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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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VAPO Quarterly Reports

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

 

Vapotherm Reports First Quarter 2020 Financial Results

First Quarter 2020 Revenue of $19.1 Million Reflects 55.4% Increase Over Prior Year

EXETER, New Hampshire, May 5, 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 first quarter 2020 financial results.

 

First Quarter 2020 Summary

 

Revenue for the first quarter of 2020 was $19.1 million, representing a 55.4% increase over the prior year period

 

Worldwide installed base of Precision Flow Hi-VNI systems grew by 22.7% compared to the first quarter of 2019

 

Gross margin was 48.2% or 610 basis points higher than gross margin of 42.1% in the first quarter of 2019

 

Second Quarter 2020 Update

 

Preliminary unaudited revenue for the month ended April 30, 2020 is estimated to be between $19.0 million and $19.3 million

 

 

Worldwide installed base of Precision Flow Hi-VNI systems grew by over 2,200 for the month ended April 30, 2020 compared to nearly 1,300 during the entire first quarter of 2020

 

 

“We believe the first quarter of 2020 was transformational for Vapotherm as significant customer demand in both new and existing accounts due to COVID-19 materially increased the awareness of our Hi-VNI Technology for treating patients suffering from respiratory distress. In the first quarter, we significantly exceeded expectations for revenue, continued the rapid expansion of our worldwide installed base of Precision Flow systems, and improved our gross margin by 610 basis points over the prior year period despite strong head winds. I am especially proud of the effort of our operations team and suppliers as we dramatically increased production capacity to meet increased demand,” said Joe Army, President and CEO of Vapotherm. “The second quarter is off to a very strong start as we continue to see increased demand from our new and existing customers treating the respiratory distress experienced by many COVID-19 patients, allowing us to significantly increase our worldwide installed base. We intend to focus on managing our supply chain to support our increased production levels along with continuing to improve our gross margin and expanding our limited market release of the Oxygen Assist Module in the U.K. and potentially in certain European markets.”  

 

Results for the Three Months Ended March 31, 2020

The following table reflects the Company’s revenue for the three months ended March 31, 2020 and 2019:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment (product & lease revenue)

 

$

6,034

 

 

 

31.6

%

 

$

2,678

 

 

 

21.8

%

 

$

3,356

 

 

 

125.3

%

Disposable

 

 

12,430

 

 

 

65.0

%

 

 

9,019

 

 

 

73.3

%

 

 

3,411

 

 

 

37.8

%

Service and Other

 

 

651

 

 

 

3.4

%

 

 

602

 

 

 

4.9

%

 

 

49

 

 

 

8.1

%

Total Revenue

 

$

19,115

 

 

 

100.0

%

 

$

12,299

 

 

 

100.0

%

 

$

6,816

 

 

 

55.4

%


The following information was filed by Vapotherm Inc (VAPO) on Tuesday, May 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Stock Stockholders' Equity (Unaudited)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Details)
Accounts Receivable - Summary Of Accounts Receivable (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Summary Of Business Acquisition Pro Forma Information (Details)
Business Combinations - Summary Of Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Annual Principal Maturities Of Term Loans (Details)
Description Of Business
Description Of Business - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Schedule Of Assumptions Used In Black-Scholes Options Pricing Model At The Date Of Grant (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Summary Of Acquired Intangible Assets (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Revenue
Revenue (Tables)
Revenue - Net Revenue Disaggregated Into Categories (Details)
Revenue - Schedule Of Changes In Contract Liabilities (Details)
Stock Plans And Stock-Based Compensation (Tables)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Weighted Average Assumptions Used In Black-Scholes Options Pricing Model (Details)
Stock-Based Compensation - Summary Of Allocated Stock Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Restricted Stock Activity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Components Of Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Summary Of Roll-Forward Warranty Liability (Details)
Warrants
Warrants (Tables)
Warrants - Summary Of Warrants Activity (Details)
Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021253
Submitted to the SEC: Tue May 05 2020 4:10:59 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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