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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