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Vapotherm Reports Second Quarter 2021 Financial Results

08/09/2021

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 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 in the second quarter of 2021 primarily due to reduced demand for our capital equipment due to reduced COVID-19 hospitalization rates in the European Union, partially offset by increased disposables demand.

Gross profit for the second quarter of 2021 was 9.4 million. Gross margin was 45.6% in the second quarter of 2021 compared to 50.1% in the second quarter of 2020. The decrease in gross margin is primarily due to overhead and labor absorption due to lower volumes. Gross profit was also negatively impacted due to a shift in revenue mix to International revenue partially offset by a shift to disposable revenue versus capital equipment revenue relative to the second quarter of 2020.

Operating expenses were $26.0 million in the second quarter of 2021, an increase of 1.6 million as compared to $24.4 million in the same period last year. The increase in operating expenses was primarily due to an increase in research and development and general and administrative expenses partially offset by reduced sales and marketing expenses.

Net loss for the second quarter of 2021 was $17.3 million, or $0.67 per share, compared to $8.0 million, or $0.35 per share, in the second quarter of 2020. Net loss per share was based on 25,887,313 and 23,090,613 weighted average shares outstanding for the second quarter of 2021 and 2020, respectively.

Adjusted EBITDA was negative $12.3 million for the second quarter of 2021 as compared to negative $4.3 million for the second quarter of 2020. The increase in Adjusted EBITDA loss was primarily due to a reduction in revenue on a year over year basis.

Cash Position

Cash and cash equivalents were $81.5 million as of June 30, 2021, $93.8 million as of March 31, 2021 and $113.7 million as of December 31, 2020.

Fiscal 2021 Outlook

As previously communicated, the Company expected light capital sales in the second half of the year due to reduced capital budgets. However, the Company is currently seeing increased demand for its capital units and disposables in certain U.S. geographies due to the impact of COVID-19 variants. Therefore, the Company expects to see near similar worldwide revenue levels in the third quarter as it did in the second quarter driven by COVID-19 demand in the U.S. while the Company expects International revenue to grow by about 30% over the third quarter of 2019. It continues to be difficult to predict the timing, duration and impact of COVID-19 on hospitalizations around the world and, to the extent the impact of COVID-19 deviates from the Company’s expectations, its full year revenue forecast would be impacted. Lastly, given the significant expected year over year decrease in revenue and production volumes, especially related to capital equipment, the Company expects full year gross margins to decrease year over year before improving next year to levels above 2020 levels.

The Company now expects full year revenue to be between $85 million and $91 million, which represents an increase of 83% over 2019 revenue and a two-year compounded annual growth rate of 35% at the mid-point of this range. This new revenue guidance reflects an update from previously issued full year revenue guidance of $82 million to $88 million. The Company continues to expect full year gross margins of 46% to 48%. The Company now expects full year operating expenses of $99 million to $102 million compared to previously issued full year operating expense guidance of $97 million to $99 million due primarily to investments in its new digital business, Vapotherm Access.

Conference Call

Management will host a conference call at 4:30 p.m. Eastern Time on August 9, 2021 to discuss the results of the quarter 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 4833015. 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 12 months following completion of the call. A replay of this conference call will be available by telephone through May 12, 2021 by dialing (800) 585-8367 in the U.S. or +1 (416) 621-4642 outside of the U.S. The replay access code is 4833015.

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 measures 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, change in fair value of contingent consideration, 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.

These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses Adjusted EBITDA 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.

These non-GAAP financial measures and should not be considered alternatives 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. They should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA 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 contains 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 and other non-GAAP financial measures on a supplemental basis. The Company’s definition of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

About Vapotherm

Vapotherm, Inc. (NYSE: VAPO) 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 3.0 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit www.vapotherm.com.

Vapotherm high velocity therapy is mask-free noninvasive ventilatory support 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 and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements about our future focus on and ability to ensure our installed base of Precision Flow units is productive, grow the installed base and launch our new platform technology, HVT 2.0., and our expected revenue, gross margin and operating expenses for fiscal year 2021. In some cases, you can identify forward-looking statements by terms such as ‘‘expect,’’ “continue” “will” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. 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, maintain or enforce 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, 2020, as filed with the Securities and Exchange Commission on February 24, 2021, Vapotherm’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, as filed with the Securities and Exchange Commission on May 5, 2021 and August 9, 2021 respectively, 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, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

81,488

 

 

$

113,683

 

Accounts receivable, net

 

 

