Vapotherm Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Vapotherm, Inc. (NYSE: VAPO) reported 2021 revenue of $113.3 million, reflecting a 53% compounded annual growth rate over two years. The fourth quarter net revenue of $22.2 million represents a 45.6% decline from Q4 2020 due to decreased demand for Precision Flow units amid lower COVID-19 cases. Gross margin decreased to 35%, impacted by production costs. The company has a new debt facility providing up to $75 million to support operations. For 2022, revenue is projected between $104 million to $108 million, with a forecasted adjusted EBITDA loss of $39 million to $41 million.
- 2021 revenue of $113.3 million, 53% CAGR over 2 years.
- Installed base of Precision Flow Hi-VNI systems increased by 6,600 units in 2021.
- New debt facility provides up to $75 million for operational support.
- Fourth quarter revenue declined by 45.6% to $22.2 million compared to Q4 2020.
- Gross margin dropped to 35% from 50.6% in Q4 2020.
- Net loss for 2021 increased to $59.8 million, compared to $51.5 million in 2020.
2021 Revenue of
Results in Line with Preliminary Revenue of
Worldwide Installed Base of Precision Flow Hi-VNI® Systems Now 35,200
New Debt Facility Provides Up To
Fourth Quarter 2021 Summary
-
Net revenue for fourth quarter 2021 was
$22.2 million 31% -
Disposables revenue for fourth quarter 2021 was
$15.0 million 25%
Fiscal Year 2021 Summary
-
Net revenue for 2021 was
$113.3 million 53% -
Disposables revenue in 2021 was
$66.6 million 18% growth over 2020 and a two-year compounded annual growth rate of38% - Worldwide installed base of Precision Flow Hi-VNI systems grew by approximately 6,600 units in 2021, now at approximately 35,200
“I am proud of what our Team accomplished in 2021 despite the continued disruption of COVID-19 on the global supply chain and
Results for the Three Months Ended
The following table reflects the Company’s net revenue for the three months ended
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||||||||||
|
|
(in thousands, except percentages) |
|
|||||||||||||||||||||
|
|
Amount |
|
|
% of Revenue |
|
|
Amount |
|
|
% of Revenue |
|
|
$ |
|
|
% |
|
||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital (product & lease revenue) |
|
$ |
5,357 |
|
|
|
24.1 |
% |
|
$ |
21,582 |
|
|
|
52.8 |
% |
|
$ |
(16,225 |
) |
|
|
(75.2 |
%) |
Disposables |
|
|
15,007 |
|
|
|
67.5 |
% |
|
|
18,074 |
|
|
|
44.2 |
% |
|
|
(3,067 |
) |
|
|
(17.0 |
%) |
Service and other |
|
|
1,880 |
|
|
|
8.4 |
% |
|
|
1,251 |
|
|
|
3.0 |
% |
|
|
629 |
|
|
|
50.3 |
% |
Total net revenue |
|
$ |
22,244 |
|
|
|
100.0 |
% |
|
$ |
40,907 |
|
|
|
100.0 |
% |
|
$ |
(18,663 |
) |
|
|
(45.6 |
%) |
Net revenue for the fourth quarter of 2021 was
Revenue information by geography is summarized as follows:
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||||||||||
|
|
(in thousands, except percentages) |
|
|||||||||||||||||||||
|
|
Amount |
|
|
% of Revenue |
|
|
Amount |
|
|
% of Revenue |
|
|
$ |
|
|
% |
|
||||||
|
|
$ |
17,798 |
|
|
|
80.0 |
% |
|
$ |
33,612 |
|
|
|
82.2 |
% |
|
$ |
(15,814 |
) |
|
|
(47.0 |
%) |
International |
|
|
4,446 |
|
|
|
20.0 |
% |
|
|
7,295 |
|
|
|
17.8 |
% |
|
|
(2,849 |
) |
|
|
(39.1 |
%) |
Total net revenue |
|
$ |
22,244 |
|
|
|
100.0 |
% |
|
$ |
40,907 |
|
|
|
100.0 |
% |
|
$ |
(18,663 |
) |
|
|
(45.6 |
%) |
The decrease in worldwide revenue in the fourth quarter of 2021 as compared to the fourth quarter of 2020 was due to reduced COVID-19 demand.
