Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Q4 2025 Earnings Presentation
57 slides from Strata Critical Medical's earnings presentation, Mar 3, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This 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 identified by the
Slide 3: Strata is a time-critical logistics and medical services provider
Strata is a time-critical logistics and medical services provider to the U.S. healthcare industry. We operate one of the nation’s largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated “one call” solution for donor or
Slide 4: Our mission is to increase the number of organs successfully transplanted
Our mission is to increase the number of organs that are successfully transplanted while leveraging our expertise and resources to provide other medical and logistics services to a broader customer base. Our goals are closely aligned with those of all participants in the transplant ecosystem. When S
Slide 5: Strata's Diversified Healthcare Offerings
Strata’s Diversified Healthcare Offerings Strata is a market leader in the fastest-growing parts of the organ transplant industry 2025 Pro Forma Revenue Mix(1) Business Lines Transplant Air Logistics Largest air transporter of hearts, livers, and lungs in America with 30+ owned & dedicated aircraft
Slide 6: Strata's Role in the Organ Transplant Process
Strata’s Role in the Organ Transplant Process Mission-critical role in life-saving transplant industry, built on trust and long-term partnerships with customers Strata Service Offerings(1) Donor Organ Recovery / Logistics Transplant Identification Placement Perfusion • Donor identification • Organ o
Slide 7: Key Investment Highlights
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Key Investment Highlights
Slide 8: Strata Investment Highlights
Strata Investment Highlights Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned
Slide 9: Strata's Integrated, Full-Service Organ Services Offering
Strata’s Integrated, Full-Service Organ Services Offering Strata is the only end-to-end organ services platform, offering a one-call solution that simplifies an increasingly complex industry for customers, with multiple avenues to outgrow the broader market Strata is the only full-stack, technology
Slide 10: Strata's Transplant Services Nationwide Footprint
Strata’s Transplant Services Nationwide Footprint Locally-based service model saves money and improves efficiency. Assets strategically positioned near the nation’s largest transplant centers and population hubs Aviation Bases Ground Bases Perfusion & NRP Hubs Surgical Recovery Resources 10
Slide 11: Organ Recovery Platform Enables Operational Efficiencies and Cost Savings
Strata’s Organ Recovery Platform Enables Operational Efficiencies and Cost Savings Non-Local Recovery Local Recovery Donor Donor Hospital Transplant Hospital Transplant Center Center (Recipient (Recipient Location) Location) Equipment Surgeon & Equipment at Local Hub Surgeon & Equipment ▪ Strata’s n
Slide 12: Differentiated Model Poised for Outsized Growth
Differentiated Model Poised for Outsized Growth Strata is a true partner to our customers, delivering a “one call,” solution with end-to-end capabilities while also supporting any combination of vendors a customer may choose to effectuate a life-saving organ transplant Industry Norm Strata Approach
Slide 13: Strata Investment Highlights
Strata Investment Highlights Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned
Slide 14: 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 15: New Technology is Increasing the Supply of Donor Organs
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. Strata is contracted by our customers to provide all logistics regardless of what preservation techno
Slide 16: Matching is Prioritizing Sicker Patients over Closer Ones
Matching is Prioritizing Sicker Patients over Closer Ones Donor Service Areas Acuity Circles Continuous Distribution (1984-2017) (2017-present) (2023-present) Miles (Diameter) 1000 500 250 • Organs allocated first to patients • Replaced DSAs with concentric • Points-based system prioritizes within a
Slide 17: Strata Investment Highlights
Strata Investment Highlights Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned
Slide 18: New Customer Acquisition Opportunity Across Business Lines
New Customer Acquisition Opportunity Across Business Lines Strata is well positioned to acquire new customers across business lines given our integrated solutions, partnership approach, dedication to safety & clinical excellence and strong value proposition, in fragmented markets Air Logistics Servi
Slide 19: 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 • Strata sells organ transportation by the flight hour, benefiting from bo
Slide 20: Compelling Benefits of Normothermic Regional Perfusion
Compelling Benefits of Normothermic Regional Perfusion Improve Organ Utilization Improved Clinical Outcomes Organs Transplanted per Donor Thoracic: Heart(1) TA-NRP Primary Graft Dysfunction Rate 7.6% vs. 19.2% for Direct Procurement 2.6 Abdominal: Liver(2) 6-Month Ischemic Cholangiopathy Rate: 1.7 1
