Vapotherm Reports Fourth Quarter and Fiscal Year 2023 Financial Results
- Positive financial results for Q4 2023 and FY 2023 with revenue growth and margin improvement.
- Reduction in operating expenses and net loss, showcasing progress in cost management.
- Successful HYPERACT clinical trial results demonstrating therapy effectiveness in COPD patients.
- Continued investment in growth drivers like HVT 2.0 and clinical studies for future expansion.
- Unrestricted cash and cash equivalents at $9.7 million as of December 31, 2023.
- None.
Fourth Quarter 2023 Financial Results and Related Highlights
- Net revenue for the fourth quarter of 2023 was
$19.7 million 5.7% as compared to the fourth quarter of 2022- Disposables revenue increased by
10.4% as compared to the fourth quarter of 2022
- Disposables revenue increased by
- Gross margin in the fourth quarter of 2023 was
46.6% as compared to27.5% in the fourth quarter of 2022 and39.6% in the third quarter of 2023 - For the fourth quarter of 2023, GAAP operating expenses were
$14.2 million $11.9 million - GAAP operating expenses decreased by
$8.6 million $2.1 million - Non-GAAP cash operating expenses decreased by
$6.1 million $0.4 million
- GAAP operating expenses decreased by
- Adjusted EBITDA loss in the fourth quarter of 2023 was
$2.0 million $12.0 million $6.1 million - The Company's unrestricted cash and cash equivalents was
$9.7 million - The HYPERACT clinical trial results were presented at the Society of Critical Care Medicine Conference on January 23, 2024, which concluded that our therapy was as effective as the current gold standard at reducing CO2, improving pH and reducing dyspnea in moderate to severe hypercapnic COPD patients. Additionally, this study showed high velocity therapy to have superior patient tolerance than the current gold standard
Fiscal Year 2023 Financial Results and Related Highlights
- Total revenue for 2023 was
$68.7 million 2.8% as compared to 2022- Non-GAAP net revenue excluding the Vapotherm Access call center business, which the Company exited in the fourth quarter of 2022, increased by
7.2% as compared to 2022 - Non-GAAP net revenue excluding the Vapotherm Access call center business increased by
17.2% over the last three quarters of 2023 as compared to the last three quarters of 2022 - Disposables revenue increased by
8.0% as compared to 2022
- Non-GAAP net revenue excluding the Vapotherm Access call center business, which the Company exited in the fourth quarter of 2022, increased by
- Gross margin in 2023 was
41.2% , an increase from25.8% in 2022 - GAAP operating expenses in 2023 were
$67.4 million $54.8 million - GAAP operating expenses decreased by
$50.3 million - Non-GAAP cash operating expenses decreased by
$28.8 million
- GAAP operating expenses decreased by
"We made significant progress on our Path to Profitability Initiatives in 2023," said Joseph Army, President and CEO. "We saw good improvement in our gross margin, reduced our inventory balances and cash burn, and our Adjusted EBITDA loss in the fourth quarter of 2023 was the lowest it's been since 2018. Despite the large reductions we made in Non-GAAP cash operating expenses in 2023 we continued to invest in future growth drivers such as HVT 2.0, clinical studies and the home ventilation platform. Our HVT 2.0 installed base is growing nicely and is showing increased disposables utilization versus our workhorse Precision Flow product. I'm excited that we were able to share the results of the HYPERACT clinical trial in late January. We believe the combination of the HVT 2.0 platform with these clinical results will allow us to become the standard of care for patients in respiratory distress who present in the emergency department. I'd like to thank our entire team for all of their contributions in executing on our Path to Profitability Initiatives in 2023 and I look forward to building on this in 2024 and getting ready for our launch into the home market in early 2025."
