Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Q2 2026 Earnings Presentation
57 slides from Strata Critical Medical's earnings presentation, Aug 4, 2026
Slide 1: Investor Presentation
Investor Presentation August 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 Critical: national provider of time-critical logistics and clinical services
Strata Critical is a national provider of time-critical logistics and clinical services to the U.S. healthcare industry. We operate one of the largest air transport and surgical services networks for hospitals, transplant centers, and organ procurement organizations, offering an integrated “one-call
Slide 4: Our mission
Our mission is to deliver expert clinical and logistics services that help our partners save more lives. We work alongside hospitals, organ procurement organizations, and surgical teams to increase the number of successful organ transplants and enable more efficient cardiovascular procedures, suppor
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 Q2 2026 Revenue Mix Business Lines Transplant Air Logistics Largest air transporter of hearts, livers, and lungs in America with 35+ owned & dedicated aircraft nationwide
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: 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: 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 Note: Surgi
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 G
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 Increasing 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: Where NRP Fits in the DCD Process
Where NRP Fits in the Donation After Circulatory Death (DCD) Process The decision to withdraw care is made independently of donation; NRP, if used at all, only comes at the final step of the donation process Patient's doctor determines that continued life sustaining therapies will not improve the pa
Slide 22: Rising Penetration of Normothermic Regional Perfusion
Rising Penetration of Normothermic Regional Perfusion Compelling benefits are driving rising NRP penetration rates of DCD donors, with mid-single-digit growth in DCD donors and NRP penetration reaching the low-60% range by 2028. We continue to believe NRP will become the industry standard in DCD don
Slide 23: 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 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 35+ 55+ 24/7 “TAC” >90k Air Logistics Ground Logistics ▪ 24/7 logistics operations center ▪ 55+ ground vehicles located at 11 groun
Slide 29: 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 29
Slide 30: 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 31: 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: 30%+ ▪ Owned and operated by third
Slide 32: 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 Cost per
Slide 33: Transplant Clinical
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Transplant Clinical
Slide 34: Transplant Clinical Services Overview
Transplant Clinical Services Overview Key Stats NRP Cases(1) Surgical Cases(1) Regional Hubs Surgeons(2) NRP Perfusionists >3,600 >1,500 14 14 35+ Network of Regional Organ Recovery Hubs with Dedicated Perfusion Teams Machine Surgical Data & NRP Perfusion Logistics Recovery Reporting Support • Trans
Slide 35: 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 36: Organ Recovery Regional Hubs – Medium Term
Organ Recovery Regional Hubs – Medium Term Current Hubs OPO / Transplant Center Partner States Future Hub Candidates 36
Slide 37: 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 fee Monthly retainer fee Hours billed Per case Fee Revenue Disposables Per case fee Rate per hour Disposables Cost of labor Cost of
Slide 38: Other Clinical
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Other Clinical
Slide 39: Other Clinical Services Overview
Other 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 retention r
Slide 40: Other Clinical Services Offerings
Other Clinical Services Offerings 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 f
Slide 41: Other Clinical Services Growth Drivers – Rising Cardiovascular Disease
Other Clinical Services 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 a
Slide 42: Other Clinical Services New Customer Acquisition Opportunity
Other Clinical Services 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 a
Slide 43: Regulatory Update
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Regulatory Update
Slide 44: 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 45: Financial Performance and Outlook
Financial Performance and Outlook 45
Slide 46: Q2 2026 Earnings Update
Q2 2026 Earnings Update Consolidated Results Three Months Ended Commentary Jun 30, Jun 30, YoY Change Mar 31, QoQ Change $000s, except as noted 2026 2025 % $ 2026 % $ • Total revenue increased 60.7% year-over-year to $72.5 million driven by organic growth in Logistics, the addition of our Clinical b
Slide 47: 2026 Financial Guidance
2026 Financial Guidance Metric Range Revenue $285 million - $295 million Adjusted EBITDA $33 million - $35 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 high 11% ▪ Capi
Slide 48: Appendix
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Appendix
Slide 49: 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 50: 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
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