Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”),
today announced second quarter 2023 financial results.
Second Quarter 2023 Summary and Highlights
- Net revenue for the second quarter of 2023 was $16.0 million,
an increase of 23.6% as compared to the second quarter of 2022
- Disposables revenue increased by 38.1% as compared to the
second quarter of 2022 due to recovery of customer demand
post-COVID
- Capital revenue increased by 42.0% as compared to the second
quarter of 2022 due to strong HVT 2.0 sales
- Non-GAAP net revenue excluding Vapotherm Access, which the
Company exited in the fourth quarter of 2022, increased by 33.8% as
compared to the second quarter of 2022
- Gross margin in the second quarter of 2023 was 42.8%
- Gross margin increased by 780 basis points over the first
quarter of 2023 due to continued benefits from the transition of
the Company’s manufacturing operations to Mexico
- For the second quarter of 2023, GAAP operating expenses were
$17.0 million and non-GAAP cash operating expenses were $14.2
million. Both decreased compared to the prior year period and first
quarter of 2023 as a result of the Company’s Path to Profitability
initiatives:
- GAAP operating expenses decreased by $2.8 million over the
first quarter of 2023 and by $25.2 million over the second quarter
of 2022
- Non-GAAP cash operating expenses decreased by $2.2 million over
the first quarter of 2023 and by $7.6 million over the second
quarter of 2022
- The Company’s unrestricted cash balance was $18.0 million at
the end of the second quarter of 2023
- Net cash burn of $7.8 million in the second quarter was $3.2
million less than net cash burn in the first quarter of 2023
“We delivered a good second quarter and are pleased with the
progress we continue to see in the business as we drive forward on
our path to profitability,” said Joseph Army, President and CEO.
“HVT 2.0 sales continue to be strong and we are seeing encouraging
trends in U.S. disposable sales exiting the second quarter. We saw
a nearly 800 basis point sequential improvement in gross margin, as
well as significant progress in reducing cash operating expenses,
inventory and cash burn as we move meaningfully towards
profitability.”
Results for the Three Months June 30, 2023
The following table reflects the Company’s net revenue for the
three months ended June 30, 2023 and 2022:
Three Months Ended June
30,
2023
2022
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
Revenue
Capital (product & lease revenue)
$
3,646
22.7
%
$
2,568
19.8
%
$
1,078
42.0
%
Disposables
10,927
68.1
%
7,913
61.0
%
3,014
38.1
%
Service and other
1,464
9.2
%
2,490
19.2
%
(1,026
)
(41.2
)%
Total net revenue
$
16,037
100.0
%
$
12,971
100.0
%
$
3,066
23.6
%
Net revenue for the second quarter of 2023 was $16.0 million.
This increase reflects a recovery of post-COVID demand from
customers as there was little to no COVID-related customer demand
in both comparison periods. Excluding revenue from Vapotherm
Access, which the Company exited in the fourth quarter of 2022, net
revenue would have increased by 33.8% as compared to the second
quarter of 2022.
Revenue information by geography is summarized as follows:
Three Months Ended June
30,
2023
2022
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
United States
$
11,847
73.9
%
$
9,498
73.2
%
$
2,349
24.7
%
International
4,190
26.1
%
3,473
26.8
%
717
20.6
%
Total net revenue
$
16,037
100.0
%
$
12,971
100.0
%
$
3,066
23.6
%
Gross profit and gross margin for the second quarter of 2023 was
$6.9 million and 42.8%, respectively. In the second quarter of
2023, gross margin increased by 780 basis points over gross margin
of 35.0% in the first quarter of 2023.
Total operating expenses were $17.0 million in the second
quarter of 2023, a decrease of $25.2 million as compared to the
same period last year. Non-GAAP cash operating expenses, excluding
impairment charges, gain (loss) on disposal of property and
equipment, depreciation and amortization, stock-based compensation
expense, termination benefits, gain from deconsolidation, and
change in fair value of contingent consideration were $14.2 million
in the second quarter of 2023 compared to $21.7 million in the
second quarter of 2022 and $16.4 million in the first quarter of
2023. The decreases in operating expenses and non-GAAP cash
operating expenses were primarily due to the Company’s
Path-to-Profitability initiatives.
