Okay. All right. Good morning. Thank you guys for joining us this morning. My name's Kelley Buchhorn. I'm a Managing Director with Three Part Advisors. Up next is Strata Critical Medical Incorporated. A quick overview of the company. Strata is a time-critical logistics and medical service provider to the U.S. healthcare industry. They operate one of the nation's largest air transport and surgical service networks for transplant hospitals and organ procurement organizations, offering an integrated one-call solution for donor organ recovery. Strata is a NASDAQ-listed company and trades under the symbol SRTA, with a current market cap of approximately $485 million. Joining us today is Chief Financial Officer of Clinical Services and Vice President of Finance and Investor Relations, Matt Schneider. With that, I'll turn it over to Matt. Thanks, Kelley. Thanks for having us. Welcome, everyone. I think it's important to start out just explaining the opportunity in Strata from a stock perspective and understanding the background here. The business was started back in 2014 as a B2C passenger transportation business, mostly by helicopter. We went public in 2021 via SPAC transaction. We were doing business in N.Y. and right next door to NYU Langone Health, who had a big transplant program, and they needed help moving some of their surgeons around the country back to their hospital. We started an organ transplant logistics business organically back in 2019. We quickly realized the attractiveness of that business, and we took some of the proceeds from the capital-raising transaction, and we purchased a company called Trinity Medical Solutions in 2021. At the end of 2021, we had about $20 million of pro forma trailing 12-month revenue in this organ transplant logistics business, and we grew that to $170 million, all organic, by 2025. Within the business, we had this high-growth, profitable healthcare business, and we had a passenger business that was burning cash. Some of the dynamics around that business have changed over the years from the go public transaction to that period. We made the strategic decision to split the businesses up last year. We sold the passenger business to Joby Aviation for up to $125 million. Then we took some of the proceeds from that, and we vertically integrated in the transplant space. We bought the clinical side for NRP, we'll talk about, normothermic regional perfusion and surgical recovery. We now have an end-to-end solution in transplant services. We sold the name of the business, which was Blade, we rebranded the company to Strata Critical Medical, and we held an investor day last fall. We really treated that as a re-IPO of the company. We had a turnover of the shareholder base. Some of the legacy analysts dropped coverage, and we have new analysts that launched coverage over the last few months, and we're two quarters out of the gate. Now we are, as Kelley mentioned up front, we operate one of the nation's largest logistics networks for the healthcare industry focused on transplant. We have one of the largest clinician and surgical teams of over 400 clinicians across the country, and we're fully focused on the healthcare market. That's kind of the background and where we are today. I'm just going to give you just a quick overview of what the business looks like today if we just dig a little deeper. 85% of the business is transplant-related, with 70% being logistics, mostly air logistics. We have 35 aircraft based all around the country, including approximately 10 aircraft that we own, and that's at about 20 bases all around the country. We do that, we want to be close to the customer because the transplant center is a customer when they're going and need to recover an organ, we need to be close to the customer to enable that efficient recovery. We also have a ground network of about 11 ground hubs and 55 vehicles across the country. It's really handling end-to-end logistics for transplant centers. The clinical services that we purchased, that I mentioned earlier, with the proceeds from the Joby transaction, that's part transplant and part non-transplant related. The transplant services are NRP services, where we're doing perfusion and surgical recovery of the organs. On the other clinical services, the remaining 15%, that is cardiac perfusion services and blood management services for hospitals all around the country. There's over 200 hospitals that we do that for. I'm going to skip around the presentation here just to make sure I hit the key points, and then we can move to Q&A. A few kind of important things to understand about our business model and how we go to market. There's a bunch of different services that companies provide to the transplant industry. It's like, where do we sit now, and what are we doing? You can see, we're all the way on the right side. We really have an integrated solution. We went from just offering logistics to offering organ placement, which is a smaller part of the business, but a growing and a strategic important one. The perfusion, normothermic regional perfusion, the recovery, organ recovery. We don't do machine perfusion in-house, but we enable our customers to use any machine perfusion device they want. This just shows our geographic reach right now, and what's really important about this industry is being close to the customer because it reduces cost and it increases efficiency, and that's critical to driving scale and growth. When you're moving resources around the country, surgeons, perfusionist, aircraft, it just generates cost and time. We're trying to minimize both of those. You could see the map, both of our air, ground bases, organ recovery hubs, where we are today, and we could talk about where we're going over the next few years. The key point here is that we really try to partner with our customers, as I referenced before, to try to reduce costs. We're positioning aircraft. The way we go to market, we try to partner as clinicians, as partners to reduce costs. When we sign a new customer, we want to position an aircraft as close to that transplant center as possible because you want to reduce the amount, what you call repositioning legs, the hours, because you bill by the hour. We're trying to get assets as close as we can to the customer. We're trying to offer a diversified fleet of aircraft because there's not one right aircraft for each mission. It's much more expensive to fly