Slide 21: Rising Penetration of Normothermic Regional Perfusion
Rising Penetration of Normothermic Regional Perfusion Compelling NRP benefits driving rising NRP penetration rates of DCD donors; with mid single digit growth in DCD donors and NRP penetration reaching 55% by 2028, resulting in a ~57% increase in NRP donors over this period Proportion of DCD Donors
Slide 22: Transplant Centers Increasingly Capacity Constrained
Transplant Centers Increasingly Capacity Constrained, Relying More on Third- Party Recovery Traditional Current Status Future Third-party recovery Third-party recovery Third-party recovery penetration: Low penetration : ~40% penetration: ~50% ▪ Recoveries completed ▪ Transplant centers are increasin
Slide 23: Integrated Transplant Offering: Cross-Sell Opportunity
Integrated Transplant Offering: Cross-Sell Opportunity Significant opportunity not underwritten in financial guidance Immediate Opportunity Medium Term Opportunity • All clinical services require logistical • Less than 10% customer overlap support between clinical and logistics customers today • Bas
Slide 24: Strata Investment Highlights
Strata Investment Highlights Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned
Slide 25: Capital Deployment Philosophy
Capital Deployment Philosophy Prioritizing low-risk roll-up opportunities with known industry participants that have demonstrated the highest quality service delivery in a specific region Established, profitable businesses in our core service lines Verifiable track records of regional excellence Add
Slide 26: Capital Deployment Priorities
Capital Deployment Priorities Attractive roll-up opportunity at mid-single-digit EBITDA multiples will help improve local-service footprint and improve shareholder returns ▪ Subscale, regional providers of NRP, surgical recovery organ placement or preservation. Targets number in the single digits Tr
Slide 27: Logistics
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Logistics
Slide 28: Logistics Segment Overview
Logistics Segment Overview Key Stats Aircraft Fleet (Owned Ground Vehicles Logistics Operations Proprietary Tech Missions Completed + Dedicated) (Owned) Center Platform ~30 >50 24/7 “TAC” >90k Air Logistics Ground Logistics ▪ 24/7 logistics operations center ▪ >50 ground vehicles located at ~11 grou
Slide 29: Transplant Complexity Has Driven Logistics Strategic Value
SURGICAL RECOVERY SERVICE TRANSPLANT PROVIDERS COMPLEXITY HAS DRIVEN LOGISTICS INCREASING OPOS LOGISTICS TRANSPLANT CENTERS LOGISTICS STRATEGIC VALUE MACHINE PERFUSION OEMS 29
Slide 30: True "One Call" Solution for the Transplant Community
True “One Call” Solution for the Transplant Community TRANSPLANT CASE 30
Slide 31: Scale, Infrastructure and Fleet Diversity Enables Customer Cost Savings
Scale, Infrastructure and Fleet Diversity Enables Customer Cost Savings Nationwide Logistics Network Florida Based Customer Example Alternate Air Base Jacksonville International Strata Air Base (KJAX) Customer Location Gainesville Regional (KGNV) Repositioning savings: ~$5K / Trip 31
Slide 32: Aircraft Ownership Return and Growth Opportunity
Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Strategic Benefits • Enables Gross Margin expansion in regions with • Aircraft ownership has become an increasingly contracted customer density important competitive factor • Participate fully in the benefits of high aircr
Slide 33: Strata's Aircraft Capacity
Strata’s Aircraft Capacity Low Operating Leverage High Non-Dedicated Third Dedicated Third-Party Owned Aircraft Party Aircraft Aircraft Capacity Mix: ~20% Capacity Mix: ~50% Capacity Mix: ~30% Target Gross Margin: ~13% Target Gross Margin: ~20% Target Gross Margin: ~33% ▪ Owned and operated by third
Slide 34: Logistics Services Unit Economics & Contract Structure
Logistics Services Unit Economics & Contract Structure Third-Party & Ground(2) Owned Aircraft(1) Dedicated Aircraft Block Hours Block Hours Billable Hours Revenue Revenue per Hour Revenue per Hour Revenue per Hour Flight Hours Flown Fuel consumed Fuel consumed Pilot salaries Driver salaries COGS Cos
Slide 35: Transplant Clinical
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Transplant Clinical
Slide 36: Transplant Clinical Services Overview
Transplant Clinical Services Overview Key Stats NRP Cases(1) Surgical Cases(1) Regional Hubs Surgeons NRP Perfusionists >2,800 >1,000 ~11 >20 35+ Network of Regional Organ Recovery Hubs with Dedicated Perfusion Teams Machine Surgical Data & NRP Perfusion Logistics Recovery Reporting Support • Transp
Slide 37: Partnership Approach & Dedication to Clinical Quality
Partnership Approach & Dedication to Clinical Quality Partnership Approach Clinical Quality • Collaborative, team-based approach over • All Strata surgeons are listed in the Association transactional engagements of Organ Procurement Organizations (AOPO) Credentials Information Network (ACIN) • Quali
Slide 38: Organ Recovery Regional Hubs – Medium Term
Organ Recovery Regional Hubs – Medium Term Current Hubs OPO / Transplant Center Partner States Future Hub Candidates 38
