Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Q3 2025 Earnings Presentation
37 slides from Strata Critical Medical's earnings presentation, Nov 10, 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
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 to the U.S. healthcare industry
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: 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 2025E 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 5: 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 6: Strata Critical Medical's Transformation
Strata Critical Medical’s Transformation Sold passenger business to Joby Aviation for $125 million and became a pure-play medical service provider • On August 29, 2025, Strata Critical Medical (formerly known as Blade Air Mobility, Inc.) closed on the sale of its passenger business to Joby Aviation
Slide 7: Investment Highlights
(\, STRATACRITICAL fume MEDICAL SOLUTIONS + LOGISTICS Investment Highlights
Slide 8: Strata Investment Highlights
Strata Investment Highlights Market Leader with Differentiated Model Multiple Catalysts Driving Growth in Transplant Volumes MEDICAL Strata is Positioned to Outgrow the Market While Expanding Margins Strong Balance Sheet Enables Attractive Roll-Up Opportunity 8
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: 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 12: 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. Strata is contracted by our customers to provide all logistics regardless of what preservation techno
Slide 13: 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 14: Logistics Services Growth Opportunity
Logistics Services Growth Opportunity Strata is well positioned to acquire new customers given our nationwide presence and agnostic approach, enabling our customers to benefit from economies of scale across 100% of their flying utilizing a combination of traditional cold storage and devices from a v
Slide 15: Clinical Services Growth Opportunity
Clinical Services Growth Opportunity Clinical Services growth is driven by strong momentum in NRP adoption and surgical recovery outsourcing and tailwinds in cardiac care fueled by rising heart procedure volumes, a shortage of perfusionists, and a large, fragmented market with ample customer acquisi
Slide 16: Cross-Sell Opportunity
Cross-Sell Opportunity • Strata can cross-sell NRP and surgical recovery services to our legacy logistics customers, most of whom are transplant centers and OPOs that represent strong potential customers for these solutions and vice-versa, with less than 10% customer overlap across the clinical and
Slide 17: 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 while enabling our customers to evaluate and, ultimately, accept more organs for transplant Organ Placement Overview Customer Value Proposition
Slide 18: Time-Critical Logistics Opportunity
Time-Critical Logistics Opportunity Strata 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 ope
Slide 19: Aircraft Ownership Return and Growth Opportunity
Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Strategic Benefits • Enables Flight Margin expansion in regions with • Aircraft ownership has become an increasingly contracted customer density important competitive factor • Participate fully in the benefits of high airc
Slide 20: Ground Transport Growth Opportunity
Ground Transport Growth Opportunity Ground Transport Snapshot The Ground Opportunity ~$200mm Ground Total ~$22 ~30 Annualized Target Flight Addressable Market(3) mm Revenue(1) %+ Margin >50 11 Vehicles Established Ground Hubs in Fleet Vehicle Hubs 11 Throughout the United States <1 Year Payback Peri
Slide 21: Strata Business Overview
(\, STRATACRITICAL MEDICAL SOLUTIONS + LOGISTICS Strata Business Overview
Slide 22: Strata Critical Medical Key Businesses
Strata Critical Medical Key Businesses Transplant Other Clinical % PF 2025E Revenue(1) % PF 2025E Revenue(1) % PF 2025E Revenue(1) 71% 13% 17% Transplant Logistics Transplant Clinical Services Cardiac Care and Other (Organ Recovery & NRP) Services ▪ End-to-end air and ground organ transportation ser
Slide 23: Transplant Service Lines
Transplant Service Lines Logistics Services Business Line Business Line Description Air transportation of human organs for transplant as well as related staff, equipment, blood samples, and tissue Air Logistics samples. Service is typically provided on fixed wing aircraft operating specifically for
Slide 24: Other Clinical Services
Other Clinical Service Lines Business Line Business Line Description Strata provides cardiac perfusion and blood management services through a nationwide team of perfusionists. Perfusionists operate heart–lung machines during surgery to temporarily take over circulation and oxygenation, Cardiac Care
Slide 25: Strata's Aircraft Capacity
Strata’s Aircraft Capacity Target Capacity Capacity Operating Flight Description Type Mix Leverage Margin • Strata-owned aircraft; operated and maintained by third-parties overseen by Strata’s safety team Owned ~30% ~35% High • Strata pays direct variable costs with fixed costs (pilot & maintenance,
Slide 26: Logistics Services Unit Economics
Logistics Services Unit Economics 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 • Maintenance •
Slide 27: Transplant Clinical Services Unit Economics & Contract Structure
Transplant Clinical Services Unit Economics & Contract Structure Normothermic Regional Surgical Recovery Organ Placement Perfusion Fee per • Monthly retainer fee • Per Case Fee Placement Coordinator Revenue • Per case fee • Disposables Supplemental Usage per Hour • Cost of labor, monthly salary • Co
Slide 28: Other Clinical Services Unit Economics & Contract Structure
Other Clinical Services Unit Economics & Contract Structure Cardiac Care Services Locum Tenens • Monthly retainer fee • Hours billed x rate per • Per case fee above hour Revenue threshold • Disposables • Cost of labor COGS • Cost of labor per hour • Cost of disposables Contract • Average Term: 1-3 y
Slide 29: Financial Highlights
STRATACRITICAL MEDICAL SOLUTIONS LOGISTICS Financial Highlights
Slide 30: Q3 2025 Earnings Update
Q3 2025 Earnings Update Consolidated Results Three Months Ended September 30, Commentary ($ in thousands) 2025 2024 %Δ vs 2024 $Δ vs 2024 Revenue $49,298 $36,062 37% $13,236 • Excluding Keystone, revenue increased 29.0% versus the Keystone revenue (2,791) - NA NA prior year period driven primarily b
Slide 31: Balance Sheet Strength and Capital Allocation
Balance Sheet Strength and Capital Allocation Balance Sheet Cash & Short Term Investments Capital Allocation Framework $76 Million ➢ Strong balance sheet with no debt ➢ Focused Medical M&A: Bolt-ons or strategic M&A in transplant services and other clinical services $mm ➢ Investment in Owned Assets:
Slide 32: How Strata Creates Value via M&A: Trinity Air Medical Case Study
How Strata Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Strata has significantly accelerated growth in the business, enhancing returns for shareholders Trailing Twelve Month Revenue ($mm) • Strata acquired Trinity in September 2021 for $23mm(1) $150 Actual revenues
Slide 33: Appendix
(7, STRATA CRITICAL a MEDICAL SOLUTIONS + LOGISTICS Appendix
Slide 34: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) 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 ope
Slide 35: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) Flight Profit and Flight Margin – Strata defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of costs of operating our aircraft fleet including pilots’ salaries, flight costs paid to operators of aircraft and vehicles, depreciation
Slide 36: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We have also shown revenue, Adjusted EBITDA, and Medical Segment Adjusted EBITDA excluding the impact of Keystone in this release. These amounts reflect revenue, Adjusted EBITDA, and Medical Segment Adjusted EBITDA excluding the activity of Keystone in the pri
Slide 37: 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 The Company. TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR
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