2019 Revenue of $48.1 Million Reflects 13.5%
Increase Over Prior Year
Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a
global medical technology company focused on the development and
commercialization of its proprietary Hi-VNI® Technology products
that are used to treat patients of all ages suffering from
respiratory distress, today announced fourth quarter and fiscal
year 2019 financial results.
Fourth Quarter 2019 Summary
- Revenue for the fourth quarter of 2019 was $13.0 million,
representing an 11.3% increase over the prior year period
- Worldwide installed base of Precision Flow Hi-VNI™ systems grew
by 18.0% compared to the fourth quarter of 2018
- Disposable Revenue represented 74.4% of Revenue and was $9.7
million, 21.4% growth over the prior year period
- Gross margin was 45.1% in comparison to gross margin of 41.2%
in the fourth quarter of 2018
Fiscal Year 2019 Summary
- Revenue for 2019 was $48.1 million, 13.5% growth over 2018
- Disposable Revenue represented 72.9% of revenue and was $35.1
million, 23.2% growth over 2018
- Gross margin was 44.3% in comparison to gross margin of 39.6%
in 2018
Fiscal Year 2020 Revenue Outlook
- Anticipated revenue for 2020 of $52.9 million to $54.5 million,
representing a projected increase of 10% to 13%
“We are pleased with our progress during 2019, which included a
23.2% increase in disposable revenue, growth of 18.0% in our
worldwide installed base of Precision Flow systems, and 470 basis
point improvement in gross margin,” said Joe Army, President and
CEO of Vapotherm. “In 2020, we intend to continue to focus on our
ED Gold account strategy, increasing our worldwide installed base,
launching new products worldwide, including the Oxygen Assist
Module outside of the United States, and continued gross margin
improvement.”
Results for the Three Months Ended December 31, 2019
The following table reflects the Company’s net revenue for the
three months ended December 31, 2019 and 2018:
Three Months Ended December
31,
2019
2018
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
Revenue
Capital (product & lease revenue)
$
2,920
22.4
%
$
3,255
27.9
%
$
(335
)
(10.3
%)
Disposable
9,679
74.4
%
7,972
68.2
%
1,707
21.4
%
Service
411
3.2
%
459
3.9
%
(48
)
(10.5
%)
Total revenue
$
13,010
100.0
%
$
11,686
100.0
%
$
1,324
11.3
%
Revenue for the fourth quarter of 2019 was $13.0 million, a
11.3% increase over the fourth quarter of 2018, and in line with
preliminary fourth quarter revenue of $12.9 million as announced on
January 10, 2020. Total capital revenue, including both product
sales and lease revenue, decreased 10.3% over the fourth quarter of
2018 primarily as a result of fewer sales and leases of our
Precision Flow units and lower average selling prices in the United
States. Total disposable revenue increased 21.4% year over year,
primarily driven by an increase in the worldwide installed base of
Precision Flow units, and increased average selling prices
worldwide. Disposable revenue as a percentage of total revenue for
the fourth quarter of 2019 and 2018 was 74.4% and 68.2%,
respectively.
Revenue information by geography is summarized as follows:
Three Months Ended December
31,
2019
2018
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
United States
$
9,821
75.5
%
$
9,032
77.3
%
$
789
8.7
%
International
3,189
24.5
%
2,654
22.7
%
535
20.2
%
Total Revenue
$
13,010
100.0
%
$
11,686
100.0
%
$
1,324
11.3
%
U.S. revenue growth in the fourth quarter of 2019 was driven by
an increase in disposable sales due to a higher installed base of
Precision Flow units, increased utilization and higher average
selling prices, partially offset by lower average selling prices of
our capital units due to mix. U.S. disposable revenue grew $1.4
million or 21.7% over the fourth quarter of 2018. International
revenue growth in the fourth quarter was primarily driven by an
increase in disposable sales due to a higher installed base of
Precision Flow units and higher average selling prices which were
partially offset by lower utilization rates. International
disposable revenue grew $328,000 or 20.2% over the fourth quarter
of 2018.