Net loss for the second quarter of 2023 was $14.8 million, or
$0.29 per share, compared to $42.7 million, or $1.61 per share, in
the second quarter of 2022. Net loss per share was based on
50,625,778 and 26,574,027 weighted average shares outstanding for
the second quarter of 2023 and 2022, respectively.
Adjusted EBITDA was negative $6.4 million for the second quarter
of 2023 as compared to negative $20.2 million for the second
quarter of 2022. The improvement in Adjusted EBITDA was primarily
due to the Company’s Path-to-Profitability initiatives.
Cash Position
Cash and cash equivalents were $18.0 million as of June 30, 2023
compared to $25.7 million as of March 31, 2023.
Fiscal 2023 Outlook
For fiscal 2023, the Company now expects full year revenue to be
between $70 million and $73 million, a decrease from its previous
expectation of $77 million to $79 million. The Company now expects
full year gross margins of 43% to 45%, a decrease from its previous
expectation of 48% to 50%. The Company now expects full year
operating expenses of $70 million to $72 million, a decrease from
its previous expectation of $76 million to $78 million. For fiscal
2023, non-GAAP cash operating expenses, excluding additional items
as detailed below, are now expected to be in the range of $55
million to $57 million, a decrease from its previous expectation of
$60 million to $62 million. The Company expects cash burn for the
second half of 2023 to be between $3 million to $8 million
resulting in cash and cash equivalents of $10 million to $15
million at the end of the year. While the Company expects
disposables revenue to account for 75% of its total revenue over
the long-term, the Company anticipates that the contribution of
disposables revenue as a percentage of total revenue may be
slightly lower than this in 2023 given the market receptivity to
HVT 2.0.
Reverse Stock Split
At the Company’s annual meeting of stockholders held on June 20,
2023, the stockholders approved a proposal granting the Board of
Directors the discretion to effect a reverse stock split of the
Company’s common stock at a ratio of between 1-for-3 and 1-for-8 at
any point through the next annual meeting to be held in 2024. On
August 8, 2023, the Company’s Board of Directors approved a 1-for-8
reverse stock split and a corresponding reduction in authorized
shares of the Company’s common stock, effective as of 12:01 a.m.,
Eastern Time, on August 18, 2023, with shares expected to begin
trading on a split-adjusted basis at market open on August 18, 2023
under the existing symbol “VAPO” and new CUSIP number 922107 305.
In connection with the reverse stock split, every eight shares of
the Company’s common stock issued and outstanding as of the
effective date of the split will be automatically converted into
one share of the Company’s common stock. Fractional shares will not
be issued in connection with the reverse stock split and
stockholders who would otherwise hold fractional shares because the
number of shares of common stock they hold before the reverse stock
split is not evenly divisible by eight will be entitled to receive
a cash payment in lieu of such fractional shares. The intent of the
reverse stock split is to regain compliance with minimum share
price requirement, although no assurance can be provided that the
reverse stock split will result in the Company’s compliance with
the NYSE minimum share price requirement, or that the Company will
be able to regain or maintain compliance with the applicable NYSE
listing standards.
Conference Call Information
Management will host a conference call at 4:30 p.m. Eastern Time
on August 8, 2023 to discuss the results of the quarter with a
question and answer session. To listen to the conference call on
your telephone, please dial +1 (888) 330-2391 for U.S. callers, or
+1 (240) 789-2702 for international callers, approximately ten
minutes prior to the start time and reference conference code
6585549. 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 August 15,
2023 by dialing +1 (800) 770-2030 in the U.S. or +1 (647) 362-9199
outside of the U.S. The replay access code is 6585549.
