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Vapotherm Inc (VAPO) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

 

Vapotherm Reports Fourth Quarter and Fiscal Year 2019 Financial Results

2019 Revenue of $48.1 Million Reflects 13.5% Increase Over Prior Year

EXETER, New Hampshire, March 4, 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

 

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

 

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

 

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

 

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

 

Fiscal Year 2019 Summary

 

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

 

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

 

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

 

Fiscal Year 2020 Revenue Outlook

 

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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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Details)
Accounts Receivable - Summary Of Accounts Receivable (Details)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Tables)
Accrued Expenses And Other Liabilities - Schedule Of Accrued Expenses And Other Liabilities (Details)
Business Combinations
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Business Combinations - Summary Of Preliminary Purchase Price Allocation (Details)
Commitments And Contingencies
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Commitments And Contingencies - Summary Of Future Minimum Combined Lease Payments (Details)
Debt
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Debt - Schedule Of Annual Principal Maturities Of Term Loan (Details)
Description Of Business
Description Of Business - Additional Information (Details)
Disaggregated Revenue
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Employee Benefit Plan
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Fair Value Measurements
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Fair Value Measurements - Schedule Of Assumptions Used In Black-Scholes Options Pricing Model At The Date Of Grant (Details)
Goodwill And Intangible Assets
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Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Amortization Expense For Intangible Assets (Details)
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Income Taxes
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Income Taxes - Schedule Of Net Loss Before Income Taxes (Details)
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Income Taxes - Significant Components Of Net Deferred Tax Assets (Details)
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Net Loss Per Share
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Property And Equipment
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Redeemable Convertible Preferred Stock
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Related Party Transactions
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Selected Quarterly Financial Data (Unaudited)
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Significant Accounting Policies - Components Of Cash, Cash Equivalents And Restricted Cash (Details)
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Significant Accounting Policies - Summary Of Roll-Forward Warranty Liability (Details)
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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

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