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Vapotherm Inc (VAPO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

 

Vapotherm Reports Fourth Quarter and Fiscal Year 2018 Financial Results

2018 Revenue of $42.4 Million Reflects 19.0% Increase Over Prior Year

EXETER, New Hampshire, March 12, 2019 /

Business Wire / -- Vapotherm, Inc. (NYSE: VAPO), a global medical technology company focused on the development and commercialization of its proprietary Hi-VNI® Technology products that are used to treat patients of all ages suffering from respiratory distress, announced today fourth quarter and fiscal year 2018 financial results.

 

Fourth Quarter 2018 Summary

 

Revenue for the fourth quarter of 2018 was $11.7 million, representing a 12.3% increase over the prior year period

 

Gross margin was 41.2% in comparison to gross margin of 33.2% in the fourth quarter of 2017

 

Completed an IPO raising $57.4 million in net proceeds

 

Fiscal Year 2018 Summary

 

Revenue for 2018 was $42.4 million, representing a 19.0% increase over 2017

 

Gross margin was 39.6% in comparison to gross margin of 37.2% in 2017

 

Fiscal 2019 Revenue Outlook

 

Anticipated revenue for 2019 of $49.0 million to $51.0 million, representing a projected increase of 16% to 20%

 

“We are pleased with our progress during 2018, which included a 19.0% revenue increase over the prior year” said Joe Army, President and CEO of Vapotherm. “The work we completed in 2018 set the foundation to further promote adoption of Hi-VNI Technology in 2019, including the publication of clinical trial results from participating emergency departments demonstrating Hi-VNI as non-inferior to NIPPV for undifferentiated respiratory distress patients, receipt of a de novo grant from the FDA which created a new category under which our Precision Flow Hi-VNI™ system is currently the only product listed, and the recently published IntellO2™ study which demonstrated that IntellO2 helps clinicians maintain premature neonates in the target oxygenation range significantly better than manual control alone, the current standard of care.”  

 

Results for the Three Months Ended December 31, 2018

The following table reflects the Company’s net revenue for the three months ended December 31, 2018 and 2017:

 

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2017

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

3,255

 

 

 

27.9

%

 

$

3,057

 

 

 

29.4

%

 

$

198

 

 

 

6.5

%

Disposable

 

 

7,972

 

 

 

68.2

%

 

 

6,818

 

 

 

65.5

%

 

 

1,154

 

 

 

16.9

%

Service

 

 

459

 

 

 

4.0

%

 

 

532

 

 

 

5.1

%

 

 

(73

)

 

 

-13.7

%

Total revenue

 

$

11,686

 

 

 

100.0

%

 

$

10,407

 

 

 

100.0

%

 

$

1,279

 

 

 

12.3

%

 

Revenue for the fourth quarter of 2018 was $11.7 million, representing a 12.3% increase over the fourth quarter of 2017.  Total capital revenue, including both product sales and lease revenue, increased 6.5% year over year as a result of product mix, partially offset by lower fourth quarter 2018 capital sales and lease volumes when compared to the fourth quarter of 2017. Disposable revenue as a percentage of total revenue for the fourth quarter of 2018 and 2017 was 68.2% and 65.5%, respectively.  The increase in disposable revenue was primarily driven by an increase in the installed base of Precision Flow capital units.  


The following information was filed by Vapotherm Inc (VAPO) on Tuesday, March 12, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: VAPO
CIK: 1253176
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-009008
Submitted to the SEC: Fri Mar 22 2019 4:01:30 PM EST
Accepted by the SEC: Fri Mar 22 2019
Period: Monday, December 31, 2018
Industry: Surgical And Medical Instruments And Apparatus

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