Business Operations - Strata acquired ten fixed wing aircraft in 2024 to improve economies of scale and service reliability [28]. - The company employs 601 individuals, with 327 full-time and 274 part-time employees, across its Logistics and Clinical segments [42]. - Strata's Logistics segment includes air and ground transportation of human organs, with pricing based on a fixed price per flight hour plus fuel surcharges [25]. - The company utilizes an asset-light business model, relying on third-party aircraft operators for logistics services, which allows for a flexible cost structure [26]. - The company completed the divestiture of its legacy Passenger mobility business in August 2025, rebranding as Strata Critical Medical, Inc. and focusing on integrated medical logistics and clinical services [57]. Technology and Services - Strata's technology enhances efficiency in organ evaluation, procurement, and logistics, strengthening its competitive position in the organ transportation industry [34][35]. - The company provides organ placement services under a fixed monthly fee based on customer program size, enhancing service predictability [30]. - Strata's clinical services are provided on a contractual basis, often involving retainer and per case fees, to support OPOs and transplant centers [31][32]. Regulatory Compliance - Strata's operations are subject to stringent regulations from the DOT and FAA, ensuring compliance in the transportation of sensitive medical cargo [45]. - The organ transplantation system is governed by the National Organ Transplant Act, impacting demand for Strata's services [46][47]. - The company operates under strict compliance with HIPAA and other state and federal privacy laws, which govern the handling of protected health information (PHI) and may result in penalties for non-compliance [53][54]. Market Competition and Challenges - The company faces competition from both internal resources of transplant centers and other specialty firms, emphasizing the need for efficient service delivery and competitive pricing [36][37]. - Increased environmental regulations affecting aviation emissions and fuel standards could indirectly raise transportation costs and impact operations [55].

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $66.8 million, driven by logistics growth, with organic growth of 35.3% to $49.2 million compared to $36.4 million in the prior year [22][24] - Full year 2025 revenue and adjusted EBITDA were $197.1 million and $14.1 million respectively, both exceeding the high end of guidance [22][24] - Adjusted EBITDA rose to $7 million in Q4 2025, up from $1.1 million in the prior year period [25] Business Line Data and Key Metrics Changes - Logistics revenue in Q4 2025 was $49.2 million, reflecting a 35.3% increase year-over-year [22][24] - Clinical revenue was $17.6 million in Q4 2025, significantly up from $2.8 million in Q3 2025, attributed to the Keystone acquisition [22][24] - Gross profit increased 90% to $14.4 million in Q4 2025, with gross margin rising to 21.6% from 20.8% in the prior year [24][25] Market Data and Key Metrics Changes - Approximately 20% of revenue is generated from Organ Procurement Organizations (OPOs), with Tier One OPOs representing 2.4 times the revenue of Tier Three OPOs [10] - The company is well-positioned to benefit from regulatory changes incentivizing the pursuit of medically complex organs, particularly from DCD donors [9][10] Company Strategy and Development Direction - The company is focusing on acquisitions of smaller businesses to accelerate growth and expand geographically [5][6] - A significant part of the strategy includes enhancing the logistics services for transplant clinical cases, which contributed to revenue growth [7][10] - The company plans to maintain an average annualized adjusted EBITDA growth rate of at least 30% over the coming years [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, raising guidance for 2026 revenue to $260 million-$275 million and adjusted EBITDA to $29 million-$33 million [27] - The company noted that while there was a soft January for the industry, they have seen continued strength in logistics trips and clinical cases [29][30] - Management is optimistic about the integration of the Keystone acquisition and the positive feedback from customers [30] Other Important Information - The company ended the year with approximately 30 dedicated or owned aircraft and plans to add two new owned aircraft to support new regions [12][13] - The company has a $30 million asset-based credit facility with JPMorgan, providing flexibility for future acquisitions [15] Q&A Session Summary Question: Update on continuous distribution policy and stakeholders involved - Management stated that continuous distribution is still the goal for all organs, with lungs already transitioned, but the timeline for hearts and livers is uncertain due to regulatory focus on other issues [32][33] Question: Breakdown of the transplant