Strata Critical Medical (SRTA) investor relations material

Industry challenges and opportunities

• Organ shortages remain critical, with millions potentially benefiting from transplants but only 100,000 on the waitlist.

• Logistics and clinical complexity require rapid, synchronized air and ground transport and specialized clinical services.

• Regulatory and technological changes have shifted the industry from local to national matching, increasing transport distances and complexity.

• Donation after Circulatory Death (DCD) is now over half of U.S. donations, growing at 20%+ CAGR, driving demand for advanced perfusion and logistics.

• Market remains fragmented, offering significant room for organic and inorganic growth.

Business model and service differentiation

• Operates an asset-light model, owning less than 30% of aircraft, leveraging third-party providers for flexibility and efficiency.

• Provides a one-call solution integrating air, ground, and clinical services, including 24/7 organ placement and third-party surgical recovery.

• Delivers perfusion services both for organ recovery and cardiac surgeries, using a local service model to reduce costs and increase efficiency.

• Agnostic to preservation devices, supporting any technology preferred by transplant centers.

• National footprint enables rapid deployment of clinicians and equipment, reducing dry runs and improving cost-effectiveness.

Growth drivers and financial outlook

• Clinical transplant business grew over 20% quarter-over-quarter, outpacing industry growth due to exposure to DCD and advanced perfusion.

• Regulatory changes (e.g., continuous distribution) are increasing average donor-recipient distances, boosting logistics revenue.

• Retainer contracts with OPOs for normothermic regional perfusion (NRP) cover fixed costs and enable regional resource sharing.

• NRP penetration in DCD has risen from 20% to 60% in recent data, supporting rapid business expansion.

• High-teens organic adjusted EBITDA growth expected, with acquisitions adding up to 10 percentage points; clinical segment prioritized for capital deployment.