Slide 39: Transplant & Other Clinical Services Unit Economics & Contract Structure
Transplant & Other Clinical Services Unit Economics & Contract Structure Perfusion (Retainer) NRP (Retainer) Locum Tenens Surgical Recovery Monthly Take or Pay Retainer Monthly retainer fee Hours billed Per case Fee Fee Revenue Disposables Per case fee Rate per hour Disposables Cost of labor Cost of
Slide 40: Other Clinical
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Other Clinical
Slide 41: Cardiac Care Clinical Services Overview
Cardiac Care Clinical Services Overview Key Stats Active Clinicians Open Heart Cases Per Cardiac Care National Presence Cardiac Care Year Customers Historical Growth ~375 20K+ 250+ 31 States Mid-Teens CAGR Core Value Proposition Attractive Industry Attributes ✓ Recurring revenue ✓ High customer rete
Slide 42: Other Clinical Services
Other Clinical Services Cardiac Care Additional Clinical Services • Provides certified perfusionists to • Supplies perfusion-related Perfusion operate heart-lung machines during disposables Disposables Services surgery procedures Autotransfusion • Recovers & reuses patient blood • Option for custome
Slide 43: Cardiac Care Growth Drivers – Rising Cardiovascular Disease
Cardiac Care Growth Drivers – Rising Cardiovascular Disease Leading Causes of Cardiovascular Cardiac Surgery Procedure Growth(2) Disease on The Rise(1) Prevalence % in US Adults 2010 2022 417,021 Obesity 36% 42% 330,643 Hypertension 42% 48% Diabetes 11% 13% 2015 2023 (1) National Health and Nutritio
Slide 44: Cardiac Perfusion New Customer Acquisition Opportunity
Cardiac Perfusion New Customer Acquisition Opportunity Opportunity Outsourced Cardiac Perfusion U.S. TAM ▪ Large and fragmented market today – U.S. outsourced TAM is ~$350 million 7% ▪ Strata currently has ~7% market share of the outsourced perfusion market Strata Market ▪ We’ve consistently added n
Slide 45: Regulatory Update
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Regulatory Update
Slide 46: Transplant Regulatory Update
Transplant Regulatory Update Increased regulatory scrutiny has created near term uncertainty for transplant community. We believe regulatory initiatives are set to restore trust in the system and will be a broad medium to long term positive for Strata…and all who need life-saving organs Allocation O
Slide 47: Financial Performance and Outlook
Financial Performance and Outlook 47
Slide 48: Q4 and Full Year 2025 Financial Snapshot
Q4 and Full Year 2025 Financial Snapshot Revenue (Millions) Adj. EBITDA (Millions) Adj. EBITDA Margin % $14.1 10.4% $197 $147 7.1% $7.0 $67 $3.8 3.0% 2.6% $36 $1.1 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Performance Performance ▪ Q4 2025 Revenue Growth: 84% (35%
Slide 49: 2026 Financial Guidance
2026 Financial Guidance Metric Range Revenue $260 million - $275 million Adjusted EBITDA $29 million - $33 million Free Cash Flow, Before Aircraft and Engine Acquisitions $15 million - $22 million Revenue Drivers Adjusted EBITDA Drivers Free Cash Flow Drivers ▪ Adjusted EBITDA Margin ~11% ▪ Capital
Slide 50: Medium Term Value Creation Framework
Medium Term Value Creation Framework Organic Free Cash Margin Revenue Flow(1) Expansion Growth Conversion High-teens CAGR Adjusted EBITDA 60-70% conversion margin of of Adjusted EBITDA approximately 13.0% by 2029 Organic Adjusted EBITDA CAGR high teens Capital Deployment $200 million of cash availab
Slide 51: Strata Financial Outlook
Strata Financial Outlook Conservative assumptions provide foundation for organic high-teens Adj. EBITDA CAGR in the medium-term Significant catalysts Illustrative triple; 75% of Conservative assumptions provide building blocks cash available deployed provide foundation for at mid single digit for ou
Slide 52: Q4 and Full Year 2025 Earnings Update
Q4 and Full Year 2025 Earnings Update Consolidated Results Three Months Ended Dec 31, Year Ended Dec 31, Commentary ($ in thousands) 2025 2024 %Δ vs 2024 #Δ vs 2024 2025 2024 %Δ vs 2024 #Δ vs 2024 Logistics Revenue 49,230 36,388 35% 12,842 176,793 146,817 20% 29,976 ▪ Logistics revenue increased 35.
Slide 53: Appendix
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Appendix
Slide 54: Management Team Biographies
Management Team Biographies Will Heyburn Melissa Tomkiel Amir Cohen Mathew Schneider Co-CEO & CFO Co-CEO and General Counsel Chief Accounting Officer CFO, Clinical Services VP of Finance & Investor Relations Scott Wunsch Andrew Marreel Jamie Bucio Eric Moore CEO, Logistics Director of Business Devel
Slide 55: Use Of Non-GAAP Information
Use Of Non-GAAP Information Strata believes that the non-GAAP measures discussed below, viewed in addition to and not in lieu of our reported U.S. generally accepted accounting principles ("GAAP") results, provide useful information to investors by providing a more focused measure of operating resul
Slide 56: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) 56
Slide 57: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) 57
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