value chain and service usage - Management indicated that transplant clinical services have slightly higher profit margins than non-transplant clinical services, with efforts to convert more clinical customers to use logistics services [36][38] Question: Acquisition pipeline and adjacent offerings - The company plans to announce acquisitions as they close and is focused on increasing scale and national footprint through product servicing [41][42] Question: Impact of weather on operations - Management noted that severe weather in the Northeast has caused unusual disruptions, but overall confidence for the year remains strong [71][72] Question: Impact of higher oil prices - Management clarified that fuel price increases would be passed through to customers and would not significantly impact the company's cost structure [73][74]

Strata Critical Medical (NasdaqCM:BLDE) Q4 2025 Earnings call March 03, 2026 08:00 AM ET Company ParticipantsJon Hickman - Managing Director of Equity ResearchMatt Schneider - CFO Clinical Services and VP Finance and Investor RelationsMelissa Tomkiel - Co-CEO, General Counsel, and DirectorWill Heyburn - Co-CEO, CFO, and DirectorConference Call ParticipantsBen Haner - Equity Research AnalystNone - AnalystOperatorGood morning, ladies and gentlemen, welcome to the Strata Critical Medical Fiscal Fourth Quarter ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $66.8 million, driven by logistics growth, with organic growth of 35.3% to $49.2 million compared to $36.4 million in the prior year [21][24] - Full year 2025 revenue and adjusted EBITDA were $197.1 million and $14.1 million respectively, both exceeding the high end of guidance [21][24] - Adjusted EBITDA rose to $7 million in Q4 2025, up from $1.1 million in the prior year period [25] Business Line Data and Key Metrics Changes - Logistics revenue in Q4 2025 was $49.2 million, reflecting a 35.3% organic growth [21][24] - Clinical revenue was $17.6 million in Q4 2025, significantly up from $2.8 million in Q3 2025, attributed to the Keystone acquisition [22][23] - Transplant clinical revenue was $7.8 million in Q4 2025, while other clinical revenue was $9.8 million [23][24] Market Data and Key Metrics Changes - Approximately 20% of the company's revenue is generated from Organ Procurement Organizations (OPOs), with Tier One OPO customers representing 2.4 times the revenue of Tier Three OPOs [10] - The company is well-positioned to benefit from regulatory changes incentivizing the pursuit of medically complex organs, particularly from DCD donors [9][10] Company Strategy and Development Direction - The company is focusing on acquisitions of smaller businesses to accelerate growth and expand geographically [5][6] - The M&A strategy aims for an annualized adjusted EBITDA growth of at least 30% in the coming years [6][14] - The company is also exploring opportunities to leverage existing assets for adjacent offerings, such as radiopharmaceuticals [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, raising guidance for 2026 revenue to $260 million-$275 million and adjusted EBITDA to $29 million-$33 million [27] - The company noted that while there was a soft January for the industry, strong daily logistics trips and clinical cases have continued into 2026 [28] - Management is optimistic about the integration of the organ transplant platform and the positive feedback from customers [30] Other Important Information - The company ended the year with approximately $61 million in cash and short-term investments and no debt [27] - Adjusted SG&A rose to $8.9 million in Q4 2025, reflecting a full quarter of Keystone SG&A [25] Q&A Session Summary Question: Update on continuous distribution policy - Management stated that continuous distribution is still the goal for all organs, with lungs already transitioned. The timeline for hearts and livers is uncertain due to regulatory focus on other issues [32][34] Question: Which part of the service has the highest value and margin? - Management indicated that transplant clinical business has slightly higher profit margins than non-transplant clinical business, with an integrated offering driving growth [36][38] Question: Acquisition pipeline and adjacent offerings - The company plans to announce acquisitions as they close and is focused on product servicing to increase scale and national footprint [41][42] Question: Impact of weather on operations - Unusual severe weather in the Northeast affected operations, but management remains confident in overall performance and guidance [70][71] Question: Impact of higher oil prices - Higher fuel prices will result in increased costs for customers but will not impact the company's cost structure as surcharges are negotiated [73][74]

Investor Presentation March 2026 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 use of words such as "will", "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future", "target", and "project" and other similar expr ...

