Vapotherm Reports Fourth Quarter and Fiscal Year 2020 Financial Results

first_img – Vapotherm Reports Fourth Quarter and Fiscal Year 2020 Financial Results (9,067 Loss from operations Twitter $ $ Net revenue for 2020 was $125.7 million, representing a 161.4% increase over 2019. Total capital equipment revenue, including product and lease revenue, increased 497.2% year over year. This increase was due to increased sales of our Precision Flow units as a result of demand related to the COVID-19 pandemic and increased average selling prices in the United States. Total disposable revenue increased 61.8% 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 and higher average selling prices in the United States. Revenue information by geography is summarized as follows: Total other comprehensive income (loss) 2020 % Change (in thousands, except percentages) 22,975 (147 Stock-based compensation Total 7,500 % CONSOLIDATED BALANCE SHEETS $ 38 66 Net loss before income taxes $ 19,873 General and administrative Research and development Adjusted EBITDA 11,521 497.2 Total other comprehensive income ) Total Amount 419.1 % 16,226 (51,502 4,163 Cost of goods sold 86.7 1,054 Gain on litigation settlement 1,251 3.0 % – 843 6 % 386 2,916 $ 840 62,687 Inventories – Precision Flow Units Sold and Leased (17,184 ) $ International Worldwide revenue growth in 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. Gross profit for the twelve months of 2020 was $63.0 million, an increase of $41.7 million over 2019. Gross margin was 50.1% in comparison to 44.3% in 2019. Gross margin was positively impacted by improved overhead absorption due to higher production volumes and a higher mix of U.S. revenue partially offset by higher labor costs, increased supplier freight and expediting fees to meet the rapid increase in production capacity. Operating expenses were $106.1 million for the year ended December 31, 2020, an increase of $36.6 million as compared to $69.5 million in 2019. The increase in operating expenses was primarily due to higher sales and marketing expenses as a result of an increase in sales commissions and increased sales and marketing headcount and, to a lesser extent, general and administrative expenses as well as research and development costs. Net loss for the year ended December 31, 2020 was $51.5 million or $2.16 per share compared to a net loss of $51.1 million or $2.74 per share in 2019. Net loss for 2020 includes a loss on debt extinguishment of $4.2 million recorded as a result of the Company’s debt refinancing in the fourth quarter of 2020. Net loss per share was based on 23,818,447 and 18,604,707 weighted average shares outstanding for the year ended December 31, 2020 and 2019, respectively. Adjusted EBITDA was negative $31.8 million for the year ended December 31, 2020 as compared to negative $41.3 million for 2019. The improvement in Adjusted EBITDA in 2020 was primarily due to higher revenue and gross profit, partially offset by increased operating expenses resulting from higher levels of sales and marketing expenses, primarily sales commissions and increased headcount, and to a lesser extent general and administrative expenses and research and development costs. Cash Position Cash and cash equivalents were $113.7 million as of December 31, 2020 compared to $139.0 million as of September 30, 2020 and $71.7 million as of December 31, 2019. Fiscal 2021 Outlook COVID-19 has driven dramatic increases in our installed base and awareness of the benefits our technology, which will enable us to produce long-term growth post pandemic. Due to the significant and rapid changes in COVID-19 related hospitalizations, forecasting the demand for both our capital and disposables in the near term remains challenging. From an overall business standpoint, we are addressing this variability by positioning ourselves to respond quickly to changes in demand. This was a significant focus during 2020, and we believe we are positioned well to respond quickly to COVID-19 driven increases or decreases in demand. From a financial outlook standpoint, we are providing a range of outcomes based on a set of assumptions derived from the best information available to us at this time. To start 2021, we saw near peak COVID-19 related hospitalizations across the U.S. and Europe resulting in demand for our capital and disposables at levels we experienced in late 2020. Beginning in mid-January of 2021, we saw a decrease in U.S. hospitalizations from the peak experienced in early January and reduced COVID-19 related demand for