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
(“SEC”) 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 non-GAAP financial measures,
including non-GAAP net revenue excluding Vapotherm Access, EBITDA,
Adjusted EBITDA, non-GAAP operating expenses excluding impairment
of goodwill, impairment of long-lived and intangible assets and
gain (loss) on disposal of property and equipment, and non-GAAP
cash operating expenses excluding additional items, including
stock-based compensation expense, depreciation and amortization,
termination benefits, gain from deconsolidation, and change in fair
value of contingent consideration, which differ from operating
expenses calculated in accordance with U.S. generally accepted
accounting principles (“GAAP”). Non-GAAP net revenue excluding
Vapotherm Access represents net revenue less net revenue of
Vapotherm Access, which the Company exited in the fourth quarter of
2022. EBITDA represents net loss less interest expense, net, income
tax provision or benefit, and depreciation and amortization, and
Adjusted EBITDA represents EBITDA as further adjusted for the
impact of foreign currency loss or gain, change in fair value of
contingent consideration, stock-based compensation expense,
impairment of goodwill, impairment of long-lived and intangible
assets, gain from deconsolidation, and gain on disposal of property
and equipment. Since these adjustments to the GAAP measures are
highly variable, difficult to predict and of a size that could have
substantial impact on Vapotherm’s reported results of operations
for a period, Vapotherm cannot provide without unreasonable effort
a quantitative reconciliation to the most directly comparable GAAP
measures for its 2023 financial guidance regarding non-GAAP cash
operating expenses. The Company has reconciled all historical
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 these non-GAAP financial measures, as
measures 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
these measures are useful to investors as supplemental information
because they are 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 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 the Adjusted EBITDA
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
definitions of Adjusted EBITDA and non-GAAP operating expenses
excluding impairment of long-lived and intangible assets and loss
on disposal of property and equipment and non-GAAP cash operating
expenses excluding the additional items detailed below, are 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 4.0 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 non-invasive
respiratory 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 HVT 2.0 and Precision Flow
systems’ 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 under the
Private Securities Litigation Reform Act of 1995, including
statements about the Company’s expected net revenue, including
revenue breakdown, gross margin, operating expenses, non-GAAP cash
operating expenses and cash burn for fiscal year 2023 and the
timing and effect of the reverse stock split. In some cases, you
can identify forward-looking statements by terms such as “expect,”
“continue,” “plan,” “intend,” “will,” “outlook,” “guidance,” 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 or achieve its 2023 financial guidance including reduced
cash burn; risks associated with its manufacturing operations in
Mexico; Vapotherm’s ability to raise additional capital to fund its
existing commercial operations, develop and commercialize new
products, and expand its operations; Vapotherm’s ability to comply
with its financial covenants, execute on its path-to-profitability
initiative, convert excess inventory into cash and fund its
business through 2023; Vapotherm’s dependence on sales generated
from its High Velocity Therapy 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; Vapotherm’s inexperience directly
marketing and selling its products; the potential loss of one or
more suppliers and dependence on its new third party manufacturer;
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 COVID on its business, including its supply chain,
risks associated with the reverse stock split, Vapotherm’s ability
to regain compliance with the continued listing standards of the
NYSE, market conditions and the impact of the reverse stock split
on the trading price of Vapotherm’s common stock, a possible
delisting of Vapotherm’s common stock 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, 2022, as filed with the SEC on February 23, 2023, and
in its subsequent filings with the SEC, including its Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2023.
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, 2023
December 31, 2022
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
18,000
$
15,738
Accounts receivable, net of expected
credit losses of $193 and $227, respectively
8,918
9,102
Inventories, net
25,144
32,980
Prepaid expenses and other current
assets
4,518
2,081
Total current assets
56,580
59,901
Property and equipment, net
24,444
26,636
Operating lease right-of-use assets
4,673
5,805
Restricted cash
1,109
1,109
Goodwill
562
536
Deferred income tax assets
128
96
Other long-term assets
2,588
2,112
Total assets
$
90,084
$
96,195
Liabilities and Stockholders’
Deficit
Current liabilities
Accounts payable
$
2,160
$
2,739
Contract liabilities
