Strata Critical Medical, Inc.

Good morning, ladies and gentlemen, and welcome to Strata Critical Medical Fiscal Third Quarter 2025 Earnings Release Conference Call. At the time, all participants are in a listen-only mode. Later, we will conduct the question and answer sessions, and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to turn the conference call over to Matt Schreiner, Vice President of Finance and Investor Relations and CFO of Strata Keystone Perfusion subsidiary. Matt, you may begin.

Thank you for standing by and welcome to the Strata Critical Medical conference call and webcast for the quarter-ended September 30th, 2025. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statement in safe harbor language. Statements made in this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, and actual future results may differ materially from those expressed or implied by the forward-looking statements. We refer you to our SEC filings, including our annual report on Form 10-K filed with the SEC for a more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during this conference call are made only as of the date of this call. As stated in our SEC filings, STRATA disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. During today's call, we'll also discuss certain non-GAAP financial measures, which we believe may be useful in evaluating our financial performance. A reconciliation of the most directly historical, comparable, consolidated GAAP financial measures to those historical non-GAAP financial measures is provided in our earnings press release and investor presentation. Our press release investor presentation and our Form 10Q and 10K filings are available on the investor relations section of our website at ir.stratacritical.com. These non-GAAP measures should not be considered in isolation or as substitute for financial results prepared in accordance with GAAP. Hosting today's call are our co-CEOs, Will Hayburn and Melissa Tomkeel. I'll now turn the call over to Will.

Thank you, Matt, and good morning, everyone. It's been a very exciting few months as we closed two transformational transactions during the quarter, both the divestiture of our passenger business and the acquisition of Keystone Perfusion, setting us up incredibly well for long-term growth and value creation. We also rebranded the company as Strata Critical Medical and changed our ticker symbol to SRPA to reflect our sharpened focus on healthcare. I'm happy to report that Strata is off to an exceptional start. In Q3, year-over-year revenue growth accelerated to 29%, excluding Keystone, well above of our expectation for mid-teens revenue growth in the second half of the year. This resulted in record segment-adjusted EBITDA performance, which saw 80% year-over-year growth, excluding Keystone this quarter. This great profit improvement was driven both by volume and significant improvements in aircraft performance as we emerged from a period of particularly heavy maintenance on our own fleet. This resulted in a medical segment adjusted EBITDA margin increase to over 15% in Q3 2025, excluding Keystone, versus our 10.8% in the prior year period and 12.5% in the first half of this year. Our sequential growth in Q3 2025 versus Q2 2025 is particularly impressive in the context of the seasonal sequential decline in industry transplant volumes, demonstrating the significant impact of Stratus continued market share gains and our customers' adoption of new services. We're also encouraged by the positive free cash flow from continuing operations in the quarter, and we expect to consistently generate free cash flow moving forward. Before I walk through the financial results in more detail, I'll turn it over to Melissa.