our products. In addition, we have not seen meaningful flu related cases or hospitalizations in the U.S. quarter to date which is a trend we expect to continue throughout 2021. Typically, U.S. disposable utilization rates are the highest in the first quarter each year due to the impact of the flu. Beginning in the second quarter of 2021, we expect that there will be very limited budget dollars available for capital equipment and, as a result, we expect capital sales to decrease significantly year over year given the COVID-19 driven demand we experienced in 2020. In addition, our current expectations are that vaccination efforts will be successful and will result in a declining number of COVID-19 cases and hospitalizations over the last three quarters of the year thereby reducing COVID-19 related demand for our disposables as well. Despite this, we expect that disposables will show year over year growth in the U.S due to an increased installed base and greater awareness of our ability to treat the symptoms of respiratory distress in all patients, including those in Type II respiratory distress. Lastly, given the significant expected year over year decrease in sales and production volumes, especially related to capital equipment, we expect gross margins to decrease in 2021 before improving again in 2022 to levels above 2020. For fiscal 2021, we expect revenue in the range of $82 million to $88 million, which represents a two-year compound annual growth rate of 33% at the mid-point of this range. For the first quarter of 2021, we expect revenue in the range of $30 million to $33 million. For fiscal 2021, we expect gross margin to be in the range of 46% and 48%. For fiscal 2021, we expect operating expenses to be in the range of $97 million to $99 million. We are still in a highly dynamic environment given the impact of COVID-19 and should our expectations regarding COVID-19 or other aspects of our operating results not play out as anticipated, it could result in materially different financial results than what we are currently expecting. Conference Call Management will host a conference call at 4:30 p.m. Eastern Time on February 24 th 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 5693622. 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 March 3, 2021 by dialing (800) 585-8367 in the U.S. or (416) 621-4642 outside of the U.S. The replay access code is 5693622. 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 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, taxes and depreciation and amortization. Adjusted EBITDA in this release represents EBITDA as adjusted for the impact of foreign currency loss or gain, stock-based compensation expense, loss on debt extinguishment and gain on legal settlement. 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 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 should not be considered as 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. 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 2.6 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 educate new customers on the use of Vapotherm’s High Velocity Therapy, especially on hypercapnic patients, increasing our production and our installed base, expanding the limited release of our Oxygen Assist Module, improving our gross margins and expected revenue for the first quarter of 2021 and 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,’’ “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, 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, 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: % % ) $ 2020 2020 402 (in thousands, except percentages) ) (2.74 Interest expense Non-cash lease expense Accounts receivable, net % United States $ 21,311 % 100.0 162,085 2,920 75.5 % ) 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, 2020 and 2019, respectively. 11,045 % $ 7,295 ) 26,572 % 15,051 3,078 113,905 Amount % Total net revenue Vapotherm, Inc. Accrued expenses and other liabilities 214.4 ) Foreign currency gain % of Revenue Stock based compensation (42,279 (51,502 WhatsApp 26 $ 21,656 ) 2020 (146 ) (77 – Worldwide revenue growth in the fourth quarter of 2020 was driven by an increase in the number of Precision Flow units sold over the prior year period and to a lesser extent an increase in single-use disposable sales due to higher installed bases of Precision Flow units worldwide. Gross profit for the fourth quarter of 2020 was $20.7 million, an increase of $14.8 million over the fourth quarter of 2019. Gross margin was 50.6% in the fourth quarter of 2020 