Strata Critical Medical : Investor Presentation (2026.05 Strata Investor Deck v14)

Published: 2026-05-08 14:19:13 ET SRTA

Published on 05/08/2026 at 02:19 pm EDT

Investor Presentation

May 2026

Strata is a time-critical logistics and medical services provider to the U.S. healthcare industry. We operate one of the nation's largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated "one call" solution for donor organ recovery.

Leader in non-correlated market with life-saving mission

Multiple catalysts driving industry volume growth

Differentiated model poised to outgrow the market

Q1 2026 organic revenue growth rate 32%

Significant roll-up opportunity in fragmented industry with

strong balance sheet to execute

Annualized Adj. EBITDA(1) growth rate of high-teens organically, and 30%+ inclusive of acquisitions, over the medium term(2)

Q1 2026 $67.4mm $6.4mm

Note: See "Use of Non-GAAP Information" in the Appendix of this presentation for an explanation of Non-GAAP measures used and reconciliations to the most directly comparable GAAP financial measure

We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential

adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results 3

As estimated in Strata's medium-term value creation framework presented at the Company's Investor Day in November 2025

Our goals are closely aligned with those of all participants in the transplant ecosystem.

When Strata wins, industry participants save more lives and operate more efficiently.

4

Strata's Diversified Healthcare Offerings

transplant

related

15%

15%

10%

60%

Q1 2026 Revenue Mix

Largest air transporter of hearts, livers, and lungs in America with 35+ owned & dedicated aircraft nationwide

Transplant Air Logistics

Business Lines

Ground logistics network with 11 hubs and 55+ vehicles nationwide, organ placement services

Transplant Ground Logistics & Other

Strata is a market leader in the fastest-growing parts of the organ transplant industry

Normothermic Regional Perfusion (NRP), local third-party surgical recovery services

Transplant Clinical Services

Cardiac perfusion, autotransfusion & blood management,

ECMO, temporary staffing, equipment rental

Other Clinical Services

5

Strata's 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

Identification

Donor identification and evaluation

Family authorization

Organ

Placement

Organ offered to recipients based on regulated allocation policies

Recovery /

Perfusion

Surgical recovery of organs

Perfusion technology increasingly utilized

Logistics

Transport of transplant team to donor hospital, return with organ to transplant center

Transplant

Transplantation procedure

2025 TAM(2)

~$100mm

~$850mm

~$650mm

Strata Market Share(2)

~5%

<10%

~30% in Air

~15% in Ground

Process applies to the heart, liver, and lungs; however, there are notable differences when it comes to the kidneys

Management's estimate of Strata's market share is calculated by dividing Strata's 2025 revenue by a management-derived estimate of the total addressable market. The total addressable market

is based on a bottom-up analysis incorporating the estimated number of transplant center and organ procurement organization customers, transplant volumes, donors, and average spend per 6

customer, per transplant, or per donor, as applicable. This represents management's estimate of Strata's market share for 2025.

Key Investment Highlights

Strata Investment Highlights

Only end-to-end, one-call solution for organ recovery supporting all perfusion options

Nationwide scale with locally-based service model reduces cost and improves reliability for customers

Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda

Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy

New technology is expanding the pool of eligible donors

Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes

Continued share gains in fragmented market

Longer, more complex trips increase revenue per transplant

Leading position in market segments seeing rising penetration including NRP & third-party recovery

Limited customer overlap across service offerings creates cross-sell opportunity

Low-risk margin expansion through fixed cost leverage

Fragmented industry made up largely of local incumbents unable to compete in evolving national system

Strata has nearly $200 million of potential liquidity(1) to deploy in low-risk roll-up strategy

Track record of successful acquisitions in adjacent cardiac care marketplace

(1) Cash available for deployment through 2029, as estimated in Strata's medium-term value creation framework presented at the Company's Investor Day in November 2025. 8

Strata's Integrated, Full-Service Organ Services Offering

Strata is the only end-to-end organ services platform, offering a one-call solution that simplifies an increasingly complex industry for customers, with multiple avenues to outgrow the broader market

Organ Placement

Organ Recovery

Normothermic Regional Perfusion (NRP)

Machine Perfusion or Preservation Device

Supports All Third-Party Devices

Supports All Third-Party Devices

Logistics

Strata is the only full-stack, technology agnostic organ services provider

Company A Company B Company C Company D Company E Company F Company G Company H Company I

Formal Partnership

Captive

Source: Management Estimates

Offering via Third Party with no Formal Partnership

9

Strata's Transplant Services Nationwide Footprint

Locally-based service model saves money and improves efficiency. Assets strategically positioned near the nation's

largest transplant centers and population hubs

Surgical Recovery Resources

10

Note: Surgical recovery resources represent locations of surgeons who have completed a minimum case threshold qualifying them as recurring providers. The Company maintains access to a broader network of surgeons who have performed cases below this threshold and remain available on an ad hoc basis.

