Strata Critical Medical (SRTA) Investor presentation summary

Business overview and strategy

• Provides time-critical logistics and medical services for the U.S. healthcare industry, focusing on organ transplant logistics and clinical services.

• Operates one of the largest air and ground transport networks for transplant hospitals and organ procurement organizations.

• Offers an integrated, end-to-end, one-call solution for donor organ recovery, supporting all preservation technologies.

• Mission is to increase successful organ transplants and expand services to a broader medical customer base.

• Differentiated by a locally-based, asset-light model and partnership approach, enabling cost savings and operational efficiency.

Market position and growth drivers

• Market leader in the fastest-growing segments of the organ transplant industry, with 85% of revenue from transplant-related services.

• Holds significant market share in air logistics (70%), ground logistics (10%), and clinical services (15%).

• Industry growth driven by new preservation technologies, regulatory reforms prioritizing sicker patients, and increased transplant volumes.

• Policy changes have led to a 64% increase in transplant distances from 2018–2024, benefiting revenue per trip.

• Rising adoption of Normothermic Regional Perfusion (NRP) and third-party recovery services, with NRP penetration expected to reach low-60% by 2028.

Financial performance and outlook

• Q1 2026 revenue was $67.4 million, up 87% year-over-year, with organic logistics revenue growth of 32%.

• Adjusted EBITDA for Q1 2026 was $6.4 million, with a margin of 9.5%.

• 2026 guidance: revenue of $260–$275 million, adjusted EBITDA of $29–$33 million, and free cash flow (before aircraft/engine acquisitions) of $15–$22 million.

• Gross margin improved to 21.0% in Q1 2026, driven by the Keystone acquisition and positive business mix.

• Strong balance sheet with nearly $200 million in liquidity available for roll-up acquisitions through 2029.