compared to 45.1% in the fourth quarter of 2019. Gross margin was positively impacted by improved overhead absorption due to higher production volumes and a higher mix of U.S. revenue. Operating expenses were $33.0 million in the fourth quarter of 2020, an increase of $14.4 million as compared to $18.6 million in the same period last year. The increase in operating expenses was primarily due to higher sales and marketing expenses as a result of an increase in sales commissions, and increased sales and marketing headcount, and to a lesser extent increased general and administrative expenses as well as research and development expenses. Net loss for the fourth quarter of 2020 was $17.2 million, or $0.67 per share, compared to net loss of $12.5 million, or $0.60 per share, in the fourth quarter of 2019. Net loss for the fourth quarter of 2020 includes a loss on debt extinguishment of $4.2 million recorded as a result of the Company’s debt refinancing. Net loss per share was based on 25,682,098 and 20,830,169 weighted average shares outstanding for the fourth quarter of 2020 and 2019, respectively. Adjusted EBITDA was negative $9.1 million for the fourth quarter of 2020 as compared to negative $10.8 million for the fourth quarter of 2019. The $1.7 million improvement in Adjusted EBITDA in the fourth quarter of 2020 was primarily due to higher revenue and gross profit, partially offset by increased operating expenses resulting from higher levels of sales and marketing expenses, primarily sales commissions and increased headcount. Reconciliations of all historical non-GAAP financial measures used in this release to the most comparable GAAP measures can be found in the attached financial tables. Results for the Twelve Months Ended December 31, 2020 The following table reflects the Company’s net revenue for the twelve months ended December 31, 2020 and 2019: 68,229 Deferred income tax assets Depreciation and amortization 76.0 Year Ended December 31, Loss on extinguishment of debt $ ) 52.5 Year Ended December 31, Adjusted EBITDA 3,058 73,507 ) 3,520 Foreign currency (543 Year Ended December 31, VAPOTHERM, INC. 56,711 45.1 Benefit for income taxes 101 251 ) 720 Deferred income taxes Total stockholders’ equity % Total comprehensive loss Capital (product & lease revenue) % 83.4 4.2 (114 Adjustments to reconcile net loss to net cash used in operating activities Interest paid during the period ) Total net revenue – 4,106 136,106 % $ (15,003 100.0 20,830,169 Other long-term assets % Loss on extinguishment of debt 8,766 ) % $ 111,890 9,903 % (1,151 72 3,836 ) 353 Amount $ $ Stockholders’ equity Amount 7,706 End of year 36,583 2020 $ Amount (51,505 171.1 $ International $ $ (In thousands) (393 Common stock offering costs ) 13,485 (12,717 77,629 % of Revenue ) Additional paid-in capital Amortization of discount on debt 5,863 257 (39,468 482.8 % 44.2 EBITDA Weighted-average number of shares used in calculating net loss per share,basic and diluted $ 639.1 $ Gain on litigation settlement % Stock-based compensation expense ) 58,151 ) Current assets 9,137 $ 18,580 $ 319,115 82.2 – Deferred income tax liabilities ) Vapotherm, Inc. ) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS 5,041 Inventories $ 101,753 Operating expenses ) Revenue (in thousands, except percentages) Common stock ($.001 par value) 175,000,000 shares authorized as ofDecember 31, 2020 and 2019; 25,722,984 and 20,851,531 shares issuedand outstanding as of December 31, 2020 and 2019, respectively Loss on extinguishment of debt 96,251 $ 1,853 Interest expense, net (39,662 430,781 588 – 5,694 ) Preferred stock ($.001 par value) 25,000,000 shares authorized; no sharesissued and outstanding as of December 31, 2020 and 2019 – Acquisition of business, net of cash acquired Change (12,315 215,658 Total operating expenses United States % 1,111 – % 157,173 Accounts payable $ 104 – 4,769 48,104 459 Liabilities and Stockholders’ Equity Accrued expenses and other liabilities (146 – (4,495 114 ) Total current liabilities 41,977 39,653 (6,307 (17,184 41,787 1,081 3,491 Intangible assets, net % Interest income $ Other long-term liabilities 36,551 ) December 31, 2020 61.8 Accumulated other comprehensive income International 16,190 Three Months Ended December 31, ) 27,897 ) Provision for inventory valuation 33,612 113,683 $ Purchases of property and equipment 22.9 24,039 % ) Depreciation and amortization 9,821 $ ) (1,313 174 % 414,068 Proceeds from issuance of common stock under Employee Stock Purchase Plan 150,976 % 41 – (In thousands, except share and per