a large or medium jet versus a turboprop, some customers just need a turboprop. The business that we purchased, the clinical business, was started and is run by clinicians. They're perfusionists and surgeons. They, above all, are dedicated to adhering to the utmost clinical quality and excellence. Training, certification, a robust regulatory oversight process, that is really important because this is all about, in healthcare, trust and track record and reputation with the customers. That's really critical. Then we have an open source model, we call it, which I referenced earlier, where we're doing business with transplant centers, the transplant surgeon a lot of times is dictating how they would like to do the recovery, and each one can do a recovery many different ways. We want to give them the option. We're not selling one bundled solution. We're selling services, if they want to purchase or use different services from us, that's great. We think there's cost and efficiency benefits of doing so, the customer does not have to, that differentiates versus some other players in the industry. Moving on to understanding the growth profile of the industry, it's really important to understand there's some really attractive structural growth drivers here in transplant. Just take a big step back. There's a big supply-demand imbalance in transplant. You have over 100,000 people that are on the waiting list waiting for a transplant, you have about 50,000 transplants that happen a year. Most industries are trying to figure out really what's going on with demand. Here, it's really unlocking more supply, that is the key driver of growth going forward. Traditionally, there's been one main type of organ donor, that's called a brain-dead donor. These are donors that there's some traumatic injury, they're in the hospital, they have no brain activity, their organs are still healthy, their body's still pumping oxygenated blood through all the organs. The doctor declares that patient to be legally deceased because of no brain activity, then if the family agrees to the authorization, that has been the main source of supply for organ donation and transplants to help save lives in the past. That's how it's traditionally been done. The problem is that's a very small segment of the population and a very limited number of donors and transplants, there's been this big problem where, unfortunately, 15 people die every day in this country waiting for a transplant. The big question is: how do you unlock more supply? The unlock of supply has come from identifying a new pool of donors via technology, that technology is called perfusion technology. If a donor dies from a circulatory death where there's some brain activity they're in the hospital, there needs to be a decision made to withdraw life support, and let that patient naturally decease, there's some damage done to the organ. Traditionally, during that process, that dying process, which could be a few minutes, there's damage done to the organ, that organ cannot be used for transplant. Perfusion technology repairs the damage done to the organs, it's opened up a whole new pool of organ donors and transplants and saving more lives. That has taken the industry growth rate from a low single-digit growth rate historically to a mid- to high single-digit growth rate, we think that there's significant runway over the coming years for that to continue as more DCD donors, donation after circulatory death donors, are identified from this technology, reducing this supply-demand imbalance. The other big important driver to talk about a little bit is regulatory changes for the industry, we'll hit on that in a few minutes. We think we're well-positioned to outperform the industry growth rate that I just mentioned over the coming years, there's several factors that should drive that. One, the industry is still fragmented. You can see our market share in the different segments and how we're positioned. We've been really successful with organic new customer acquisition in all of our end markets, we have a sales team, we have a funnel, we've been doing this exact thing over the last several years. We've grown organically at a 15% growth rate in our core logistics business over the last three or four years versus that industry growth rate in that mid- to high single digits because of this new customer acquisition and these other factors that I'm going to mention. That's a key growth driver to understand. The other big one is organs have been traveling over longer distances, organs for transplant, that is really regulatory driven. The organ allocation system in this country is governed, mandated by the HHS and HRSA and OPTN, each organ has an algorithm of how a certain organ is allocated, there's different factors that drive that. Going back historically, that's all been driven by geographic proximity, there's been a series of changes that are moving that in different ways towards sicker patients to reduce the number of people that are dying on the transplant waiting list every year. That means, you can see here, over the last seven years or so, you've had almost a 70% increase in the distance that organs are traveling for transplant. Our unit of economics that we go to market, just the way the industry works, is you charge per block hour. You agree on terms on how much you're charging the customer, you're incurring cost driven by time, right? That's how you charge a customer. As this has increased, that's been a major driver for logistics providers. This is a win-win because it's saving more lives, it's also helping service providers to drive scale and service the community. There's an important change that happened a few years ago. The latest one, you could see some of the information here, you've gone from different regimes of organ allocation policy. The first category was called DSA or donation service area, which is that small geographic area. It's gone to what you call acuity circles, which are just larger geographic areas that kind of overlap with each other, to something called continuous distribution, which is essentially opening up the whole country for a particular organ. When there's been a change to that continuous distribution for lungs that went in 2023, there was a very significant increase in the distance that the lungs were traveling versus acuity circles. The next two organs up for that are hearts and livers, which is