Exhibit 99.1 GAAP FINANCIAL RESULTS Strata Critical Medical Announces Fourth Quarter 2025 Results NEW YORK — (March 3, 2026) — Strata Critical Medical, Inc. (Nasdaq: SRTA, "Strata" or the "Company"), today announced financial results for the fourth quarter ended December 31, 2025. Financial results in this release, including all comparisons to prior year periods, reflect continuing operations only. The results of the divested Passenger business have been reclassified as discontinued operations in all period ...

Summary of Strata Critical Medical 2025 Investor Day Company Overview - **Company**: Strata Critical Medical (NasdaqCM:BLDE) - **Focus**: Organ transplant logistics and critical services, with a recent diversification into cardiac care through the acquisition of Keystone Perfusion [1][3][4] Industry Insights - **Market Need**: Over 100,000 Americans are on the transplant waitlist, with 13 dying daily due to organ shortages. Nearly 50,000 lives were saved through transplants last year [11][12] - **Regulatory Changes**: Evolving donor allocation methodologies are improving organ distribution efficiency, moving from geographic proximity to acuity-based systems [12][14] - **Growth in Donation After Circulatory Death (DCD)**: DCD has quadrupled in the last seven years, with a 20% compound annual growth rate. Strata's technology, normothermic regional perfusion (NRP), is used in about 40% of DCD cases [15][16] Business Model and Strategy - **End-to-End Solution**: Strata offers a comprehensive service from organ recovery to logistics, making it the only full-stack organ recovery platform in the U.S. [5][10] - **Logistics Efficiency**: Locally based surgical recovery teams and aircraft reduce costs and improve response times, addressing the issue of "dry runs" where medical teams arrive to find organs are not recoverable [7][8] - **Acquisition Strategy**: Strata plans to deploy approximately $200 million over the next four years to acquire established businesses in the transplant ecosystem, which could add $25 million in EBITDA [19][21] Financial Outlook - **EBITDA Growth**: The company aims to double its adjusted EBITDA over the next four years based on conservative assumptions, not accounting for potential regulatory changes or increased transplant growth [18] - **Market Share**: Currently holds a 30% share in air logistics and 15% in ground logistics, with significant opportunities for growth through new customer acquisition and expanding ground hub networks [53][55] Key Services and Innovations - **Logistics Services**: Strata provides air and ground logistics, including Next Flight Out and hand carry solutions for kidneys, enhancing service offerings [46][55] - **Safety Standards**: Strata emphasizes safety in operations, exceeding FAA requirements and ensuring reliable service for organ transport [51] Competitive Advantages - **National Scale**: Strata's extensive network of aircraft and ground vehicles allows for efficient logistics management, positioning the company to capture more market share [44][60] - **Customer-Centric Approach**: The company operates on an open-source platform, allowing flexibility in service offerings and fostering strong relationships with transplant centers and OPOs [9][10] Conclusion - Strata Critical Medical is well-positioned to capitalize on the growing organ transplant market through its comprehensive service offerings, strategic acquisitions, and commitment to safety and efficiency. The company is focused on increasing transplant volumes and improving patient outcomes while maintaining a strong financial outlook.

Investor Day November 2025 Agenda Slide | 1 | Business Overview & Key Investment Highlights | | --- | --- | | 2 | How Organ Transplantation Works | | 3 | Logistics Services | | 4 | Organ Recovery Clinical Services | | 5 | Organ Placement Services | | 6 | Cardiac Care Clinical Services | | 7 | Regulatory Update | | 8 | Technology | | 9 | Unit Economics & Contract Structure | | 10 | Financial Performance and Outlook | | 11 | Q&A 2 | FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statem ...