1,301
1,216
Accrued expenses and other current
liabilities
11,661
15,609
Total current liabilities
15,122
19,564
Long-term loans payable, net
101,820
96,994
Other long-term liabilities
7,598
7,827
Total liabilities
124,540
124,385
Commitments and contingencies
Stockholders’ deficit
Preferred stock ($0.001 par value)
25,000,000 shares authorized; no shares issued and outstanding as
of June 30, 2023 and December 31, 2022
-
-
Common stock ($0.001 par value)
175,000,000 shares authorized as of June 30, 2023 and December 31,
2022, 49,047,502 and 28,516,047 shares issued and outstanding as of
June 30, 2023 and December 31, 2022, respectively
49
29
Additional paid-in capital
488,419
461,940
Accumulated other comprehensive loss
(44
)
(157
)
Accumulated deficit
(522,880
)
(490,002
)
Total stockholders’ deficit
(34,456
)
(28,190
)
Total liabilities and stockholders’
deficit
$
90,084
$
96,195
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,
2023
2022
2023
2022
(unaudited)
(unaudited)
Net revenue
$
16,037
$
12,971
$
33,768
$
34,593
Cost of revenue
9,177
10,606
20,696
24,336
Gross profit
6,860
2,365
13,072
10,257
Operating expenses
Research and development
3,723
6,310
7,710
11,859
Sales and marketing
8,276
11,833
17,868
25,155
General and administrative
5,019
5,323
10,789
14,277
Impairment of goodwill
-
14,701
-
14,701
Impairment of right-of-use assets
-
4,036
432
4,036
(Gain) loss on disposal of property and
equipment
(2
)
-
53
-
Total operating expenses
17,016
42,203
36,852
70,028
Loss from operations
(10,156
)
(39,838
)
(23,780
)
(59,771
)
Other (expense) income
Interest expense
(4,642
)
(2,849
)
(8,973
)
(4,596
)
Interest income
26
40
54
57
Foreign currency gain (loss)
9
(46
)
(145
)
(115
)
Loss on extinguishment of debt
-
-
-
(1,114
)
Net loss before income taxes
$
(14,763
)
$
(42,693
)
$
(32,844
)
$
(65,539
)
Provision (benefit) for income taxes
25
(10
)
34
82
Net loss
$
(14,788
)
$
(42,683
)
$
(32,878
)
$
(65,621
)
Other comprehensive loss:
Foreign currency translation
adjustments
(22
)
(185
)
113
(240
)
Total other comprehensive (loss) gain
(22
)
(185
)
113
(240
)
Total comprehensive loss
$
(14,810
)
$
(42,868
)
$
(32,765
)
$
(65,861
)
Net loss per share basic and diluted
$
(0.29
)
$
(1.61
)
$
(0.72
)
$
(2.48
)
Weighted-average number of shares used in
calculating net loss per share, basic and diluted
50,625,778
26,574,027
45,644,863
26,448,257
VAPOTHERM, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended June
30,
2023
2022
Cash flows from operating
activities
Net loss
$
(32,878
)
$
(65,621
)
Adjustments to reconcile net loss to net
cash used in operating activities
Stock-based compensation expense
5,405
5,944
Depreciation and amortization
2,445
2,739
Provision for credit losses
(2
)
285
Provision for inventory valuation
283
815
Non-cash lease expense
733
1,082
Change in fair value of contingent
consideration
-
(3,113
)
Impairment of goodwill
-
14,701
Impairment of long-lived and intangible
assets
432
4,036
Loss on disposal of property and
equipment
53
-
Placed units reserve
418
198
Interest paid in-kind
4,553
-
Amortization of discount on debt
368
320
Deferred income taxes
34
82
Loss on extinguishment of debt
-
1,114
Changes in operating assets and
liabilities:
Accounts receivable
212
3,520
Inventories
7,646
(2,683
)
Prepaid expenses and other assets
(2,794
)
(408
)
Accounts payable
(315
)
(2,441
)
Contract liabilities
72
(812
)
Accrued expenses and other current
liabilities
(2,840
)
(8,884
)
Operating lease liabilities, current and
long-term
(1,213
)
(1,013
)
Net cash used in operating activities
(17,388
)
(50,139
)
Cash flows from investing
activities
Purchases of property and equipment
(1,408
)
(6,289
)
Net cash used in investing activities
(1,408
)
(6,289
)
Cash flows from financing
activities
Proceeds from issuance of common stock and
pre-funded warrants and accompanying warrants in private placement,
net of issuance costs
20,943
-
Proceeds from loans, net of discount
-
99,094
Repayment of loans
-
(40,000
)
Payments of debt extinguishment costs
-
(817
)
Payment of debt issuance costs
-
(1,567
)
Repayments on revolving loan facility
-
(6,608
)
Payment of contingent consideration
-
(135
)
Proceeds from exercise of stock
options
-
55
Proceeds from exercise of warrants
3
-
Proceeds from issuance of common stock
under Employee Stock Purchase Plan
77
135
Net cash provided by financing
activities
21,023
50,157
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
35
(62
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
2,262
(6,333
)
Cash, cash equivalents and restricted
cash
Beginning of period
16,847
57,324
End of period
$
19,109
$
50,991
Supplemental disclosures of cash flow
information
Interest paid during the period
$
2,720
$
3,294
Property and equipment purchases in
accounts payable and accrued expenses
$
175
$
224
Issuance of common stock to satisfy
contingent consideration
$
-
$
5,630
Issuance of common stock warrants in
conjunction with long term debt
$
71
$
1,157
Issuance of common stock upon vesting of
restricted stock units
$
-
$
12
Non-GAAP Financial Measures
The following table contains a reconciliation of GAAP net
revenue to non-GAAP net revenue excluding Vapotherm Access for the
three months ended June 30, 2023 and 2022, respectively, and the
growth of such GAAP net revenue and non-GAAP net revenue excluding
Vapotherm Access over the prior year period.