Results for the Three Months Ended December 31, 2023
The following table reflects the Company's net revenue for the three months ended December 31, 2023 and 2022:
Three Months Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Capital (product & lease revenue) | $ | 2,733 | 13.8 | % | $ | 3,039 | 16.3 | % | $ | (306) | (10.1) | % | ||||||||||||
Disposables | 15,586 | 79.0 | % | 14,113 | 75.6 | % | 1,473 | 10.4 | % | |||||||||||||||
Service and other (1) | 1,415 | 7.2 | % | 1,511 | 8.1 | % | (96) | (6.4) | % | |||||||||||||||
Total net revenue | $ | 19,734 | 100.0 | % | $ | 18,663 | 100.0 | % | $ | 1,071 | 5.7 | % | ||||||||||||
(1) | Includes |
Net revenue for the fourth quarter of 2023 was
Revenue information by geography is summarized as follows:
Three Months Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
$ | 14,686 | 74.4 | % | $ | 15,531 | 83.2 | % | $ | (845) | (5.4) | % | |||||||||||||
International | 5,048 | 25.6 | % | 3,132 | 16.8 | % | 1,916 | 61.2 | % | |||||||||||||||
Total net revenue | $ | 19,734 | 100.0 | % | $ | 18,663 | 100.0 | % | $ | 1,071 | 5.7 | % | ||||||||||||
(1) | Includes |
Gross profit and gross margin for the fourth quarter of 2023 was
Total operating expenses were
Net loss for the fourth quarter of 2023 was
Adjusted EBITDA was negative
Results for the Year Ended December 31, 2023
The following table reflects the Company's net revenue for the years ended December 31, 2023 and 2022:
Year Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Capital Equipment (product & lease revenue) | $ | 12,766 | 18.6 | % | $ | 11,650 | 17.4 | % | $ | 1,116 | 9.6 | % | ||||||||||||
Disposable | 50,100 | 73.0 | % | 46,368 | 69.4 | % | 3,732 | 8.0 | % | |||||||||||||||
Service and Other (1) | 5,803 | 8.4 | % | 8,783 | 13.2 | % | (2,980) | (33.9) | % | |||||||||||||||
Net revenue | $ | 68,669 | 100.0 | % | $ | 66,801 | 100.0 | % | $ | 1,868 | 2.8 | % | ||||||||||||
(1) | Includes |
Net revenue for 2023 was
Revenue information by geography is summarized as follows:
Year Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
$ | 51,023 | 74.3 | % | $ | 52,591 | 78.7 | % | $ | (1,568) | (3.0) | % | |||||||||||||
International | 17,646 | 25.7 | % | 14,210 | 21.3 | % | 3,436 | 24.2 | % | |||||||||||||||
Net Revenue | $ | 68,669 | 100.0 | % | $ | 66,801 | 100.0 | % | $ | 1,868 | 2.8 | % | ||||||||||||
(1) | Includes |
Gross profit and gross margin for the year ended December 31, 2023 was
Total operating expenses were
Net loss for the year ended December 31, 2023 was
Adjusted EBITDA was negative
Cash Position
Unrestricted cash and cash equivalents were
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, loss from deconsolidation, and change in fair value of contingent consideration, which differ from operating expenses 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 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, non-GAAP operating expenses and non-GAAP cash operating expenses are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
About Vapotherm
Vapotherm, Inc. (OTCQX: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in
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 anticipated continued success of HVT 2.0 and the Company's ability to become the standard of care for patients in respiratory distress who present in the emergency department. In some cases, you can identify forward-looking statements by terms such as "believe," "expect," "continue," "plan," "intend," "will," "outlook," 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's ability to raise additional capital to fund its existing operations and debt service obligations; 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 and otherwise continue as a going concern through 2024; Vapotherm's has incurred losses in the past and may be unable to achieve or sustain profitability in the future; risks associated with its manufacturing operations in
Financial Statements: | ||||||||
VAPOTHERM, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands, except share amounts) | ||||||||