Gross profit for the fourth quarter of 2021 was
Operating expenses were
Net loss for the fourth quarter of 2021 was
Adjusted EBITDA was negative
Results for the Year Ended
The following table reflects the Company’s net revenue for the year ended
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||||||||||
|
|
(in thousands, except percentages) |
|
|||||||||||||||||||||
|
|
Amount |
|
|
% of Revenue |
|
|
Amount |
|
|
% of Revenue |
|
|
$ |
|
|
% |
|
||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital (product & lease revenue) |
|
$ |
40,096 |
|
|
|
35.4 |
% |
|
$ |
65,964 |
|
|
|
52.5 |
% |
|
$ |
(25,868 |
) |
|
|
(39.2 |
%) |
Disposables |
|
|
66,631 |
|
|
|
58.8 |
% |
|
|
56,711 |
|
|
|
45.1 |
% |
|
|
9,920 |
|
|
|
17.5 |
% |
Service and other |
|
|
6,565 |
|
|
|
5.8 |
% |
|
|
3,058 |
|
|
|
2.4 |
% |
|
|
3,507 |
|
|
|
114.7 |
% |
Total net revenue |
|
$ |
113,292 |
|
|
|
100.0 |
% |
|
$ |
125,733 |
|
|
|
100.0 |
% |
|
$ |
(12,441 |
) |
|
|
(9.9 |
%) |
Net revenue for 2021 was
Revenue information by geography is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||||||||||
|
|
(in thousands, except percentages) |
|
|||||||||||||||||||||
|
|
Amount |
|
|
% of Revenue |
|
|
Amount |
|
|
% of Revenue |
|
|
$ |
|
|
% |
|
||||||
|
|
$ |
84,147 |
|
|
|
74.3 |
% |
|
$ |
99,161 |
|
|
|
78.9 |
% |
|
$ |
(15,014 |
) |
|
|
(15.1 |
%) |
International |
|
|
29,145 |
|
|
|
25.7 |
% |
|
|
26,572 |
|
|
|
21.1 |
% |
|
|
2,573 |
|
|
|
9.7 |
% |
Total net revenue |
|
$ |
113,292 |
|
|
|
100.0 |
% |
|
$ |
125,733 |
|
|
|
100.0 |
% |
|
$ |
(12,441 |
) |
|
|
(9.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The decrease in
Gross profit for the year ended
Operating expenses were
Net loss for the year ended
Adjusted EBITDA was negative
New Debt Facility
In
Cash Position
Cash and cash equivalents were
Fiscal 2022 Outlook
The Company believes COVID-19 and its mutations have become a chronic, recurring problem resulting in a significant number of COVID-19 related hospitalizations each year, which is likely to significantly expand the Company’s total addressable market. The Company believes it is now near the tail end of the current COVID-19 surge in the
The impact of COVID-19 on hospitalizations worldwide continues to be very dynamic. Should the Company’s expectations regarding COVID-19 hospitalizations not materialize as planned, the Company’s future financial results could be materially different than expected.