8,498

 

 

 

23,488

 

Inventories

 

 

29,355

 

 

 

19,873

 

Prepaid expenses and other current assets

 

 

5,117

 

 

 

5,041

 

Total current assets

 

 

124,458

 

 

 

162,085

 

Property and equipment, net

 

 

21,617

 

 

 

20,573

 

Operating lease right-of-use assets

 

 

7,401

 

 

 

8,260

 

Restricted cash

 

 

253

 

 

 

1,853

 

Goodwill

 

 

14,012

 

 

 

16,226

 

Intangible assets, net

 

 

5,042

 

 

 

5,694

 

Other long-term assets

 

 

1,172

 

 

 

967

 

Total assets

 

$

173,955

 

 

$

215,658

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,088

 

 

$

4,967

 

Contract liabilities

 

 

1,361

 

 

 

2,977

 

Accrued expenses and other current liabilities

 

 

19,284

 

 

 

34,033

 

Revolving loan facility, current portion

 

 

1,170

 

 

 

-

 

Total current liabilities

 

 

26,903

 

 

 

41,977

 

Long-term loans payable, net

 

 

39,689

 

 

 

39,653

 

Revolving loan facility, net of current portion

 

 

1,726

 

 

 

4,888

 

Deferred income tax liabilities

 

 

8

 

 

 

6

 

Other long-term liabilities

 

 

12,403

 

 

 

15,229

 

Total liabilities

 

 

80,729

 

 

 

101,753

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

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

and outstanding as of June 30, 2021 and December 31, 2020

 

 

-

 

 

 

-

 

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

June 30, 2021 and December 31, 2020, 25,956,505 and 25,722,984

shares issued and outstanding as of June 30, 2021 and

December 31, 2020, respectively

 

 

26

 

 

 

26

 

Additional paid-in capital

 

 

437,758

 

 

 

430,781

 

Accumulated other comprehensive income

 

 

59

 

 

 

41

 

Accumulated deficit

 

 

(344,617

)

 

 

(316,943

)

Total stockholders' equity

 

 

93,226

 

 

 

113,905

 

Total liabilities and stockholders’ equity

 

$

173,955

 

 

$

215,658

 

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,

 

 

 

2021

 

 

2020

 

2021

 

 

2020

 

Net revenue

 

$

20,625

 

 

$

35,152

 

$

52,933

 

 

$

54,267

 

Cost of revenue

 

 

11,218

 

 

 

17,544

 

 

26,358

 

 

 

27,442

 

Gross profit

 

 

9,407

 

 

 

17,608

 

 

26,575

 

 

 

26,825

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,577

 

 

 

3,895

 

 

9,487

 

 

 

7,257

 

Sales and marketing

 

 

12,804

 

 

 

14,858

 

 

26,704

 

 

 

28,175

 

General and administrative

 

 

8,627

 

 

 

5,627

 

 

16,686

 

 

 

10,878

 

Total operating expenses

 

 

26,008

 

 

 

24,380

 

 

52,877

 

 

 

46,310

 

Loss from operations

 

 

(16,601

)

 

 

(6,772

)

 

(26,302

)

 

 

(19,485

)

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency loss

 

 

(60

)

 

 

(25

)

 

(130

)

 

 

(1

)

Interest income

 

 

24

 

 

 

60

 

 

53

 

 

 

185

 

Interest expense

 

 

(648

)

 

 

(1,295

)

 

(1,313

)

 

 

(2,590

)

Other

 

 

18

 

 

 

-

 

 

18

 

 

 

15

 

Net loss

 

$

(17,267

)

 

$

(8,032

)

$

(27,674

)

 

$

(21,876

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

7

 

 

 

(4

)

 

18

 

 

 

(75

)

Total other comprehensive income (loss)

 

$

7

 

 

$

(4

)

$

18

 

 

$

(75

)

Total comprehensive loss

 

$

(17,260

)

 

$

(8,036

)

$

(27,656

)

 

$

(21,951

)

Net loss per share - basic and diluted

 

$

(0.67

)

 

$

(0.35

)

$

(1.07

)

 

$

(0.99

)

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

 

 

25,887,313

 

 

 

23,090,613

 

 

25,841,944

 

 

 

21,986,774

 

VAPOTHERM, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(27,674

)

 

$

(21,876

)

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

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

5,118

 

 

 

2,824

 

Depreciation and amortization

 

 

2,863

 

 

 

2,148

 

Provision for bad debts

 

 