December 31, | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 9,725 | $ | 15,738 | ||||
Accounts receivable, net of expected credit losses | 10,672 | 9,102 | ||||||
Inventories | 22,968 | 32,980 | ||||||
Prepaid expenses and other current assets | 3,058 | 2,081 | ||||||
Total current assets | 46,423 | 59,901 | ||||||
Property and equipment, net | 23,703 | 26,636 | ||||||
Operating lease right-of-use assets | 3,372 | 5,805 | ||||||
Restricted cash | 1,109 | 1,109 | ||||||
Goodwill | 565 | 536 | ||||||
Intangible assets, net | - | - | ||||||
Deferred income tax assets | 57 | 96 | ||||||
Other long-term assets | 2,388 | 2,112 | ||||||
Total assets | $ | 77,617 | $ | 96,195 | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 5,053 | $ | 2,739 | ||||
Contract liabilities | 1,237 | 1,216 | ||||||
Accrued expenses and other current liabilities | 12,805 | 15,609 | ||||||
Revolving loan facility | - | - | ||||||
Total current liabilities | 19,095 | 19,564 | ||||||
Long-term loans payable, net | 107,059 | 96,994 | ||||||
Other long-term liabilities | 6,797 | 7,827 | ||||||
Total liabilities | 132,951 | 124,385 | ||||||
Commitments and contingencies | ||||||||
Stockholders' deficit | ||||||||
Preferred stock ( | - | - | ||||||
Common stock ( | 6 | 4 | ||||||
Additional paid-in capital | 492,764 | 461,965 | ||||||
Accumulated other comprehensive income (loss) | 91 | (157) | ||||||
Accumulated deficit | (548,195) | (490,002) | ||||||
Total stockholders' deficit | (55,334) | (28,190) | ||||||
Total liabilities and stockholders' deficit | $ | 77,617 | $ | 96,195 | ||||
(1) On August 18, 2023, the Company effected a 1:8 reverse stock split for each share of common stock issued |
VAPOTHERM, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(unaudited) | ||||||||||||||||
Net revenue | $ | 19,734 | $ | 18,663 | $ | 68,669 | $ | 66,801 | ||||||||
Cost of revenue | 10,536 | 13,540 | 40,386 | 49,558 | ||||||||||||
Gross profit | 9,198 | 5,123 | 28,283 | 17,243 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,371 | 4,561 | 14,213 | 20,802 | ||||||||||||
Sales and marketing | 6,717 | 9,476 | 32,552 | 46,091 | ||||||||||||
General and administrative | 4,041 | 7,042 | 19,260 | 27,796 | ||||||||||||
Impairment of goodwill | - | - | - | 14,701 | ||||||||||||
Impairment of long-lived and intangible assets | - | 1,501 | 1,187 | 7,676 | ||||||||||||
Loss on disposal of property and equipment | 98 | 247 | 151 | 568 | ||||||||||||
Total operating expenses | 14,227 | 22,827 | 67,363 | 117,634 | ||||||||||||
Loss from operations | (5,029) | (17,704) | (39,080) | (100,391) | ||||||||||||
Other (expense) income | ||||||||||||||||
Interest expense | (4,932) | (3,771) | (18,733) | (11,643) | ||||||||||||
Interest income | 8 | 26 | 78 | 139 | ||||||||||||
Foreign currency loss | (158) | (51) | (332) | (239) | ||||||||||||
Loss on extinguishment of debt | - | - | - | (1,114) | ||||||||||||
Net loss before income taxes | $ | (10,111) | $ | (21,500) | $ | (58,067) | $ | (113,248) | ||||||||
Provision (benefit) for income taxes | 74 | (63) | 126 | 11 | ||||||||||||
Net loss | $ | (10,185) | $ | (21,437) | $ | (58,193) | $ | (113,259) | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | 280 | 229 | 248 | (183) | ||||||||||||
Total other comprehensive income (loss) | 280 | 229 | 248 | (183) | ||||||||||||
Total comprehensive loss | $ | (9,905) | $ | (21,208) | $ | (57,945) | $ | (113,442) | ||||||||
Net loss per share basic and diluted | $ | (1.60) | $ | (6.28) | $ | (9.64) | $ | (33.89) | ||||||||
Weighted-average number of shares used in calculating net | 6,366,734 | 3,416,093 | 6,037,468 | 3,341,617 | ||||||||||||
(1) On August 18, 2023, the Company effected a 1:8 reverse stock split for each share of common stock issued |
and outstanding. All shares and associated amounts have been retroactively restated to reflect the stock split. |
