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Vapotherm Reports Second Quarter 2020 Financial Results

08/04/2020

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

EXETER, N.H.--(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.

Revenue information by geography is summarized as follows:
(unaudited and in thousands, except percentages)

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

$

 

 

%

 

United States

 

$

25,682

 

 

 

73.1

%

 

$

8,678

 

 

 

72.4

%

 

$

17,004

 

 

 

195.9

%

International

 

 

9,470

 

 

 

26.9

%

 

 

3,308

 

 

 

27.6

%

 

 

6,162

 

 

 

186.3

%

Total Revenue

 

$

35,152

 

 

 

100.0

%

 

$

11,986

 

 

 

100.0

%

 

$

23,166

 

 

 

193.3

%

U.S. and International revenue growth in the second quarter of 2020 was driven by an increase in the number of Precision Flow units sold year over year and to a lesser extent an increase in single-use disposable sales due to higher installed bases of Precision Flow units and increased utilization to treat the respiratory distress experienced by many COVID-19 patients.

Gross profit for the second quarter of 2020 was $17.6 million, an increase of $12.1 million over the second quarter of 2019. Gross margin was 50.1% in the second quarter of 2020 compared to 45.5% in the second quarter of 2019. Gross margin was positively impacted by improved overhead absorption due to higher production throughput, higher U.S. capital equipment and disposable average selling prices and higher International capital average selling prices. Partially offsetting these positive factors were strong headwinds, including higher labor costs and increased supplier freight and expediting fees to meet the rapid increase in production capacity, and to a lesser extent a higher mix of capital equipment revenue.

Operating expenses were $24.4 million in the second quarter of 2020, an increase of $7.2 million as compared to $17.1 million in the same period last year. The increase in operating expenses was primarily a result of higher sales and marketing expenses due to increased sales commissions as a result of increased revenue and increased headcount, as well as higher general and administrative expenses.

Net loss for the second quarter of 2020 was $8.0 million, or $0.35 per share, compared to $12.9 million, or $0.76 per share, in the second quarter of 2019. Net loss per share was based on 23,090,613 and 17,055,628 weighted average shares outstanding for the second quarter of 2020 and 2019, respectively.

Adjusted EBITDA was ($4.3) million for the second quarter of 2020 as compared to ($10.2) million for the second quarter of 2019. The $5.9 million decrease in Adjusted EBITDA loss in the second quarter of 2020 was primarily due to higher revenue and gross margin, partially offset by increased operating expenses resulting from higher levels of sales and marketing expenses, primarily sales commissions and increased headcount, and general and administrative expenses.

Cash Position

Cash and cash equivalents were $148.3 million as of June 30, 2020 compared to $71.7 million as of December 31, 2019 and $60.4 million as of March 31, 2020. During the quarter, the Company raised net proceeds of $9.8 million through its At-The-Market (ATM) facility, and completed a public offering of its common stock, raising net proceeds of $93.8 million.

Third Quarter 2020 Outlook

In the third quarter of 2020, we expect revenue in the range of $24.0 million to $28.0 million, representing an anticipated year-over year increase of 122% to 159% over the third quarter of 2020.

Due to the inability to accurately estimate the scope, duration, and impact of the COVID-19 pandemic and the full year effect on the Company’s operations and financial results, the Company is not providing full year 2020 guidance.

Conference Call

Management will host a conference call at 4:30 p.m. Eastern Time on August 4, 2020 to discuss the results of the quarter and the year with a question and answer session. To listen to the conference call on your telephone, please dial (833) 714-0922 for U.S. callers, or +1 (778) 560-2684 for international callers, approximately ten minutes prior to the start time and reference conference code 8283367. To listen to a live webcast, please visit the Investors section of the Vapotherm website at: http://investors.vapotherm.com/events-and-presentations/events. The webcast replay will be available on the Vapotherm website for 90 days following completion of the call. A replay of this conference call will be available by telephone through August 11, 2020 by dialing (800) 585-8367 in the U.S. or (416) 621-4642 outside of the U.S. The replay access code is 8283367.

Website Information

Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, Securities and Exchange Commission filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes the non-GAAP financial measure of EBITDA and Adjusted EBITDA, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA in this press release represents net loss less interest expense, net and depreciation and amortization. Adjusted EBITDA in this release represents EBITDA as adjusted for the impact of foreign currency loss or gain, and stock-based compensation expense. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release.

