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Vapotherm, Inc. (OTCQX: VAPO) is a leading developer and manufacturer of advanced respiratory technology headquartered in Exeter, New Hampshire, USA. The company focuses on creating innovative, comfortable, and non-invasive technologies to support patients with chronic or acute breathing disorders. Over 4.4 million patients globally have benefited from Vapotherm's high-velocity therapy systems, including the HVT 2.0 and Precision Flow systems.
Vapotherm's core product, high-velocity therapy, is a mask-free, non-invasive ventilatory support tool that effectively relieves respiratory distress—including hypercapnia, hypoxemia, and dyspnea. This technology allows for the fast, safe treatment of undifferentiated respiratory distress with a single tool. The mask-free interface delivers optimally conditioned breathing gases, making it more comfortable for patients and reducing the risks associated with traditional mask therapies.
The company has shown significant sales growth and continues to invest in future growth drivers such as the HVT 2.0, clinical studies, and the upcoming Access365™ Home Ventilation Solution, anticipated to launch in early 2025. This new home ventilation solution aims to improve patient quality of life and reduce hospital readmissions for patients with respiratory diseases.
Financially, Vapotherm has made considerable strides in improving profitability. For example, in the third quarter of 2023, the company reported a net revenue increase of 12.0% over the previous year, attributed to rising capital and disposable demand, especially in international markets. Furthermore, gross profit and margin saw improvements, owing to effective inventory management and increased production efficiencies.
Despite challenges, such as delisting from the New York Stock Exchange and transitioning to the OTCQX Market, the company remains steadfast in its commitment to enhancing patient lives and maintaining significant market presence. Partnerships like the one with Onymos to develop a respiratory digital platform further underscore Vapotherm's dedication to innovation and improved patient outcomes.
Vapotherm, Inc. (OTCQX: VAPO) has closed its merger with a newly-formed entity organized and funded by an affiliate of Perceptive Advisors, The merger, announced on June 17, 2024, involves Perceptive's Discovery Fund and the Company's existing lender, SLR Capital Partners. Key aspects of the deal include:
- SLR converting approximately $83.0 million of term debt into preferred equity of the new entity
- Perceptive investing $50.0 million of new preferred equity capital
- SLR retaining $40.0 million of term debt post-closing
As a result of the merger, Vapotherm's common stock trading has been suspended on OTCQX, and the company has requested delisting from OTCQX.
Vapotherm (OTCQX: VAPO) reported Q2 2024 financial results with net revenue of $16.9 million, a 5.3% increase from Q2 2023. U.S. disposables revenue grew by 25.9%, driving overall disposables revenue up 13.9%. Gross margin improved to 49.1% from 42.8% in Q2 2023. Adjusted EBITDA loss decreased to $2.9 million from $6.4 million in Q2 2023. The company's unrestricted cash and cash equivalents stood at $2.9 million at quarter-end. CEO Joseph Army highlighted increased adoption of their technology for COPD patients following the HYPERACT study results. Despite revenue growth, Vapotherm reported a net loss of $14.3 million or $2.22 per share, compared to $14.8 million or $2.34 per share in Q2 2023.
Vapotherm (OTCQX: VAPO) announced it has signed a definitive merger agreement with a newly-formed entity organized by Perceptive Advisors. The existing lender, SLR Capital Partners, will convert $81 million of term debt into preferred equity, and Perceptive will invest $50 million of new preferred equity capital into Vapotherm. Stockholders will receive $2.18 per share, a 166% premium over the closing price on June 14, 2024. The transaction, expected to close in the second half of 2024, will make Vapotherm a private company. The merger is endorsed by a special committee of independent directors and remains subject to stockholder approval and customary closing conditions.
Vapotherm, Inc. (OTCQX: VAPO) reported its first quarter 2024 financial results, showcasing a 7.9% increase in net revenue, with disposables revenue rising by 13.5%. The gross margin improved to 50.5% compared to the previous year. Operating expenses decreased, leading to a reduction in Adjusted EBITDA loss. The company's unrestricted cash and cash equivalents stood at $3.3 million. The positive financial performance was attributed to the Path to Profitability initiatives.
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