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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

 

img168988987_0.jpg 

Vapotherm Reports First Quarter 2022 Financial Results

Revenue of $21.6 Million In-Line with Preliminary Revenue of $20.5 Million to $21.5 Million

EXETER, New Hampshire, May 4, 2022 /

Business Wire / -- Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), today announced first quarter 2022 financial results.

 

First Quarter 2022 Summary

Total revenue for the first quarter of 2022 was $21.6 million, a decrease of 33.1% over the first quarter of 2021
Disposables revenue for the first quarter of 2022 was $14.9 million, a decrease of 13.3% over the first quarter of 2021
Worldwide installed base of Precision Flow systems increased by over 500 units in the first quarter of 2022 to over 35,700

“The first quarter of 2022 was challenging as respiratory patient census was low for both seasonal respiratory illnesses such as flu and RSV and for patients suffering from COPD and CHF. We also saw a significant decline in COVID-related hospitalizations starting in mid to late February, especially those patients needing acute respiratory interventions,” said Joseph Army, President and CEO. “Despite lower than expected revenue in the quarter, we are very bullish about Vapotherm’s future. In the last two years, we have transformed our business with increases in our Installed Base and new Customers. Meeting all of our Customers’ needs no matter what during the pandemic required us to make significant one-time expenditures, which impacted our margins. As we move into the endemic phase of COVID, we plan to get the business to profitability by delivering 20% year over year revenue growth beginning in 2023, accelerate gross margin improvement by moving our manufacturing operation to Mexico, and normalizing our cash operating expense to pre-COVID levels.”

Results for the Three Months March 31, 2022

The following table reflects the Company’s net revenue for the three months ended March 31, 2022 and 2021:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

4,050

 

 

 

18.7

%

 

$

13,454

 

 

 

41.6

%

 

$

(9,404

)

 

 

(69.9

)%

Disposables

 

 

14,879

 

 

 

68.8

%

 

 

17,156

 

 

 

53.1

%

 

 

(2,277

)

 

 

(13.3

)%

Service and other

 

 

2,693

 

 

 

12.5

%

 

 

1,698

 

 

 

5.3

%

 

 

995

 

 

 

58.6

%

Total net revenue

 

$

21,622

 

 

 

100.0

%

 

$

32,308

 

 

 

100.0

%

 

$

(10,686

)

 

 

(33.1

)%

Net revenue for the first quarter of 2022 was $21.6 million. Capital and disposables revenue decreased in the first quarter of 2022 primarily due to a decrease in volume of sales of capital equipment and a decrease in the number of disposables sold period over period due to lower COVID-19 demand in the United States and international markets. In the first quarter of 2022, we saw decreased virulence of COVID-19 with the latest Omicron surge which resulted in lower respiratory interventions as compared to previous surges and a significant reduction in flu and RSV hospitalizations compared to pre-pandemic comparable quarters.

Revenue information by geography is summarized as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

16,499

 

 

 

76.3

%

 

$

22,069

 

 

 

68.3

%

 

$

(5,570

)

 

 

(25.2

)%

International

 

 

5,123

 

 

 

23.7

%

 

 

10,239

 

 

 

31.7

%

 

 

(5,116

)

 

 

(50.0

)%

Total net revenue

 

$

21,622

 

 

 

100.0

%

 

$

32,308

 

 

 

100.0

%

 

$

(10,686

)

 

 

(33.1

)%

 

 


The following information was filed by Vapotherm Inc (VAPO) on Wednesday, May 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Vapotherm Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Details)
Accounts Receivable - Summary Of Accounts Receivable (Details)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Summary Of Accrued Expenses And Other Current Liabilities (Details)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Details)
Business Combination - Summary Of Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Future Maturities Of Lease Liabilities Under Noncancelable Operating Leases (Details)
Commitments And Contingencies - Summary Of Operating Lease Cost And Information Related To Operating Lease Liabilities (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Annual Principal Maturities Of Term Loans (Details)
Description Of Business
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Schedule Of Assumptions Used In Black-Scholes Options Pricing Model At The Date Of Grant (Details)
Fair Value Measurements - Summary Of Changes To Contingent Consideration Payable (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Summary Of Acquired Intangible Assets (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Computation Of Diluted Net Loss Per Share (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Net Revenue Disaggregated Into Categories (Details)
Revenue - Schedule Of Changes In Contract Liabilities (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Fair Value Of Espp Used In Black-Scholes Options Pricing Model (Details)
Stock-Based Compensation - Schedule Of Weighted Average Assumptions Used In Black-Scholes Options Pricing Model (Details)
Stock-Based Compensation - Summary Of Allocated Stock Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Restricted Stock Units And Restricted Stock Awards (Details)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Components Of Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Summary Of Roll-Forward Warranty Liability (Details)
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Warrants - Additional Information (Details)
Warrants - Summary Of Warrants Activity (Details)

Material Contracts, Statements, Certifications & more

Vapotherm Inc provided additional information to their SEC Filing as exhibits

Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-007414
Submitted to the SEC: Wed May 04 2022 4:37:18 PM EST
Accepted by the SEC: Wed May 04 2022
Period: Thursday, March 31, 2022
Industry: Surgical And Medical Instruments And Apparatus

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