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Vapotherm Inc (VAPO) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

Exhibit 99.1

 

 


Vapotherm Reports Fourth Quarter and Fiscal Year 2020 Financial Results

2020 Revenue of $125.7 Million Reflects 161.4% Increase Over Prior Year

 

Results in Line with Preliminary Revenue of $125.4 Million

 

Worldwide Installed Base of Precision Flow Hi-VNI® Systems Grew by 72.8% in 2020

 

EXETER, New Hampshire, February 24, 2021 / Business Wire / -- Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a global medical technology company focused on the development and commercialization of its proprietary Vapotherm high velocity therapy® products, which are used to treat Patients of all ages suffering from respiratory distress, today announced fourth quarter and fiscal year 2020 financial results.

 

Fourth Quarter 2020 Summary

 

Net revenue for the fourth quarter of 2020 was $40.9 million, representing a 214.4% increase over the prior year period

 

Gross margin was 50.6% in comparison to gross margin of 45.1% in the fourth quarter of 2019

 

Fiscal Year 2020 Summary

 

Net revenue for 2020 was $125.7 million, 161.4% growth over 2019

 

Disposable revenue in 2020 was $56.7 million, 61.8% growth over 2019

 

Gross margin was 50.1% in comparison to gross margin of 44.3% in 2019

 

Worldwide installed base of Precision Flow Hi-VNI systems grew by 72.8% in 2020

 

 

“We are pleased with our progress in 2020, which has positioned us well for continued long-term growth beyond the COVID pandemic.  During 2020, we saw increased worldwide awareness of High Velocity Therapy, significant growth in the number of new ED Gold and Silver accounts in the U.S., and 72.8% growth in our worldwide installed base of Precision Flow systems,” said Joe Army, President and CEO of Vapotherm. “In 2021, we will focus on educating our Customers on how to use High Velocity Therapy for Patients experiencing Type II respiratory distress, increasing our worldwide installed base, and launching new products worldwide.”  

 

Results for the Three Months Ended December 31, 2020

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

 

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

21,582

 

 

 

52.8

%

 

$

2,920

 

 

 

22.4

%

 

$

18,662

 

 

 

639.1

%

Disposable

 

 

18,074

 

 

 

44.2

%

 

 

9,679

 

 

 

74.4

%

 

 

8,395

 

 

 

86.7

%

Service and Other

 

 

1,251

 

 

 

3.0

%

 

 

411

 

 

 

3.2

%

 

 

840

 

 

 

204.4

%

Total net revenue

 

$

40,907

 

 

 

100.0

%

 

$

13,010

 

 

 

100.0

%

 

$

27,897

 

 

 

214.4

%

 


The following information was filed by Vapotherm Inc (VAPO) on Wednesday, February 24, 2021 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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Inside Vapotherm Inc's 10-K Annual Report:

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Consolidated Balance Sheets
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Ticker: VAPO
CIK: 1253176
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-008100
Submitted to the SEC: Wed Feb 24 2021 4:17:19 PM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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