For fiscal 2022, net revenue is expected to be in the range of
For fiscal 2022, gross margin is expected to be in the range of
For fiscal 2022, operating expenses are expected to be in the range of
For fiscal 2022, Adjusted EBITDA loss is expected to be in the range of
Conference Call
Management will host a conference call at
Website Information
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
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
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, gross margin, operating expenses and Adjusted EBITDA loss for fiscal 2022, the effect of COVID-19 and its mutations on future hospitalization levels, expansion of the Company’s total addressable market and intent to focus on ensuring the installed base is productive through clinician education efforts, launching the HVT 2.0 and expanding Vapotherm Access. In some cases, you can identify forward-looking statements by terms such as ‘‘expect,’’ “believe,” “continue,” “plan,” “estimate,” “future,” “outlook,” “will,” “should,” “could,” “would,” 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: failure to achieve its financial guidance for 2022;
Financial Statements:
CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) |
||||||||
|
|
|
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
57,071 |
|
|
$ |
113,683 |
|
Accounts receivable, net |
|
|
10,909 |
|
|
|
23,488 |
|
Inventories |
|
|
36,562 |
|
|
|
19,873 |
|
Prepaid expenses and other current assets |
|
|
5,205 |
|
|
|
5,041 |
|
Total current assets |
|
|
109,747 |
|
|
|
162,085 |
|
Property and equipment, net |
|
|
22,157 |
|
|
|
20,573 |
|
Operating lease right-of-use assets |
|
|
7,045 |
|
|
|
8,260 |
|
Restricted cash |
|
|
253 |
|
|
|
1,853 |
|
|
|
|
15,300 |
|
|
|
16,226 |
|
Intangible assets, net |
|
|
4,398 |
|
|
|
5,694 |
|
Deferred income tax assets |
|
|
78 |
|
|
|
- |
|
Other long-term assets |
|
|
1,107 |
|
|
|
967 |
|
Total assets |
|
$ |
160,085 |
|
|
$ |
215,658 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,923 |
|
|
$ |
4,967 |
|
Contract liabilities |
|
|
2,081 |
|
|
|
2,977 |
|
Accrued expenses and other current liabilities |
|
|
28,559 |
|
|
|
34,033 |
|
Revolving loan facility |
|
|
6,608 |
|
|
|
- |
|
Total current liabilities |
|
|
43,171 |
|
|
|
41,977 |
|
Long-term loans payable, net |
|
|
39,726 |
|
|
|
39,653 |
|
Revolving loan facility |
|
|
- |
|
|
|
4,888 |
|
Deferred income tax liabilities |
|
|
- |
|
|
|
6 |
|
Other long-term liabilities |
|
|
10,521 |
|
|
|
15,229 |
|
Total liabilities |
|
|
93,418 |
|
|
|
101,753 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Preferred stock (
issued and outstanding as of |
|
|
- |
|
|
|
- |
|
Common stock (
and outstanding as of |
|
|
26 |
|
|
|
26 |
|
Additional paid-in capital |
|
|
443,358 |
|
|
|
430,781 |
|
Accumulated other comprehensive income |
|
|
26 |
|
|
|
41 |
|
Accumulated deficit |
|
|
(376,743 |
) |
|
|
(316,943 |
) |
Total stockholders' equity |
|
|
66,667 |
|
|
|
113,905 |
|
Total liabilities and stockholders’ equity |
|
$ |
160,085 |
|
|
$ |
215,658 |
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Net revenue |
|
$ |
22,244 |
|
|
$ |
40,907 |
|
Cost of goods sold |
|
|
14,455 |
|
|
|
20,196 |
|
Gross profit |
|
|
7,789 |
|
|
|
20,711 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
|
4,944 |
|
|
|
4,954 |
|
Sales and marketing |
|
|
12,971 |
|
|
|
20,958 |
|
General and administrative |
|
|
7,427 |
|
|
|
7,114 |
|
Intangible asset impairment |
|
|
323 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
105 |
|
|
|
|
|
