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Vapotherm Inc (VAPO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

 

Vapotherm Reports First Quarter 2021 Financial Results

First Quarter 2021 Revenue of $32.3 Million Reflects 69% Increase Over Prior Year

EXETER, New Hampshire, May 5, 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 first quarter 2021 financial results.

 

First Quarter 2021 Summary

 

Revenue for the first quarter of 2021 was $32.3 million, representing a 69% increase over the prior year period

 

Worldwide installed base of Precision Flow Hi-VNI systems grew by 73% compared to the first quarter of 2020

 

Gross margin was 53.1% or 490 basis points higher than gross margin of 48.2% in the first quarter of 2020

 

“We were pleased with our performance during the first quarter,” said Joe Army, President and CEO of Vapotherm. “We grew our worldwide Installed Base, improved our gross margin by 490 basis points, and reduced our adjusted EBITDA loss to $5.2 million. For the rest of 2021, we will focus on educating our Customers on how to use High Velocity Therapy for hypercapnic Patients experiencing respiratory distress, growing the Installed Base, and launching our next generation technology platform, HVT 2.0.”

 

Results for the Three Months Ended March 31, 2021

The following table reflects the Company’s net revenue for the three months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

13,454

 

 

 

41.6

%

 

$

6,034

 

 

 

31.6

%

 

$

7,420

 

 

 

123.0

%

Disposables

 

 

17,156

 

 

 

53.1

%

 

 

12,430

 

 

 

65.0

%

 

 

4,726

 

 

 

38.0

%

Service and other

 

 

1,698

 

 

 

5.3

%

 

 

651

 

 

 

3.4

%

 

 

1,047

 

 

 

160.8

%

Total net revenue

 

$

32,308

 

 

 

100.0

%

 

$

19,115

 

 

 

100.0

%

 

$

13,193

 

 

 

69.0

%

Net revenue for the first quarter of 2021 was $32.3 million, a 69% increase over the first quarter of 2020. Total capital equipment revenue, including product and lease revenue, increased 123% over the first quarter of 2020. This increase was primarily due to increased demand for our Precision Flow units worldwide due to the COVID-19 pandemic and increased average selling prices of both capital and disposables in the U.S. Total disposable revenue increased 38% over the first quarter of 2020, primarily driven by an increase in the worldwide installed base of Precision Flow units and increased demand for our products to treat the respiratory distress experienced by many COVID-19 patients in international markets.

Revenue information by geography is summarized as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

22,069

 

 

 

68.3

%

 

$

14,341

 

 

 

75.0

%

 

$

7,728

 

 

 

53.9

%

International

 

 

10,239

 

 

 

31.7

%

 

 

4,774

 

 

 

25.0

%

 

 

5,465

 

 

 

114.5

%

Total net revenue

 

$

32,308

 

 

 

100.0

%

 

$

19,115

 

 

 

100.0

%

 

$

13,193

 

 

 

69.0

%

 

U.S. and International revenue growth in the first quarter of 2021 was driven by increased worldwide demand for our Precision Flow units due to COVID-19 and an increase in our disposable revenue due to an increase in our worldwide installed base of


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

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Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-042651
Submitted to the SEC: Mon Aug 09 2021 4:17:10 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Surgical And Medical Instruments And Apparatus

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