Our total installed base of Precision Flow units at the end of
the fourth quarter of 2019 was 16,580 units, comprised of 11,882
and 4,698 units in the U.S. and International markets,
respectively. This represents a 18.0% increase over our installed
base at the end of the fourth quarter of 2018. We sold and leased
353 and 251 Precision Flow units in the U.S. and International
markets, respectively, in the fourth quarter of 2019. In the fourth
quarter of 2019, we sold 73,276 and 22,975 disposables in the U.S.
and International markets, respectively.
Gross profit for the fourth quarter of 2019 was $5.9 million, an
increase of $1.0 million over the fourth quarter of 2018. Gross
margin was 45.1% in the fourth quarter of 2019 compared to 41.2% in
the fourth quarter of 2018. The increase in gross margin was driven
by an increase in the average selling prices of disposables
worldwide, an increase in average selling prices of International
capital units, a decrease in disposable component costs in
comparison to the fourth quarter of 2018, and a favorable sales mix
of disposables.
Operating expenses were $18.6 million in the fourth quarter of
2019, an increase of $2.8 million as compared to $15.8 million in
the same period last year. The increase in operating expenses was
primarily a result of increased public company related expenses, as
well as product development costs and increased investments in
sales and marketing initiatives.
Net loss for the fourth quarter of 2019 was $12.5 million, or
$0.60 per share, compared to $12.9 million, or $1.39 per share, in
the fourth quarter of 2018. Net loss per share was based on
20,830,169 and 9,232,750 weighted average shares outstanding for
the fourth quarter of 2019 and 2018, respectively.
Adjusted EBITDA was ($10.8) million for the fourth quarter of
2019 as compared to ($10.2) million for the fourth quarter of 2018.
The $584,000 increase in Adjusted EBITDA loss in the fourth quarter
of 2019 was primarily due to higher operating expenses resulting
from higher levels of general and administrative expenses which
include public company related costs, research and development
expenses which include investments in new product development costs
and sales and marketing expenses which include the expansion of the
U.S. salesforce in the fourth quarter of 2019, partially offset by
higher gross profit.
Results for the Twelve Months Ended December 31, 2019
The following table reflects the Company’s net revenue for the
twelve months ended December 31, 2019 and 2018:
Year Ended December
31,
2019
2018
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
Revenue
Capital (product & lease revenue)
$
11,045
22.9
%
$
12,114
28.6
%
$
(1,069
)
(8.8
%)
Disposable
35,055
72.9
%
28,453
67.1
%
6,602
23.2
%
Service
2,004
4.2
%
1,810
4.3
%
194
10.7
%
Total revenue
$
48,104
100.0
%
$
42,377
100.0
%
$
5,727
13.5
%
Revenue for 2019 was $48.1 million, representing a 13.5%
increase over 2018. Total capital revenue, including both product
sales and lease revenue, decreased 8.8% year over year primarily as
a result of fewer sales and leases of our Precision Flow units
worldwide and lower average selling prices in the United States.
Disposable revenue for the twelve months represented 72.9% and
67.1% of total revenue in 2019 and 2018 respectively. The increase
in revenue was primarily driven by an increase in disposable sales
related to an increase in the installed base of Precision Flow
capital units worldwide.
Revenue information by geography is summarized as follows:
Year Ended December
31,
2019
2018
Change
(in thousands, except
percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
United States
$
36,583
76.0
%
$
33,010
77.9
%
$
3,573
10.8
%
International
11,521
24.0
%
9,367
22.1
%
2,154
23.0
%
Total Revenue
$
48,104
100.0
%
$
42,377
100.0
%
$
5,727
13.5
%
Revenue growth in the U.S. and International markets in 2019 was
driven primarily by an increase in disposable sales related to an
increase in the installed base of Precision Flow capital units
worldwide. In 2019, we sold and leased 1,311 Precision Flow capital
units and sold approximately 263,092 disposables in the U.S. and we
sold and leased 843 Precision Flow capital units and sold
approximately 88,944 disposables in International markets,
respectively. U.S. disposable revenue grew $4.7 million or 20.5% as
compared to 2018 while International disposable revenue grew $1.9
million or 34.5% as compared to 2018.