almost probably 70% of heart, liver, lungs that get transplanted in the country. Why is that important? Heart, liver, lungs can only survive outside the body for four to eight hours. That's why the time-critical logistics ecosystem exists. As this happens, that's another driver that should help volume growth relative to industry growth rates. Thinking about one or two other important factors for driving growth relative to the industry. We talked about DCD donors and how that unlocked a whole new pool of organ donors and was helping drive transplants. The technology adoption tied to that and the clinical services tied to that we have today are NRP, normothermic regional perfusion, and surgical recovery. Within the five, the mid to high single-digit industry volume growth, DCD donors have been growing at a 20% CAGR in that. Then within DCD, that's enabled by NRP and third-party surgical recovery. You could see here just one example of this penetration curve. You were mid to high single digits in 2023. You went to 20% on a pro forma basis for 2025. You're in the 40s, and you were over 50% early this year. That's continuing to scale, which is driving strong growth in our NRP services that I referenced earlier. The same dynamic is happening in third-party surgical recovery because it's all tied to each other. When there's a DCD donor, it requires a different set of capabilities. And it's a much more complicated recovery versus a DBD recovery. You need different services, capabilities to do that. Third-party surgical recovery typically gets done when you have a DCD donor. I'm going to finish up here with just the balance sheet and capital allocation, then we'll move to Q&A. A big part of the investment story here is our balance sheet and our ability to deploy capital. We have no debt. We had approximately $60 million of cash at the end of the first quarter. We have up to $45 million of proceeds coming from earn-out and holdbacks related to the Joby transaction that have not come due yet, essentially. The business is generating free cash flow now. Earlier this year, we did announce a $30 million ABL revolver to help support our M&A strategy. Taking a step back, we think there's a significant opportunity to deploy capital to our core business lines that I just talked about because they're very fragmented today. It's not just the financial math that makes this attractive. There's a significant strategic opportunity that comes along with this, because as I said earlier, when you're able to have a national network of these organ recovery hubs and bases all around the country, you're increasing the efficiency for the customer and you're reducing the cost. We could say yes more often at a lower cost. There's a lot of geographic area on that map that I showed earlier that we could fill in. We announced two acquisitions over the last few months that show exactly that. We talked about doing acquisitions at high single-digit multiples, but really targeting mid single-digit multiples. We announced a great one last week, Louisville Perfusion Services. We're very focused on staying in our core businesses where we operate today, doing highly accretive deals just from the math on our multiple versus what we're buying at, and strategic strengthening of our platform. We laid out a lot of this, as I referenced earlier again on our investor day last fall, what this translates into organic growth over a four-year period, and including the acquisitions that I referenced here. I'm going to stop there, and we can take questions. In terms of the cost structure, you mentioned that you have leased and purchased planes and other equipment. When you're dealing with larger customers, I'm assuming CareDx is one of your customers that probably they're one of the larger centers. Do they require that you have a particular amount of type of transportation, that they just want the organs to be transported by air or by ground, or they have a say in terms of the type of mode of transportation? Thanks for the question. Our customers are transplant centers and organ procurement organizations, which are these regional nonprofit entities that identify donors in different regions. Approximately 80% of the revenue is on the transplant center side, 20% on the OPO side. CareDx is a diagnostic provider, they're not a customer of ours. What dictates what type of asset is used for a recovery? If an organ is within driving distance, it's driven. I think the math approximately, there's not great data on this, but we estimate about 80% of heart, liver, lungs go by air because of that sensitivity of they can't be outside the body for a long period of time, and there's a very sharp curve in terms of the clinical outcome as time goes on, even by the minute. If you get past a certain time, the health of that organ and the outcome starts to deteriorate. There are some areas where maybe there's a decision you have to make, but it's usually pretty clear. It's going here, it needs to go by air. It's going here, you can drive it. When you look at some of the big transplant centers, like whether it's NYU Langone or Montefiore Einstein, do you guys have very high market share with them, or they want to have suppliers? Yep. In logistics, we typically contract to have 100% of their air and ground logistics. That's how we go to market. That's not how it traditionally was done, because as I said earlier, when organs weren't traveling longer distances, you didn't need to have a provider. Since the industry has changed so much, it's required larger transplant centers to have that logistics provider there waiting and available with redundancy. That's changed the industry. Usually, we get the first call, and we're also dedicating aircraft. We're investing in aircraft, either our own or what we call dedicated aircraft, to position that aircraft along with any maintenance staff, any requirements locally. We're making that investment to get the cost down for the customer to be there when they call. Typically, you're wheels up in an hour and a half after you get a call, you need the infrastructure to do that. We have a 24/7 logistics center in Arizona, which is where the Trinity business that we purchased back in 2021, that's where it's based. Highly trained logistics coordinators that work from the beginning of the case to the end of the case. It's that level of service and that investment in the assets, being close to the