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

Vapotherm Inc

CIK: 1253176 Ticker: VAPO

 

Vapotherm Reports Second Quarter 2021 Financial Results

EXETER, New Hampshire, August 9, 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 second quarter 2021 financial results.

 

Second Quarter 2021 Summary

 

Revenue for the second quarter of 2021 was $20.6 million, a decrease of 41% over the second quarter of 2020

 

Revenue for the second quarter of 2021 of $20.6 million reflects an increase of 72% or a two-year compounded annual growth rate of 31% over revenue of $12.0 million in the second quarter of 2019.

 

Worldwide installed base of Precision Flow Hi-VNI systems increased by nearly 1,200 units in the second quarter of 2021

 

“We were pleased with our performance during the second quarter in which we expanded our worldwide Installed Base to over 32,000 units, which we expect will drive long-term recurring revenue growth,” said Joe Army, President and CEO of Vapotherm. “For the second half of 2021, we will educate our new Customers on how to use High Velocity Therapy for the treatment of the full spectrum of respiratory distress and continue to grow the Installed Base.  We will also launch our next generation technology platform, HVT 2.0. and our new digital offering, Vapotherm Access Post Care.”

 

Results for the Three Months June 30, 2021

The following table reflects the Company’s net revenue for the three months ended June 30, 2021 and 2020:

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital (product & lease revenue)

 

$

6,172

 

 

 

30.0

%

 

$

21,450

 

 

 

61.0

%

 

$

(15,278

)

 

 

-71.2

%

Disposables

 

 

12,794

 

 

 

62.0

%

 

 

13,163

 

 

 

37.5

%

 

 

(369

)

 

 

-2.8

%

Service and other

 

 

1,659

 

 

 

8.0

%

 

 

539

 

 

 

1.5

%

 

 

1,120

 

 

 

207.8

%

Total net revenue

 

$

20,625

 

 

 

100.0

%

 

$

35,152

 

 

 

100.0

%

 

$

(14,527

)

 

 

-41.3

%

Net revenue for the second quarter of 2021 was $20.6 million. Total capital equipment revenue, including product and lease revenue, decreased compared to the second quarter of 2020. This decrease was primarily due to reduced COVID-19 related demand for our capital equipment, partially offset by increased average selling prices in the United States. Total disposable revenue decreased compared to the second quarter of 2020, primarily driven by reduced COVID-19 related demand and lower respiratory census in the U.S. as measured by respiratory related discharges as compared to historical levels. This decrease was partially offset by higher demand in our International markets due to continued COVID-19 pandemic demand, along with higher average selling prices in the United States.

Revenue information by geography is summarized as follows:

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

 

(in thousands, except percentages)

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

11,330

 

 

 

54.9

%

 

$

25,682

 

 

 

73.1

%

 

$

(14,352

)

 

 

-55.9

%

International

 

 

9,295

 

 

 

45.1

%

 

 

9,470

 

 

 

26.9

%

 

 

(175

)

 

 

-1.8

%

Total net revenue

 

$

20,625

 

 

 

100.0

%

 

$

35,152

 

 

 

100.0

%

 

$

(14,527

)

 

 

-41.3

%

 

U.S. revenue decreased significantly due to reduced COVID-19 related demand for our capital equipment and disposables, partially offset by increased capital equipment and disposables average selling prices. International revenue decreased slightly


The following information was filed by Vapotherm Inc (VAPO) on Monday, August 9, 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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Inside Vapotherm Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

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Commitments And Contingencies - Summary Of Future Maturities Of Lease Liabilities Under Noncancelable Operating Leases (Details)
Commitments And Contingencies - Summary Of Operating Lease Cost And Information Related To Operating Lease Liabilities (Details)
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Revenue - Schedule Of Changes In Contract Liabilities (Details)
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Vapotherm Inc provided additional information to their SEC Filing as exhibits

Ticker: VAPO
CIK: 1253176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-053965
Submitted to the SEC: Wed Nov 03 2021 4:16:34 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Surgical And Medical Instruments And Apparatus

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