Gross profit for the twelve months of 2019 was $21.3 million, an
increase of $4.5 million over 2018. Gross margin was 44.3% in
comparison to 39.6% in 2018. The increase in gross margin was
driven by a decrease in disposable component costs, increased
average selling prices on disposables worldwide, and a favorable
sales mix of disposables. Additionally, we improved operating
efficiency by holding operating overhead constant while increasing
throughput in our manufacturing facility to support continued sales
growth.
Operating expenses were $69.5 million for the twelve months of
2019, an increase of $15.5 million as compared to $54.0 million in
the same period of 2018. The increase in operating expenses was
primarily a result of general and administrative expenses primarily
due to increased public company costs, research and development
expenses due to new product development, and increases in sales and
marketing expenses related to an expansion in the number of U.S.
sales territories.
Net loss for the twelve months of 2019 was $51.1 million or
$2.74 per share compared to $42.5 million or $14.65 per share in
2018. Net loss per share was based on 18,604,707 and 2,905,085
weighted average shares outstanding for the twelve months of 2019
and 2018, respectively.
Adjusted EBITDA was ($41.3) million for the twelve months of
2019 as compared to ($34.6) million for the twelve months of 2018.
The increase in Adjusted EBITDA loss in 2019 was due to higher
operating expenses resulting from higher levels of general and
administrative expenses which include public company related costs,
research and development expenses which include investments in new
product development costs and sales and marketing expenses which
include the expansion of the U.S. salesforce in the fourth quarters
of 2018 and 2019.
Cash Position
Cash and cash equivalents were $71.7 million as of December 31,
2019 compared to $83.5 million as of September 30, 2019 and $58.2
million as of December 31, 2018.
Fiscal 2020 Outlook
For fiscal 2020, we expect revenue in the range of $52.9 million
to $54.5 million, representing an anticipated year-over-year
increase of between 10% to 13%.
In the first quarter of 2020, we expect revenue in the range of
$13.4 million to $13.9 million, representing an anticipated
year-over year increase of 9% to 13%.
For fiscal 2020, we expect gross margin to be in the range of
46.5% and 47.5%.
For fiscal 2020, we expect operating expenses to be in the range
of $71.0 million to $73.0 million.
Conference Call
Management will host a conference call at 4:30 p.m. Eastern Time
on March 4th 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 (877) 201-0168 for U.S.
callers, or (647) 788-4901 for international callers, approximately
ten minutes prior to the start time and reference conference code
9050486. 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 March 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 9050486.
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
and tax. Adjusted EBITDA in this release represents EBITDA as
adjusted for the impact of foreign currency loss or gain,
litigation settlement gains or losses, gain or loss on
extinguishment of debt, the change in fair value of warrant
liabilities, 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 2.1 million patients have been
treated with Vapotherm Hi-VNI Technology. Hi-VNI Technology 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. Hi-VNI Technology’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 made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including statements about the
expansion of our installed base, driving disposable revenue growth,
the potential launch of new products and full year or quarterly
revenue, gross margin, and operating expense guidance. 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
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, 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. CONSOLIDATED BALANCE