Total operating expenses |
|
|
25,770 |
|
|
|
33,026 |
|
Loss from operations |
|
|
(17,981 |
) |
|
|
(12,315 |
) |
Other (expense) income |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(635 |
) |
|
|
(813 |
) |
Foreign currency gain (loss) |
|
|
(37 |
) |
|
|
77 |
|
Interest income |
|
|
17 |
|
|
|
30 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
(4,163 |
) |
Net loss before income taxes |
|
$ |
(18,636 |
) |
|
$ |
(17,184 |
) |
Benefit for income taxes |
|
|
(76 |
) |
|
|
- |
|
Net loss |
|
$ |
(18,560 |
) |
|
$ |
(17,184 |
) |
Other comprehensive income |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
7 |
|
|
|
38 |
|
Total other comprehensive income |
|
$ |
7 |
|
|
|
38 |
|
Total comprehensive loss |
|
$ |
(18,553 |
) |
|
$ |
(17,146 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.71 |
) |
|
$ |
(0.67 |
) |
Weighted-average number of shares used in calculating net loss per share, basic and diluted |
|
|
26,073,243 |
|
|
|
25,682,098 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) |
||||||||||||
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|||
Net revenue |
|
$ |
113,292 |
|
|
$ |
125,733 |
|
|
$ |
48,104 |
|
Cost of revenue |
|
|
60,104 |
|
|
|
62,687 |
|
|
|
26,793 |
|
Gross profit |
|
|
53,188 |
|
|
|
63,046 |
|
|
|
21,311 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
18,410 |
|
|
|
16,956 |
|
|
|
13,376 |
|
Sales and marketing |
|
|
60,140 |
|
|
|
65,065 |
|
|
|
37,689 |
|
General and administrative |
|
|
31,375 |
|
|
|
24,039 |
|
|
|
18,410 |
|
Intangible asset impairment |
|
|
323 |
|
|
|
- |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
105 |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
110,353 |
|
|
|
106,060 |
|
|
|
69,475 |
|
Loss from operations |
|
|
(57,165 |
) |
|
|
(43,014 |
) |
|
|
(48,164 |
) |
Other (expense) income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,595 |
) |
|
|
(4,711 |
) |
|
|
(5,096 |
) |
Foreign currency gain (loss) |
|
|
(225 |
) |
|
|
114 |
|
|
|
44 |
|
Interest income |
|
|
91 |
|
|
|
257 |
|
|
|
860 |
|
Other income |
|
|
18 |
|
|
|
- |
|
|
|
- |
|
Gain on litigation settlement |
|
|
- |
|
|
|
15 |
|
|
|
1,151 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
(4,163 |
) |
|
|
- |
|
Net loss before income taxes |
|
|
(59,876 |
) |
|
|
(51,502 |
) |
|
|
(51,205 |
) |
Benefit for income taxes |
|
|
(76 |
) |
|
|
- |
|
|
|
(146 |
) |
Net loss |
|
|
(59,800 |
) |
|
|
(51,502 |
) |
|
|
(51,059 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(15 |
) |
|
|
(3 |
) |
|
|
44 |
|
Total other comprehensive income (loss) |
|
|
(15 |
) |
|
|
(3 |
) |
|
|
44 |
|
Total comprehensive loss |
|
$ |
(59,815 |
) |
|
$ |
(51,505 |
) |
|
$ |
(51,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(2.31 |
) |
|
$ |
(2.16 |
) |
|
$ |
(2.74 |
) |
Weighted-average number of shares used in calculating net loss per share, basic and diluted |
|
|
25,936,970 |
|
|
|
23,818,447 |
|
|
|
18,604,707 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
||||||||||||
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(59,800 |
) |
|
$ |
(51,502 |
) |
|
$ |
(51,059 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
9,766 |
|
|
|
6,430 |
|
|
|
3,836 |
|
Depreciation and amortization |
|
|
5,648 |
|
|
|
4,769 |
|
|
|
3,078 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
4,163 |
|
|
|
- |
|
Non-cash lease expense |
|
|
1,764 |
|
|
|
1,140 |
|
|
|
- |
|
Intangible asset impairment |
|
|
323 |
|
|
|
- |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
260 |
|
|
|
250 |
|
|
|
101 |
|
Amortization of discount on debt |
