Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Investor Presentation (November 2026)
71 slides from Strata Critical Medical's investor presentation, November 2026
Slide 1: Investor Presentation
Investor Presentation As of Q3’26
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: Mission and America Needs More Donor Organs
Our mission is to deliver expert clinical and logistics services that help healthcare providers save more lives. We partner with hospitals, organ procurement organizations, and surgical teams to increase the number of successful organ transplants and enable more efficient cardiovascular procedures.
Slide 4: When Every Minute Matters
When Every Minute Matters WE ARE THE CALL YOU CAN COUNT ON. 80K+ 150K+ 4,000+ 2,100+ Transplant Air Organ Offers NRP Cases Surgical Organ Missions Flown (1) Evaluated (2) Supported (3) Recovery Cases (3) 125+ 250+ Transplant Center & Non-Transplant OPO Customers Hospital Customers (1) From 03/09/202
Slide 5: About Strata Critical
About Strata Critical We operate one of the largest air transport and surgical services networks for hospitals, transplant centers, and organ procurement organizations, offering an integrated “one call” solution for donor organ recovery. $290mm ~18% ~$8.6mm Revenue Pro Forma Growth Free Cash Flow FY
Slide 6: Strata's Diversified Healthcare Offerings
Strata’s Diversified Healthcare Offerings Strata Critical is a market leader in the fastest-growing parts of the organ transplant industry Transplant Clinical Services Transplant Air Logistics • Normothermic Regional Perfusion 21% • Largest air transporter of hearts, livers, 48% (NRP), surgical reco
Slide 7: Strategy Realignment is Producing Results
Strategy Realignment is Producing Results Since the divestiture of our passenger business roughly one year ago, Strata has dramatically improved profitability and free cash flow conversion while completing accretive acquisitions. Strata has also grown while significantly reducing overhead with compe
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS 8
Slide 9: Strata Investment Highlights
Strata Investment Highlights Multiple Catalysts Driving Growth in Transplant Volumes • New technology is expanding the pool of eligible donors • Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes Market Leader with Differentiated Model • Only en
Slide 10: Attractive Growth in Organ Transplant Volumes
Attractive Growth in Organ Transplant Volumes New technology and policy reforms are increasing organ supply, with DCD growing at ~15% CAGR (1) • Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool • In recent years, growth in organ transplan
Slide 11: New Technology is Increasing Donor Organ Supply
New Technology is Increasing Donor Organ Supply New technology has enabled utilization of organs that would otherwise not be suitable for transplant because of damage done during the dying process or distance from the recipient. New devices add critical hours to the short window of time (4-6 hours)
Slide 12: NRP Results in More Transplanted Organs Per Donor
NRP Results in More Transplanted Organs Per Donor Increased US adoption of NRP has led to significantly more usable organs per donor and better outcomes Improved Organ Utilization Improved Clinical Outcomes Organs Transplanted per Donor (1) Thoracic: Heart(2) Reduced Primary Graft Dysfunction Rate:
Slide 13: Matching is Prioritizing Sicker Patients over Closer Ones
Matching is Prioritizing Sicker Patients over Closer Ones Donor Service Areas Acuity Circles Continuous Distribution (1984-2017) (2017-present) (2023-present) • Organs allocated first to patients • Replaced DSAs with concentric • Points-based system prioritizes within a Donor Services Area (DSA) cir
Slide 14: Strata Investment Highlights
Strata Investment Highlights Multiple Catalysts Driving Growth in Transplant Volumes • New technology is expanding the pool of eligible donors • Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes Market Leader with Differentiated Model • Only en
Slide 15: Established Role in the Organ Transplant Process
Established 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 / 1 2 3 4 Logistics 5 Transplant Identification Placement Perfusion Donor identificatio
Slide 16: Gaining Share in Non-Transplant Cardiac Services
Gaining Share in Non-Transplant Cardiac Services Cardiac perfusion for non-transplant use cases is a fragmented marketplace benefiting from hospitals’ shift to outsourcing given significant cost and flexibility benefits Opportunity U.S. Cardiac Perfusion TAM (2025) Total U.S. TAM Outsourced ($1bn+)
Slide 17: Nationwide Scale. Your Cost Savings Advantage.