Three Months Ended June
30,
Change
2023
2022
$
%
(Unaudited)
(in thousands, except
percentages)
GAAP net revenue
$
16,037
$
12,971
$
3,066
23.6
%
Vapotherm Access net revenue
-
(987
)
987
(100.0
)%
Non-GAAP net revenue excluding Vapotherm
Access
$
16,037
$
11,984
$
4,053
33.8
%
The following table contains a reconciliation of net loss to
Adjusted EBITDA for the three months ended June 30, 2023 and 2022,
respectively.
Three Months Ended June
30,
2023
2022
(Unaudited)
(in thousands)
Net loss
$
(14,788
)
$
(42,683
)
Interest expense, net
4,616
2,809
Provision (benefit) for income taxes
25
(10
)
Depreciation and amortization
1,197
1,348
EBITDA
$
(8,950
)
$
(38,536
)
Stock-based compensation
2,585
2,498
Impairment of goodwill
-
14,701
Impairment of long-lived and intangible
assets
-
4,036
Foreign currency
(9
)
46
Gain from deconsolidation
(5
)
-
Gain on disposal of property and
equipment
(2
)
-
Change in fair value of contingent
consideration
-
(2,925
)
Adjusted EBITDA
$
(6,381
)
$
(20,180
)
The following table contains a reconciliation of operating
expenses to non-GAAP operating expenses and non-GAAP cash operating
expenses for the three months ended June 30, 2023, March 31, 2023
and June 30, 2022, respectively.
Three Months Ended
June 30, 2023
March 31, 2023
June 30, 2022
(Unaudited)
(in thousands)
GAAP operating expenses
$
17,016
$
19,836
$
42,203
Impairment of goodwill
-
-
(14,701
)
Impairment of long-lived and intangible
assets
-
(432
)
(4,036
)
Gain (loss) on disposal of property and
equipment
2
(55
)
-
Non-GAAP operating expenses
17,018
19,349
23,466
Stock-based compensation
(2,534
)
(2,773
)
(2,299
)
Termination benefits
-
-
(1,844
)
Depreciation and amortization
(293
)
(305
)
(500
)
Gain from deconsolidation
5
114
-
Change in fair value of contingent
consideration
-
-
2,925
Non-GAAP cash operating expenses
$
14,196
$
16,385
$
21,748
Supplemental Operating Metrics
June 30,
2023
2022
Change
Amount
Amount
Amount
%
HVT 2.0 and precision flow units
installed base
United States
24,563
23,865
698
2.9
%
International
12,729
12,269
460
3.7
%
Total
37,292
36,134
1,158
3.2
%
Three Months Ended June
30,
2023
2022
Change
Amount
Amount
Amount
%
HVT 2.0 and precision flow units sold
and leased
United States
293
129
164
127.1
%
International
146
220
(74
)
(33.6
)%
Total
439
349
90
25.8
%
Disposable patient circuits
sold
United States
69,323
55,333
13,990
25.3
%
International
35,744
24,785
10,959
44.2
%
Total
105,067
80,118
24,949
31.1
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808067109/en/
Investor Relations: Mark Klausner or Mike Vallie,
Westwicke, an ICR Company, ir@vtherm.com, +1 (603) 658-0011
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