|
|
128 |
|
|
|
222 |
|
|
|
234 |
|
Change in fair value of contingent consideration |
|
|
(1,813 |
) |
|
|
- |
|
|
|
- |
|
Provision for bad debts |
|
|
(161 |
) |
|
|
72 |
|
|
|
104 |
|
Deferred income taxes |
|
|
(76 |
) |
|
|
70 |
|
|
|
(147 |
) |
Provision for inventory valuation |
|
|
70 |
|
|
|
(534 |
) |
|
|
(543 |
) |
Gain on litigation settlement |
|
|
- |
|
|
|
- |
|
|
|
(1,151 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
12,400 |
|
|
|
(14,810 |
) |
|
|
(833 |
) |
Inventories |
|
|
(16,759 |
) |
|
|
(10,157 |
) |
|
|
5,606 |
|
Prepaid expenses and other assets |
|
|
1,458 |
|
|
|
(483 |
) |
|
|
(1,218 |
) |
Accounts payable |
|
|
798 |
|
|
|
1,461 |
|
|
|
720 |
|
Contract liabilities |
|
|
(892 |
) |
|
|
2,494 |
|
|
|
150 |
|
Accrued expenses and other current liabilities |
|
|
(6,724 |
) |
|
|
18,101 |
|
|
|
1,460 |
|
Operating lease liabilities, current and long-term |
|
|
(1,761 |
) |
|
|
(1,154 |
) |
|
|
- |
|
Net cash used in operating activities |
|
|
(55,371 |
) |
|
|
(39,468 |
) |
|
|
(39,662 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(5,895 |
) |
|
|
(9,797 |
) |
|
|
(4,747 |
) |
Acquisition of business, net of cash acquired |
|
|
(1,304 |
) |
|
|
(8,372 |
) |
|
|
(1,560 |
) |
Net cash used in investing activities |
|
|
(7,199 |
) |
|
|
(18,169 |
) |
|
|
(6,307 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock in connection with public offering, net |
|
|
- |
|
|
|
94,155 |
|
|
|
48,669 |
|
Proceeds from issuance of common stock in connection with at-the-market offering, net |
|
|
- |
|
|
|
9,927 |
|
|
|
- |
|
Proceeds from issuance of common stock under Employee Stock Purchase Plan |
|
|
1,139 |
|
|
|
824 |
|
|
|
- |
|
Proceeds from exercise of stock options and purchase of restricted stock awards |
|
|
1,511 |
|
|
|
593 |
|
|
|
386 |
|
Common stock offering costs |
|
|
- |
|
|
|
(471 |
) |
|
|
(393 |
) |
Proceeds from loans |
|
|
- |
|
|
|
40,000 |
|
|
|
10,500 |
|
Repayment of loans |
|
|
- |
|
|
|
(42,500 |
) |
|
|
- |
|
Payments of debt extinguishment costs |
|
|
- |
|
|
|
(3,765 |
) |
|
|
- |
|
Debt issuance costs |
|
|
- |
|
|
|
(475 |
) |
|
|
(29 |
) |
Proceeds from short-term line of credit and revolving loan facility |
|
|
4,882 |
|
|
|
5,883 |
|
|
|
7,500 |
|
Repayments on short-term line of credit and revolving loan facility |
|
|
(3,162 |
) |
|
|
(4,495 |
) |
|
|
(7,184 |
) |
Net cash provided by financing activities |
|
|
4,370 |
|
|
|
99,676 |
|
|
|
59,449 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(12 |
) |
|
|
(10 |
) |
|
|
5 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
|
(58,212 |
) |
|
|
42,029 |
|
|
|
13,485 |
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
115,536 |
|
|
|
73,507 |
|
|
|
60,022 |
|
End of year |
|
$ |
57,324 |
|
|
$ |
115,536 |
|
|
$ |
73,507 |
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid during the period |
|
$ |
2,466 |
|
|
$ |
4,439 |
|
|
$ |
4,793 |
|
Property and equipment purchases in accrued expenses |
|
$ |
422 |
|
|
$ |
145 |
|
|
$ |
135 |
|
Issuance of common stock upon vesting of restricted stock units and awards |
|
$ |
161 |
|
|
$ |
213 |
|
|
$ |
402 |
|
Issuance of warrants in conjunction with debt draw down |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
293 |
|
Non-GAAP Financial Measures
The following tables contain a reconciliation of net loss to Adjusted EBITDA for the three months and year ended
|
|
Three Months Ended |
|
|||||
|
|
Amount |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
(in thousands) |
|
|||||
Net loss |
|
$ |