Nationwide Scale. Your Cost Savings Advantage. Air Hubs (20) Company-owned & dedicated aircraft locations Ground Hubs (11) Dedicated vehicles and drivers Organ Recovery Hubs (14) Perfusion equipment, recovery supplies, and clinical support teams Other Clinical Customers 17
Slide 18: Strata Enables Operational Efficiencies and Cost Savings
Strata Enables Operational Efficiencies and Cost Savings Strata Critical’s Model: Local Recovery Industry Standard: Non-Local Recovery Transplant Center Transplant Center Recipient Location Recipient Location Donor Donor Hospital Hospital Surgeon & Equipment at Local Hub Surgeon & Equipment Network
Slide 19: One-Call Transplant Offering
One-Call Transplant Offering Strata is a true partner to the transplant community, offering a device-agnostic, one-call solution Medical Regional National Device Insourcing Players Competitors Companies Diverse Fleet with 100% non-owned Nationwide fleet provides flexibility in the Right Aircraft
Slide 20: Compliance & Standardization
Compliance & Standardization Surgeon Credentialing Files Organ Recovery Protocols Customer Success Reporting ACIN, Case Logs, Insurance COI, Including NRP-Specific policies and Recurring data tracking and reporting Competencies… procedures. 20
Slide 21: Strata Investment Highlights
Strata Investment Highlights Multiple Catalysts Driving Growth in Transplant Volumes • New technology is expanding the pool of eligible donors • Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes Market Leader with Differentiated Model • Only en
Slide 22: 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 23: Rising Penetration of Normothermic Regional Perfusion
Rising Penetration of Normothermic Regional Perfusion Compelling benefits are driving rising NRP penetration rates of DCD donors, with NRP penetration expected to reach the low-80% range by 2028 …Driving Increasing Proportion of DCD Donors Undergoing Improved Clinical Outcomes (1)… Normothermic Regi
Slide 24: Complexity of DCD Recovery Requires More Support
Complexity of DCD Recovery Requires More Support Transplant growth is being driven primarily by DCD, which means a larger portion of recoveries may require perfusion, preservation devices and 3rd party recovery U.S. Deceased Donors – DBD, DCD Services Utilized by Donor Type 000s CAGR: 1% DCD 15%, DB
Slide 25: Transplant Centers Increasingly Capacity Constrained
Transplant Centers Increasingly Capacity Constrained, Relying More on Third-Party Recovery Past Present Future Third-party recovery Third-party recovery Third-party recovery penetration: Low penetration: ~40% penetration: >50% • Transplant centers are increasingly capacity constrained due to higher
Slide 26: Strata Investment Highlights
Strata Investment Highlights Multiple Catalysts Driving Growth in Transplant Volumes • New technology is expanding the pool of eligible donors • Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes Market Leader with Differentiated Model • Only en
Slide 27: Capital Deployment Philosophy
Capital Deployment Philosophy Supplementing M&A capital deployment strategy with share repurchases Fund bolt-on M&A and Well-capitalized, with opportunistic share no debt on balance sheet repurchases Strong Free Cash Balance Flow Sheet Generation Capital Flywheel Opportunistic Share Bolt-on M&A Repu
Slide 28: Capital Deployment Philosophy
Capital Deployment Philosophy Accelerating M&A and supplementing with share repurchases, funded by Free Cash Flow generation Strong Balance Sheet Free Cash Flow Generation $000s, except as noted Q1'26 Q2'26 Q3'26 • Cash & Cash Equivalents + Short-Term Net cash provided by / (used in) operating activ
Slide 29: Capital Deployment Philosophy: Roll-Up Opportunity
Capital Deployment Philosophy Attractive roll-up opportunity at mid-single-digit EBITDA multiples will help improve local-service footprint and improve shareholder returns Transplant Clinical Logistics Other Clinical • Subscale, regional providers of • Typically, Part 135 aircraft • Regional cardiac
Slide 30: Keystone Perfusion M&A Case Study
Keystone Perfusion M&A Case Study Two turns of Gross Profit multiple buy-down in one year At Acquisition Today (1) Purchase As of Acquired September 2025 Multiple Q2’26 10.0x • Organ recovery and normothermic regional perfusion Business 9.0x ("NRP") service provider to the transplant industry 8.7x O
Slide 31: Bolt-On Acquisitions – Q2'26
Bolt-On Acquisitions – Q2’26 Heart and Lung Transplant Ohio Valley Perfusion Associates Louisville Perfusion Services National Recovery Program ("OVPA") (“LPS”) (“HLT-NRP”) Acquired April 2026 June 2026 June 2026 Business • Regional provider of perfusion services • Regional provider of perfusion and
Slide 32: Logistics
LOGISTICS 32
Slide 33: Logistics – Air + Ground Overview
Logistics – Air + Ground Overview Once recovered, a heart or lung has 4–6 hours to travel from donor to recipient – every minute matters. 80K+ 35+ 55+ 30+ 24/7 Missions Aircraft Fleet Ground Vehicles Air + Ground Hubs Logistics Completed (Owned & Dedicated) (Owned) Nationwide Operations Center Aviat
Slide 34: Logistics – Strata's Aircraft Capacity