customer, that drives that being able to have that contract with the customer. The logistics customers, we sign two to three-year contracts with them, and there's auto renewals. There's typically an escalator for inflation. That's the high-level way we go to market. When you look at the transplant logistics, 30,000-foot view, how should one distinguish and compare Strata with, say, with TransMedics? Okay. Yeah. I think the key difference is that TransMedics is a device company. They created a unbelievably successful device that changed the whole industry. They decided their business model was to not sell the device, but to charge per use. Given the logistical complexity of transplantation, in order to execute something like that, you need a logistics network captive or have very close partner to be able to do that. They built this device, and because of their business model, they had in-house surgeon network, and a logistics capability. We go to market with NYU and all the local hospitals. We go, there's either RFP, a formal process or not, and we're just trying to be their logistics provider for all their trips. No matter if you're using TransMedics or if you're using OrganOx or if you're using a cold storage box, they don't do that. They're not going and going to market and competing for those contracts. They're focused on their device and then utilizing their device to the best they can. That's the key difference. Let me just ask a quick follow-up. Sure which you can't answer. If you were TransMedics, wouldn't you take a hard look at you? They decided that they wanted to build the capability in-house. They would have to make a decision that they don't want to do that in-house anymore, and that something would have to happen. I'm just talking through it. That would have to happen, but I think from our perspective, we are trying to be a partner for the industry, not only on the transplant and OPO side, but for these device companies. We have a strategic partnership with OrganOx that we've announced, and we've said before, we want to work with all of these perfusion companies, and there are a lot of them that have devices that are approved or in FDA approval now. Bridge to Life was approved recently. XVIVO has a device that's in clinical trials. Again, to execute efficiently, you need a go-to-market strategy, and it's complicated given the logistics and the time-critical nature. We have an agnostic strategy. We talk about an open-source strategy, where we want to provide any service a customer wants, any device they want to use on any trip. Our strategy is to step in there and help all of these companies go to market because it's going to help the community, it's going to increase the number of transplants, it's going to reduce the number of people on transplant waiting lists, and it obviously would help our business as well, but it's a win-win. On the roll-up, I guess the couple acquisitions you've done on the perfusion side of things, were those customers of the logistics side before? When you buy these, are you thinking about, we have perfusion services, but also attach our existing logistics business onto that, kind of open up that? The Keystone was a customer. They were a small but growing customer. Actually Trinity was before we did that, so we were using them a little bit for lift. That's been a great diligence process of getting to know the principles and really getting familiar with the business before we're committing capital to do an acquisition. That process, for those two, were close commercial relationships. We were getting some of the trips from Keystone, as we talked about, but not all of the time that they were doing their recoveries. We talked about that in the fourth quarter, the first full quarter after the Keystone acquisition, you really saw a step-up in our attach rate when they were doing trips, and we think we're capturing 90%+ of those trips. Louisville Perfusion, that deal that we did, that was on the other clinical side of the business, they weren't doing the transplant work, and there's no logistics tied to that. I guess it just depends on the type of business that we're looking at. Just in terms of organic growth, how do you think about it? How open-ended is it, and what do you have to do to capture it in terms of the aircraft that you need and whether that's going to be owned or outsourced? The first thing I would say is I encourage the investor community to not think about our business as being limited by capacity on our side. We grew the business from that $20 million to the $170 million most of the time without owning any of our own aircraft. We basically have dedicated agreements or essentially wet leases, ACMI contracts, with operators, and that was great because we could easily add capacity as we added new customers. Now we have a mixture of it, but we have the flexibility to add a new customer quickly without investing in new aircraft. I think the view is that there's significant runway for really strong volume growth here that's not economically sensitive as we narrow this pretty large supply-demand imbalance that's in the industry. 5%+ high single-digit volume growth. The way we're trying to maximize our approach to the management team is really focused on the levers that's going to make us grow above that. We're focused on all the things that I said. How do we add new customers as quickly as we can? How do we position ourselves for these secular penetration pieces of the industry that are growing well above? That's the acquisition of Keystone and the NRP and the clinical services around that. How do we build out the map via acquisition organically to be there and to have the right cost structure in place? We spend less time really worrying about, is the industry going to grow five or six or seven or eight? How do we position ourselves to grow at a higher rate? That's how we're approaching it. Any last questions? How much capacity for M&A do you have, I guess, post the earn-out sale plus your order? I guess pro forma for the Louisville Perfusion deal, you're at $45 million of cash, and then you would have another $40 million, assuming we get the full amount of the earn-outs, which we have to earn them, but you're at $90 million. We're generating free cash flow, and then we have the ABL, which is a $30 million that we could upsize. You're probably still pro forma in that $150 million range. Great. Thank you.