69: Trinity Air Medical, Inc. Historical Quarterly Revenue
Trinity Air Medical, Inc. Historical Quarterly Revenue Note: The figures below reflect Trinity Air Medical, Inc.’s unaudited revenues for the twelve months ended September 30, 2021, which were prepared by Trinity and provided to Blade. TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELV