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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

 

Vapotherm Reports Second Quarter 2020 Financial Results

Second Quarter 2020 Revenue of $35.2 Million Reflects 193.3% Increase Over Prior Year

EXETER, New Hampshire, August 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 high velocity therapy, which is used to treat patients of all ages suffering from respiratory distress, today announced second quarter 2020 financial results.

 

Second Quarter 2020 Summary

 

Revenue for the second quarter of 2020 was $35.2 million, representing a 193.3% increase over the prior year period

 

Worldwide installed base of Precision Flow systems grew by 44.4% compared to the worldwide installed base at the end of the second quarter of 2019

 

Gross margin was 50.1% or 460 basis points higher than gross margin of 45.5% in the second quarter of 2019

 

“The second quarter of 2020 was another transformational quarter for Vapotherm as we continued to see significant customer demand in both new and existing accounts due to COVID-19 and the increased awareness of our high velocity therapy for treating patients suffering from respiratory distress. In the second quarter, we nearly tripled our revenue on a year over year basis, continued the rapid expansion of our worldwide installed base of Precision Flow systems, and took steps to expand our capital equipment manufacturing capabilities in response to the increase in demand for the company’s Precision Flow systems. We also improved our gross margin by 460 basis points despite strong headwinds from higher labor costs and increased supplier freight and expediting fees incurred to meet the increase in production capacity,” said Joe Army, President and CEO of Vapotherm. “Our focus in the third quarter and balance of the year will be meeting the demand of our new and existing accounts, continuing to grow our worldwide installed base, managing our supply chain to support increased production levels, continuing to improve our gross margin, and marching towards a full market release of the Oxygen Assist Module in the U.K. and, potentially, other European markets in the fourth quarter.”

 

Results for the Three Months Ended June 30, 2020

The following table reflects the Company’s revenue for the three months ended June 30, 2020 and 2019:

(unaudited and in thousands, except percentages)

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment (product & lease revenue)

 

$

21,450

 

 

 

61.0

%

 

$

2,929

 

 

 

24.4

%

 

$

18,521

 

 

 

632.3

%

Disposable

 

 

13,163

 

 

 

37.5

%

 

 

8,530

 

 

 

71.2

%

 

 

4,633

 

 

 

54.3

%

Service and Other

 

 

539

 

 

 

1.5

%

 

 

527

 

 

 

4.4

%

 

 

12

 

 

 

2.3

%

Total Revenue

 

$

35,152

 

 

 

100.0

%

 

$

11,986

 

 

 

100.0

%

 

$

23,166

 

 

 

193.3

%

 

Revenue for the second quarter of 2020 was $35.2 million, a 193.3% increase over the second quarter of 2019. Total capital equipment revenue, including product sales, lease revenue, and other lease revenue increased 632.3% over the second quarter of 2019. This increase was primarily as a result of increased sales of our Precision Flow units as a result of increased demand related to the COVID-19 pandemic, and increased average selling prices in both the United States and International markets. Total disposable revenue increased 54.3% year over year, primarily driven by an increase in the worldwide installed base of Precision Flow units and increased utilization to treat the respiratory distress experienced by many COVID-19 patients.

 

 

 

 

 

 

 


The following information was filed by Vapotherm Inc (VAPO) on Tuesday, August 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-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 Vapotherm Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

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 Stockholders' Equity (Unaudited)
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Fair Value Measurements - Schedule Of Assumptions Used In Black-Scholes Options Pricing Model At The Date Of Grant (Details)
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Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill And Intangible Assets (Details)
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Inventories - Schedule Of Inventories (Details)
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Stock-Based Compensation - Summary Of Restricted Stock Activity (Details)
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Summary Of Significant Accounting Policies
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Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-050489
Submitted to the SEC: Wed Nov 04 2020 4:16:33 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Surgical And Medical Instruments And Apparatus

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