share amounts) 137 33,026 161.4 604 2019 $ 65,964 (51,502 24.0 $ 967 2019 1,311 (12,450 (17,184 (in thousands, except percentages) 4,954 15 73,507 Restricted cash 20,573 TAGS  7,114 5,021 ) ) % Loss from operations Precision Flow Units Sold and Leased $ (4,747 ) 783 % 59,449 18,074 Payments of debt extinguishment costs (14,810 ) Gain on litigation settlement 19,884 (29 Other (expense) income 2,004 (4,163 (18,169 ) Commitments and contingencies 844 1,398 Other (expense) income 75.8 Total operating expenses 242.2 ) 78.9 $ ) 3,475 Amount 52.8 115,536 Net loss 80,241 40,907 2019 ) 20,958 ) Other comprehensive income 48,104 % of Revenue 73,276 76.7 13,010 38 ) (81 $ 2020 2019 63,046 (31,815 $ 70 234 (0.67 2019 Amount % ) $ – % 16,956 (41,250 (265,441 ) 37,689 2019 77,629 (5,096 9,027 ) 293 Amount % 69,475 72.9 18,410 % 2019 % % Three Months Ended December 31, Sales and marketing Amount Total Capital (product & lease revenue) 52.6 Twitter Three Months Ended December 31, Year Ended December 31, % Loss on extinguishment of debt (43,014 2019 (48,164 ) – Assets $center_img Service and Other 9,679 Facebook $ $ $ 1,151 % of Revenue (4,711 (316,943 Short-term line of credit United States 204.4 $ (0.60 48,104 44 11,181 2019 Proceeds from short-term line of credit and revolving loan facility Interest expense Benefit for income taxes % (146 ) Net loss ) ) ) % Disposable Patient Circuits Sold Foreign currency translation adjustments 100.0 ) 44 (8,372 125,733 Total net revenue (2.16 4,967 (44 $ 13,376 44 1,461 20,273 Change Net cash used in operating activities 8,395 Previous articlePhysicians’ Education Resource® veranstaltet 38. jährliche Miami Breast Cancer Conference® in erweitertem, interaktivem virtuellem TagungsformatNext articleHectic finish awaits all NBA teams in 2nd half of season Digital AIM Web Support % (51,205 % (1,154 Local NewsBusiness 18,604,707 % Beginning of year Facebook Twelve Months Ended December 31, 2020 2019 Cash flows from operating activities General and administrative $ ) % (1,151 (51,059 (146 % 5,606 6,430 3,836 352,036 4,769 % ) EXETER, N.H.–(BUSINESS WIRE)–Feb 24, 2021– 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 fourth quarter and fiscal year 2020 financial results. Fourth Quarter 2020 SummaryNet revenue for the fourth quarter of 2020 was $40.9 million, representing a 214.4% increase over the prior year periodGross margin was 50.6% in comparison to gross margin of 45.1% in the fourth quarter of 2019 Fiscal Year 2020 SummaryNet revenue for 2020 was $125.7 million, 161.4% growth over 2019Disposable revenue in 2020 was $56.7 million, 61.8% growth over 2019Gross margin was 50.1% in comparison to gross margin of 44.3% in 2019Worldwide installed base of Precision Flow Hi-VNI systems grew by 72.8% in 2020 “We are pleased with our progress in 2020, which has positioned us well for continued long-term growth beyond the COVID pandemic. During 2020, we saw increased worldwide awareness of High Velocity Therapy, significant growth in the number of new ED Gold and Silver accounts in the U.S., and 72.8% growth in our worldwide installed base of Precision Flow systems,” said Joe Army, President and CEO of Vapotherm. “In 2021, we will focus on educating our Customers on how to use High Velocity Therapy for Patients experiencing Type II respiratory distress, increasing our worldwide installed base, and launching new products worldwide.” Results for the Three Months Ended December 31, 2020 The following table reflects the Company’s net revenue for the three months ended December 31, 2020 and 2019: Benefit for income taxes Total liabilities and stockholders’ equity ) (12,596 Loss on disposal of property and equipment 250 4,068 17.8 222 CONSOLIDATED STATEMENTS OF CASH FLOWS Provision for bad debts 93,101 20,711 (3 Net loss before income taxes (42,500 4,163 2,053 16,580 $ 42,029 2019 106,060 Supplemental Operating Metrics $ Amount (51,059 8,243 $ 411 (833 ) ) 11,882 4,454 ) $ % $ $ ) Accounts payable Net loss 13,010 Gross profit % of Revenue 58 ) 4,236 $ Operating lease liabilities, current and long-term Disposable Patient Circuits Sold % of Revenue 114 ) % ) % of Revenue ) 62.3 85.7 (9,797 2,406 99,676 $ $ Net loss per share – basic and diluted Operating lease right-of-use assets (1,560 ) Net cash used in investing activities 1,114 $ ) 21 Cash flows from financing activities 4,888 Accumulated deficit 48,669 Proceeds from issuance of common stock in connection with at-the-market offering,net 9,927 1,140 ) 81 United States Proceeds from exercise of stock options and purchase of restricted