VAPOTHERM, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (58,193) | $ | (113,259) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Stock-based compensation expense | 9,611 | 10,385 | ||||||
Depreciation and amortization | 4,977 | 5,180 | ||||||
Provision for credit losses | (18) | 224 | ||||||
Provision for inventory valuation | 744 | 3,083 | ||||||
Non-cash lease expense | 937 | 2,127 | ||||||
Change in fair value of contingent consideration | - | (3,351) | ||||||
Impairment of goodwill | - | 14,701 | ||||||
Impairment of long-lived and intangible assets | 1,187 | 7,676 | ||||||
Loss on disposal of property and equipment | 151 | 568 | ||||||
Placed unit reserve | 758 | 646 | ||||||
Interest paid in-kind | 9,488 | - | ||||||
Amortization of discount on debt | 736 | 686 | ||||||
Loss from deconsolidation | - | 35 | ||||||
Deferred income taxes | 38 | 11 | ||||||
Loss on extinguishment of debt | - | 1,114 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,511) | 1,162 | ||||||
Inventories | 9,361 | 449 | ||||||
Prepaid expenses and other assets | (913) | (1,771) | ||||||
Accounts payable | 2,454 | (3,347) | ||||||
Contract liabilities | 21 | (844) | ||||||
Accrued expenses and other liabilities | (1,850) | (3,285) | ||||||
Operating lease liabilities, current and long-term | (2,250) | (2,347) | ||||||
Net cash used in operating activities | (24,272) | (80,157) | ||||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (2,994) | (11,610) | ||||||
Net cash used in investing activities | (2,994) | (11,610) | ||||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common stock and pre-funded warrants and | 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 issuance of common stock in connection with at-the-market offerings, net | - | 1,064 | ||||||
Proceeds from exercise of warrants | 2 | - | ||||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 93 | 228 | ||||||
Proceeds from exercise of stock options | - | 65 | ||||||
Net cash provided by financing activities | 21,038 | 51,324 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 215 | (34) | ||||||
Net decrease in cash, cash equivalents and restricted cash | (6,013) | (40,477) | ||||||
Cash, cash equivalents and restricted cash | ||||||||
Beginning of period | 16,847 | 57,324 | ||||||
End of period | $ | 10,834 | $ | 16,847 | ||||
Supplemental disclosures of cash flow information | ||||||||
Interest paid during the period | $ | 5,857 | $ | 8,834 | ||||
Property and equipment purchases in accounts payable and accrued expenses | $ | 809 | $ | 702 | ||||
Issuance of common stock to satisfy contingent consideration | $ | - | $ | 5,630 | ||||
Issuance of common stock warrants in conjunction with long term debt | $ | 152 | $ | 1,201 | ||||
Issuance of common stock for services | $ | 232 | $ | 360 | ||||
Issuance of common stock upon vesting of restricted stock units | $ | - | $ | 12 | ||||
Non-GAAP Financial Measures
The following tables contains a reconciliation of GAAP net revenue to Non-GAAP net revenue excluding Vapotherm Access for the three months and years ended December 31, 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 December 31, | Change | |||||||||||||||
2023 | 2022 | $ | % | |||||||||||||
(Unaudited) | (in thousands, except percentages) | |||||||||||||||
GAAP net revenue | $ | 19,734 | $ | 18,663 | $ | 1,071 | 5.7 | % | ||||||||
Vapotherm Access net revenue | - | (70) | 70 | (100.0) | % | |||||||||||
Non-GAAP net revenue excluding Vapotherm Access | $ | 19,734 | $ | 18,593 | $ | 1,141 | 6.1 | % | ||||||||
Year Ended December 31, | Change | |||||||||||||||
2023 | 2022 | $ | % | |||||||||||||
(Unaudited) | (in thousands, except percentages) | |||||||||||||||
GAAP net revenue | $ | 68,669 | $ | 66,801 | $ | 1,868 | 2.8 | % | ||||||||
Vapotherm Access net revenue | - | (2,758) | 2,758 | (100.0) | % | |||||||||||
Non-GAAP net revenue excluding Vapotherm Access | $ | 68,669 | $ | 64,043 | $ | 4,626 | 7.2 | % | ||||||||
The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months and years ended December 31, 2023 and 2022, respectively.
