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]