Strata Critical Medical (SRTA) Investor presentation summary

Business overview and strategy

• Provides integrated, time-critical logistics and clinical services for the U.S. healthcare sector, focusing on organ transplant logistics and surgical support.

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

• Offers a unique end-to-end, one-call solution for organ recovery, supporting all perfusion options and third-party devices.

• Differentiated by a locally-based service model, nationwide scale, and a partnership approach aligned with customer and regulatory goals.

• Pursues a roll-up strategy in a fragmented industry, leveraging a strong balance sheet for acquisitions.

Market position and growth drivers

• Holds leading market share in air logistics for organ transplants, with significant share in ground logistics and clinical services.

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

• Policy changes have increased average transplant distances by 68% from 2018 to 2025, 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.

• Cross-sell opportunities exist due to limited customer overlap across service lines.

Financial performance and outlook

• Q2 2026 revenue grew 60.7% year-over-year to $72.5 million, driven by organic logistics growth and clinical acquisitions.

• Adjusted EBITDA for Q2 2026 was $7.9 million, with a margin of 10.9%, up 140 bps sequentially.

• 2026 guidance: revenue of $285–$295 million, adjusted EBITDA of $33–$35 million, and free cash flow (before aircraft/engine acquisitions) of $15–$22 million.

• High single-digit organic revenue growth expected, with margin expansion from improved fleet utilization and clinical mix.

• Strong liquidity supports ongoing acquisition strategy at attractive EBITDA multiples.