SHEETS (In thousands, except share amounts)
December 31,
2019
2018
Assets
Current assets
Cash and cash equivalents
$
71,655
$
58,223
Accounts receivable, net
8,243
7,107
Inventories
9,137
13,710
Prepaid expenses and other current
assets
4,066
2,683
Total current assets
93,101
81,723
Property and equipment, net
15,086
13,416
Restricted cash
1,852
1,799
Goodwill
588
-
Intangible assets, net
353
-
Deferred income tax assets
66
-
Other long-term assets
844
308
Total assets
$
111,890
$
97,246
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,753
$
3,148
Contract liabilities
137
79
Accrued expenses and other liabilities
9,809
7,653
Short-term line of credit
3,491
3,163
Total current liabilities
16,190
14,043
Long-term loans payable, net
41,787
31,317
Other long-term liabilities
174
325
Total liabilities
58,151
45,685
Commitments and contingencies (Note
11)
Stockholders' equity
Preferred stock ($.001 par value)
25,000,000 shares authorized; no shares issued and outstanding as
of December 31, 2019 and 2018
-
-
Common stock ($.001 par value) 175,000,000
shares authorized as of December 31, 2019 and 2018; 20,851,531 and
16,782,837 shares issued and outstanding as of December 31, 2019
and 2018, respectively
21
17
Additional paid-in capital
319,115
265,926
Accumulated other comprehensive income
44
-
Accumulated deficit
(265,441
)
(214,382
)
Total stockholders' equity
53,739
51,561
Total liabilities and stockholders’
equity
$
111,890
$
97,246
Vapotherm, Inc. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share and per share amounts)
Three Months Ended December
31,
2019
2018
Net revenue
$
13,010
$
11,686
Cost of goods sold
7,147
6,868
Gross profit
5,863
4,818
Operating expenses
Research and development
3,656
2,697
Sales and marketing
9,903
9,596
General and administrative
5,021
3,397
Loss on disposal of fixed assets
-
62
Total operating expenses
18,580
15,752
Loss from operations
(12,717
)
(10,934
)
Other (expense) income
Foreign currency gain
81
2
Interest income
202
97
Gain on litigation settlement
1,151
-
Interest expense
(1,313
)
(1,042
)
Loss on extinguishment of debt
-
(1,000
)
Net loss before income taxes
$
(12,596
)
$
(12,877
)
Provision for income taxes
(146
)
-
Net loss
$
(12,450
)
$
(12,877
)
Other comprehensive income, net of
tax:
Foreign currency translation
adjustments
114
-
Total other comprehensive income
$
114
$
-
Total comprehensive loss
$
(12,336
)
$
(12,877
)
Net loss per share basic and diluted
$
(0.60
)
$
(1.39
)
Weighted-average number of shares used in
calculating net loss per share, basic and diluted
20,830,169
9,232,750
Vapotherm, Inc. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share and per share amounts)
Year Ended December
31,
2019
2018
Net revenue
$
48,104
$
42,377
Cost of revenue
26,793
25,605
Gross profit
21,311
16,772
Operating expenses
Research and development
13,376
8,771
Sales and marketing
37,689
33,927
General and administrative
18,410
11,186
Loss on disposal of property and
equipment
-
121
Total operating expenses
69,475
54,005
Loss from operations
(48,164
)
(37,233
)
Other (expense) income
Foreign currency gain
44
-
Interest income
860
118
Gain on litigation settlement
1,151
-
Interest expense
(5,096
)
(3,064
)
Loss on extinguishment of debt
-
(2,842
)
Gain on change in fair value of warrant
liabilities
-
553
Net loss before income taxes
$
(51,205
)
$
(42,468
)
Benefit for income taxes
(146
)
-
Net loss
$
(51,059
)
$
(42,468
)
Accretion of preferred stock to redemption
value
-
(81
)
Net loss attributable to common
stockholders
$
(51,059
)
$
(42,549
)
Other comprehensive income, net of
tax:
Foreign currency translation
adjustments
44
-
Total other comprehensive income
$
44
$
-
Total comprehensive loss
$
(51,015
)
$
(42,468
)
Net loss per share attributable to common
stockholders - basic and diluted
$
(2.74
)
$
(14.65
)
Weighted-average number of shares used in
calculating net loss per share, basic and diluted
