Vapotherm Inc (VAPO) 10-Q Quarterly Report May 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

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

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

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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

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

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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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Vapotherm Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

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-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