In this Business Breakdown, David Barbato and Adam Wilk sit down with Strata Critical Medical’s (SRTA) co-CEO and CFO Will Heyburn and VP of Finance and Investor Relations and CFO of Clinical Services, Mat Schneider.

This discussion took place live on September 29th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Will Heyburn is co-CEO and CFO of Strata Critical Medical (SRTA), which provides air and ground logistics and clinical services to the US organ transplant industry and supports open heart surgeries at more than 250 hospitals. Before Strata, he worked in private equity at RedBird Capital Partners, and he has been part of the transplant business since it started in 2019. He is joined by Mat Schneider, VP of Finance and Investor Relations and CFO of Clinical Services, who spent twelve years on the buy side.

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Chapters

00:00 Introduction to Strata and its mission

03:10 Overview of Strata's services in organ transplant

07:00 Strata's role in organ placement and recovery

11:10 Growth in donation after circulatory death and perfusion

12:38 Advancements in matching algorithms and logistics challenges

14:30 Market share, partnerships, and growth opportunities

16:00 Impact of regulatory changes and industry trust

17:28 Acquisition strategy and integration of clinical and logistics services

20:01 Financial performance and growth metrics

21:17 Industry evolution and competitive landscape

24:37 Device agnosticism and future industry trends

26:48 Competitive advantages of Strata's model

29:46 Pricing, RFPs, and market positioning

34:08 Aircraft ownership and logistics infrastructure

38:24 Industry growth outlook and future opportunities

41:26 Penetration of normothermic regional perfusion and clinical growth

43:40 Regulatory environment and trust in the system

46:45 Third-party recovery market share and growth

50:15 Inorganic growth, return thresholds, and strategic fit

57:12 Long-term vision and industry evolution

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Strata Critical Medical (SRTA): The Organ Transplant Logistics Roll-Up

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Strata Critical Medical (SRTA): The Organ Transplant Logistics Roll-Up