Core Insights - Strata Critical Medical, Inc. reported a strong Q4 2025 with organic growth of 35%, exceeding expectations and leading to a full-year performance that surpassed guidance on all fronts [1][24] - The company is raising its revenue and adjusted EBITDA guidance for 2026 due to strong volumes and new customer acquisitions [1][29] Financial Performance - Full-year 2025 revenue reached $197.1 million and adjusted EBITDA was $14.1 million, both exceeding the high end of guidance [24] - Q4 2025 revenue was $66.8 million, driven by logistics growth of 35.3% to $49.2 million compared to $36.4 million in the prior year [24][27] - Clinical revenue in Q4 2025 was $17.6 million, significantly up from $2.8 million in Q3 2025, reflecting the impact of the Keystone acquisition [24][25] Growth Strategy - Continued acquisitions of smaller businesses are a key part of the company's strategy to accelerate growth and expand geographically [5][15] - The company expects to maintain an average annualized adjusted EBITDA growth rate of at least 30% over the coming years, driven by successful execution of its M&A strategy [15][16] Regulatory Environment - Recent regulatory changes are seen as beneficial for Strata Critical Medical, particularly in incentivizing the pursuit of medically complex organs [8][10] - The company is well-positioned with a customer base that is over-indexed to larger, more sophisticated transplant centers, which are favored under new regulations [10][11] Operational Highlights - The company ended the year with a fleet of approximately 30 dedicated or owned aircraft and plans to add two new owned aircraft to support new geographies in 2026 [12][13] - Logistics gross profit increased by 39.5% to $10.6 million in Q4 2025, driven by strong revenue growth and improved gross margins [27] Future Outlook - The company raised its 2026 revenue guidance range to $260–$275 million from $255–$270 million previously, and adjusted EBITDA guidance to $29–$33 million from $28–$32 million [29] - Despite a modest sequential revenue decline expected in Q1 2026, the company anticipates a sequential improvement in revenue and margin in the second quarter and the latter half of the year [31]

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 ...

Core Insights - Strata Critical Medical, Inc. has entered into a credit agreement with JPMorgan Chase Bank for secured, asset-based revolving credit loans totaling up to $30 million, with the potential to increase to $50 million under certain conditions [1][4] Group 1: Financial Strategy - The new credit facility is expected to enhance Strata's capital efficiency, allowing the company to allocate more cash towards attractive acquisition opportunities [2] - The facility will remain undrawn at the close, providing flexibility for future financing [4] Group 2: Business Operations - Strata operates one of the largest air transport and surgical services networks in the U.S. for transplant hospitals and organ procurement organizations, offering a comprehensive "one call" solution for donor organ recovery [3] - Core services include air and ground logistics, surgical organ recovery, organ placement, and normothermic regional perfusion, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers [4]

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 ...

Financial Data and Key Metrics Changes - Revenue rose 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 increased to over 15% in Q3 2025, compared to 10.8% in the prior year period [6][12] - Free cash flow from continuing operations was approximately $2 million in the quarter, with expectations for consistent free cash flow generation moving forward [14][17] Business Line Data and Key Metrics Changes - Organ placement services revenue more than doubled year-over-year, indicating strong growth in this segment [11] - Keystone contributed $2.8 million in revenue for half a month, with a full month revenue increase of over 40% year-over-year [12] - The medical segment-adjusted EBITDA margins improved sequentially to 15.1% in Q3 2025, driven by better performance in the fleet [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 versus 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 to healthcare, aiming for long-term growth and value creation [5] - The integration of Keystone and the launch of a new clinical services division positions the company as an end-to-end organ recovery platform [8] - The strategy includes co-locating resources to reduce costs and improve service delivery efficiency [8][9] 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 $185 million-$195 million [17] - The company anticipates continued growth driven by new technology and evolving regulations in the transplant industry [23] - Management noted that the seasonal decline in transplant volumes is expected and has been historically observed, but the company is growing through this seasonality [40] Other Important Information - The company ended the quarter with no debt and approximately $76 million in cash and short-term investments [16] - A legal provision was booked during the quarter for ongoing litigation related to the go-public transaction [17] 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 [21][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 be expected in terms of fleet margin and maintenance impact? - 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 stated that there are almost 250 different customers across the cardiac care and transplant businesses, providing geographic diversity [30] Question: Is there any customer that constitutes 5% or more of revenues? - Management did not disclose specific customer revenue contributions but emphasized a diversified customer base [31] Question: Will there be a breakdown of logistics versus perfusionist services? - Management indicated that a pro forma 2025 business mix will be provided, reflecting the expected shift towards fast-growing subsectors of the transplant industry [35][36]