Strata's Organ Recovery Platform Enables Operational Efficiencies and Cost Savings

Local Recovery

Non-Local Recovery

Equipment

Donor

Hospital

Surgeon & Equipment

Transplant Center (Recipient Location)

Donor

Hospital

Surgeon & Equipment at Local Hub

Transplant Center (Recipient Location)

Strata's network of organ recovery and logistics hubs including surgical teams, perfusionists, equipment and logistics

infrastructure enables operational efficiencies and cost savings for the transplant community

Strata's organ recovery platform potential cost savings versus select competitors: ~30% per completed case and

~40% on dry runs

Strata's network & cost savings potential for dry runs in particular can unlock higher organ supply: Concerns about delayed progression to circulatory arrest after life support withdrawal is a key reason for organ non-utilization.

Note: Management estimates and Journal of Heart and Lung Transplantation 11

Differentiated Model Poised for Outsized Growth

Strata is a true partner to our customers, delivering a "one call," solution with end-to-end capabilities while also supporting any combination of vendors a customer may choose to effectuate a life-saving organ transplant

Geographic Footprint

Fleet Strategy

Business Model

Surgical Quality

Integrated Solution

Industry Norm

Strata Approach

Staff and equipment flown in for all trips

Locally-based equipment and staffing model

Trips largely flown on captive fleet of same type, irrespective of distance or geography

Distributed, asset-light model provides flexibility in terms of aircraft size and basing location

Profit driven primarily by increased use of captive

assets (aircraft or medical devices)

"Open-source" model, economically aligned with customers and driven by a partnership approach to expand transplants without bias for aircraft or device

Mix of US licensed surgeons and individuals who have been credentialed for organ recovery, but are not US licensed physicians

All recoveries performed by licensed physicians, vetted by Organ Recovery Clinical Services Medical Director

Narrow focus on one element of transplant (e.g. -logistics, matching, recovery) with onus on customer to coordinate other elements

"One call" solution supported by 24/7 control center coordinating end-to-end, regardless of whether services are provided internally or by other vendors

12

✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options

✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers

✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda

✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy

Strata Investment Highlights

New technology is expanding the pool of eligible donors

Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes

✓ Continued share gains in fragmented market

✓ Longer, more complex trips increase revenue per transplant

✓ Leading position in market segments seeing rising penetration including NRP & third-party recovery

✓ Limited customer overlap across service offerings creates cross-sell opportunity

✓ Low-risk margin expansion through fixed cost leverage

✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system

✓ Strata has nearly $200 million of potential liquidity(1) to deploy in low-risk roll-up strategy

✓ Track record of successful acquisitions in adjacent cardiac care marketplace

(1) Cash available for deployment through 2029, as estimated in Strata's medium-term value creation framework presented at the Company's Investor Day in November 2025. 13

Attractive Growth in Organ Transplant Volumes

Organ preservation technologies and policy reforms have increased industry growth rate

Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool

In recent years, growth in organ transplant volumes has accelerated to the mid to high single-digits enabled by new technology and regulatory change

Perfusion technologies, including both machine perfusion and Normothermic Regional Perfusion (NRP), are increasing organ supply by

enabling more transplants from Donation after Circulatory Death (DCD) donors

Regulatory changes have removed geographic barriers on organ matching while increasing transparency, accountability, and competitive pressure on organ procurement organizations, encouraging them to be more aggressive in pursuing all potential donors

3.7% CAGR

7.8% CAGR

U.S. Heart, Liver, Lung Transplants by Organ Type (000s)

1.6% CAGR

6.3% CAGR

U.S. Heart, Liver, Lung Recipient Waiting List Additions (000s)

17.6

13.4

13.8

14.7 14.7

15.1

15.8

11.6

13.0

10.2 10.3

10.2

10.7

11.1

18.8 19.8

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Organ Procurement and Transplantation Network (OPTN)

25.1 26.2

21.1

21.4

21.9 21.8

23.7

18.0 17.8

17.6

18.5

18.9

19.0

19.9

20.5

20.3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

14

New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs

Multiple new technologies are emerging that allow utilization of organs that would otherwise not be suitable for transplant. Strata is contracted by our customers to provide all logistics regardless of what preservation technology, if any, they may choose to utilize for an individual case

Advanced preservation devices store organs at controlled temperatures reducing the risk of damage from using traditional cold storage

Traditional cold storage (i.e. - a cooler or box packed with ice) is still utilized for many organ transports. Though this can be sufficient for shorter distances, hearts, livers and lungs typically remain viable for only 4-12 hours when preserved this way, while damage to the organ can occur from freezing

Key Providers

Other Preservation Devices

NRP is a recovery process whereby, after circulatory death, oxygenated blood is circulated

through a portion of the donor's body, perfusing the organs

NRP can serve to reanimate organs that are damaged after a donor's heart stops (DCD or Donation after Circulatory Death), which might otherwise go to waste

NRP can also help preserve organs after circulatory death, enabling additional time to complete the matching process

This is a fast-growing area among Strata's transplant

center customers

Third-Party Providers

Equipment Manufacturers

Normothermic Regional Perfusion (NRP)

Machine Perfusion devices circulate oxygenated blood through donor organs after procurement

Machine Perfusion can serve to reanimate organs that are damaged after a donor's heart stops (DCD or Donation after Circulatory Death), which might otherwise go to waste

