Vapotherm Inc (VAPO) 10-K Annual Report March 2020

Business Wire / -- Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), 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 fourth quarter and fiscal year 2019 financial results.

Fourth Quarter 2019 Summary

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Revenue for the fourth quarter of 2019 was $13.0 million, representing an 11.3% increase over the prior year period

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Worldwide installed base of Precision Flow Hi-VNI™ systems grew by 18.0% compared to the fourth quarter of 2018.

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Disposable Revenue represented 74.4% of Revenue and was $9.7 million, 21.4% growth over the prior year period

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Gross margin was 45.1% in comparison to gross margin of 41.2% in the fourth quarter of 2018

Fiscal Year 2019 Summary

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Revenue for 2019 was $48.1 million, 13.5% growth over 2018

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Disposable Revenue represented 72.9% of revenue and was $35.1 million, 23.2% growth over 2018

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Gross margin was 44.3% in comparison to gross margin of 39.6% in 2018

Fiscal Year 2020 Revenue Outlook

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Anticipated revenue for 2020 of $52.9 million to $54.5 million, representing a projected increase of 10% to 13%

“We are pleased with our progress during 2019, which included a 23.2% increase in disposable revenue, growth of 18.0% in our worldwide installed base of Precision Flow systems, and 470 basis point improvement in gross margin,” said Joe Army, President and CEO of Vapotherm. “In 2020, we intend to continue to focus on our ED Gold account strategy, increasing our worldwide installed base, launching new products worldwide, including the Oxygen Assist Module outside of the United States, and continued gross margin improvement.”

Results for the Three Months Ended December 31, 2019

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

	Three Months Ended December 31,
	2019					2018					Change
	(in thousands, except percentages)
	Amount		% of Revenue			Amount		% of Revenue			$			%
Revenue
Capital (product & lease revenue)	$	2,920		22.4	%	$	3,255		27.9	%	$	(335	)		(10.3	%)
Disposable		9,679		74.4	%		7,972		68.2	%		1,707			21.4	%
Service		411		3.2	%		459		3.9	%		(48	)		(10.5	%)
Total revenue	$	13,010		100.0	%	$	11,686		100.0	%	$	1,324			11.3	%

The following information was filed by Vapotherm Inc (VAPO) on Wednesday, March 4, 2020 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Vapotherm Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.10: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: VAPO
CIK: 1253176
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-008683
Submitted to the SEC: Wed Mar 04 2020 4:12:41 PM EST
Accepted by the SEC: Wed Mar 04 2020
Period: Tuesday, December 31, 2019
Industry: Surgical And Medical Instruments And Apparatus