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 rose to 15.1% in Q3 2025 from 12.5% in the first half of the year [12][13] - Free cash flow from continuing operations was approximately $2 million for the quarter [13] Business Line Data and Key Metrics Changes - Organ placement services revenue more than doubled year-over-year, indicating strong growth in this area [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, with transplants of organs undergoing NRP approximately doubling compared to the prior year [9][10] - 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 to healthcare, aiming for long-term growth and value creation [5] - The integration of Keystone Perfusion is expected to enhance operational efficiencies and cost savings for the transplant community [8][9] - The company plans to leverage local resources to reduce transportation costs and improve service delivery [9] 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-$195 million [16] - The company anticipates continued growth driven by new customer acquisitions and market share consolidation in a fragmented marketplace [22] - Management acknowledged the impact of seasonal factors on transplant volumes but emphasized the company's ability to grow through these challenges [39] Other Important Information - The company ended the quarter with no debt and approximately $76 million in cash and short-term investments [15] - The Joby transaction closed during the quarter, with cash proceeds of approximately $70 million from monetizing shares [15] 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 driven by a mix of new customer acquisition and strength within existing customers, with new services contributing to the results [20][21] Question: Do you see the growth coming from similar directions in the future? - Management expects continued customer additions and market share consolidation, supported by favorable industry growth dynamics [22] Question: What should we expect in terms of fleet margin and maintenance impact for the remainder of the year? - Management noted that scheduled maintenance events have decreased and margins are expected to improve sequentially [23] Question: How many individual customers are being served now with the Keystone acquisition? - The company serves almost 250 different customers across cardiac care and transplant businesses, providing geographic diversity [29] Question: Is there any customer that constitutes 5% or more of revenues? - Management stated that the business is diversified, and they do not break out customer contributions by business line [30] Question: Are you evening out the revenue sides between air and ground logistics? - Air remains the larger part of the business, but the Keystone acquisition provides opportunities for ground logistics growth [32] Question: Will you break out logistics versus perfusionist side in the future? - Management indicated that a pro forma business mix will be provided in the investor deck, reflecting the expected future mix [33]

Financial Performance & Acquisitions - Strata's Q3 2025 revenue reached $493 million, a 37% year-over-year increase, with 29% organic growth excluding the Keystone acquisition[5] - The acquisition of Keystone Perfusion contributed approximately $28 million to Strata's Q3 2025 revenue[6] - Adjusted EBITDA for Q3 2025 was $42 million, representing an 85% margin[5] - Strata sold its passenger business to Joby Aviation for $125 million[14] - Strata acquired Keystone Perfusion for $124 million upfront, with potential earn-outs of $23 million based on gross profit targets[15] Market Position & Growth Strategy - Strata estimates its market share to be approximately 30% in air logistics and 15% in ground logistics for organ transport[11] - The company is focused on expanding its transplant clinical services, particularly Normothermic Regional Perfusion (NRP), driven by a 20%+ CAGR in Donation after Circulatory Death (DCD) donors[43] - Strata aims to increase aircraft utilization and improve operating costs by expanding into other time-critical logistics verticals[55] Organ Transplant Trends - The distance of heart, liver, and lung transplants has increased by 64% from 2018 to 2024 due to regulatory changes and new technologies[39] - Normothermic Regional Perfusion (NRP) penetration of DCD donors has increased to approximately 40% by Q3 2025[43] - U S heart, liver, and lung transplants have grown at a CAGR of 38% from 2010-2024[27]