(18,560 |
) |
|
$ |
(17,184 |
) |
Interest expense, net |
|
|
618 |
|
|
|
783 |
|
Benefit for income taxes |
|
|
(76 |
) |
|
|
- |
|
Depreciation and amortization |
|
|
1,467 |
|
|
|
1,398 |
|
EBITDA |
|
$ |
(16,551 |
) |
|
$ |
(15,003 |
) |
Foreign currency |
|
|
37 |
|
|
|
(77 |
) |
Intangible asset impairment |
|
|
323 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
105 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
4,163 |
|
Stock-based compensation |
|
|
2,569 |
|
|
|
1,850 |
|
Adjusted EBITDA |
|
$ |
(13,517 |
) |
|
$ |
(9,067 |
) |
|
|
Year Ended |
|
|||||
|
|
Amount |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
(in thousands) |
|
|||||
Net loss |
|
$ |
(59,800 |
) |
|
$ |
(51,502 |
) |
Interest expense, net |
|
|
2,504 |
|
|
|
4,454 |
|
Benefit for income taxes |
|
|
(76 |
) |
|
|
- |
|
Depreciation and amortization |
|
|
5,648 |
|
|
|
4,769 |
|
EBITDA |
|
$ |
(51,724 |
) |
|
$ |
(42,279 |
) |
Foreign currency |
|
|
225 |
|
|
|
(114 |
) |
Intangible asset impairment |
|
|
323 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
105 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
4,163 |
|
Gain on litigation settlement |
|
|
- |
|
|
|
(15 |
) |
Stock based compensation |
|
|
9,766 |
|
|
|
6,430 |
|
Adjusted EBITDA |
|
$ |
(41,305 |
) |
|
$ |
(31,815 |
) |
Supplemental Operating Metrics
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||
|
Amount |
|
|
Amount |
|
|
Amount |
|
|
% |
|
||||
Precision Flow Units Installed Base |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,368 |
|
|
|
19,884 |
|
|
|
3,484 |
|
|
|
17.5 |
% |
International |
|
11,848 |
|
|
|
8,766 |
|
|
|
3,082 |
|
|
|
35.2 |
% |
Total |
|
35,216 |
|
|
|
28,650 |
|
|
|
6,566 |
|
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|||||
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||
|
Amount |
|
|
Amount |
|
|
Amount |
|
|
% |
|
||||
Precision Flow Units Sold and Leased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
419 |
|
|
|
2,406 |
|
|
|
(1,987 |
) |
|
|
-82.6 |
% |
International |
|
194 |
|
|
|
1,114 |
|
|
|
(920 |
) |
|
|
-82.6 |
% |
Total |
|
613 |
|
|
|
3,520 |
|
|
|
(2,907 |
) |
|
|
-82.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposable Patient Circuits Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,200 |
|
|
|
136,106 |
|
|
|
(27,906 |
) |
|
|
-20.5 |
% |
International |
|
34,395 |
|
|
|
40,386 |
|
|
|
(5,991 |
) |
|
|
-14.8 |
% |
Total |
|
142,595 |
|
|
|
176,492 |
|
|
|
(33,897 |
) |
|
|
-19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|||||
|
2021 |
|
|
2020 |
|
|
Change |
|
|||||||
|
Amount |
|
|
Amount |
|
|
Amount |
|
|
% |
|
||||
Precision Flow Units Sold and Leased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,600 |
|
|
|
7,706 |
|
|
|
(4,106 |
) |
|
|
-53.3 |
% |
International |
|
2,972 |
|
|
|
3,475 |
|
|
|
(503 |
) |
|
|
-14.5 |
% |
Total |
|
6,572 |
|
|
|
11,181 |
|
|
|
(4,609 |
) |
|
|
-41.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposable Patient Circuits Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,605 |
|
|
|
414,068 |
|
|
|
38,537 |
|
|
|
9.3 |
% |
International |
|
200,901 |
|
|
|
156,423 |
|
|
|
44,478 |
|
|
|
28.4 |
% |
Total |
|
653,506 |
|
|
|
570,491 |
|
|
|
83,015 |
|
|
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005700/en/
Investor Relations:
Source:
FAQ
What were Vapotherm's 2021 financial results?
What was the revenue decrease in the fourth quarter of 2021 for VAPO?
What is Vapotherm's revenue guidance for 2022?
What is the expected adjusted EBITDA loss for Vapotherm in 2022?