Adjusted EBITDA is presented because the Company believes it is a useful indicator of its operating performance. Management uses the measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections. The Company believes this measure is useful to investors as supplemental information because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. It should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, the measure is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contain certain other limitations, including the failure to reflect our capital expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA on a supplemental basis. The Company’s definition of this measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

About Vapotherm

Vapotherm, Inc. is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 2.3 million patients have been treated with Vapotherm high velocity therapy. High velocity therapy is mask-free noninvasive ventilatory support for spontaneously breathing patients and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The Precision Flow system’s mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. For more information, visit www.vapotherm.com.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements about our ability to grow our installed base, our ability to manage our supply chain to support increased production levels, increasing our production and our installed base, the full market release of our Oxygen Assist Module, improving our gross margins and expected revenue for the third quarter of 2020. In some cases, you can identify forward-looking statements by terms such as ‘‘expect,’’ “guide” or “typically” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future, Vapotherm may need to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations, Vapotherm’s dependence on sales generated from its Precision Flow systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market, the ability for Precision Flow systems to gain increased market acceptance, its inexperience directly marketing and selling its products, the potential loss of one or more suppliers, Vapotherm’s susceptibility to seasonal fluctuations, Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements, the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure and maintain patent or other intellectual property protection for its products, the impact of the COVID-19 pandemic on its business, including its supply chain, and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December, 31, 2019, as filed with the Securities and Exchange Commission on March 4, 2020, Vapotherm’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 13, 2020, Vapotherm’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission on August 4, 2020 and in any subsequent filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Financial Statements:

VAPOTHERM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

148,344

 

 

$

71,655

 

Accounts receivable, net

 

 

16,452

 

 

 

8,243

 

Inventories

 

 

18,641

 

 

 

9,137

 

Prepaid expenses and other current assets

 

 

4,500

 

 

 

4,066

 

Total current assets

 

 

187,937

 

 

 

93,101

 

Property and equipment, net

 

 

17,204

 

 

 

15,086

 

Restricted cash

 

 

1,853

 

 

 

1,852

 

Goodwill

 

 

547

 

 

 

588

 

Intangible assets, net

 

 

275

 

 

 

353

 

Deferred income tax assets

 

 

66

 

 

 

66

 

Other long-term assets

 

 

954

 

 

 

844

 

Total assets

 

$

208,836

 

 

$

111,890

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,789

 

 

$

3,375

 

Contract liabilities

 

 

261

 

 

 

137

 

Accrued expenses and other current liabilities

 

 

15,801

 

 

 

9,187

 

Short-term line of credit

 

 

4,492

 

 

 

3,491

 

Total current liabilities

 

 

27,343

 

 

 

16,190

 

Long-term loans payable, net

 

 

41,929

 

 

 

41,787

 

Other long-term liabilities

 

 

604

 

 

 

174

 

Total liabilities

 

 

69,876

 

 

 

58,151

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock ($0.001 par value) 25,000,000 shares authorized; no shares issued

and outstanding as of June 30, 2020 and December 31, 2019

 

 

-

 

 

 

-

 

Common stock ($0.001 par value) 175,000,000 shares authorized as of

June 30, 2020 and December 31, 2019, 25,493,058 and 20,851,531

shares issued and outstanding as of June 30, 2020 and

December 31, 2019, respectively

 

 

26

 

 

 

21

 

Additional paid-in capital

 

 

426,282

 

 

 

319,115

 

Accumulated other comprehensive income (loss)

 

 

(31

)

 

 

44

 

Accumulated deficit

 

 

(287,317

)

 

 

(265,441

)

Total stockholders' equity

 

 

138,960

 

 

 

53,739

 

Total liabilities and stockholders’ equity

 

$

208,836

 

 

$

111,890

 

Vapotherm, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

2020

 

 

2019

 

Net revenue

 

$

35,152

 

 

$

11,986

 

$

54,267

 

 

$

24,285

 

Cost of revenue

 

 

17,544

 

 

 

6,527

 

 

27,442

 

 

 

13,647

 

Gross profit

 

 

17,608

 

 

 

5,459

 

 

26,825

 

 

 

10,638

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,895

 

 

 

3,167

 

 

7,257

 

 

 

6,440

 

Sales and marketing

 

 

14,858

 

 

 

9,432

 

 

28,175

 

 

 

18,593

 

General and administrative

 

 

5,627

 

 

 

4,532

 

 

10,878

 

 

 

9,411

 

Total operating expenses

 

 

24,380

 

 

 

17,131

 

 

46,310

 

 

 

34,444

 

Loss from operations

 

 

(6,772

)

 

 

(11,672

)

 

(19,485

)

 

 

(23,806

)

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency loss

 

 

(25

)

 

 

-

 

 

(1

)

 

 

(9

)

Interest income

 

 

60

 

 

 

213

 

 

185

 

 

 

416

 

Interest expense

 

 

(1,295

)

 

 

(1,421

)

 

(2,590

)

 

 

(2,445

)

Other

 

 

-

 

 

 

-

 

 

15

 

 

 

-

 

Net loss

 

$

(8,032

)

 

$

(12,880

)

$

(21,876

)

 

$

(25,844

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(4

)

 

 

2

 

 

(75

)

 

 

2

 

Total other comprehensive income (loss)

 

$

(4

)

 

$

2

 

$

(75

)

 

$

2

 

Total comprehensive loss

 

$

(8,036

)

 

$

(12,878

)

$

(21,951

)

 