Business Transactions - The Company completed the sale of its Passenger business for approximately $76.0 million, receiving net proceeds of $70.2 million after selling shares of Joby Aviation[153]. - The acquisition of Keystone Perfusion Services, LLC was finalized for $110.0 million, with potential earn-out payments of up to $23.0 million based on future performance[158]. Operational Model - Strata operates an asset-light logistics model, primarily utilizing third-party aircraft, which allows for predictable and flexible cost structures[160]. - In 2024, Strata acquired ten fixed-wing aircraft to improve service reliability and compete for contracts requiring asset ownership[162]. - The Company’s core services include air and ground logistics, surgical organ recovery, and normothermic regional perfusion, aimed at increasing successful organ transplants[148]. - Strata's technology enhances efficiency in staffing, training, and logistics, strengthening its position in the organ transportation industry[170]. - Strata's business model includes fixed pricing per flight hour with additional fuel surcharges, ensuring cost transparency for customers[159]. - The Company relies on contractual relationships with transplant centers and organ procurement organizations, emphasizing the importance of these partnerships for operational success[151]. Financial Performance - The Company reported continued net losses since inception, highlighting ongoing financial challenges[146]. - Revenue for the three months ended September 30, 2025, increased by $13.2 million, or 36.7%, to $49.3 million, driven by growth in flight hours and the acquisition of Keystone, which contributed approximately $2.8 million[197]. - For the nine months ended September 30, 2025, revenue increased by $19.9 million, or 18.0%, to $130.4 million, also driven by growth in flight hours and the inclusion of Keystone[198]. - Cost of revenue for the three months ended September 30, 2025, increased by $9.1 million, or 32.0%, to $37.7 million, primarily due to increased revenue[200]. - Cost of revenue as a percentage of revenue decreased from 79% in 2024 to 76% in 2025, driven by higher utilization of the owned fleet and enhanced operational leverage[201]. - The company reported a net loss from continuing operations of $9.7 million for the three months ended September 30, 2025[194]. - The net income from discontinued operations was $67.1 million for the three months ended September 30, 2025[194]. - Total net income from discontinued operations for the three months ended September 30, 2025, was $67.1 million, primarily from a gain on disposal of discontinued operations of $60.4 million[221]. - Net loss from continuing operations increased by $4.0 million for the three months ended September 30, 2025, from $(5.6) million in 2024 to $(9.7) million in 2025[229]. - Adjusted EBITDA improved by $4.1 million for the three months ended September 30, 2025, from $0.1 million in 2024 to $4.2 million in 2025[230]. - Gross profit increased by $4.1 million for the three months ended September 30, 2025, from $5.4 million in 2024 to $9.5 million in 2025[230]. - Flight profit increased by $4.1 million, or 54.7%, for the three months ended September 30, 2025, from $7.5 million in 2024 to $11.6 million in 2025[231]. - Net loss from continuing operations for the nine months ended September 30, 2025, was $(14.7) million, an increase of $5.9 million from $(8.7) million in 2024[233]. - Gross Profit increased by $3.6 million, from $19.6 million in the nine months ended September 30, 2024 to $23.2 million in 2025[235]. - Flight Profit rose by $4.9 million, or 19.9%, from $24.6 million in the nine months ended September 30, 2024 to $29.5 million in 2025, driven by an 18.0% increase in revenue[237]. - Adjusted EBITDA for the nine months ended September 30, 2025 was $7.1 million, compared to $2.7 million in 2024, representing an increase of 164.4%[241]. - Revenue for the nine months ended September 30, 2025 was $130.4 million, up from $110.4 million in 2024, reflecting an increase of 18.2%[241]. Cash Flow and Liquidity - Total liquidity as of September 30, 2025 was $75.9 million, down from $124.8 million as of December 31, 2024[249]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $40.6 million, compared to $0.8 million in 2024[256]. - The company anticipates sufficient funds to meet operational needs for at least the next 12 months[250]. - The company has commitments to purchase flights with minimum guarantees of $3.2 million for 2025 and 2026[252]. - For the nine months ended September 30, 2025, net cash provided by investing activities was $51.5 million, primarily from $70.2 million in proceeds from the sale of Buyer Shares related to the Passenger business[259]. - The cash used in investing activities for the nine months ended September 30, 2024, was $5.0 million, driven by $142.8 million in purchases of held-to-maturity investments and $26.3 million in property and equipment purchases[260]. - For the nine months ended September 30, 2025, net cash used in financing activities was $7.2 million, mainly due to $7.3 million in payroll tax payments on behalf of employees[262]. - In the nine months ended September 30, 2024, net cash used in financing activities was $1.9 million, reflecting $1.8 million in payroll tax payments and $0.2 million in stock repurchases[263]. - The company reported $203.0 million in proceeds from maturities of held-to-maturity investments, net of $146.3 million in purchases for the nine months ended September 30, 2025[259]. - The company made $7.9 million in purchases of property and equipment, primarily for a spare engine and aircraft maintenance costs, for the nine months ended September 30, 2025[259]. - The company incurred $2.2 million in consideration for the acquisition of CJK during the nine months ended September 30, 2024[260]. Market and Risk Factors - The market for clinical service offerings is highly competitive, with the company competing on the quality and reliability of its services[178]. - The company has responded to customer demand by introducing new services through the acquisition of Keystone and organic growth initiatives[176]. - There have been no material changes in market risk since the last annual report for the year ended December 31, 2024[266]. - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and assumptions that may affect reported amounts[264]. - There have been no material changes to the company's significant accounting policies and estimates as of September 30, 2025[265].