(202

)

 

 

282

 

Provision for inventory valuation

 

 

(183

)

 

 

(327

)

Non-cash lease expense

 

 

861

 

 

 

518

 

Change in fair value of contingent consideration

 

 

763

 

 

 

-

 

Loss on disposal of property and equipment

 

 

40

 

 

 

3

 

Amortization of discount on debt

 

 

64

 

 

 

127

 

Deferred income taxes

 

 

7

 

 

 

-

 

Changes in operating assets and liabilities, net of acquisition:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

15,195

 

 

 

(8,542

)

Inventories

 

 

(9,286

)

 

 

(9,204

)

Prepaid expenses and other assets

 

 

(281

)

 

 

(547

)

Accounts payable

 

 

(308

)

 

 

3,380

 

Contract liabilities

 

 

(1,664

)

 

 

868

 

Accrued expenses and other current liabilities

 

 

(14,856

)

 

 

6,189

 

Operating lease liabilities, current and long-term

 

 

(859

)

 

 

(518

)

Net cash used in operating activities

 

 

(30,402

)

 

 

(24,675

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(3,156

)

 

 

(3,839

)

Net cash used in investing activities

 

 

(3,156

)

 

 

(3,839

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from short-term line of credit

 

 

-

 

 

 

995

 

Payments on short-term line of credit

 

 

(1,993

)

 

 

-

 

Proceeds from exercise of stock options

 

 

917

 

 

 

267

 

Proceeds from issuance of common stock in connection with public offering

 

 

-

 

 

 

94,156

 

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

 

 

-

 

 

 

9,926

 

Proceeds from issuance of common stock under Employee Stock Purchase Plan

 

 

851

 

 

 

359

 

Common stock offering costs

 

 

-

 

 

 

(471

)

Net cash provided by (used in) financing activities

 

 

(225

)

 

 

105,232

 

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

 

 

(12

)

 

 

(28

)

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

 

 

(33,795

)

 

 

76,690

 

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

 

 

Beginning of period

 

 

115,536

 

 

 

73,507

 

End of period

 

$

81,741

 

 

$

150,197

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Interest paid during the period

 

$

1,249

 

 

$

2,422

 

Property and equipment purchases in accounts payable and accrued expenses

 

$

442

 

 

$

341

 

Issuance of common stock upon vesting of restricted stock units

 

$

91

 

 

$

111

 

Non-GAAP Financial Measures

The following tables contain a reconciliation of net loss to Adjusted EBITDA for the three months ended June 30, 2021 and 2020, respectively.

(unaudited)

 

 

Three Months Ended June 30,

 

 

2021

 

 

2020

 

 

 

 

(in thousands)

 

 

Net loss

 

$

(17,267

)

 

$

(8,032

)

 

Interest expense, net

 

 

624

 

 

 

1,235

 

 

Depreciation and amortization

 

 

1,289

 

 

 

1,051

 

 

EBITDA

 

$

(15,354

)

 

$

(5,746

)

 

Foreign currency

 

 

60

 

 

 

25

 

 

Change in fair value of contingent consideration

 

 

561

 

 

 

-

 

 

Stock-based compensation

 

 

2,433

 

 

 

1,377

 

 

Adjusted EBITDA

 

$

(12,300

)

 

$

(4,344

)

 

Supplemental Operating Metrics

 

June 30,

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

Amount

 

 

Amount

 

 

Amount

 

 

%

 

Precision Flow Units Installed Base

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

21,004

 

 

 

15,417

 

 

 

5,587

 

 

 

36.2

%

International

 

11,019

 

 

 

6,640

 

 

 

4,379

 

 

 

65.9

%

Total

 

32,023

 

 

 

22,057

 

 

 

9,966

 

 

 

45.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Change

 

 

Amount

 

 

Amount

 

 

Amount

 

 

%

 

Precision Flow Units Sold and Leased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

415

 

 

 

2,556

 

 

 

(2,141

)

 

 

-83.8

%

International

 

900

 

 

 

1,393

 

 

 

(493

)

 

 

-35.4

%

Total

 

1,315

 

 

 

3,949

 

 

 

(2,634

)

 

 

-66.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposable Patient Circuits Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

65,553

 

 

 

90,776

 

 

 

(25,223

)

 

 

-27.8

%

International

 

72,466

 

 

 

47,777

 

 

 

24,689

 

 

 

51.7

%

Total

 

138,019

 

 

 

138,553

 

 

 

(534

)

 

 

-0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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