Strata Critical Medical is a U.S.-focused logistics and clinical services company built around the organ transplant ecosystem. The company operates through two segments: Logistics (~74% of revenue) and Clinical (~26% of revenue). On the logistics side, Strata arranges air and ground transport for donor organs, surgical teams, and equipment, operating an asset-light model that pre-negotiates rates with third-party aircraft operators while also maintaining a small owned fleet for high-volume routes. Strata also provides organ placement services (TOPS), helping transplant centers evaluate and accept donor organ offers on an outsourced basis. On the clinical side, Strata operates under the Keystone brand, providing surgical organ recovery, normothermic regional perfusion (a technique to improve organ viability before recovery), organ preservation device support, and cardiac care perfusion services for open-heart surgery. Strata's customers are transplant centers, organ procurement organizations, and hospital cardiac surgery departments, all of whom pay Strata directly. A key part of Strata's value proposition is its integrated "one call" platform, which bundles logistics and clinical services to the same customer, reducing costs through co-location of aircraft, surgeons, and equipment. Strata pursues growth through organic share gains in a fragmented market, industry tailwinds from new organ preservation technologies expanding viable donor pools, and tuck-in acquisitions targeting mid-single-digit EBITDA multiples. The company rebranded from Blade Air Mobility following its divestiture of the legacy passenger mobility business to Joby Aviation in August 2025.