18,604,707
2,905,085
VAPOTHERM, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS (In thousands)
Year Ended December
31,
2019
2018
(As Adjusted)
Cash flows from operating
activities
Net loss
$
(51,059
)
$
(42,468
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
3,078
2,167
Stock-based compensation expense
3,836
502
Amortization of discount on debt
234
123
Loss on disposal of property and
equipment
101
511
Provision for bad debts
104
273
Loss on extinguishment of debt
-
2,842
Gain on litigation settlement
(1,151
)
-
Deferred income taxes
(147
)
Change in fair value of warrants
-
(553
)
Changes in operating assets and
liabilities:
Accounts receivable
(833
)
(425
)
Inventories
5,063
(2,252
)
Prepaid expenses and other assets
(1,218
)
(443
)
Accounts payable
98
896
Contract liabilities
58
15
Accrued expenses and other liabilities
2,174
(1,206
)
Net cash used in operating activities
(39,662
)
(40,018
)
Cash flows from investing
activities
Acquisition of business, net of cash
acquired
(1,560
)
-
Purchases of property and equipment
(4,747
)
(5,180
)
Net cash used in investing activities
(6,307
)
(5,180
)
Cash flows from financing
activities
Proceeds from issuance of common stock in
connection with public offering, net
48,669
59,892
Proceeds on loans
10,500
32,000
Proceeds from issuance of redeemable
convertible preferred stock, net
-
9,919
Repayment of loans payable
-
(22,328
)
Public offering costs
(393
)
(2,498
)
Debt issuance costs
(29
)
(800
)
Short-term line of credit
316
136
Proceeds from exercise of stock options
and purchase of restricted stock
386
539
Net cash provided by financing
activities
59,449
76,860
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
5
-
Net increase in cash, cash equivalents,
and restricted cash
13,485
31,662
Cash, cash equivalents and restricted
cash
Beginning of year
60,022
28,360
End of year
$
73,507
$
60,022
Supplemental disclosures of cash flow
information
Interest paid during the period
$
4,793
$
3,028
Issuance of common stock upon vesting of
restricted stock
$
402
$
360
Issuance of warrants in conjunction with
debt draw down
$
293
$
-
Property and equipment purchases in
accrued expenses
$
135
$
21
Conversion of preferred stock to common
stock
$
-
$
162,637
Non-GAAP Financial Measures
The following tables contain a reconciliation of net loss to
Adjusted EBITDA for the three and twelve months ended December 31,
2019 and 2018, respectively.
Three Months Ended December
31,
Amount
Change
2019
2018
$
%
(in thousands, except
percentages)
Net loss
$
(12,450
)
$
(12,877
)
$
427
3.3
%
Interest expense, net
1,111
945
166
(17.6
%)
Benefit for income taxes
(146
)
-
(146
)
100.0
%
Depreciation and amortization
859
606
253
(41.7
%)
EBITDA
$
(10,626
)
$
(11,326
)
$
700
6.2
%
Foreign currency
(81
)
(2
)
(79
)
3950.0
%
Gain on litigation settlement
(1,151
)
-
(1,151
)
100.0
%
Loss on extinguishment of debt
-
1,000
(1,000
)
100.0
%
Stock based compensation
1,081
135
946
(700.7
%)
Adjusted EBITDA
$
(10,777
)
$
(10,193
)
$
(584
)
(5.7
%)
Year Ended December
31,
Amount
Change
2019
2018
$
%
(in thousands, except
percentages)
Net loss
$
(51,059
)
$
(42,468
)
$
(8,591
)
(20.2
%)
Interest expense, net
4,236
2,946
1,290
(43.8
%)
Benefit for income taxes
(146
)
-
(146
)
100.0
%
Depreciation and amortization
3,078
2,167
911
(42.0
%)
EBITDA
$
(43,891
)
$
(37,355
)
$
(6,536
)
(17.5
%)
Foreign currency
(44
)
-
(44
)
100.0
%
Gain on litigation settlement
(1,151
)
-
(1,151
)
100.0
%
Loss on extinguishment of debt
-
2,842
(2,842
)
100.0
%
Change in fair value of warrant
liabilities
-
(553
)
553
(100.0
%)
Stock based compensation
3,836
502
3,334
(664.1
%)
Adjusted EBITDA
$
(41,250
)
$
(34,564
)
$
(6,686
)
(19.3
%)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200304005681/en/
Investor Relations: Mark Klausner or Mike Vallie,
Westwicke, an ICR Company, ir@vtherm.com, +1 (603) 658-0011
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