Financial Data and Key Metrics Changes - Revenue increased by 36.7% year-over-year to $49.3 million in Q3 2025, with a 29% increase excluding Keystone [11][12] - Medical segment-adjusted EBITDA margin improved to over 15% in Q3 2025, up from 10.8% in the prior year period [6][12] - Free cash flow from continuing operations was approximately $2 million for the quarter, indicating a positive cash flow generation outlook [14][17] Business Line Data and Key Metrics Changes - Organ placement services revenue more than doubled year-over-year, reflecting strong growth in this segment [11] - Air logistics contributed significantly to organic revenue growth, with new and existing customers driving strong results [11][12] - Keystone's revenue increased over 40% year-over-year for the full month of September, despite only contributing $2.8 million for half of Q3 [12] Market Data and Key Metrics Changes - Industry-wide NRP adoption rates continued to increase during Q3, with transplants of organs that have undergone NRP approximately doubling compared to the prior year [9] - Despite a seasonal decline in industry transplant volumes of approximately 6%, the company achieved a 3% sequential revenue increase [11] Company Strategy and Development Direction - The company has rebranded as Strata Critical Medical and shifted focus solely on healthcare, following the divestiture of its passenger business and acquisition of Keystone Perfusion [5][8] - The strategy includes offering tailored solutions to the transplant community, enhancing operational efficiencies and cost savings [8][9] - The company aims to consolidate market share in a fragmented marketplace, leveraging its scale and local service model [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand seen in Q3, leading to an increase in 2025 revenue guidance to a range of $185 million to $195 million [17] - The management team highlighted the positive reception of the Keystone acquisition and its potential to enhance service offerings [41] - The company anticipates continued growth driven by new technology and evolving regulations in the transplant industry [23] Other Important Information - The company ended the quarter with no debt and approximately $76 million in cash and short-term investments [16] - The Joby transaction closed during the quarter, with cash proceeds of approximately $70 million from monetizing shares [16] Q&A Session Summary Question: Can you provide a disaggregation of where the growth came from in terms of revenue during Q3? - Management indicated that growth was a mix of new customer acquisition and strength within existing customers, with a broadened suite of services contributing to revenue growth [22] Question: Do you see the growth coming from similar directions in the future? - Management expects continued customer acquisition and market share consolidation, supported by a favorable industry growth trajectory [23] Question: What should we expect in terms of fleet margin and downtime impact due to earlier maintenance? - Management noted that scheduled maintenance events have decreased and margins are expected to improve sequentially [24] Question: How many individual customers are being served now post-Keystone acquisition? - Management reported serving almost 250 different customers across cardiac care and transplant businesses, highlighting geographic diversity [30] Question: Is there any customer that constitutes 5% or more of revenues? - Management stated that the business is diversified, with no single customer making up a significant portion of revenues [31] Question: Are you evening out the revenue sides between air and ground logistics? - Air remains the larger part of the business, but there is potential for ground services to grow due to the Keystone acquisition [33] Question: Will there be a breakout of logistics versus perfusionist services in reporting? - Management indicated that a pro forma breakout for 2025 has been added to the investor deck, showing expected shifts in service mix [35]