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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

Vapotherm Reports First Quarter 2019 Financial Results

EXETER, New Hampshire, May 7, 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, today announced its financial and operating results for the first quarter ended March 31, 2019.

 

First Quarter 2019 Summary

 

Revenue for the first quarter of 2019 was $12.3 million, representing a 14.5% increase over the prior year period

 

Gross margin was 42.1% in comparison to gross margin of 39.5% in the first quarter of 2018

 

“We are pleased with our performance during the first quarter,” said Joe Army, President and CEO of Vapotherm. “We drove top line growth and exceeded our gross margin expectations. We expanded our body of clinical data and our new product development projects are tracking to plan. For the rest of 2019, our focus will be to drive adoption of Hi-VNI Technology and leverage the momentum we continue to build with the expansion of our salesforce and focus on the Emergency Department (ED). We are also excited about the potential future launch of multiple new products, including IntellO2 TM, and its compelling clinical data showing the value of our Hi-VNI Technology versus the current standard of care.”

 

Results for the Three Months Ended March 31, 2019

The following table reflects the Company’s net revenue for the three months ended March 31, 2019 and 2018:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

2,678

 

 

 

21.8

%

 

$

2,468

 

 

 

23.0

%

 

$

210

 

 

 

8.5

%

Disposable

 

 

9,019

 

 

 

73.3

%

 

 

7,569

 

 

 

70.5

%

 

 

1,450

 

 

 

19.2

%

Service and Other

 

 

602

 

 

 

4.9

%

 

 

702

 

 

 

6.5

%

 

 

(100

)

 

 

-14.2

%

Total Revenue

 

$

12,299

 

 

 

100.0

%

 

$

10,739

 

 

 

100.0

%

 

$

1,560

 

 

 

14.5

%

 

Revenue for the first quarter of 2019 was $12.3 million, representing a 14.5% increase over the first quarter of 2018.  Total capital revenue, including both product sales and lease revenue, increased 8.5% over the first quarter of 2018 as a result of increased sales and leases of our Precision Flow® units in the United States. Total disposable revenue increased 19.2% year over year, primarily driven by an increase in the worldwide installed base of Precision Flow units. Disposable revenue as a percentage of total revenue for the first quarter of 2019 and 2018 was 73.3% and 70.5%, respectively.

Revenue information by geography is summarized as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

10,049

 

 

 

81.7

%

 

$

8,622

 

 

 

80.3

%

 

$

1,427

 

 

 

16.6

%

International

 

 

2,250

 

 

 

18.3

%

 

 

2,117

 

 

 

19.7

%

 

 

133

 

 

 

6.3

%

Total Revenue

 

$

12,299

 

 

 

100.0

%

 

$

10,739

 

 

 

100.0

%

 

$

1,560

 

 

 

14.5

%

 

Revenue growth in the U.S. and International markets in the first quarter of 2019 was driven primarily by an increase in disposable sales related to an increase in the installed base of Precision Flow units worldwide.  We sold and leased 324 and 141 Precision Flow units in the U.S. and International markets, respectively, in the first quarter of 2019, bringing our total installed


The following information was filed by Vapotherm Inc (VAPO) on Tuesday, May 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Consolidated Balance Sheets (Unaudited)
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Consolidated Statements Of Operations
Consolidated Statements Of Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit) (Unaudited)
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Accounts Receivable - Additional Information (Details)
Accounts Receivable - Summary Of Accounts Receivable Owned To Company By Customers And Distributors (Details)
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Commitments And Contingencies - Summary Of Future Minimum Combined Lease Payments (Detail)
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Vapotherm Inc provided additional information to their SEC Filing as exhibits

Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-018547
Submitted to the SEC: Fri May 10 2019 4:14:34 PM EST
Accepted by the SEC: Fri May 10 2019
Period: Sunday, March 31, 2019
Industry: Surgical And Medical Instruments And Apparatus

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