$

(25,842

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders - basic and diluted

 

$

(0.35

)

 

$

(0.76

)

$

(0.99

)

 

$

(1.52

)

Weighted-average number of shares used in calculating net loss per share, basic and diluted

 

 

23,090,613

 

 

 

17,055,628

 

 

21,986,774

 

 

 

17,019,002

 

VAPOTHERM, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(21,876

)

 

$

(25,844

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

2,824

 

 

 

2,615

 

Depreciation and amortization

 

 

2,148

 

 

 

1,407

 

Provision for bad debts

 

 

282

 

 

 

64

 

Provision for inventories

 

 

(327

)

 

 

697

 

Loss on disposal of property and equipment

 

 

3

 

 

 

81

 

Amortization of discount on debt

 

 

127

 

 

 

108

 

Changes in operating assets and liabilities, net of acquisition:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(8,542

)

 

 

144

 

Inventories

 

 

(9,204

)

 

 

2,292

 

Prepaid expenses and other assets

 

 

(547

)

 

 

398

 

Accounts payable

 

 

3,380

 

 

 

(1,229

)

Contract liabilities

 

 

125

 

 

 

(16

)

Accrued expenses and other current liabilities

 

 

6,932

 

 

 

397

 

Net cash used in operating activities

 

 

(24,675

)

 

 

(18,886

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(3,839

)

 

 

(2,164

)

Acquisition of business, net of cash acquired

 

 

-

 

 

 

(1,560

)

Net cash used in investing activities

 

 

(3,839

)

 

 

(3,724

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock in connection with public offering, net

 

 

94,156

 

 

 

-

 

Proceeds from issuance of common stock in connection with at-the-market offering, net

 

 

9,926

 

 

 

-

 

Common stock offering costs

 

 

(471

)

 

 

-

 

Proceeds from issuance of common stock under the Employee Stock Purchase Plan

 

 

359

 

 

 

-

 

Short-term line of credit

 

 

995

 

 

 

(7

)

Proceeds from exercise of stock options and purchase of restricted stock

 

 

267

 

 

 

337

 

Proceeds on loans

 

 

-

 

 

 

10,500

 

Debt issuance costs

 

 

-

 

 

 

(322

)

Net cash provided by financing activities

 

 

105,232

 

 

 

10,508

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(28

)

 

 

(13

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

76,690

 

 

 

(12,115

)

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

 

 

Beginning of period

 

 

73,507

 

 

 

60,022

 

End of period

 

$

150,197

 

 

$

47,907

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Interest paid during the period

 

$

2,422

 

 

$

2,290

 

Property and equipment purchases in accounts payable and accrued expenses

 

$

341

 

 

$

115

 

Issuance of warrants in conjunction with debt draw down

 

-

 

 

$

293

 

Issuance of common stock upon vesting of restricted stock

 

$

111

 

 

$

385

 

Non-GAAP Financial Measures

The following tables contain a reconciliation of net loss to Adjusted EBITDA for the three months ended June 30, 2020 and 2019, respectively.
(unaudited and in thousands)

 

 

Three Months Ended June 30,

 

 

Amount

 

 

 

 

2020

 

 

2019

 

 

Net loss

 

$

(8,032

)

 

$

(12,880

)

 

Interest expense, net

 

 

1,235

 

 

 

1,208

 

 

Depreciation and amortization

 

 

1,051

 

 

 

786

 

 

EBITDA

 

$

(5,746

)

 

$

(10,886

)

 

Foreign currency

 

 

25

 

 

 

-

 

 

Stock-based compensation

 

 

1,377

 

 

 

712

 

 

Adjusted EBITDA

 

$

(4,344

)

 

$

(10,174

)

 

Supplemental Operating Metrics

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

Amount

 

 

Amount

 

 

Amount

 

 

%

 

Precision Flow Units Installed Base at Quarter End

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

15,417

 

 

 

11,107

 

 

 

4,310

 

 

 

38.8

%

International

 

6,640

 

 

 

4,166

 

 

 

2,474

 

 

 

59.4

%

Total

 

22,057

 

 

 

15,273

 

 

 

6,784

 

 

 

44.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Precision Flow Units Sold and Leased in the Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

2,556

 

 

 

318

 

 

 

2,238

 

 

 

703.8

%

International

 

1,393

 

 

 

289

 

 

 

1,104

 

 

 

382.0

%

Total

 

3,949

 

 

 

607

 

 

 

3,342

 

 

 

550.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposable Patient Circuits Sold in the Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

90,776

 

 

 

62,209

 

 

 

28,567

 

 

 

45.9

%

International

 

47,777

 

 

 

25,725

 

 

 

22,052

 

 

 

85.7

%

Total

 

138,553

 

 

 

87,934

 

 

 

50,619

 

 

 

57.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Relations Contacts:
Mark Klausner or Mike Vallie, Westwicke, an ICR Company, ir@vtherm.com, +1 (603) 658-0011

Source: Vapotherm, Inc.

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