Machine Perfusion can also preserve organs for longer than traditional cold storage after procurement, enabling longer-distance flights as well as additional time to complete the matching process

Key Providers

Machine Perfusion

15

Matching is Prioritizing Sicker Patients over Closer Ones

Miles (Diameter)

Continuous Distribution (2023-present)

Acuity Circles (2017-present)

Donor Service Areas (1984-2017)

Organs allocated first to patients

within a Donor Services Area (DSA)

Boundaries drawn decades ago -arbitrary and encouraged local donation

1000

500

250

Replaced DSAs with concentric circles around the donor hospital - patients in the nearest circle get priority

Points-based system prioritizes patient sickness and de-emphasizes geographic proximity, leading to organs traveling longer distances

Lung

Heart & Liver

Hearts and Livers have not yet transitioned to continuous distribution

Source: Organ Procurement & Transplantation Network 16

✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options

✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers

✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda

✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy

✓ New technology is expanding the pool of eligible donors

✓ Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes

Strata Investment Highlights

Continued share gains in fragmented market

Longer, more complex trips increase revenue per transplant

Leading position in market segments seeing rising penetration including NRP & third-party recovery

Limited customer overlap across service offerings creates cross-sell opportunity

Low-risk margin expansion through fixed cost leverage

✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system

✓ Strata has nearly $200 million of potential liquidity(1) to deploy in low-risk roll-up strategy

✓ Track record of successful acquisitions in adjacent cardiac care marketplace

(1) Cash available for deployment through 2029, as estimated in Strata's medium-term value creation framework presented at the Company's Investor Day in November 2025. 17

New Customer Acquisition Opportunity Across Business Lines

Strata is well positioned to acquire new customers across business lines given our integrated solutions, partnership approach, dedication to safety & clinical excellence and strong value proposition, in fragmented markets

Air Logistics Services

Ground Logistics Services

Transplant Clinical

Cardiac Care Clinical Services

30%

15%

10% 7%

70%

85%

90%

93%

Strata Market Share ■ Remaining Market Share

Note: Management's estimate of Strata's market share is calculated by dividing Strata's 2025 revenue by a management-derived estimate of the total addressable market. The total addressable market

is based on a bottom-up analysis incorporating the estimated number of transplant center and organ procurement organization customers, transplant volumes, donors, and average spend per 18

customer, per transplant, or per donor, as applicable. This represents management's estimate of Strata's market share for 2025.

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 both increased transplant volumes and longer transplant distances

Average transplant distances have risen significantly due to organ allocation policy reforms and new technology, leading to a 64% increase in heart, liver, and lung transplant distances from 2018 - 2024

Regulatory changes have expanded organ allocation areas and prioritized sicker patients, even if further away, resulting in a shift to broader geographic distribution and reducing the emphasis on proximity in organ allocation criteria

Unlike traditional cold storage, perfusion technologies keep organs healthier for longer by simulating natural body conditions, which reduces the risk of damage from prolonged cold ischemia and enables longer transplant distances

Select U.S. Organ Allocation Regulatory Changes

Industry-Wide U.S. Heart, Liver & Lung Transplant Distance(1)

Pre-2018

2018 - 2023

Organs were prioritized within arbitrarily drawn Donor Service Areas, some smaller than 50 miles across

Acuity Circles Model used concentric circles of 250, 500, then 1,000 miles to allocate organs, prioritizing the sickest patients rather than geographic proximity

80%

Cumulative % Change in Transplant Distance

70%

60%

50%

40%

32% 33%

52%

64%

68%

2023 onwards

Continuous Distribution Framework replaced Acuity Circles; distance now constitutes only about 10% of criteria, further reducing the emphasis on proximity. Continuous distribution for lungs was implemented in March 2023 and hearts and livers are expected to follow

30%

20%

10%

0%

12%

26%

Graph represents cumulative change from 2018 - 2025

2018 2019 2020 2021 2022 2023 2024 2025

19

1. Change in distance calculated using mean straight-line distance between organ procurement organizations (OPOs) and transplant centers for heart, liver & lung transplants. Data sourced from the Scientific Registry of Transplant Recipients (SRTR)

Compelling Benefits of Normothermic Regional Perfusion

Improve Organ Utilization

Improved Clinical Outcomes

Organs Transplanted per Donor

2.6

1.7

TA-NRP Primary Graft Dysfunction Rate 7.6% vs. 19.2% for Direct Procurement

6-Month Ischemic Cholangiopathy Rate: 1.2% in NRP vs. 9.5% for Direct Procurement

DCD without NRP DCD with NRP

NRP Kidney Primary Graft Dysfunction 29% vs. 47% for Direct Procurement

Outcomes after DCD Cardiac Transplantation: An International Multicenter Retrospective Study

20

Thoracoabdominal Normothermic Regional Perfusion: Real-world Experience and Outcomes of DCD Liver Transplantation

Normothermic regional perfusion performed by a united states organ procurement organization for nonthoracic organ donors

202

Disclaimer

Strata Critical Medical Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 18:18 UTC.