stock awards 263,092 $ 2019 Property and equipment, net Contract liabilities ) Depreciation and amortization Changes in operating assets and liabilities: 40,000 10,500 % (12,450 $ (In thousands, except share and per share amounts) Interest income (3 Prepaid expenses and other current assets – Debt issuance costs 23,818,447 Net revenue 125,733 2020 % Total net revenue Pinterest % $ % December 31, Net loss ) Research and development Amount Effect of exchange rate changes on cash, cash equivalents and restricted cash (10 % 5 8,002 Contract liabilities (4,163 30 593 Long-term loans payable, net 60,022 $ Amount Cash flows from investing activities 1,852 22.4 Supplemental disclosures of cash flow information % 18,662 9,187 (483 Property and equipment purchases in accrued expenses 4,793 Amount 3,078 Issuance of warrants in conjunction with debt draw down 135 Issuance of common stock upon vesting of restricted stock units and awards 21,582 213 % $ $ $ ) $ Net loss 2.4 Change 57.4 (51,015 Precision Flow Units Installed Base (in thousands) (17,146 – Proceeds from issuance of common stock in connection with public offering, net Three Months Ended December 31, (475 Operating expenses Cash and cash equivalents $ 99,161 77 128.8 – 27,897 130.6 487.8 Net cash provided by financing activities 859 100.0 % 62,578 125,733 863 Gain on litigation settlement 202 2019 $ 3,189 114 343.8 $ 4,163 2020 % – ) Accounts receivable Amount 8,260 – – 4,698 Year Ended December 31, 312.2 15,086 (10,777 ) % $ $ 215,658 (in thousands) Foreign currency translation adjustments Disposable 26,793 (43,891 View source version on businesswire.com:https://www.businesswire.com/news/home/20210224005370/en/ CONTACT: Investor Relations: Mark Klausner or Mike Vallie, Westwicke, an ICR Company,[email protected], +1 (603) 658-0011 KEYWORD: UNITED STATES NORTH AMERICA NEW HAMPSHIRE INDUSTRY KEYWORD: BIOTECHNOLOGY GENERAL HEALTH MEDICAL DEVICES HEALTH MEDICAL SUPPLIES SOURCE: Vapotherm, Inc. Copyright Business Wire 2021. PUB: 02/24/2021 04:01 PM/DISC: 02/24/2021 04:01 PM http://www.businesswire.com/news/home/20210224005370/en Revolving loan facility Cash, cash equivalents and restricted cash Net revenue for the fourth quarter of 2020 was $40.9 million as compared to $13.0 million for the fourth quarter of 2019, a 214.4% increase over the fourth quarter of 2019. Total capital equipment revenue, including product and lease revenue, increased by $18.7 million or 639.1% over the fourth quarter of 2019. This increase was due to increased sales of our Precision Flow units as a result of demand related to the COVID-19 pandemic and increased average selling prices in the United States. Total disposable revenue increased 86.7% over the fourth quarter of 2019, 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 and higher average selling prices in the United States. Revenue information by geography is summarized as follows: 2020 (813 54,919 % of Revenue Amount – $ 3,375 Three Months Ended December 31, Revenue 100.0 $ 13,010 4,066 5,883 ) 67.3 Disposable ) (10,626 (1,218 (12,336 Proceeds from loans (51,059 ) (15 4,439 $ % 3.2 Total comprehensive loss Amount 322 WhatsApp Repayments on short-term line of credit (3,765 2020 $ 1,552 40,907 145 44 ) Change 1,151 28,650 40,907 Net loss per share – basic and diluted 25,682,098 United States 72.8 By Digital AIM Web Support – April 6, 2021 6,430 ) Net increase in cash, cash equivalents, and restricted cash 23,791 20,196 Loss on extinguishment of debt (7,184 53,739 Sales and marketing Service and Other Amount (534 (471 Change % 88,944 $ 15,229 ) Foreign currency $ 62,830 21.1 % 17,411 65,065 353 ) 581.6 % International Gross profit ) ) 74.4 CONSOLIDATED STATEMENTS OF OPERATIONS – $ (In thousands, except share amounts) 176,492 Repayment of loans 860 Other comprehensive income (loss) United States 100.0 35,055 ) ) Goodwill International 40,386 Weighted-average number of shares used in calculating net loss per share,basic and diluted 100.0 12,070 161.4 EBITDA Change Gain on litigation settlement 71,655 % 214.4 Vapotherm, Inc. (1,151 1,850 Total current assets Foreign currency gain Amount % % $ 824 – Cost of revenue 6,395 (51,502 $ International International 100.0 2,632 23,488 3,656 Total liabilities ) 2,154 $ 2020 – % United States (10,157 Current liabilities 7,147 ) Pinterest 24.5 Amount Benefit for income taxes Prepaid expenses and other assets Interest expense, net – Total 571,241 Total 219,205 – $ 86.6 ) ) 111,890 94,155 Net revenue Total assetslast_img


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