Logistics – Strata’s Aircraft Capacity Operating Leverage Low High Non-Dedicated Dedicated Owned Aircraft Third-Party Aircraft Third-Party Aircraft Capacity Mix: ~20% Capacity Mix: ~50% Capacity Mix: ~30% Target Gross Margin: ~13% Target Gross Margin: ~20% Target Gross Margin: 30%+ • Owned and opera
Slide 35: Logistics – Unit Economics & Contract Structure
Logistics – Unit Economics & Contract Structure Third-Party & Owned Aircraft(1) Ground(2) Dedicated Aircraft Block Hours Block Hours Billable Hours Revenue Revenue per Hour Revenue per Hour Revenue per Hour Fuel consumed Fuel consumed Pilot salaries Flight Hours Flown Driver salaries COGS Depreciati
Slide 36: Transplant Clinical
TRANSPLANT CLINICAL 36
Slide 37: Transplant Clinical – Services Overview
Transplant Clinical – Services Overview Network of regional organ recovery hubs with dedicated perfusion teams 4,000+ 2,100+ 14 ~30 30+ NRP Cases Surgical Organ Regional Hubs Surgeons (2) NRP Perfusionists Supported (1) Recovery Cases (1) Machine NRP Surgical Recovery Logistics Data & Reporting Perf
Slide 38: Transplant & Other Clinical Services – Unit Economics & Contract Structure
Transplant & Other Clinical Services – Unit Economics & Contract Structure Perfusion NRP Locum Tenens Surgical Recovery (Retainer) (Retainer) Monthly retainer fee Monthly Take or Pay Hours billed retainer fee Revenue Per-case fee Per case Fee Disposables Rate per hour Disposables Cost of Standby Lab
Slide 39: Other Clinical
OTHER CLINICAL 39
Slide 40: Other Clinical Services – Overview
Other Clinical Services – Overview Mid-Teens 450+ 20K+ 250+ 31 States CAGR Active Clinicians Open Heart Cases Non-Transplant National Presence Cardiac Care Per Year Hospital Customers Historical Growth Autotransfusion Perfusion Locum ECMO Equipment & Blood Disposables Services Management Tenens Serv
Slide 41: Industry Overview and Regulatory Update
INDUSTRY OVERVIEW AND REGULATORY UPDATE 41
Slide 42: Transplant Ecosystem Participants
Transplant Ecosystem Participants Three participant types share responsibility for a transplant # in the Participant Role in Transplant Ecosystem U.S. • The hospital with the patient that will receive the transplant and the doctor who will perform the surgery Transplant Center ~250 • Recover organs,
Slide 43: The Organ Donation Process
The Organ Donation Process Evaluation & Transport & Donor identified Referral to OPO Organ offer Recovery authorization transplant Donor hospital Donor hospital OPO OPO OPO & transplant centers Transplant center 1 2 3 4 5 6 Hospital identifies a Hospital flags the OPO sends team and OPO offers each
Slide 44: Donor Types and Recovery Process
Donor Types and Recovery Process DCD recoveries depend on timing and perfusion; if the process runs too long the organs are damaged beyond repair, a “dry run” occurs in approximately 30% of DCD cases Donation After Brain Death Donation After Circulatory / Cardiac Death Living (DBD) (DCD) • Living pe
Slide 45: More Machine Perfusion Technology Available Every Year
More Machine Perfusion Technology Available Every Year Lower cost, more widely available perfusion equipment will enable transplant centers to attempt recovery of more organs and result in better outcomes for recipients Cumulative number of heart, liver, or lung machine perfusion devices approved by
Slide 46: Transplant Regulatory Update
Transplant Regulatory Update Near-term scrutiny creates uncertainty, but initiatives are set to restore trust in the system, ultimately benefiting Strata…and all who need life-saving organs Organ Procurement Allocation Out of Tiered OPO Continuous Distribution Safety Sequence (AOOS) Decertification
Slide 47: Financial Performance and Outlook
FINANCIAL PERFORMANCE AND OUTLOOK 47
Slide 48: Q3 2026 – Financial Summary
Q3 2026 Earnings Update – Financial Summary Total Revenue Total Gross Profit % Margin 21.6% 21.0% 21.0% 22.7% $72.5 $74.1 $66.8 $67.4 $11.7 $14.0 $16.8 $9.8 $9.9 $14.4 $15.2 $12.5 $14.1 $7.8 $9.8 $15.2 $3.8 $6.3 $7.5 $5.0 $49.2 $47.6 $48.2 $44.9 $10.6 $9.2 $8.9 $9.3 Q4'25 Q1'26 Q2'26 Q3'26 Q4'25 Q1'
Slide 49: 2026 Financial Guidance
2026 Financial Guidance Metric Range Revenue $285mm - $295mm Adjusted EBITDA $33mm - $35mm Free Cash Flow, Before Aircraft and Engine Acquisitions $15mm - $22mm Key Risks and Revenue Drivers Adjusted EBITDA Drivers Free Cash Flow Drivers Opportunities • High single digit • Adjusted EBITDA Margin • C
Slide 50: Appendix
APPENDIX 50
Slide 51: Strata Critical Leadership
Strata Critical Leadership Will Heyburn Melissa Tomkiel Amir Cohen Eric Moore Christie Campbell Co-CEO, CFO and Director Co-CEO, General Counsel Chief Accounting & Chief Technology Officer Chief Corporate Officer and Director Integration Officer Scott Wunsch Dr. Scott Silvestry Louis Verdetto Michae
Slide 52: Use of Non-GAAP Information
Use of Non-GAAP Information 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 operating resul
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Slide 67: Keystone Perfusion LTM Revenue, Gross Profit and Purchase Multiples
Use of Non-GAAP Information (Con’t) STRATA CRITICAL MEDICAL, INC. Keystone Perfusion – Last Twelve Months Revenue and Gross Profit and Purchase Multiples (1) (in thousands except multiples, unaudited) Three Months Ended December 31, September 30, December 31, 2024 March 31, 2025 June 30, 2025 2025 2
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