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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

Vapotherm Reports Third Quarter 2019 Financial Results

EXETER, New Hampshire, November 5, 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 third quarter ended September 30, 2019.

 

Third Quarter 2019 Highlights

 

Revenue for the third quarter of 2019 was $10.8 million, a 15.1% increase over the prior year period.

 

Worldwide installed base of Precision Flow units grew by 18.5% compared to the third quarter of 2018.

 

Disposable revenue increased 24.3% compared to the third quarter of 2018.

 

Gross margin was 44.5% compared to 38.5% in the third quarter of 2018.

 

“Our performance during the third quarter was highlighted by 24% worldwide disposable revenue growth and significant gross margin expansion. Despite generally positive trends in the business, revenue came in below our expectations as a result of lower U.S. capital revenue,” said Joe Army, President and CEO of Vapotherm. “For the remainder of 2019, we are focused on continuing to expand our installed base, driving disposable revenue growth and preparing for the launch of new products.”

 

Results for the Three Months Ended September 30, 2019

The following table reflects the Company’s net revenue for the three months ended September 30, 2019 and 2018:

 

 

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

2,518

 

 

 

23.3

%

 

$

2,707

 

 

 

28.8

%

 

$

(189

)

 

 

-7.0

%

Disposable

 

 

7,827

 

 

 

72.4

%

 

 

6,297

 

 

 

67.1

%

 

 

1,530

 

 

 

24.3

%

Service and Other

 

 

464

 

 

 

4.3

%

 

 

385

 

 

 

4.1

%

 

 

79

 

 

 

20.5

%

Total Revenue

 

$

10,809

 

 

 

100.0

%

 

$

9,389

 

 

 

100.0

%

 

$

1,420

 

 

 

15.1

%

 

 

Revenue for the third quarter of 2019 was $10.8 million, a 15.1% increase over the third quarter of 2018.  Total capital revenue, including both product sales and lease revenue, decreased 7.0% over the third quarter of 2018 primarily as a result of fewer sales and leases of our Precision Flow units and lower average selling prices in the U.S. Total disposable revenue increased 24.3% year over year, primarily driven by an increase in the worldwide installed base of Precision Flow units, increased average selling prices worldwide and, to a lesser extent, higher utilization rates in our International markets. Disposable revenue as a percentage of total revenue for the third quarter of 2019 and 2018 was 72.4% and 67.1%, respectively.

Revenue information by geography is summarized as follows:

 

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

8,035

 

 

 

74.3

%

 

$

7,537

 

 

 

80.3

%

 

$

498

 

 

 

6.6

%

International

 

 

2,774

 

 

 

25.7

%

 

 

1,852

 

 

 

19.7

%

 

 

922

 

 

 

49.8

%

Total Revenue

 

$

10,809

 

 

 

100.0

%

 

$

9,389

 

 

 

100.0

%

 

$

1,420

 

 

 

15.1

%

 

 

U.S. revenue growth in the third quarter of 2019 was driven by an increase in disposable sales due to a higher installed base of Precision Flow units and higher average selling prices, partially offset by fewer sales and leases of our Precision Flow units and lower average selling prices.  International revenue growth in the third quarter was primarily driven by an increase in


The following information was filed by Vapotherm Inc (VAPO) on Tuesday, November 5, 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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Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
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Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit) (Parenthetical) (Unaudited)
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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: 0001564590-19-040364
Submitted to the SEC: Tue Nov 05 2019 4:06:46 PM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Surgical And Medical Instruments And Apparatus

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