Three Months Ended | Year Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(Unaudited) | (in thousands) | |||||||||||||||
Net loss | $ | (10,185) | $ | (21,437) | $ | (58,193) | $ | (113,259) | ||||||||
Interest expense, net | 4,924 | 3,745 | 18,655 | 11,504 | ||||||||||||
Provision (benefit) for income taxes | 74 | (63) | 126 | 11 | ||||||||||||
Depreciation and amortization | 971 | 1,174 | 4,977 | 5,180 | ||||||||||||
EBITDA | $ | (4,216) | $ | (16,581) | $ | (34,435) | $ | (96,564) | ||||||||
Foreign currency | 158 | 51 | 332 | 239 | ||||||||||||
Loss on extinguishment of debt | - | - | - | 1,114 | ||||||||||||
Change in fair value of contingent consideration | - | - | - | (3,351) | ||||||||||||
Stock-based compensation | 1,986 | 2,760 | 9,611 | 10,385 | ||||||||||||
Impairment of goodwill | - | - | - | 14,701 | ||||||||||||
Impairment of long-lived and intangible assets | - | 1,501 | 1,187 | 7,676 | ||||||||||||
Loss on disposal of property and equipment | 98 | 247 | 151 | 568 | ||||||||||||
Adjusted EBITDA | $ | (1,974) | $ | (12,022) | $ | (23,154) | $ | (65,232) | ||||||||
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 December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
(Unaudited) | (in thousands) | |||||||||||
GAAP operating expenses | $ | 14,227 | $ | 16,284 | $ | 22,827 | ||||||
Impairment of goodwill | - | - | - | |||||||||
Impairment of long-lived and intangible assets | - | (755) | (1,501) | |||||||||
Loss on disposal of property and equipment | (98) | - | (247) | |||||||||
Non-GAAP operating expenses | 14,129 | 15,529 | 21,079 | |||||||||
Stock-based compensation | (1,967) | (2,161) | (2,663) | |||||||||
Depreciation and amortization | (286) | (754) | (342) | |||||||||
Termination benefits | - | (312) | (30) | |||||||||
Loss from deconsolidation | - | - | (35) | |||||||||
Non-GAAP cash operating expenses | $ | 11,876 | $ | 12,302 | $ | 18,009 | ||||||
The following table contains a reconciliation of operating expenses to Non-GAAP operating expenses and Non-GAAP cash operating expenses for the years ended December 31, 2023 and 2022, respectively.
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (in thousands) | |||||||
GAAP operating expenses | $ | 67,363 | $ | 117,634 | ||||
Impairment of goodwill | - | (14,701) | ||||||
Impairment of long-lived and intangible assets | (1,187) | (7,676) | ||||||
Loss on disposal of property and equipment | (151) | (568) | ||||||
Non-GAAP operating expenses | 66,025 | 94,689 | ||||||
Stock-based compensation | (9,435) | (9,668) | ||||||
Depreciation and amortization | (1,195) | (1,709) | ||||||
Termination benefits | (754) | (3,060) | ||||||
Loss from deconsolidation | 119 | (35) | ||||||
Change in fair value of contingent consideration | - | 3,351 | ||||||
Non-GAAP cash operating expenses | $ | 54,760 | $ | 83,568 | ||||
Supplemental Operating Metrics
December 31, | |||||||||||||||
2023 | 2022 | Change | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
HVT 2.0 and precision flow units installed base | |||||||||||||||
24,617 | 24,327 | 290 | 1.2 | % | |||||||||||
International | 12,892 | 12,439 | 453 | 3.6 | % | ||||||||||
Total | 37,509 | 36,766 | 743 | 2.0 | % | ||||||||||
Three Months Ended December 31, | |||||||||||||||
2023 | 2022 | Change | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
HVT 2.0 and precision flow units sold and leased | |||||||||||||||
178 | 239 | (61) | (25.5) | % | |||||||||||
International | 88 | 75 | 13 | 17.3 | % | ||||||||||
Total | 266 | 314 | (48) | (15.3) | % | ||||||||||
Disposable patient circuits sold | |||||||||||||||
98,749 | 104,302 | (5,553) | (5.3) | % | |||||||||||
International | 45,137 | 24,551 | 20,586 | 83.8 | % | ||||||||||
Total | 143,886 | 128,853 | 15,033 | 11.7 | % | ||||||||||
Year Ended December 31, | |||||||||||||||
2023 | 2022 | Change | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
HVT 2.0 and precision flow units sold and leased | |||||||||||||||
874 | 813 | 61 | 7.5 | % | |||||||||||
International | 489 | 531 | (42) | (7.9) | % | ||||||||||
Total | 1,363 | 1,344 | 19 | 1.4 | % | ||||||||||
Disposable patient circuits sold | |||||||||||||||
319,641 | 331,044 | (11,403) | (3.4) | % | |||||||||||
International | 153,396 | 118,226 | 35,170 | 29.7 | % | ||||||||||
Total | 473,037 | 449,270 | 23,767 | 5.3 | % | ||||||||||
Investor Relations Contacts:
John Landry, SVP & CFO, ir@vtherm.com, +1 (603) 658-0011
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SOURCE Vapotherm, Inc.
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